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In addition to absolute returns, institutional investors also evaluate active funds by risk-adjusted returns. This is not surprising since Modern Portfolio Theory tells us that higher returns tend to be associated with higher risk. Our Risk-Adjusted SPIVA Scorecard was introduced in 2018 as an extension of the standard SPIVA Scorecards. It aims to assess whether…
The impact of fees on managers’ performance continues to make headlines. With the most recent round of actively managed fee reductions[1] taking place in February 2017, market participants can benefit from lower fees as managers compete for capital. In the recently issued “SPIVA Institutional Scorecard – How Much Do Fees Affect the Active Versus Passive…
