The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Active Managers Get Their Asses Kicked, Again Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 26, 2013

Active Managers Get Their Asses Kicked, Again

Reported by Tommy Fernandez

Let the underwhelming begin.

According to the latest S&P INDICES VERSUS ACTIVE FUNDS (SPIVA) SCORECARD, the year 2012 "marked the return of the double digit gains across all the domestic and global equity benchmark indices. "

However, according to the scorecard, the gains passive indices made did not translate into active managementreturns, as most active managers in all categories, except large-cap growth and real estate funds, underperformed their respective benchmarks in 2012.

Performance lagged behind the benchmark indices for 63.25 percent of large-cap funds, 80.45 percent of mid-cap funds and 66.5 percent of small cap funds.

The performance figures are equally unfavorable for active funds when viewed over three- and five- year horizons. Managers across all domestic equity categories lagged behind the benchmarks over the three-year horizon. The five-year horizon yielded similar results, with large-cap value emerging as the only category that maintained performance parity relative to its benchmark.

Among international equity categories, 66.26 percent of global funds, 56.27 percent of international funds and 57.62 percent of emerging markets funds were outperformed by benchmarks over the past three years.

Yet a large percentage of international small-cap funds, on the other hand, continue to outperform the benchmark regardless of the period being measured, indicating that active management opportunities are still present in this space.

Also, actively managed fixed income funds fared better than their equity counterparts in 2012. Most fixed income funds outperformed their benchmark indices except for funds in the longer term government, longer term investment-grade and high-yield categories.

The turmoil of the past five years saw nearly 27 percent of domestic equity funds, 23 percent of international equity funds and 18 percent of fixed income funds merge or liquidate. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use