Actively managed funds underperformed indices in year to June 2018: Report

The latest S&P Indices Versus Active (SPIVA) India Scorecard is out. It shows that actively managed funds in most of the key categories underperformed their indices over the one-year period ending June 30, 2018. This is not surprising, given that the markets turned from being strongly bullish in 2017 to completely bearish in 2018. Sebi’s reclassification exercise also meant they had to make large changes to their portfolios. The message  in the numbers below is that only when you hold equity funds for five years or more do they have an even, around 50 per cent, chance of beating the