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Tag Archives: core

Jun 3, 2021

What Canada Is Missing

Canadian investors have long participated in U.S. equity markets, but are materially underweight in U.S. mid- and small-cap companies. In this respect, Canadians resemble their European counterparts, whose investments in the U.S. rarely range beyond those companies included in the S&P 500®. This underinvestment is surprising for several reasons. European market participants are no stranger…

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Apr 15, 2021

Hidden in Plain Sight

International equity investors have long participated in the U.S. market, but their interest has often focused on the globally recognized blue chips included in benchmarks such as the Dow® and the S&P 500®. In doing so, they may be missing out on the long-term outperformance of smaller companies; presently, they may also be missing out…

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Jan 4, 2021

Persistence

Lyndon Baines Johnson became President of the United States at a moment of national trauma, and left office at a time of tremendous political division. Despite a landslide electoral victory in 1964 and notable legislative achievements, his was not a happy presidency. LBJ observed, in fact, that “being President is like being a jackass in…

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Dec 2, 2020

A European Perspective on the U.S. Mid-Cap Sweet Spot

Should European investors be looking beyond large-cap U.S. equities for core exposure? S&P DJI’s Tim Edwards and State Street Global Advisors’ Rebecca Chesworth explore the case for U.S. mid-caps through broad and tactical sector exposures.  

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Jul 8, 2020

Core and Satellite – The Best of Both Worlds

The contentious debate of active versus passive is perpetual. Over the past 15 years, SPIVA® Scorecard results have reflected on the trends of active fund management vis a vis benchmarks, wherein statistics tilt the balance in favor of indexing. This recurring feature of benchmark outperformance is contributing to the adoption and growth of the passive…

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Jul 7, 2020

Viewing 20 Years of Indexed Core Assets Growth through a SPIVA® Lens

In 1973, Princeton professor Burton Malkiel wrote the book, A Random Walk Down Wall Street, laying out a case against the mutual funds of the time as persistently underperforming market indices. Malkiel recommended[i] that the New York Stock Exchange create a fund that simply bought and held stock in the companies comprising the indices. Somewhat…

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Jun 22, 2020

The Progression of Passive

The evolution of indexing is one of the most noteworthy trends in modern financial history. The rise of passive investing is the consequence of shortfalls in active performance, as regular readers of our SPIVA reports will recognize. Our recent annual Survey of Indexed Assets shows a surge in S&P 500 indexed assets to $4.6 trillion…

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Apr 13, 2020

Glory or Embarrassment?

Active funds generally lagged their passive benchmarks in 2019, but the market environment in 2020 has already shifted radically. Volatility has skyrocketed as the S&P 500® and other indices have fallen. Ironically, it is precisely in a time such as this, when absolute returns are hard to come by, that relative returns might be most…

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Mar 16, 2020

The Darkest Hour

“It is always darkest just before the Day dawneth” -Thomas Fuller The bull market is over.  After 11 years of impressive and relatively steady gains, last week the S&P 500® slid into bear market territory, marking the end of the glory of the 2010s and the start of a new regime.  Volatility is back with…

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Jun 26, 2019

A Changing Stride for an Ageing Bull

  Taking a cue from Frank Sinatra, the S&P 500® was riding high in April, shot down in May, and got back on top in June.  But the current bull run is feeling its age, and we may be witnessing a change in its stride.  Coming into the end of the quarter (all figures are…

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