Moreover, such anomalies raise important further questions, which include:
- Can we (analytically or otherwise) identify periods or markets where active management is likely to have succeeded?
- If a benchmark is beaten with such apparent ease, is it right to query whether managers are being judged against the right benchmarks?
This is an area of ongoing research for us, and one that we consider to be deeply important. As such, we hope you join us in welcoming the Europe SPIVA report to an increasingly lively and global debate.
1) With the issuance of the most recent European report, there are now five regions covered including the U.S., Europe, Canada, India and Australia. The reports can be found here.
This article was written by Tim Edwards, director, index investment strategy, S&P Dow Jones Indices.
© S&P Dow Jones Indices LLC 2013. Indexology® is a trademark of S&P Dow Jones Indices LLC (SPDJI). S&P® is a trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a trademark of Dow Jones Trademark Holdings LLC, and those marks have been licensed to SPDJI. This material is reproduced with the prior written consent of SPDJI. For more information on SPDJI, visit http://www.spdji.com.