SPIVA® institutional scorecard

The S&P Indices versus Active (SPIVA) research measures actively managed funds against their index benchmarks worldwide. In this white paper, we aim to enable the institutional community to judge managers’ true skill without the possible distortions that fees may create, and illustrate the similarities and differences between the performances of open-end funds and segregated institutional accounts across categories. 
Over the long term, and gross of fees, underperformance among institutional domestic equity accounts was not meaningfully different to that of mutual funds. For example, 78% of both large-cap institutional accounts and large-cap mutual fund managers underperformed the S&P 500® over the 10-year period ending 31 December 2021. After deducting fees, there was a similarly small distinction between their underperformance rates, which both increased to 83%.