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  "notes": "The slide uses four distinct exhibits to demonstrate the trend of passive ownership growth.",
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      "text": "Exhibit 4: Passive ownership is slightly negatively correlated with market cap",
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      "text": "Exhibit 3: There is wide variation in passive ownership across stocks",
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      "text": "Exhibit 2: S&P 500 passive ownership has risen steadily since 2012",
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      "text": "Exhibit 1: The rotation from active to passive US equity funds has continued",
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      "text": "Passive ownership share: 26%",
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      "text": "Source: FactSet, Goldman Sachs Global Investment Research",
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      "kind": "title",
      "text": "Charts we are watching: The rise of passive ownership across the equity market",
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