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SPIVA^® India Mid-Year 2025

SPIVA^® New Zealand Mid-Year 2025

SPIVA^® South Africa Mid-Year 2025

SPIVA^® Canada Mid-Year 2025

SPIVA^® Europe Mid-Year 2025

SPIVA - Sep 30, 2025

SPIVA^® India Mid-Year 2025

Benedek Vörös

Director, Index Investment Strategy

S&P Dow Jones Indices

Davide Di Gioia

Director, Index Investment Strategy

S&P Dow Jones Indices

Sue Lee

Director, APAC Head of Index Investment Strategy

S&P Dow Jones Indices

Summary

Since the first publication of the S&P Indices Versus Active (SPIVA) U.S. Scorecard in 2002, S&P Dow Jones Indices has been the de facto scorekeeper of the ongoing active versus passive debate. The SPIVA India Scorecard measures the performance of Indian actively managed funds against their respective benchmarks over various time horizons, encompassing equity and bond funds while providing statistics on outperformance rates, survivorship rates and fund performance dispersion.

Mid-Year 2025 Highlights

The first half of 2025 was characterized by contrasting outcomes for active managers in India. In the Indian Equity Large-Cap category, a majority of funds failed to beat their benchmark, with 66% of actively managed funds underperforming the S&P India LargeMidCap, and a similar trend was observed in the Indian ELSS category. Indian Equity Mid-/Small-Cap funds, on the other hand, achieved majority outperformance. The majority of active Indian Composite Bond funds and Indian Government Bond funds underperformed. Exhibit 1 summarizes the results across all our reported categories.

Exhibit #1: SPIVA India Mid-Year 2025

Indian Equity Large-Cap Funds

The S&P India LargeMidCap climbed 6.2% in H1 2025, while Indian Equity Large-Cap funds gained 5.3% and 6.7% on equal- and asset-weighted bases, respectively. The underperformance rate hit 65.6% over the six-month period, while over one year, it was only 41.9%. Underperformance rates climbed to 66.7%, 89.7% and 73.3% over the 3-, 5- and 10-year horizons, respectively.

Indian ELSS Funds

The S&P India BMI gained 5.2% in H1 2025, and 76.9% of Indian ELSS funds underperformed the index. Underperformance rates were 35.9%, 52.6%, 68.3% and 86.8% over the 1-, 3-, 5- and 10-year horizons, respectively.

Indian Equity Mid-/Small-Cap Funds

The benchmark for Indian Equity Mid-/Small-Cap funds, the S&P India SmallCap, slipped 0.5% in H1 2025, while Indian Equity Mid-/Small-Cap funds gained 0.5% and 1.0% on equal- and asset-weighted bases, respectively. Underperformance rates hit 34.5% over the six-month period and reached 38.6%, 80.0%, 67.3% and 81.7% over the 1-, 3-, 5- and 10-year horizons, respectively.

Indian Government Bond Funds

The iBoxx ALBI India increased 5.0% in H1 2025. Slightly more than one-quarter of active managers beat the benchmark in the first six months of 2025, with an underperformance rate of 72.0%. Over the 1-, 3-, 5- and 10-year periods, 72.0%, 95.7%, 78.3% and 82.4% of funds underperformed, respectively.

Indian Composite Bond Funds

In H1 2025, Indian Composite Bond funds had an underperformance rate of 58.3%, and 83.3%, 95.0%, 59.3% and 97.2% underperformed over the 1-, 3-, 5- and 10-year periods, respectively.

Fund Survivorship

No fund was liquidated in any category in the six-month period ending June 30, 2025. Over the 10-year period, 55% of Indian Government Bond funds merged or were liquidated, and a weighted average of 30% of funds disappeared across all categories (see Report 2).

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SPIVA - Sep 24, 2025

SPIVA^® New Zealand Mid-Year 2025

Sue Lee

Director, APAC Head of Index Investment Strategy

S&P Dow Jones Indices

Tim Edwards, Ph.D.

Managing Director and Global Head of Index Investment Strategy

S&P Dow Jones Indices

Davide Di Gioia

Director, Index Investment Strategy

S&P Dow Jones Indices

Nick Didio

Quantitative Analyst, Index Investment Strategy

S&P Dow Jones Indices

Since the first publication of the S&P Indices Versus Active (SPIVA) U.S. Scorecard in 2002, S&P Dow Jones Indices has been the de facto scorekeeper of the ongoing active versus passive debate. The SPIVA New Zealand Scorecard measures the performance of actively managed funds offered in New Zealand against benchmarks over various time horizons, covering both equity and bond funds.

Mid-Year 2025 Highlights

The fortunes of active managers in New Zealand changed notably in the first half of 2025. Active global equity managers improved their relative performance, with Global Equity funds recording one of their lowest underperformance rates in a while—equal to just 40%. Conversely, active domestic equity and bond managers faced challenges. In particular, 82% of New Zealand Bond funds underperformed, marking a significant departure from their majority outperformance over the past four calendar years. Exhibit 1 summarizes the results across all reported categories.

SPIVA New Zealand Focus: Mid-Year 2025: Exhibit 1

- Global Equity Funds: In the first half of 2025, global equities were characterized by the underperformance of U.S. equities and a sharp depreciation of the U.S. dollar. The S&P World Index posted a 1.6% return in New Zealand dollar terms, compared to 0% in U.S. dollar terms and 6.8% with currency hedging. Actively managed Global Equity funds posted an average return of 2.0% on an asset-weighted basis, with a 40% underperformance rate, significantly lower than in previous years. Global Equity (Hedged) funds saw a higher underperformance rate of 71%. Over 10- and 15-year time horizons, 100% of funds in both hedged and unhedged categories underperformed.

- New Zealand Equity Funds: The S&P/NZX 50 Index posted a 3.9% loss (-3.6% with imputation credit), while 62% of actively managed New Zealand Equity funds underperformed it. The funds in this category achieved an asset-weighted average return of -3.8%. Over the 15-year horizon, 85% of funds underperformed.

- New Zealand Bond Funds: After a strong track record of outperformance over the past four years, actively managed New Zealand Bond funds faced challenges in H1 2025, with 82% of funds underperforming. Larger funds fared relatively better, raising the category’s asset-weighted average return to 2.3%, compared to 2.1% on an equal-weighted basis—a return matched by the S&P/NZX Composite Investment Grade Bond Index. Over the 15-year period, 81% of funds lagged the benchmark.

- Fund Survivorship: Fund liquidation remained minimal in H1 2025, with only 1 out of 118 funds across all reported categories failing to survive. However, the attrition rate increased over longer time horizons; 50% of funds across all categories either merged or liquidated over the 15-year period. This trend significantly affected the fund underperformance rate, as illustrated by the example of the New Zealand Equity category in Exhibit 2.

SPIVA New Zealand Focus: Mid-Year 2025: Exhibit 2

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SPIVA - Sep 23, 2025

SPIVA^® South Africa Mid-Year 2025

Tim Edwards, Ph.D.

Managing Director and Global Head of Index Investment Strategy

S&P Dow Jones Indices

Benedek Vörös

Director, Index Investment Strategy

S&P Dow Jones Indices

Davide Di Gioia

Director, Index Investment Strategy

S&P Dow Jones Indices

Nick Didio

Quantitative Analyst, Index Investment Strategy

S&P Dow Jones Indices

Inaugurated in 2002, the S&P Indices Versus Active (SPIVA) Scorecards have become a de facto scorekeeper of the ongoing active versus passive debate. The SPIVA South Africa Scorecard measures the performance of actively managed South African equity, global equity and fixed income funds denominated in South African rand (ZAR), including active outperformance rates, survivorship and performance dispersion over a range of time horizons.

Mid-Year 2025 Highlights

The first half of 2025 proved to be a highly challenging environment for actively managed South African domestic equity and diversified bond funds; even achieving top-quartile performance would not have been sufficient to guarantee benchmark-beating returns. However, actively managed short-term bond funds maintained their superior record, while there were mixed results for global equity managers. Underperformance rates generally increased with measurement horizons, with a cross-category average of 75% of active funds underperforming over the past 10 years (see Exhibit 1).

Exhibit #1: SPIVA South Africa Mid-Year 2025

South Africa Equity Funds: The S&P South Africa 50 finished H1 2025 up 17.3%, while the broader S&P South Africa Domestic Shareholder Weighted (DSW) Capped Index rose 15.5%. Of all actively managed South Africa Equity funds, 92% and 81% underperformed those benchmarks, respectively, with funds in the category posting average gains of 11.0% and 12.4% on equal- and asset-weighted bases, respectively.

Over the first six months of the year, 2.0% of domestic active equity funds were liquidated or merged, slightly lower than the 10-year trailing compounded average of 2.5% of funds. Only 59.7% of funds survived over the 10 years ending in June 2025.
Global Equity Funds: The S&P World Index (ZAR) had a total return of 3.8% during H1 2025, while Global Equity funds gained 3.9% and 4.9% on equal- and asset-weighted bases, respectively. Although the average return was higher than the benchmark’s, a slim majority equal to 55% of actively managed funds underperformed in H1. Underperformance rates rose sharply over longer time horizons in this category, rising to a full 100% of funds over a 10-year period.
Short-Term Bond Funds: The SteFI Composite increased 3.8% in H1 2025, and just 13% of Short-Term Bond funds underperformed the index. Over the first half of 2025, bond funds in this category gained 3.9% and 4.1% on equal- and asset-weighted bases, respectively. Over the 3-, 5- and 10-year periods, 18%, 20% and 34% of funds underperformed, respectively. On a risk-adjusted basis, however, underperformance rates rose to 94%, 72% and 91% over the 3-, 5- and 10-year periods, respectively.
Diversified/Aggregate Bond Funds: The S&P South Africa Sovereign Bond 1+ Year Index posted a gain of 6.6% in H1 2025, and 81% of Diversified/Aggregate Bond funds underperformed the index. The statistics were similar over longer horizons, although underperformance rates fell significantly on a risk-adjusted basis (see next section).
Fund Survivorship: Liquidation rates for all categories were in low single digits for the six-month period ending June 30, 2025. The two bond fund categories had the highest attrition rate, both seeing 3.2%. Over the 10-year period, 40% of South Africa Equity funds merged or were liquidated, and 35% of funds disappeared across all categories (see Report 2).

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SPIVA - Sep 18, 2025

SPIVA^® Canada Mid-Year 2025

Joseph Nelesen, Ph.D.

Head of Specialists, Index Investment Strategy

S&P Dow Jones Indices

Maya Beyhan

Global Head of Sustainability, Index Investment Strategy

S&P Dow Jones Indices

Davide Di Gioia

Director, Index Investment Strategy

S&P Dow Jones Indices

Since the first publication of the S&P Indices Versus Active (SPIVA) U.S. Scorecard in 2002, S&P Dow Jones Indices has been the de facto scorekeeper of the ongoing active versus passive debate.

The SPIVA Canada Scorecard measures the performance of Canadian actively managed funds against their respective benchmarks over various time horizons, covering large-, mid- and small-cap segments, as well as international and global equity funds.

Mid-Year 2025 Highlights

In the first half of 2025, few of Canada’s active funds could overcome global benchmark performances. Across categories, an average of over 71.2% of active funds underperformed their benchmarks, including Canadian Equity funds at 69.7%, Canadian Focused Equity funds at 94.8% and U.S. Equity funds at 71.4% (see Exhibit 1 and Report 1). Canadian Dividend & Income Equity funds posted the lowest full-year underperformance, with 44.2% lagging the benchmark. Underperformance rates generally increased with time.

SPIVA Canada Mid-Year 2025: Exhibit 1

Canadian Equity Funds: The S&P/TSX Composite Index climbed 10.2% in H1 2025, while Canadian Equity funds gained 9.2% and 9.1% on equal- and asset-weighted bases, respectively. Underperformance rates hit 69.7% over the six-month period, climbing to 94.7%, 93.7%, 84.5% and 97.6% over the 1-, 3-, 5- and 10-year horizons, respectively.
Canadian Focused Equity Funds: The blended benchmark of 50% S&P/TSX Composite Index + 25% S&P 500^® + 25% S&P EPAC LargeMidCap increased 8.8% in H1 2025, outperforming 94.8% of Canadian Focused Equity funds. Underperformance rates were 98.4%, 93.8%, 78.3% and 99.1% over the 1-, 3-, 5- and 10-year horizons, respectively.
Canadian Dividend & Income Equity Funds: The S&P/TSX Canadian Dividend Aristocrats^® Index rose 7.3% during H1 2025, while Canadian Dividend & Income Equity funds gained 7.7% and 7.2% on equal- and asset-weighted bases, respectively. Underperformance rates hit 44.2% over the six-month period and reached 98.0%, 91.2%, 96.8% and 93.9% over the 1-, 3-, 5- and 10-year horizons, respectively.
Canadian Small-/Mid-Cap Equity Funds: The S&P/TSX Completion Index increased 13.1% in H1 2025, and a full 100.0% of Canadian Small-/Mid-Cap Equity funds underperformed the index. Funds in this category gained 7.1% and 8.5% on equal- and asset-weighted bases, respectively, over the six-month period.
S. Equity Funds: The S&P 500 increased 0.8% in H1 2025, and 71.4% of U.S. Equity funds underperformed the index. Few funds in the U.S. Equity category outperformed over the long term, with 85.5%, 84.0%, 98.6% and 96.4% underperforming over 1-, 3-, 5- and 10-year horizons, respectively.
International Equity Funds:5% of International Equity funds trailed the S&P EPAC LargeMidCap in H1 2025, and 82.4%, 91.8%, 94.2% and 94.4% underperformed over the 1-, 3-, 5- and 10-year periods, respectively.
Global Equity Funds: The S&P World Index increased 4.4% in H1 2025 and Global Equity funds gained 3.6% and 3.0% on equal- and asset-weighted bases, respectively. Over the six-month period, 66.1% of funds in the category trailed the benchmark. Over the 1-, 3-, 5- and 10-year periods, 87.5%, 95.9%, 96.0% and 98.3% of funds underperformed, respectively.
Fund Survivorship: Liquidation rates for all categories were in the single digits for the six-month period ending June 30, 2025. Over the 10-year period, 45.9% of Canadian Equity funds merged or liquidated, and an average of 38.7% of funds disappeared across all categories (see Report 2).

Market Context

Following strong performance across global markets in 2024, all indices in the SPIVA Canada Scorecard maintained positive momentum through H1 2025. The S&P/TSX Composite Index was up 10.2% for the first half of the year, far surpassing the S&P 500, which rose only 0.8% in Canadian dollars. Smaller-cap Canadian companies and stocks outside of Canada fared even better, with the S&P/TSX Completion Index and the S&P EPAC LargeMidCap increasing 13.1% and 14.4%, respectively (see Exhibit 2).

SPIVA Canada Mid-Year 2025: Exhibit 2

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SPIVA - Sep 16, 2025

SPIVA^® Europe Mid-Year 2025

Tim Edwards, Ph.D.

Managing Director and Global Head of Index Investment Strategy

S&P Dow Jones Indices

Benedek Vörös

Director, Index Investment Strategy

S&P Dow Jones Indices

Davide Di Gioia

Director, Index Investment Strategy

S&P Dow Jones Indices

Nick Didio

Quantitative Analyst, Index Investment Strategy

S&P Dow Jones Indices

Part of a global range keeping score on the active versus passive debate, the SPIVA Europe Scorecard measures the performance of actively managed funds domiciled in Europe, with semiannually updated statistics including outperformance rates relative to appropriate category benchmarks, survivorship rates and fund performance dispersion over a range of time horizons.

Mid-Year 2025 Highlights

Navigating tariff turmoil, shifting geopolitics and the fluctuating fortunes of U.S. mega caps, in the first half of 2025, the absolute and relative performance of actively managed funds domiciled in Europe varied significantly according to the market segment they invested in. Nonetheless, the average underperformance rates across equity and fixed income categories remained typical; 61% of all the equity funds and 59% of the fixed income funds included in our sample underperformed their respective category benchmarks over the six months ending June 2025.

In the largest active category by both the number of funds and collective assets under management, namely euro-denominated Global Equity funds, a slim majority equal to 56% of funds lagged the S&P World Index’s total return of -2.9% in H1 2025. Smaller funds in this category did better on average; the asset-weighted active fund return was a full percentage point lower than the benchmark’s return, while the equal-weighted average fund return was above the benchmark (see Report 1a, Report 3a and Report 3b).
In the closely watched U.S. Equity category, the S&P 500^® added further evidence to its long-established reputation as being particularly “hard to beat.” Over two-thirds, 67%, of euro-denominated actively managed U.S. Equity funds, and 72% of pound sterling-denominated actively managed U.S. Equity funds underperformed the S&P 500 in H1.
In both Global Equity and U.S. Equity categories, active fund underperformance rates increased sharply over all time horizons longer than six months, rising to 98%, 97%, 97% and 94% over 10 years for the EUR-based Global Equity, GBP-based Global Equity, EUR-based U.S. Equity and GBP-based U.S. Equity categories, respectively.
There were some bright spots for equity managers, with just 36% and 32% of EUR-denominated Emerging Equity and France Equity active funds underperforming, respectively, and a perfect 0% of Denmark Equity funds underperformed. At the other end of the spectrum, 97% of actively managed K. Small-Cap Equity funds underperformed in H1.
Our latest figures offer mixed evidence in support of the general perception that active management has a better chance of outperforming in fixed income than in equities. Overall, underperformance rates were lower in bonds than in equities across all reported time horizons, but majority underperformance remained the norm (see Exhibit 1).
In the largest fixed income category, namely euro-denominated corporate bonds, 63% of active funds underperformed the iBoxx EUR Corporates Index. Elsewhere, underperformance rates ranged from just 38% for GBP Government Bond funds, to 88% for U.S. High Yield funds.
In terms of survivorship, 4% of all equity funds and 1.8% of fixed income funds included in our sample were merged or liquidated during the first six months of 2025. These survivorship rates were consistent, if a little better than their historical long-term averages: over 10 years, a similar attrition rate would result in survival rates of 62% and 69%, respectively, versus the observed 10-year survival rates of 58% and 54% for all equity and all fixed income funds, respectively (see Report 2 and Report 7).

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