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S&P 500 outperforms 62.9 per cent of large cap funds

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The S&P 500 outperformed 62.9 per cent of actively managed large cap funds for the five year period ending 30 June 2009, according to Standard & Poor’s Index Versus Active Fund

The S&P 500 outperformed 62.9 per cent of actively managed large cap funds for the five year period ending 30 June 2009, according to Standard & Poor’s Index Versus Active Fund Scorecard. 

The Spiva scorecard also shows that the S&P MidCap 400 outperformed 73.4 per cent of mid cap funds and the S&P SmallCap 600 outperformed 57.4 per cent 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 favourably by proponents of both active and passive management,’ says Srikant Dash, global head of research and 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 five-year data is unequivocal for fixed income funds. Across all categories, except emerging market debt, more than three fourths of active managers failed to beat their benchmarks. Similarly, five-year asset weighted average returns are lower for active funds in all but two categories.
 
The Spiva scorecard reveals quarterly performance data for US equity, international and fixed income mutual funds benchmarked against appropriate asset class indices. More than 3,500 actively managed funds are covered in the scorecard.

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