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IN THIS LIST
SPIVA India Mid-Year 2023
SPIVA® Europe Mid-Year 2023
SPIVA Latin America Mid-Year 2023
SPIVA U.S. Mid-Year 2023
SPIVA Australia Mid-Year 2023
* SPIVA - Oct 10, 2023
SPIVA INDIA MID-YEAR 2023
Benedek Vörös
Director, Index Investment Strategy
S&P Dow Jones Indices
Davide Di Gioia
Director, Index Investment Strategy
S&P Dow Jones Indices
Grace Stoddart
Quantitative Associate, Index Investment Strategy
S&P Dow Jones Indices
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* Indices in This Article S&P BSE 100S&P BSE 200S&P BSE India Bond IndexS&P BSE
India Government Bond Index
Summary
Since the first publication of the S&P Indices versus Active (SPIVA) U.S.
Scorecard in 2002, S&P Dow Jones Indices has been the de facto scorekeeper of
the ongoing active versus passive debate.
The SPIVA India Scorecard compares the performance of actively managed Indian
equity and bond mutual funds with their respective benchmark indices over 1-,
3-, 5- and 10-year investment horizons.
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Mid-Year 2023 Highlights
In the first half of 2023, performance among Indian active managers varied
across categories. The majority of Indian Equity Large-Cap funds failed to beat
their benchmark, with 58% of actively managed funds underperforming the S&P BSE
100. Indian ELSS funds, on the other hand, had an excellent start to the year,
with only 18% underperforming the S&P BSE 200.
Indian Equity Large-Cap Funds
* The S&P BSE 100 gained 7.1% in H1 2023, and 58.1% of active managers
underperformed the benchmark over that period.
* Underperformance rates remained high over three- and five-year periods, at
86.2% and 92.9%, respectively.
* Active managers produced relatively better results over the 10-year period,
with the underperformance rate dropping to 61.2%.
Indian ELSS Funds
* The S&P BSE 200 was up 6.2% in the first six months of 2023, and just 17.5%
of Indian ELSS funds underperformed the index. Over the longer term, the
underperformance rate rose, with 66.7% of funds underperforming the benchmark
over the 10-year period.
* Indian ELSS funds achieved the second-highest long-term survival rate across
all categories in our SPIVA India Scorecard, with 75.0% of them still
surviving after 10 years.
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* Indices in This Article S&P BSE 100S&P BSE 200S&P BSE India Bond IndexS&P BSE
India Government Bond Index
* SPIVA - Oct 04, 2023
SPIVA® EUROPE MID-YEAR 2023
Benedek Vörös
Director, Index Investment Strategy
S&P Dow Jones Indices
Maya Beyhan
Senior Director, ESG Specialist, Index Investment Strategy
S&P Dow Jones Indices
Davide Di Gioia
Director, Index Investment Strategy
S&P Dow Jones Indices
Grace Stoddart
Quantitative Associate, Index Investment Strategy
S&P Dow Jones Indices
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* Indices in This Article S&P Europe 350S&P Eurozone BMIS&P Global 1200S&P
Poland BMIS&P United Kingdom SmallCap
Inaugurated in 2002, the S&P Indices versus Active (SPIVA) U.S. Scorecard 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. First published
in 2014, the semiannual SPIVA Europe Scorecard reports on the performance of
actively managed funds domiciled across Europe.
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Mid-Year 2023 Highlights
It was a challenging first half of 2023 for active managers in European
equities, with over one-quarter of 22 categories recording underperformance
rates of 90% or higher. Fixed income managers had a better start to the year in
relative terms, with no categories registering underperformance rates of over
90%. Across both asset classes, however, underperformance rates increased to a
similarly high average over a 10-year horizon.
* In H1 2023, 72% of British pound sterling-denominated and 76% of
euro-denominated actively managed Europe Equity funds underperformed the S&P
Europe 350®, while 77% of Eurozone Equity funds underperformed the S&P
Eurozone BMI.
* Euro-denominated Global Equity funds maintained a relatively high
underperformance rate over longer time horizons. Over the 10-year period
ending June 2023, 98% of funds underperformed the S&P Global 1200®.
* British pound sterling- and euro-denominated U.S. Equity funds performed
similarly, with 71% and 74% underperforming in the first half of 2023 in GBP
and EUR, respectively, and 95% and 97%, respectively, underperforming over a
10-year horizon.
* Only 12% of Poland Equity funds lagged the S&P Poland BMI in H1 2023, the
lowest underperformance rate among major single-country categories.
* Among country categories, 94%, 96% and 99% of France, Italy and Spain Equity
funds lagged their benchmarks, respectively, in the first six months of 2023.
* Actively managed K. Large-/Mid-Cap Equity funds had a good start to the year
on a relative basis, with an underperformance rate of just 47% in H1 2023.
* Meanwhile, 95% of actively managed U.K. Small-Cap Equity funds underperformed
the S&P United Kingdom SmallCap in the first six months of 2023, the highest
ever underperformance rate for this category.
* For Government Bond (USD) funds, 86% underperformed the iBoxx Global
Government United States in H1 2023, the highest underperformance rate among
our fixed income categories. Meanwhile, Government Bond (GBP) funds performed
relatively better, with 52% underperforming the iBoxx Sterling Gilts in the
first half of 2023, although underperformance increased to 95% when measured
over a 10-year period.
* European corporate bond funds outperformed their high yield and government
bond peers. Only 54% of Corporate Bond (EUR) funds underperformed the iBoxx
Euro Corporates. Meanwhile, 79% of High Yield Bond (EUR) funds
underperformed the iBoxx Euro Liquid High Yield, while 81% of Government Bond
(EUR) funds underperformed the iBoxx Euro Sovereigns in H1 2023.
* Corporate Bond (USD) funds performed worse than their EUR and GBP peers, with
81% underperforming the iBoxx USD Corporates.
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* Indices in This Article S&P Europe 350S&P Eurozone BMIS&P Global 1200S&P
Poland BMIS&P United Kingdom SmallCap
* SPIVA - Sep 26, 2023
SPIVA LATIN AMERICA MID-YEAR 2023
Joseph Nelesen, Ph.D.
Senior Director, Index Investment Strategy
S&P Dow Jones Indices
Anu R. Ganti
Senior Director, Index Investment Strategy
S&P Dow Jones Indices
Davide Di Gioia
Director, Index Investment Strategy
S&P Dow Jones Indices
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* Indices in This Article S&P Brazil BMIS&P Chile BMI
Summary
The S&P Indices Versus Active (SPIVA) Latin America Scorecard compares the
performance of actively managed mutual funds in Brazil, Chile, and Mexico to
their benchmarks over 1-, 3-, 5- and 10-year periods.
Mid-Year 2023 Highlights
In the first half of 2023, Latin American active managers produced mixed
performance. The majority of active managers in most categories failed to
outperform, especially over longer periods. Only in Brazil Corporate Bond and
Chile Equity funds were underperformance rates below 50% over the first half of
2023.
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Brazil
* The S&P Brazil BMI increased 10.6% YTD. Funds in the Brazil Equity category
climbed 9.8% and 10.9% on equal and asset-weighted bases, respectively. Of
funds in this category, 58.1% underperformed the benchmark over the first
half of the year, with underperformance rates rising to 76.6%, 74.5% and
92.3% over the 3-, 5- and 10-year horizons, respectively.
* Large-cap companies posted 10.0% in the first half of 2023, as measured by
the S&P Brazil LargeCap. Funds in this category gained 7.1% on both equal and
asset-weighted bases over the same period. In Brazil Large-Cap funds, 77.9%
underperformed the index. Longer-term underperformance increased, with 82.4%
of funds trailing over a 10-year period.
* In contrast, small- and mid-cap companies performed relatively better, with
the S&P Brazil MidSmallCap up 11.9% YTD. Funds within this category gained
14.3% and 11.6% on equal and asset-weighted bases, respectively.
Outperformance in this category was close to even, with 53.7% of active
managers underperforming in H1 2023 and underperformance rates increasing
over longer periods.
* Less than one-third of Brazil Corporate Bond funds underperformed, while
79.4% of Brazil Government Bond funds underperformed their benchmark over a
six-month period. Consistent with their equity peers, rates of
underperformance increased over longer periods.
Chile
* The S&P Chile BMI was up 7.2% YTD. However, only 35.6% of Chile Equity funds
underperformed the index over the same period, with higher levels of
underperformance over longer intervals.
* Larger funds performed relatively better than smaller funds over the 1-, 3-,
5- and 10-year periods on an asset-weighted basis versus an equal-weighted
basis, while smaller funds outperformed over the first half of 2023. The
greatest difference was the one-year period, at 186 bps, as asset-weighted
performance of Chile Equity funds was 20.7%, while equal-weighted was 18.9%.
Mexico
* The S&P/BMV IRT increased 12.4% over the first half of 2023. For Mexico
Equity fund managers, success was particularly elusive in the first half of
2023, as 90.7% of active managers underperformed the S&P/BMV IRT. Although
slightly below the H1 2023 level, underperformance rates increased over 3-, 5
and 10-year periods, to 70.7%, 77.3% and 85.0%, respectively.
* Despite the underperformance of most active managers in the first half of the
year, the survival rates of active funds in Mexico were the highest of Latin
America, at 100.0%, 100.0%, 90.9% and 72.5% over the 1-, 3-, 5- and 10-year
periods, respectively.
* Smaller funds performed better than larger funds over all periods, especially
over the six-month period, with asset-weighted Mexico Equity funds
performance 180 bps below equal-weighted performance.
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* Indices in This Article S&P Brazil BMIS&P Chile BMI
* SPIVA - Sep 21, 2023
SPIVA U.S. MID-YEAR 2023
Davide Di Gioia
Director, Index Investment Strategy
S&P Dow Jones Indices
Anu R. Ganti
Senior Director, Index Investment Strategy
S&P Dow Jones Indices
Craig Lazzara
Managing Director, Index Investment Strategy
S&P Dow Jones Indices
Grace Stoddart
Quantitative Associate, Index Investment Strategy
S&P Dow Jones Indices
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* Indices in This Article S&P 500®S&P SmallCap 600®S&P MidCap 400®
SUMMARY
The S&P 500® rose by 16.9% in the first six months of 2023, marking a sharp
rebound from its decline of 18.1% in 2022. The rally extended to smaller stocks,
although less emphatically, as the S&P MidCap 400® increased 8.8% and the S&P
SmallCap 600® returned 6.0%. Fixed income markets also gained ground, despite
the uncertain course of inflation, continued Fed tightening, an inverted yield
curve, and ructions connected to the demise of several regional banks.
Although active managers in a number of categories were able to outpace their
benchmarks in the first six months of the year, in our largest and most closely
watched comparison, 60% of all active large-cap U.S. equity managers
underperformed the S&P 500. As Exhibit 1 illustrates, a majority of large-cap
managers outperformed in only 3 of the last 23 years (missing by a whisker in
2022). But active underperformance is not a coincidence, and, as we will
discuss, some of the factors that made it close last year worked in the opposite
direction in the first six months of 2023.
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For smaller-capitalization U.S. equity managers, first-half results were more
promising. Only 48% of mid-cap managers lagged the S&P MidCap 400, while a
creditable 28% of small-cap managers underperformed the S&P SmallCap 600. What
was particularly striking about our U.S. equity results was the divergent
performance of growth and value specialists. Only 13% of large-cap growth
managers underperformed the S&P 500 Growth index, with similar success rates
among their mid- and small-cap counterparts. Meanwhile, 90% of large-cap value
managers lagged the S&P 500 Value index; most mid- and small-cap value
specialists also underperformed, although by smaller margins.
Funds incorporating non-U.S. stocks produced mixed results: slight
outperformance among larger-cap international managers and modest
underperformance among smaller caps, with generally good results for emerging
markets and disappointing performance for global funds. Fixed income results
were likewise mixed. The bright spots for active fixed income came in the
municipal and some investment grade categories. Most government funds lagged
their benchmarks, as did 100% of Core Plus Bond funds and 89% of funds in the
General Investment-Grade category.
As we've noted in previous reports, underperformance rates typically rise as
time horizons lengthen. Exhibit 2 illustrates the point. In the first six months
of 2023, 10 of the 39 categories in this report saw more than 75% of managers
underperform their benchmark. Over a five-year horizon, 24 categories saw this
level of underperformance, and after 15 years, the tally rose to 32 categories.
Meanwhile, after 15 years, there were no categories in which the majority of
active managers outperformed.
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* Indices in This Article S&P 500®S&P SmallCap 600®S&P MidCap 400®
* SPIVA - Sep 12, 2023
SPIVA AUSTRALIA MID-YEAR 2023
Anu R. Ganti
Senior Director, Index Investment Strategy
S&P Dow Jones Indices
Grace Stoddart
Quantitative Associate, Index Investment Strategy
S&P Dow Jones Indices
Davide Di Gioia
Director, Index Investment Strategy
S&P Dow Jones Indices
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* Indices in This Article S&P/ASX 200S&P Developed Ex-Australia LargeMidCap
The SPIVA Australia Scorecard measures the performance of Australian actively
managed funds against their respective benchmarks over various time horizons,
covering large-, mid- and small-cap equity funds, real estate funds and bond
funds, providing statistics on outperformance rates, survivorship rates and fund
performance dispersion.
Since the first publication of the S&P Indices Versus Active Funds (SPIVA) U.S.
Scorecard in 2002, S&P Dow Jones Indices has been the de facto scorekeeper of
the ongoing active versus passive debate.
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Mid-Year 2023 Highlights
A slim majority (55%) of Australian Equity General funds underperformed the
S&P/ASX 200 in the first half of 2023. A higher percentage of funds
underperformed their respective benchmarks in the International Equity General
and Australian Equity A-REIT categories. Funds in the Australian Equity Mid- and
Small-Cap and Australian Bonds categories had a better record: 48% and 45%
underperformed their benchmarks, respectively.
* Australian Equity General Funds: The S&P/ASX 200 gained 4.5% in the first
half of 2023, while on average, Australian Equity General funds rose 4.6% on
an equal-weighted basis and 4.7% on an asset-weighted basis. The
underperformance rate over this period was 55%, with the proportion of
underperforming funds increasing to 81%, 79% and 81% over the 5-, 10- and
15-year time horizons, respectively.
* Australian Equity Mid- and Small-Cap Funds: The S&P/ASX Mid-Small rose 3.0%
in the first half of the year, with Australian Equity Mid- and Small-Cap
funds posting average gains of 3.7% on an equal-weighted basis and 5.1% on an
asset-weighted basis. In this period, 48% of funds underperformed the
benchmark, increasing to 64% over the 5-year horizon and 76% over the 10-year
horizon.
* International Equity General Funds: In the first six months of the year, 74%
of funds in the International Equity General category underperformed the S&P
Developed Ex-Australia LargeMidCap, which gained 18.1% over the period.
International Equity General funds gained 16.1% and 14.8% on equal- and
asset-weighted bases, respectively. Underperformance rates increased over
longer time horizons, with 95% of funds failing to beat the benchmark over 15
years.
* Australian Bonds Funds: The S&P/ASX Australian Fixed Interest 0+ Index rose
1.7% in the first half of 2023, while Australian Bonds funds posted similar
average returns of 1.7% on an equal-weighted basis and 1.9% on an
asset-weighted basis. The proportion of active Australian Bonds funds that
underperformed the benchmark in this period was 45%, with this percentage
increasing to 48% over the three-year horizon and 62% over the five-year
horizon.
* Australian Equity A-REIT Funds: In the first half of 2023, 88% of funds in
the Australian Equity A-REIT category underperformed the S&P/ASX 200 A-REIT,
the highest rate of underperformance among reported categories. The S&P/ASX
200 A-REIT gained 3.9% over the period, while on average, active funds gained
2.8% on an equal-weighted basis and 2.5% on an asset-weighted basis.
* Fund Survivorship: Liquidation rates were moderate in the first half of 2023,
with the number of merged or liquidated funds in the single digits across all
but one category. International Equity General funds had the highest
attrition rate, with 3.5% of funds merged or liquidated over the six-month
period. The attrition rate increased over longer time horizons, with 57.7%
of funds across all categories merged or liquidated in the 15 years between
June 2008 and June 2023.
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