In 2023, 60% of active large-cap US equity funds underperformed the S&P 500. Over the past 20 years, only 10% of actively-managed equity funds have beaten the market, and in the last 10 years, less than 7% have outperformed their benchmarks. Large-cap active managers are trailing the S&P 500 by approximately 2% year-to-date. Marc Rowan, CEO of Apollo Global Management ($APO), commented on the significant indexing of public equity markets, noting that almost 60% of these markets are indexed and that active management has failed to perform over the last two decades. Rowan highlighted that investors are concentrating on a small number of companies, which constitute a third of the index, leading to insufficient exposure. Rowan also discussed the impact of Fed interest rates on the markets.