At Bland Garvey, we advocate for evidence-based investing so we can bring logic, transparency and simplicity to your investment experience.
Since 2002, S&P Dow Jones Indices has published its S&P Indices Versus Active (SPIVA) scorecards, which compare the performance of actively managed equity mutual funds to their appropriate index benchmarks. The 2017 midyear scorecard includes 15 years of data.
The history of asset pricing models is one of evolution. As anomalies are discovered, our knowledge advances and new models are developed.
There is a large body of overwhelming evidence that shows past performance is, at best, a poor predictor of active managers’ future performance, and many explanations for the difficulty that active managers face in delivering persistent outperformance.