ETF Trends reports: For about a decade, active managers specializing in non-U.S. large-cap equities and emerging markets have been able to beat market returns. Citing analysis by Investment Metrics, Institutional Investor is reporting that the average gross excess return for active managers investing in global large-cap companies from 2012 to 2021 was 1.3%. For those investing in non-U.S. large-cap and emerging markets, the excess returns were 2.2% and 1.9%, respectively.