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Tag Archives: SPIVA

May 24, 2023

Persistently Disappointing

If you’ve ever read a prospectus (or, for that matter, an S&P DJI research report), you know that “past performance is no guarantee of future results.” At one level, if you understand that, you understand the most important thing about S&P DJI’s Persistence Scorecards. For the U.S., Europe, Latin America, and Canada (with Australia coming…

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May 1, 2023

Lessons from 20 Years of Equal Weight

How has equal-weight compared with cap-weight historically? S&P DJI’s Hamish Preston and Invesco’s Nick Kalivas explore how differences in index construction have influenced index performance, sector and factor composition, and results in the latest SPIVA Scorecards.

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Apr 19, 2023

Exploring Two Decades of Fixed Income Innovation

Take a closer look at the latest SPIVA results as S&P DJI’s Brian Luke and BlackRock’s Stephen Laipply discuss how indexing works for fixed income, the iBoxx liquidity ecosystem, and what a growing range of passive tools could mean for yield seekers as income returns to fixed income.

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Apr 17, 2023

SPIVA Europe 2022: Singing the Bear Market Blues

After 83% of euro-denominated pan-regional equity funds failed to outperform the S&P Europe 350® in the 10 years leading up to the start of 2022, last year brought an intriguing change in the market winds, including the end of near-zero interest rates and, along with it, higher hopes for stock-picking. There was higher dispersion and,…

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Apr 17, 2023

SPIVA Europe Scorecard 2022: A Challenging Year for Fixed Income, but Not Necessarily for All Fixed Income Managers

For the first time, our SPIVA® Europe Year-End 2022 Scorecard measures the performance of actively managed fixed income funds, covering 11 categories across currencies and credit quality. Fixed income funds had a better record than their equity brethren in 2022, with a majority of funds outperforming in five reported categories over a one-year horizon (compared…

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Apr 12, 2023

SPIVA and the Challenges of Active Outperformance

What are the three main reasons it’s hard for most active managers to beat their benchmarks? Explore findings from the SPIVA and Persistence Scorecards with S&P DJI’s Craig Lazzara including an allegorical look at what might happen if Craig challenged Michael Jordan to a free-throw shooting contest.

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Apr 10, 2023

Unwisely Concentrated

Anyone familiar with our SPIVA Scorecards will recognize that most active managers fail most of the time. Anyone familiar with active managers will recognize that they can be quite creative in proposing both excuses and remedies for this historical record. One of their most persistent suggestions, in fact, is that active management simply isn’t active…

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Apr 5, 2023

SPIVA Japan Scorecard 2022: Active Underperformance Despite an Abundance of Opportunities

The inaugural S&P Indices versus Active (SPIVA®) U.S. Scorecard was published in 2002, and has since been extended to Australia, Canada, Europe, India, Japan, Latin America, South Africa and the Middle East & North Africa (MENA), allowing investors to experience the active versus passive debate on a global scale. The SPIVA Japan Scorecard measures the…

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Apr 5, 2023

Examining Passive Performance at the Core

How does indexing work for large-cap equities? S&P DJI’s Hamish Preston and State Street Global Advisor’s Michael Arone take a closer look at lessons from 20 years of SPIVA, including fee savings, outperformance, and what the latest GICS® changes mean for sectors and industries moving forward.

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Mar 30, 2023

The Risk/Return Tradeoff: Results from the SPIVA South Africa Year-End 2022 Scorecard

The year 2022 was riddled with investment challenges worldwide, as fears of recession, rising inflation and geopolitical uncertainty ranked among a whirlwind of other market pressures. In South Africa, these risks manifested in two notably different halves of the year, with major equity and bond indices ending H1 in negative territory, but then rallying to…

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