Inaugurated in 2002, the S&P Indices versus Active (SPIVA) U.S. Scorecard has since been extended to Australia, Canada, Europe, India, Japan, Latin America, South Africa and the Middle East & North Africa (MENA), allowing investors to experience the active versus passive debate on a global scale. First published in 2014, the semiannual SPIVA Europe Scorecard reports on the performance of actively managed funds domiciled across Europe.
For the first time, the 2022 edition of the SPIVA Europe Scorecard expands the universe of actively managed funds to include fixed income categories.
Year-End 2022 Highlights
It was a challenging year for active managers in European equities, with the Pan-European Equity category recording its highest annual underperformance rate since the SPIVA Europe Scorecard's inception in 2014. Fixed income managers had a better year in relative terms, with the majority outperforming in 5 of 11 categories over the one-year horizon. Across both asset classes, however, underperformance rates increased to a similarly high average over a 10-year horizon.
- 83% of British pound sterling-denominated and 87% of euro-denominated actively managed Europe Equity funds underperformed the S&P Europe 350® in 2022, while 68% of Eurozone funds underperformed the S&P Eurozone BMI.
- Euro-denominated Global Equity funds maintained a relatively high underperformance rate over longer time horizons. Over the 10-year period ending December 2022, 98% of funds underperformed the S&P Global 1200®.
- British pound sterling- and euro-denominated U.S. Equity funds performed similarly, with 67% underperforming in 2022 and 98% underperforming over a 10-year horizon.
- 63% of Poland Equity funds lagged the S&P Poland BMI in 2022, the lowest underperformance rate among major single-country categories.
- Among country categories, 89%, 84% and 75% of France, Italy and Spain Equity funds lagged their benchmarks, respectively, in 2022.
- Actively managed U.K. Equity and U.K Large-/Mid-Cap Equity funds recorded underperformance rates of 92% and 97%, respectively, in 2022—the highest ever for these categories.
- Meanwhile, only 67% of actively managed U.K. Small-Cap Equity funds underperformed the S&P United Kingdom SmallCap.
- 77% of GBP-denominated High Yield Bond funds underperformed the iBoxx Sterling High Yield Index in 2022, the highest underperformance rate among our newly launched fixed income categories. Meanwhile, USD-denominated High Yield Bond funds performed relatively better, with 52% underperforming the iBoxx USD Liquid High Yield Index in 2022, although underperformance increased to 84% when measured over a 10-year period.
- European corporate and government bond funds outperformed their high yield peers. Only 41% and 23% of euro-denominated Corporate Bond and Government Bond funds underperformed the iBoxx Euro Corporates and the iBoxx Euro Sovereigns, respectively. Meanwhile, 72% of Euro-denominated High Yield Bond funds underperformed the iBoxx Euro Liquid High Yield Index.
- USD-denominated Corporate Bond funds performed worse than their EUR and GBP peers, with 63% underperforming the iBoxx USD Corporates.
