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Every year, some active fund families respond to the SPIVA scorecard with their own numbers — and those numbers always look better. They choose the start dates, benchmarks, and fee treatments that flatter them most. Here's how to see through it, and the one test that exposes what fund family marketing routinely hides.

Chasing last year’s top funds is seductive — and usually self-defeating. New evidence shows performance persistence is largely a mirage: most “winners” slip quickly, especially when markets get rough. Investors who keep costs low and own the market have far better odds of reaching their goals.

The SPIVA persistence scorecard has become a lightning rod for debate. Robin Wigglesworth shows how active managers’ critique collapses under scrutiny — and why persistence is the Achilles’ heel of their case.