Europe Persistence Scorecard: Year-End 2020

For the first time, we are introducing the Europe Persistence Scorecard, differentiating skill from luck by examining the ability of active European equity funds to consistently outperform their peers and their benchmark. 

This scorecard looks to support the well-known disclaimer that past performance is not indicative of future results and that oftentimes an investor would have better success in selecting a fund at random rather than from a group of top performers.

In this report, we pose two questions: did top funds stay ahead of the pack, and did outperforming funds continue to outperform their benchmark?  In summary, active funds were generally less able to persistently outperform their benchmark than they were their peers.

You can now read the full whitepaper at the link below