According to the 2018 S&P SPIVA U.S. Scorecard, 92.43% of large-cap, 95.13% of mid-cap and 97.70% of small-cap managers failed to outperform the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600, respectively, over a 15-year investment cycle.

The report also said 63.46% of large-cap managers, 54.18% of mid-cap managers and 72.88% of small-cap managers underperformed their respective benchmark indexes over the one-year period ending June 30.

Although there was an improvement in the performance of the active equity funds over the medium term relative to their respective benchmarks, the majority still underperformed their benchmarks.

Over the five-year period, 76.49% of large-cap managers, 81.74% of mid-cap managers and 92.90% of small-cap managers fell behind their respective benchmarks.

Managers across all international equity categories underperformed their benchmarks from one-year to 15-year investment cycles. In general, the underperformance of funds grew as the investment cycle became longer.

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