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Anu Ganti

U.S. Head of Index Investment Strategy, S&P Dow Jones Indices

Anu R. Ganti is Senior Director and U.S. Head of Index Investment Strategy at S&P Dow Jones Indices (S&P DJI). The index investment strategy team provides research and commentary on the entire S&P DJI product set, including U.S. and global equities, thematics, commodities, fixed income and sustainability indices. She is also a frequent contributor to both print and broadcast media outlets.
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Feb 8, 2024

Bond Beginnings and Beyond

American political consultant James Carville once commented that he’d like to be resurrected as the bond market because, “you can intimidate everyone.”  As of July 2023, the global bond market comprises about USD 135 trillion of securities, of which rated corporate debt represents USD 23 trillion.1 U.S. corporate debt makes up roughly half of the…

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Dec 6, 2023

Happy Days for How Long?

With less than a month left to go to close out the year, it’s a good time to reflect on the highs and lows that market participants have experienced. While the year began with a rocky start due to the Silicon Valley Bank collapse, the market continued to power forward, stumbling in Q3 as 10-year…

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Nov 28, 2023

Finding Fee Savings in Fixed Income

One of the benefits of indexing is its low cost relative to active management. As indexing has grown, investors have benefited substantially by saving on fees and avoiding active underperformance. These benefits are not limited just to equities but have also extended to other asset classes including the fixed income space, where fees can play…

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Nov 20, 2023

An Elevating Effect on Equal Weight?

The trouncing of smaller caps by mega-cap stocks has been one of the hallmark market themes of this year, with the S&P 500® Top 50 outpacing the S&P SmallCap 600® by 30% YTD.1 As a result of its inherent small-cap bias, the S&P 500 Equal Weight Index (EWI) has suffered accordingly, underperforming the S&P 500…

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Sep 17, 2023

Analyzing Active in Australia: Lessons from the SPIVA Australia Mid-Year 2023 Scorecard

Since 2013, our SPIVA® Australia Scorecards have shown that the majority of actively managed Australian equity funds have typically underperformed the S&P/ASX 200. According to the recently published SPIVA Australia Mid-Year 2023 Scorecard, 55% of Australian Equity General fund managers lagged the S&P/ASX 200 in the first half of 2023.  Results for some fund categories…

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Jul 12, 2023

Towering Tech

The performance of large-cap Technology stocks so far this year has been exceptional, with the S&P 500® Information Technology sector outperforming the S&P 500 by 26% over the six-month period ending June 30, 2023—the 97th percentile of all observations in our database. Tech’s outperformance, driven by mega-cap strength, has been especially notable because of its…

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May 19, 2023

Disentangling Diversification

We frequently hear that “it’s a stock picker’s market.” The recent market environment could equally well be characterized as a sector picker’s market. To measure the importance of sectors, we decompose total market dispersion into within-sector and cross-sector effects. Exhibit 1 shows that the contribution of cross-sector effects to total S&P 500® dispersion has trended…

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Apr 17, 2023

SPIVA Europe Scorecard 2022: A Challenging Year for Fixed Income, but Not Necessarily for All Fixed Income Managers

For the first time, our SPIVA® Europe Year-End 2022 Scorecard measures the performance of actively managed fixed income funds, covering 11 categories across currencies and credit quality. Fixed income funds had a better record than their equity brethren in 2022, with a majority of funds outperforming in five reported categories over a one-year horizon (compared…

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Mar 20, 2023

SPIVA Canada Scorecard 2022: Country, Currency and Concentration Contexts

Since 2004, our SPIVA® Canada Scorecards have shown that a majority of actively managed Canadian equity funds typically underperform the S&P/TSX Composite Index. However, according to the recently published SPIVA Canada Year-End 2022 Scorecard, the annual underperformance rate dropped to the best result we have seen since 2015: just 52% of Canadian Equity managers lagged…

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Feb 14, 2023

Active Ability versus Active Outperformance

Some commentators have argued that today’s market environment—characterized by rising rates and economic growth concerns—is a ripe environment for stock pickers. This argument is conditionally correct, as long as we remember that having the opportunity to add value does not guarantee that value gets added. In today’s environment, active managers have good potential to add…

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