Standard & Poor's launched the Indices Versus Active Funds Scorecard, providing quarterly performance data on actively managed Canadian mutual funds compared with their relevant benchmarks, confirmed Steve Rive, vice president of Canadian index services at S&P.
SPIVA data show that over the last year, 17.5% of actively managed Canadian equity mutual funds outperformed the S&P/TSX Composite index, while 25.3% of U.S. equity mutual funds outperformed the S&P 500 index, according to Mr. Rive. More than 71% of actively managed Canadian small-cap mutual funds outperformed the S&P/TSX SmallCap index in the same period.
"The idea for SPIVA is to provide an objective, scientific comparison of the performance of active managers against their relevant benchmark," Mr. Rive said, adding that SPIVA corrects for survivorship bias, meaning only funds available at the starting point of the measurement period are ranked.
