According to @KobeissiLetter, investors are on track to withdraw a record 605 billion dollars from global active equity funds in 2025, surpassing the previous record of 450 billion dollars, source: @KobeissiLetter on X, December 21, 2025. According to @KobeissiLetter, this would be the 10th annual outflow over the last 11 years, highlighting persistent net redemptions from active stock picking strategies, source: @KobeissiLetter on X, December 21, 2025. According to @KobeissiLetter, the update characterizes active managers as struggling amid these sustained outflows, which is trading relevant for monitoring equity fund liquidity and positioning, source: @KobeissiLetter on X, December 21, 2025.