In the 12 months ended June 30, 65.3% of large-cap stock fund managers underperformed the S&P 500, said S&P Dow Jones Indices on Thursday in the mid-year version of its U.S. S&P Indices Versus Active Funds (SPIVA) Scorecard. Stock pickers' track records have been worse over longer time frames, with 80.8% faring worse than the S&P over the past five years, and 79.6% underperforming over the past 10 years. The latest SPIVA report indicates that mid-cap fund managers have been more successful, with only 48.2% underperforming the S&P MidCap 400 in the 12 months ended June 30. Among small-cap managers, 58.5% failed to beat the S&P 600 over the latest one-year period. In 2014, 86.4% of large-cap managers underperformed the S&P 500.
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