We invite you to watch John Dyall's presentation at the 2015 MAX forum discussing the rise and fall of performance investing. Performance investing has been around as long as there have been indexes to beat and investors betting they can pick managers. But in the seeds of success lay its own destruction. The original point of active investing - finding overlooked and undervalued securities - has led to a more efficient world where most securities are owned by institutions seeking the same outcome.

It's harder to spot a bargain when everyone else is looking for the same thing. Investors, disappointed with the active experience, have increasingly shifted towards indexing and smart beta. But there's still a place for active management. If we've learned anything it's that active managers adapt to the changing landscape. This session will take us through the history of performance investing, the shape of the current landscape and what the future may hold.

Click here to view more videos from the MAX 2015 forum.