Arpit Gupta
Former Senior Analyst, Global Research & Design, S&P Dow Jones Indices
Dissecting the Performance of Indian Equity Active Funds in 2020
The percentage of active funds that underperformed their respective benchmarks in the Indian Equities Large-Cap and Mid-/Small-Cap fund categories over a one-year investment horizon doubled from 2019 to 2020, as seen in the SPIVA® India Year-End Scorecards for 2019 and 2020. The percentage of Large-Cap active funds that underperformed the S&P BSE 100 over a…
Dissecting Performance Characteristics of Growth Factors in Australian Small-Cap Equities
In our previous blog, we suggested growth factors with longer lookback periods may be more effective for constructing growth factor portfolios in Australian small-cap equities. In this blog, we examine the performance cyclicality, factor exposure, risk/return decomposition, and factor correlation for the long-term growth factor portfolios.1 From April 20, 2001, to June 30, 2020, the…
Examining Small-Cap Growth Strategies in Australia
Many market participants invest in small-cap equities seeking high-growth potential and portfolio diversification. In this blog, we will examine how growth factors performed in Australian small-cap equities by measuring the hypothetical top-quintile portfolio returns for three growth factors with long- and short-lookback periods, including 12- and 6-month price momentum, 3- and 1-year earnings growth, and…
Dissecting the Asset- and Equal-Weighted Fund Performance from the SPIVA® Japan Year-End 2019 Scorecard
In the SPIVA® Japan Year-End 2019 Scorecard, we evaluated the percentage of Japanese active funds that underperformed their respective benchmark indices, as well as the average fund returns on an equal- and asset-weighted basis. Equal-weighted returns are a measure of average fund performance, while asset-weighted returns are a measure of the performance of the total…
Managing Geographical Revenue Exposure in the Australian Equities Market
The S&P/ASX 200, widely considered a performance barometer for the Australian equities market, comprises 200 of the most liquid and highest market capitalization stocks listed on the Australian Securities Exchange (ASX). Nevertheless, the performance of this index is not solely influenced by Australian economic activities, but also by global economic conditions, depending on the individual…