Midcap and small-cap equity indexes outperformed the bulk of actively managed mutual funds in the first quarter, according to a Standard & Poors report. The S&P MidCap 400 index outperformed 84.8% of actively managed midcap funds in the first quarter, and the S&P SmallCap 600 outperformed 53.5% of active small-cap funds, said an S&P news release on the report.
Actively managed large-cap funds performed better, with 64.1% beating the S&P 500 index for the quarter. And 63.9% of global funds beat the S&P/Citigroup PMI World index.
Indexes beat a majority of international funds, with the S&P/Citigroup PMI World ex-U.S. index coming in ahead of 58.5% of international funds and the S&P/Citigroup EMI World ex-U.S. index beating 52% of international small-cap funds. The S&P/IFCI Composite index outperformed 58.4% of active emerging markets funds.
In fixed income, six of eight Lehman Brothers bond indexes outpaced active fixed-income funds; the only exceptions were long-term government and convertible funds. The Lehman Brothers Global Aggregate Bond index beat 64.7% of global fixed-income funds. Emerging markets funds fared better, with 68.2% of those funds beating the Lehman Brothers Emerging Markets index.