Wednesday, January 19, 2005

US Equity Indexing Wins in 2004

As is often the case, indexing is hard to beat. especially in up markets. Benchmark indices outperformed the actively managed mutual fund avarage in all but one style box in 2004 (the exception being large-cap growth), according to Standard & Poor's 4th Quarter SPIVA Scorecard. Those results stand in contrast to 2003, where a majority of active funds outperformed indices in 5 out of 9 style boxes, indices outperformed active funds in 3 style boxes, and where one category was a tie. Year-to-date, through December 2004, the S&P 500 outperformed 61.6% of actively managed large-cap funds, the S&P MidCap 400 outperformed 61.8% of actively managed mid-cap funds, and the S&P SmallCap 600 outperformed 85.0% of actively managed small-cap funds.

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