Morningstar reported that active US equity funds suffered the largest monthly outflow since October of 2008.

Active managers had a tough time in June.  In fact, they’ve had a tough twelve months: active managers have lost over $315 billion in assets over the past year according to Morningstar. 

Summer is upon us, which means more outdoor activities like beach parties and swimming. No, this isn't another story about how to lose those last few pounds to improve your look in a swimsuit. Instead, we are comparing strategies to build a sandcastle and grow a mutual fund.

The mutual fund industry is changing, and fast.