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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 U.S. SPIVA scorecards. Underperformance among institutional accounts was not meaningfully different from those reported for retail funds.



• We also examine the impact of fees. While fees may negatively affect managers’ performance regardless of the type of investment account, our results show that the impact varies across categories.



• For active equity institutional managers, the one-year performance figures ending December 2017 were positive. Managers in 10 out of 17 categories outperformed their benchmarks, gross-of-fees.



• However, the majority of equity managers in 15 out of 17 categories underperformed their respective benchmarks over the 10-year horizon, gross-of-fees.

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