Keeping it simple is not stupid

In all but small caps, index funds have generally out-performed active funds.

Each year S&P Dow Jones Indices measures how actively managed investment funds in different asset classes compare against the passive indices of those classes. The results for Australia are published in a SPIVA Scorecard. According to S&P Dow Jones Indices “SPIVA Scorecards go beyond providing simple performance data for each fund category to offer detailed apples-to-apples comparisons corrected for survivorship bias, as well as asset and equal-weighted peer averages... The SPIVA Scorecards serve as clean, unbiased reports on the ongoing active versus passive debate.”

The main conclusion of the latest SPIVA Scorecard to 30th June 2013 is that:


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