Standard & Poor’s Index Services released the mid-year 2009 results for its Standard & Poor’s Index Versus Active Fund Scorecard (SPIVA).
For the five-year period ending 30 June 2009, the SPIVA scorecard shows that the S&P 500 outperformed 62.9% of actively managed large cap funds, the S&P MidCap 400 outperformed 73.4% of mid cap funds, and the S&P SmallCap 600 outperformed 57.4% of small cap funds. However, asset weighted averages suggest a more level playing field, with active managers level or ahead of benchmarks in most categories except mid-caps and emerging markets.
“Our latest five-year data for equity funds can be interpreted favorably by proponents of both active and passive management,” says Srikant Dash, global head of Research & Design at Standard & Poor’s and author of the report. “Passive management believers can point out that indices have outperformed a majority of active fund managers across all major domestic and international equity categories; with real estate being the lone exception. Conversely, proponents of active fund management can point to the asset weighted averages.”
The SPIVA Scorecard is produced semi-annually, and can be accessed in its entirety here.
L.D.