- S&P Dow Jones Indices has been the de facto scorekeeper of the ongoing active versus passive debate since the first publication of the S&P Indices Versus Active Funds (SPIVA) U.S. Scorecard in 2002. Over the years, we have built on our experience publishing the report by expanding scorecard coverage into Australia, Canada, Europe, India, Japan, Latin America, and South Africa.
- The SPIVA India Scorecard compares the performance of actively managed Indian mutual funds with their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons. In this scorecard, we studied the performance of three categories of actively managed equity funds and two categories of actively managed bond funds over the 1-, 3-, 5-, and 10-year periods ending in December 2019.
- Indian Equity Large-Cap Funds: Over the one-year period ending December 2019, the S&P BSE 100 surged 10.92%, with 40% of funds underperforming the benchmark. Over longer horizons, the majority of the actively managed large-cap equity funds in India underperformed the S&P BSE 100, with 64.80% large-cap funds underperforming over the 10-year period ending in December 2019. During this period, the large-cap funds witnessed a low survivorship rate of 68.80%. The asset-weighted fund return was 36 bps higher than the equal-weighted fund return over the 10-year period, and the return spread between the first and the third quartile break points of the fund performance was 2.99% for the same period.