It's not been a good recovery for actively managed mutual funds. Investors have been steadily pulling money out, while sending waves of cash into passively managed index funds and exchange-traded funds.

Domestic large cap stocks, the core of every investor's portfolio and the jewel in the fund industry's crown, were particularly hard hit. From June 2010 through this June, investors yanked nearly $250.7 billion from actively managed US large cap mutual funds, while sending $97.5 billion to their passively managed, or indexed, counterparts, according to Morningstar. In the same period, they funneled $32.8 billion to ETFs that invested in US large cap stocks. Between 2007 and 2010 investors pulled $250.7 billion from actively managed US large cap funds. But in that same period, they sent $105.6 billion to US large cap ETFs, and $97.5 billion to US large cap indexed funds.

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