In a year that brought a pandemic, volatility, and policy stimulus, asset prices rose nearly across the board. However, positive absolute returns did not necessarily translate into success for active managers relative to their benchmarks.
According to the SPIVA® U.S. Year-End 2020 Scorecard, most active fund managers in the U.S. underperformed their benchmarks over the past year. Among actively managed domestic equity funds, 57% lagged the S&P Composite 1500® in 2020, marking the seventh consecutive year in which a majority of U.S. active equity managers underperformed.
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