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Growth style investing dominates SPIVA US Scorecard mid-year 2018

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S&P Dow Jones Indices has released the mid-year 2018 SPIVA US Scorecard which reports on the performance of more than 10,000 actively managed funds globally against their respective benchmark indices over multiple investment horizons.

Growth style investing dominates, with growth managers across all three market cap ranges performing better than their core and value counterparts over the one-year period. 
 
Only 36.29 per cent, 31.54 per cent, and 42.05 per cent of large-cap, mid-cap, and small-cap growth managers, respectively, underperformed their style-adjusted benchmarks. 
 
According to the Scorecard, during the one-year period ending June 30, 2018, the overall percentage of all domestic funds outperforming the S&P Composite 1500 increased (42.02 per cent) compared with six months prior (36.57 per cent).
 
In terms of large-cap funds, 63.46 per cent underperformed S&P 500 at year-end June 2018 (56.56 per cent June 2017), while for mid-cap funds, 54.18 per cent underperformed S&P MidCap 400 at year-end June 2018 (60.69 per cent June 2017), and for small-cap fund, 72.88 per cent underperformed S&P SmallCap 600 at year-end June 2018 (59.55 per cent June 2017).
 
Over the medium term (five years), overall performance of active equity funds relative to their respective benchmarks improved, although the majority still underperformed their benchmarks.
 
Some 76.49 per cent of large-cap managers, 81.74 per cent of mid-cap managers, and 92.90 per cent of small-cap managers lagged their respective benchmarks.
 
 

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