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Nir Kaissar

An Investing Scorecard With a Blank Space

The scorecard should report gross as well as net results.
Photographer: Alan Crowhurst/Getty Images

S&P Dow Jones Indices recently released its biannual SPIVA Scorecard, which compares active and passive investments. I suspect few investors noticed and even fewer cared.

Investors have long accepted what the scorecard unfailingly shows -- that the vast majority of active fund managers lose to their benchmarks net of fees. The latest scorecard doesn’t alter that conclusion. Only 15 percent of U.S. equity funds and 9 percent of international ones beat their benchmarks over the last 15 years through June. The numbers are similar for fixed-income managers.