Trace AI value
cost & efficiency
alpha pipe
Index structure
top-5 dominant
equal-weight
Why the AI boom has not lifted aggregate active-fund performance
AI adoption surge
across asset managers · 2025
1
~92%
~8%
cost & efficiency
tech · distribution · compliance
2
tech ops
distribution
risk & comp
margins · cost base
absorbs most of AI value
alpha function
investment management
only ~8% of AI value
elite quant & hedge
humans-using-AI efficiency
not autonomous stock picks
3
binding gate
index concentration
top-5 dominate the
benchmark return
4
top-5
adoption up everywhere
cost base absorbs AI value
5
~79% underperform
aggregate 2025 win-rate
win-rates recover
benchmark gap removed