Summary
Since the first publication of the S&P Indices Versus Active Funds (SPIVA) U.S. Scorecard in 2002, S&P Dow Jones Indices has been the de facto scorekeeper of the ongoing active versus passive debate.
The SPIVA India Scorecard compares the performance of actively managed Indian equity and bond mutual funds with their respective benchmark indices over 1-, 3-, 5- and 10-year investment horizons.
Full-Year 2023 Highlights
In 2023, performance among Indian active managers varied across categories. A slim majority of Indian Equity Large-Cap funds failed to beat their benchmark, with 52% of actively managed funds underperforming the S&P BSE 100. Indian ELSS funds fared the best, with just 30% underperforming the S&P BSE 200.
Indian Equity Large-Cap Funds
- The S&P BSE 100 gained 23.2% in 2023, and 51.6% of active managers underperformed the benchmark over that period.
- Underperformance rates were significantly high over the three- and five-year periods, at 87.5% and 85.7%, respectively.
- Active managers produced relatively better results over the 10-year period, with the underperformance rate dropping to 62.1%.
