Tag Archives: SPIVA U.S. Scorecard
Diversification, Equity & Indices
The results of S&P DJI’s latest SPIVA U.S. Scorecard are in: Most large-cap active managers underperformed the S&P 500® for the 14th consecutive year in a row. 60% of active large-cap funds underperformed the S&P 500 in 2023, slightly better than the long-term average of 64%, and a relatively benign result considering the dominance of…
SPIVA® U.S. Mid-Year 2019 Highlights
The SPIVA U.S. Mid-Year 2019 Scorecard was published recently. The report shows that the strong rally in the domestic equities market in the first half of 2019 did not necessarily translate into success for active managers. Active managers’ performance relative to the benchmark indices showed significant discrepancies in different market segments. For the one-year period…
- Categories Equities, Fixed Income
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- Equities, Fixed Income
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Risk-Reward Analysis of Selecting Active Managers
Although there seems to be more research on economic forecast and market analysis than manager selection, selecting investment managers is just as challenging as direct investing and requires considerable experience and expertise. In this blog, we investigate the return distribution of fixed income and equity funds to highlight the challenge of successfully selecting outperforming active…
- Categories Equities
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- Equities
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SPIVA® U.S. Mid-Year 2018 Summary
The latest results from the SPIVA U.S. Mid-Year 2018 Scorecard show improvement in the relative performance of actively managed domestic equity funds against their respective benchmarks. During the one-year period ending June 30, 2018, the overall percentage of all domestic funds outperforming the S&P Composite 1500® increased to 42.02%, compared with six months prior (36.57%)….
- Categories Equities
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- Equities
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15 Years of SPIVA – Where Does the Active Versus Passive Debate Go From Here?
In the inaugural publication of the Journal of Portfolio Management in 1974, Nobel Laureate Paul Samuelson wrote that there is no “brute fact” that “there could exist a subset of decision makers in the market capable of doing better than the averages on a repeatable, sustainable basis.”[1] That article partly inspired John Bogle to launch…
- Categories Equities
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- Equities
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SPIVA® Interpretation and Misinterpretation
I’ve been a long-time SPIVA® fan. The first report was published about 13 years ago and it quickly became my go-to active management scorecard. No firm was comparing active manager performance to index benchmarks regularly. Advisers had to crunch data themselves to see the trends. SPIVA came to the rescue by doing the heaving lifting,…
- Categories Equities, Fixed Income
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- Equities, Fixed Income
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Why Might Actively Managed Bond Funds Underperform their Benchmarks?
Over the long term, actively managed bond funds have not outperformed their benchmarks as evident in the SPIVA U.S. Scorecard for year-end 2014. In a recent blog post, I analyzed the performance data of this scorecard. Many wonder what might be causing the results to be one-sided. For example, in a recent post on Practical Stock…
- Categories Fixed Income
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- Fixed Income
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SPIVA U.S Scorecard: Measuring the Effectiveness of Passive Equity Investing in the US
The SPIVA U.S Scorecard, published twice a year, is a de facto scorekeeper of the active versus passive debate. It measures the performance of the actively managed domestic equity funds across the various market capitalizations and styles. The results for the 2014 mid-year Scorecard are in and reveal very few surprises. Here are some of…
- Categories Equities, S&P 500 & DJIA
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- Equities, S&P 500 & DJIA
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