The SPIVA Australia Scorecard measures the performance of actively managed funds relative to benchmarks over various time horizons, encompassing equity, real estate and bond funds, while providing statistics on outperformance rates, survivorship rates and fund performance dispersion.
Mid-Year 2025 Highlights
The first half of 2025 witnessed mixed outcomes for active managers in Australia. Many active domestic equity funds struggled to keep pace with the market, but global equity and A-REIT funds fared better, demonstrating one of their lowest rates of underperformance in recent years. Meanwhile, active bond funds’ first-half performance placed them on track to achieve a third consecutive year of majority outperformance. In every category, however, a firm majority of funds underperformed over the decade ending in June 2025.
- Global Equity General Funds: Global equities experienced notable shifts this year, driven by U.S. equities underperforming other markets and a sharp weakening of the U.S. dollar. Active funds in the Global Equity General category, which has the largest number of available funds, recorded a slim majority (54%) of underperformance, significantly lower than its long-term average of 71% (see Exhibit 7). The proportion of underperforming funds increased to 89%, 94% and 96% over the 5-, 10- and 15-year time horizons, respectively.
- Australian Equity General Funds: The S&P/ASX 200 gained 6.4% in H1 2025, while, on average, actively managed Australian Equity General funds rose 4.5% on an asset-weighted basis. The underperformance rate over this period was 71%, compared to its long-term average of 59% (see Exhibit 8). Over the 15-year span, 85% of funds failed to beat the benchmark.
- Australian Equity Mid- and Small-Cap Funds: The S&P/ASX Mid-Small rose similarly by 6.8%, with 63% of actively managed Australian Equity Mid- and Small-Cap funds underperforming it. Funds in this category achieved an asset-weighted average return of 4.1%. However, this category stands out with the lowest long-term underperformance, with just 58% of funds lagging over the 15-year period.
- Australian Bonds Funds: The S&P/ASX iBoxx Australian Fixed Interest 0+ Index gained 4.0%, while actively managed Australian Bonds funds posted a similar average return of 3.9% on an asset-weighted basis. The proportion of underperforming active managers increased to 46% in H1 2025, compared to 30% in 2024 and 26% in 2023. The underperformance rate increased to 67% and 76% over 10- and 15-year horizons, respectively.
- Australian Equity A-REIT Funds: In H1 2025, 50% of the active funds in the Australian Equity A-REIT category underperformed the S&P/ASX 200 A-REIT. The benchmark gained 6.0% over the period, while, on average, Australian Equity A-REIT funds gained 7.1% on an asset-weighted basis. Over the 15-year period, 85% of funds underperformed.
- Fund Survivorship: Liquidation rates remained moderate across all fund categories, at an average of 2% in the first half of 2025 (see Report 2). Fund liquidation has stabilized among Australian Equity A-REIT funds, after 9 (18%) out of 51 funds failed to survive during 2024.1 The attrition rate increased over longer time horizons, with 52% of funds across all categories merged or liquidated over the 15-year period.
