Goldman Sachs says that the proportion of large-cap active equity mutual funds outperforming the benchmark has reached its highest level since 2007.

Goldman Sachs strategist pointed out that as the stock market rally spreads from tech giants to other sectors, the proportion of actively managed large-cap mutual funds that have outperformed the benchmark so far this year has reached its highest level since 2007. The team, including Ryan Hammond, stated in a report that 57% of funds have outperformed the benchmark so far this year. This proportion is much higher than the average of 37% since 2007, and Hammond believes that this is partly due to the weak returns of giant tech stocks. Hammond said, "Investors this year are digesting a variety of macro and micro-level crosscurrents, including the prospect of accelerating cycles, as well as the disruptions brought about by artificial intelligence, known as 'winners' and 'losers.' These themes are causing the range of stock market returns to expand, no longer limited to a few stocks that have driven the index up in recent years."