Even within active funds, the outflow is not uniform. American investors have taken out the maximum monies from high-cost funds. According to Morningstar, if we were to divide the active funds into two categories—the cheapest 20 per cent and the remaining 80 per cent then, from year 2007 to 2016, the cheapest 20 per cent have seen net outflows only once while the remaining 80 per cent have seen net outflows on six out of ten occasions.
