Tag Archives: S&P BSE India Government Bond Index
Is Alpha Generation a Zero-Sum Game in Indian Large-Cap Equities?
Globally, as markets have matured, we have seen the institutional share of public equity increasing.[1] Professional managers are continuing to enter the investment management industry, resulting in market research becoming more institutionalized. Hence, more and more industry research analysts are competing against each other and chasing the same set of stocks to generate alpha (or…
Do Management Fees Outweigh the Alpha Generated in Indian Equity Large-Cap Funds?
Without Fees, Do Active Managers Outperform their Benchmarks? The SPIVA® India Year-End 2019 Scorecard shows that, over longer horizons, a large proportion of active funds underperform their respective category benchmarks (see Exhibit 1a). The SPIVA India Year-End 2019 Scorecard evaluates the performance based on net-of-fees returns (i.e., gross returns less the management fees). But do…