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Tag Archives: active management

Dec 12, 2023

Chasing Performance

“…sometimes I’ve believed as many as six impossible things before breakfast.” – The White Queen, Through the Looking Glass Should an asset owner rely on historical performance data to select managers? The efficacy of doing so depends on the answers to three questions: What fraction of the manager universe is truly gifted? How gifted are…

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Oct 12, 2023

Can Active Managers Outsmart the S&P 500 Dividend Aristocrats?

Underperformance of many active managers against their broad market benchmarks has been well documented.1 However, we thought it would be interesting to apply this comparison specifically to the dividend market. In this blog, we will examine how the S&P 500® Dividend Aristocrats® stacks up against actively managed U.S. equity income funds. Recognized as one of…

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Oct 4, 2023

Active Success: Still Elusive

Anyone even vaguely conversant with our SPIVA® Scorecards will realize that most active managers underperform passive benchmarks most of the time. This result is robust across geographies and across time, and is reflected in our recently issued mid-year 2023 report for the U.S. market. Although the scorecard covers 39 categories of equity and fixed income…

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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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Jun 6, 2023

Active or Agnostic?

In order to generate value for his clients, an active investment manager must deviate from a passive benchmark—by choosing sectors, or styles, or individual stocks that the manager predicts will outperform. The manager’s value is dependent on the accuracy of his predictions; the better he is at identifying the best sectors, or styles, or stocks,…

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May 24, 2023

Persistently Disappointing

If you’ve ever read a prospectus (or, for that matter, an S&P DJI research report), you know that “past performance is no guarantee of future results.” At one level, if you understand that, you understand the most important thing about S&P DJI’s Persistence Scorecards. For the U.S., Europe, Latin America, and Canada (with Australia coming…

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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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Apr 10, 2023

Unwisely Concentrated

Anyone familiar with our SPIVA Scorecards will recognize that most active managers fail most of the time. Anyone familiar with active managers will recognize that they can be quite creative in proposing both excuses and remedies for this historical record. One of their most persistent suggestions, in fact, is that active management simply isn’t active…

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Mar 27, 2023

A Year of Two Halves for Australian Large-Cap Equity Managers

The first half of 2022 brought steep and broad-based losses for Australian equity indices of all stripes. On a relative basis, however, active Australian Equity General funds had a decent start to 2022; as our SPIVA® Australia Mid-Year 2022 Scorecard reported, a (slim) majority of active managers in this category outperformed the S&P/ASX 200. Unfortunately…

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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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