Is 2025 the comeback moment for Active Managers?

For years, the market’s gains have been narrow, dominated by a few mega-cap tech names.

If you weren’t riding those, chances are your portfolio lagged.

But 2025 is starting to tell a different story.

In the first half of the year:

• The MSCI World ex-USA jumped +19%

• The S&P 493 (the S&P 500 minus the Magnificent 7) outperformed Big Tech for the first time in years

  
  

That’s a big deal for investors relying on active management.

Why? Because when more stocks are contributing to returns, not just a few giants, there’s more room for stock pickers to find real opportunities.

This broadening market means:

• Diversification starts working again

• Fundamentals start to matter again

• Alpha isn't just a fantasy again

  
  

After years of passive strategies winning by default, this shift could mark the beginning of a new cycle, one where active investing is back in the game.

If you’ve been questioning your portfolio mix, this might be the time to re-evaluate.

What’s your take? Are you staying passive or leaning back into active?