While many investors appear to believe that winners persist over time, the most recent S&P Persistence Scorecard underscores the well-known disclaimer that “past performance is no guarantee of future results”: irrespective of asset class or style focus, few fund managers consistently outperformed their peers. Some market participants believe that active managers with successful track records Read more […]
The SPIVA U.S. Mid-Year 2019 Scorecard was published recently. The report shows that the strong rally in the domestic equities market in the first half of 2019 did not necessarily translate into success for active managers. Active managers’ performance relative to the benchmark indices showed significant discrepancies in different market segments. For the one-year period Read more […]
S&P Indices Versus Active (SPIVA) scorecards provide mainstay performance comparisons between active managers and benchmarks. Our latest Institutional SPIVA scorecard shows once again how difficult active managers found it to beat benchmarks, net- or gross-of-fees. Here are a couple of highlights. 2018 proved challenging for institutional equity managers, although institutional fixed income managers showed some Read more […]
S&P Dow Jones Indices produces a semi-annual report comparing the performance of active managers to their target indices or benchmarks. The report is referred to as the SPIVA Scorecard (SPIVA standing for S&P Indices Versus Active Managers). So, what does the SPIVA Scorecard tell us about performance? As illustrated in the table above, for any regional equity class Read more […]
Our Year-End 2018 Canada SPIVA scorecard was released today. In addition to showing that the majority of Canadian active equity managers failed to outperform their benchmarks, the scorecard’s results provide the opportunity to dispel some common misconceptions. Here is a brief summary. 1) Higher volatility does not necessarily result in outperformance by active managers A Read more […]
The latest Canada SPIVA® scorecard landed recently. While data up to the end of June 2018 was consistent with results from previous SPIVA Canada scorecards – active management once again found it challenging to beat the passive benchmarks – there were pockets of success. Here are a few highlights. Active managers found it difficult to Read more […]
Small caps have a reputation among many market participants as being an inefficient asset class that lends itself to active management. But our S&P Indices Versus Active (SPIVA®) scorecards have repeatedly challenged this perception. Exhibit 1 shows that in 13 of the last 17 calendar year periods, the majority of actively managed, small-cap U.S. equity Read more […]
The release of the SPIVA U.S. Mid-Year 2017 Scorecard provided a welcoming dose of optimism for proponents of active management. One statistic, which was picked up heavily by financial media (Financial Times Article) and market participants, is that 52.49% of All Domestic Funds managed to beat the S&P Composite 1500® (the designated benchmark). The conversation Read more […]
It’s that time of the year and the highly anticipated SPIVA Europe Mid-Year 2017 Scorecard is out. European active fund managers are no doubt apprehensively looking to see how their industry is competing with the performance of their respective S&P DJI benchmark indices. At first glance, active proponents may breathe a sigh of relief for Read more […]
Equity markets in Latin America saw gains across the board in 2016, with Brazil being one of the leaders, as the S&P Brazil BMI (BRL) returned 37.90%. The Chilean market saw the largest yearly return since 2010, with a return of 13.53% for the S&P Chile BMI (CLP), while the S&P Mexico BMI (MXN) returned Read more […]
