Active Large-Cap Equity Offerings Take the Day in Q104

April 15, 2004 ( - The sun smiled on actively managed large-cap funds, allowing 55% of them to outperform the S&P 500.

However, Standard & Poor’s said the S&P MidCap 400 index outstripped 62.2% of active mid-cap funds during the same time period, while the S&P SmallCap 600 index outpaced 67.6% of small-cap offerings, S&P said in a news release about its first quarter 2004 Standard & Poor’s Indices Versus Active Funds Scorecard (SPIVA).

Focusing on investing style, growth managers have outperformed their index benchmarks across large, mid and small cap categories over the past twelve months.

“Growth managers have benefited from the aggressive recovery in the stock market,” noted Rosanne Pane, S&P Mutual Fund Strategist. “Over the past 12 months, 74% of large cap growth funds, 57.7% of mid-cap growth funds and 58.4% of small-cap growth funds have outperformed their index benchmarks.”

Over a longer time horizon, funds driven by indices continue to be clear winners.  Over the last five years, the S&P 500 outperformed 52.3% of large-cap funds, the S&P MidCap 400 outperformed 86.2% of mid-cap funds, and the S&P SmallCap 600 outperformed 72.7% of small-cap funds.

During the last 36 months, the S&P 500 outperformed 65.5% of large-cap funds, the S&P MidCap 400 outperformed 84.5% of mid-cap funds and the S&P SmallCap 600 outperformed 71.1% of small-cap funds.

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