In 2018, 62.1% of active global ex US managers underperformed the MSCI EAFE Index gross of fees, with the median manager underperforming by 123 basis points. Since 2000, the median manager has now underperformed the index in just three calendar years, and 2018 marks the first year of underperformance since 2004. This is a companion piece to the US manager performance chart book already published.