It’s been another tough year for the average actively managed mutual fund. Given the drag of higher expenses and the market’s propensity for head fakes, actively managed funds often have difficulty topping the broad stock market in the short run. And this year is no different. Through July 31, actively run U.S. stock funds gained 2.06% on average. Passively run U.S. stock index funds outperformed, gaining 2.99%.