Institutional investors, from mutual funds to endowments and pension plans, are below average when it comes to doing their job.

The 100 largest public pension funds in the U.S. alone, have only 68 cents of every dollar they need to fulfill their promises to employees, according to Milliman. Corporate plans have a little more on hand, a whopping 77 cents for every dollar.

So who is at fault here? Money managers? Hedge funds? Consultants? Investment Committees? Charley Ellis, the founder of Greenwich Associates who has spent a lifetime observing the markets and investment management. says almost everybody in the investment world is culpable. However, Ellis says very few even recognize their unintended role in what he calls the crime of underperformance and nothing will change until they do.

In part three of this five part video series exploring this issue, we look at the differences between active management and passive, and how it might be contributing to the problem.