In 2014, 86.4% of large-cap equity fund managers underperformed the S&P 500 , said S&P Dow Jones Indices in the latest version of its U.S. S&P Indices Versus Active Funds (SPIVA) Scorecard. Over a five-year period, 88.7% of large-cap managers failed to beat the benchmark, and over a 10-year period, 82.1% underperformed. Among mid-cap managers, 66.2% lagged the S&P MidCap 400 on a one-year basis, and 72.9% of small-cap managers lagged the S&P SmallCap 600, S&P Dow Jones Indices said in a news release. In fixed income, a significant majority of the actively managed funds in the longer-term government bond and longer-term, investment-grade corporate bond categories underperformed their benchmarks, the release said.
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