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The latest Australian edition, the SPIVA Australia Mid-Year 2022 Scorecard, provides a number of interesting insights about the performance of active versus passive across active fund categories.
Although the long-term performance statistics remain grim reading for fund selectors, the first half of 2022 contained some bright spots for active managers: a slim majority of active Australian Equity General funds outperformed the S&P/ASX 200 in H1 2022. Ranging over time horizons and fund categories, we can see marked differences in the track records. Of active Australian international equity funds, 95% underperformed over the 15-year horizon, while domestic mid- and small-cap managers had greater success, with just over one-half of them underperforming the S&P/ASX Mid-Small over the same period. Large-cap domestic active managers landed in between, with 83% of active managers underperforming the S&P/ASX 200 in the past 15 years.
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