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15 Years of SPIVA How has the de facto scorekeeper of the active vs. passive debate evolved?
BY Aye Soe

YEAR IN REVIEW Few people know the ins and outs of the SPIVA (S&P Indices Versus Active) Scorecard better than Aye Soe, Managing Director of Research & Design. A few months after SPIVA’s 15th birthday, Emily Wellikoff, Indexology Magazine Editor-in-Chief, sat down with her to discuss how the report has grown over the last decade and a half, its most surprising findings, and what’s changed since factor investing started blurring the lines between active and passive.

EMILY: Fifteen years, or one-and-a-half market cycles, since SPIVA launched, what’s the most important lesson you’ve learned about active and passive investing?

AYE: The most important thing we’ve learned is that the average manager hasn’t been able to beat the benchmark across most equity and fixed income categories over the long term. There may be a small number of managers who are able to beat the benchmark in any given year, but the likelihood of those managers repeating the same success consistently in the years that follow is small, less than a random coin toss.

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