Tag Archives: U.S. Equity
Taking Higher Interest Rates in STRIDE
When it rains, it pours, and there’s no lack of bad news in 2022. The equity market is in solid bear territory, with the S&P 500® down 22% YTD. Inflation is high, and the Federal Reserve has aggressively hiked interest rates in recent months. The latest cycle of rate increases has happened faster than at…
SPIVA Institutional and the Pharaohs of Finance
Ptolemy I (367 BC-282 BC), one-time companion of Alexander the Great and later pharaoh of Egypt, has an important role in intellectual history. Among other contributions, he is credited with founding the library at Alexandria, one of the seven wonders of the ancient world, and for personally sponsoring the work of Euclid, a mathematician whose…
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From “Hard to Beat” to Nigh-On Impossible
Our SPIVA® reports have shown, year after year, that market-cap weighted benchmarks are, to put it kindly, hard to beat. However, in 2019 a range of circumstances made “hard to beat” become nigh-on impossible for the S&P 500®. In general, there are three common ways by which an active portfolio can outperform its benchmark: over…
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Pure Style Indices: A Finer Tool With Higher Style Focus
Style investing as an investment approach has long been utilized by market participants to group securities based on their common characteristics and risk/return drivers. Those common characteristics, in turn, help investors make strategic and tactical asset allocation decisions. The first-generation S&P U.S. Style Indices serve as effective underlying tools for market participants seeking a passive…
2013: A year in SPIVA Perspective (Part I)
2013 was the blockbuster year for equity as the domestic equity markets posted double-digits returns. In a year marked by record breaking gains, it is particularly important to measure the relative performance of active funds versus the indices as bull markets often present challenging conditions for active managers to overcome. The 2013 year-end SPIVA report…
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