S&P Dow Jones Indices said 86.44% of large-cap domestic equity managers underperformed the benchmark (the S&P 500 index) in 2014. The index had a total return of 13.69% - its third straight year of double-digit gains.
In its semiannual U.S. S&P Indices Versus Active Funds Scorecard report, released Thursday, the index provider said that for the five- and 10-year periods ended Dec. 31, 88.7% and 82.1% of large-cap managers trailed the benchmark, respectively.
Active midcap managers fared the best in 2014, with 66.2% underperforming the S&P 400. Longer term, however, 85.4% and 89.7% of midcap managers trailed the benchmark for the five- and 10-year periods, respectively.
In 2014, 72.9% of small-cap managers trailed the S&P 600. Over five and 10 years, those figures increase to 86.6% and 87.8%, respectively.