Bernard Aybran comments on Spiva

Bernard Aybran is CIO Multi Management at Invesco in Paris, and a member of InvestmentEurope’s Editorial Board.

In May 2017 he commented on the following question:

Q.How do you view the latest S&P Indices Versus Active Funds Scorecard suggestion active European and UK equity funds struggled to beat benchmark over the past year?

A. The active vs passive debate received some more fuel as the regular S&P Scorecard has been updated for 2016. Albeit not particularly soothing for the “traditional” fund managers, it brings valuable insights for investors, provided it’s read with the appropriate caveats.

First, the index returns are hardly achievable for a “real life investor” as even passive solutions come with fees: index funds are deemed to underperform by the amount of the fees.

Second, while the underperformance off active funds can be seen on most periods, it’s been particularly acute for 2016, for European equity funds.

Last, smaller funds do not seem to exhibit significantly higher performances than bigger funds.


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Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 16 years he has been based in London writing about funds and investments . From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope.

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