Offering data in support of the ongoing analysis of active and passive approaches to investment, the S&P Index Versus Active (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) against their respective benchmark indices over various time horizons.
Mid-Year 2026 Highlights
The first half of 2026 brought changes in equity market leadership while fixed income trends continued. Domestic equities declined after a strong five-year advance, while global equities gained in rand terms. The local stock market’s modest retreat concealed a wide range of performance, but a majority of actively managed funds underperformed their benchmarks in every category except Short-Term Bond. Exhibit 1 summarizes the results.
- South Africa Equity: The S&P South Africa 50 fell 2.9% in the first half of 2026, while the broader S&P South Africa Composite Capped declined 2.5%. A majority of actively managed South Africa Equity funds underperformed both benchmarks, with 66% underperforming the S&P South Africa 50 and 69% underperforming the S&P South Africa Composite Capped. Funds in the domestic equity category posted average losses of 3.4% and 3.1% on equal- and asset-weighted bases, respectively (see Reports 1a, 3 and 4).
- Global Equity: The S&P World Index had a total return of 8.2% in ZAR terms during H1 2026, while Global Equity funds gained 2.9% and 3.8% on equal- and asset-weighted bases, respectively. In the same period, 82% of actively managed funds underperformed the index. Underperformance rates increased sharply over longer time horizons in this category, rising to 100% of funds over the 10-year period (see Reports 1a, 3 and 4).
- Short-Term Bond: The STeFI Composite increased 3.4% in H1 2026, and just 7% of Short-Term Bond funds underperformed the index. The category’s longer-term absolute record remained distinctive, although risk-adjusted results were considerably less favorable. Over the 3-, 5- and 10-year periods, 11%, 16% and 33% of funds underperformed, respectively. On a risk-adjusted basis, underperformance rates rose to 97%, 75% and 88% over the 3-, 5- and 10-year periods, respectively (see Reports 1a, 1b and 3).
- Diversified/Aggregate Bond Funds: The S&P South Africa Sovereign Bond 1+ Year Index posted a gain of 4.3% in H1 2026, and 58% of Diversified/Aggregate Bond funds underperformed the index. Longer-term absolute underperformance rates were higher, while adjusting for risk materially changed the comparison (see Reports 1a and 3).
- Fund Survivorship: Fund attrition rates for all categories were in low single digits for the six-month period ending June 30, 2026. The South Africa Equity category had the highest attrition rate at 5.7%. Over the 10-year period, 54.9% of South Africa Equity funds merged or were liquidated, and 40.0% of funds disappeared across all categories (see Report 2).
