SPIVA at 15: What have we learned?
Posted by Robin Powell on June 1, 2017
SPIVA, the S&P Index Versus Active scorecard, is 15 years old and, to mark the occasion, I was invited by S&P Dow Jones to discuss the lessons we’ve learned in that time with Craig Lazzara, S&P’s Global Head of Index Investment Strategy.
Other questions we looked at were these:
— Although most fund managers underarm most of the time, what circumstances are most conducive to outperformance?
— Is index investing “settling for average”? (No, it’s not!) and
— How do financial advisers really add value when it’s almost impossible to pick winning funds ex ante with any degree of consistency?
Dr Tim Edwards, S&P’s Senior Director of Index Investment Strategy, asked the questions.