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A shift from active to passive investing, which picked up soon after the crash of 2008, had investors fleeing high-cost "stock picking" mutual funds.

Open-end funds that reported the highest net share class outflows over the past five years; including the Fidelity Growth Company, Columbia Acorn Z and the Dodge & Cox Stock, are prime examples, says Robert Johnson, the director of economic analysis at Morningstar.

"[Investors] are figuring out now that they might as well do something that's low cost and that they can get out of easily,” Johnson says. “There are active managers that do well, and that have reasonable costs … so, I don’t want to paint them all that there's no hope for active management; it's just a terrible headwind to face.”

Scroll through to see the top 20 mutual funds with more than $1 billion in assets ranked by their net share class outflows over the last five years. The following flow data was last reported on Oct. 31 and returns on Nov. 4. All data is from Morningstar.
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20. Permanent Portfolio Permanent I (PRPFX)
Estimated 5-Yr. Net Flows (millions): -$12,266
5-Yr. Return: 0.73%
Expense Ratio: 0.80%
Net Assets (millions): $2,978
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19. Templeton Global Bond A (TPINX)
Estimated 5-Yr. Net Flows (millions): -$12,834
5-Yr. Return: 2.28%
Expense Ratio: 0.89%
Net Assets (millions): $42,138
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18. American Funds Washington Mutual A (AWSHX)
Estimated 5-Yr. Net Flows (millions): -$12,978
5-Yr. Return: 11.97%
Expense Ratio: 0.58%
Net Assets (millions): $79,482
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17. Dodge & Cox Stock (DODGX)
Estimated 5-Yr. Net Flows (millions): -$13,246
5-Yr. Return: 14.36%
Expense Ratio: 0.52%
Net Assets (millions): $56,229
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16. T. Rowe Price Equity Income (PRFDX)
Estimated 5-Yr. Net Flows (millions): -$13,326
5-Yr. Return: 10.91%
Expense Ratio: 0.66%
Net Assets (millions): $21,858
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15. Columbia Acorn Z (ACRNX)
Estimated 5-Yr. Net Flows (millions): -$14,009
5-Yr. Return: 8.52%
Expense Ratio: 0.82%
Net Assets (millions): $4,949
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14. Vanguard Total Stock Mkt Idx Inv (VTSMX)
Estimated 5-Yr. Net Flows (millions): -$14,449
5-Yr. Return: 12.69%
Expense Ratio: 0.16%
Net Assets (millions): $463,127
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13. Davis NY Venture A (NYVTX)
Estimated 5-Yr. Net Flows (millions): -$14,639
5-Yr. Return: 11.09%
Expense Ratio: 0.86%
Net Assets (millions): $11,135
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12. American Funds Europacific Growth A (AEPGX)
Estimated 5-Yr. Net Flows (millions): -$14,831
5-Yr. Return: 5.81%
Expense Ratio: 0.83%
Net Assets (millions): $120,940
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11. Vanguard Windsor II Inv (VWNFX)
Estimated 5-Yr. Net Flows (millions): -$15,474
5-Yr. Return: 11.60%
Expense Ratio: 0.34%
Net Assets (millions): $44,765
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10. American Funds Invmt Co of America A (AIVSX)
Estimated 5-Yr. Net Flows (millions): -$17,129
5-Yr. Return: 12.71%
Expense Ratio: 0.58%
Net Assets (millions): $75,306
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American Funds Capital World Gr & Inc A (CWGIX)
Estimated 5-Yr. Net Flows (millions): -$17,432
5-Yr. Return: 8.84%
Expense Ratio: 0.77%
Net Assets (millions): $80,038
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8. Vanguard PRIMECAP Inv (VPMCX)
Estimated 5-Yr. Net Flows (millions): -$17,966
5-Yr. Return: 14.74%
Expense Ratio: 0.40%
Net Assets (millions): $46,005
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7. Fidelity 500 Index Investor (FUSEX)
Estimated 5-Yr. Net Flows (millions): -$18,506
5-Yr. Return: $13.04%
Expense Ratio: 0.09%
Net Assets (millions): $101,547
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6. Vanguard 500 Index Inv (VFINX)
Estimated 5-Yr. Net Flows (millions): -$18,908
5-Yr. Return: 12.97%
Expense Ratio: 0.16%
Net Assets (millions): $259,673
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5. Vanguard Wellington Inv (VWELX)
Estimated 5-Yr. Net Flows (millions): -$19,344
5-Yr. Return: 9.56%
Expense Ratio: 0.26%
Net Assets (millions): $91,012
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4. Fidelity Growth Company (FDGRX)
Estimated 5-Yr. Net Flows (millions): -$20,283
5-Yr. Return: 13.59%
Expense Ratio: 0.88%
Net Assets (millions): $35,644
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3. Fidelity Contrafund (FCNTX)
Estimated 5-Yr. Net Flows (millions): -$21,283
5-Yr. Return: 12.07%
Expense Ratio: 0.71%
Net Assets (millions): $105,862
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2. American Funds Growth Fund of America A (AGTHX)
Estimated 5-Yr. Net Flows (millions): -$23,758
5-Yr. Return: $13.29
Expense Ratio: 0.66%
Net Assets (millions): $140,102
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1. PIMCO Total Return Instl (PTTRX)
Estimated 5-Yr. Net Flows (millions): -$106,509
5-Yr. Return: 3.76%
Expense Ratio: 0.46%
Net Assets (millions): $82,598