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SPIVA® Institutional Scorecard How do fees affect the active vs. passive debate?
BY Berlinda Liu

EXECUTIVE SUMMARY



• This report adds institutional accounts to the mutual funds analyzed in the S&P Indices Versus Active (SPIVA) U.S. Scorecards. We also examine the impact of fees.



• Overall, underperformance among institutional equity accounts was not meaningfully different from that reported for mutual funds. For example, 77.97% of large-cap mutual fund managers and 73.21% of institutional accounts underperformed the S&P 500® on a gross-of-fees basis over the 10-year horizon.



• 2018 proved challenging for institutional equity managers: the majority of U.S. equity funds in most categories, and most international equity funds in all categories, underperformed last year.



• Mid-cap growth funds offered the best relative performance among equity categories in 2018; an impressive 81.60% outperformed the S&P MidCap 400® Growth’s 10.34% decline last year.



• Institutional fixed income managers showed strength in many categories in 2018; the majority outperformed in 11 out of 17 categories, gross-of-fees.

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