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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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