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SPIVA® Latin America Scorecard

The results are in


The S&P Indices Versus Active (SPIVA) Latin America Scorecard compares the performance of actively managed mutual funds in Brazil, Chile, and Mexico to their benchmarks over 1-, 3-, 5-, and 10-year time horizons.

Active managers’ performance relative to their benchmark indices showed discrepancies across individual countries. The report shows that active managers in Brazil, especially in the large-cap segment, were well prepared for the strong rally in the Brazilian equities market. Meanwhile, 2019 proved challenging for both Mexican and Chilean equity managers, despite the different market conditions seen in the two countries: Mexico’s benchmark outperformed while Chile’s benchmark ended the year down.


  • 2019 was the fourth consecutive year of double-digit returns in the Brazilian equity market, with the S&P Brazil BMI rising 16.10% during the second half of the year and 35.09% for the full year. Mid- and small-cap companies (as measured by the S&P Brazil MidSmallCap) led the way, up 55.21%, while large-cap companies (as measured by the S&P Brazil LargeCap) returned 26.35%.

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