We're transparent, not biased against fund managers: S&P's Benedek Voros

'The two key factors are volatility in the stock market and the performance differential within indices'

The S&P Dow Jones Indices periodically releases the S&P Indices Versus Active Funds (SPIVA) report for India, US and other regions, which puts a spotlight on the performance of actively-managed mutual fund schemes vis-à-vis their benchmarks. The latest report shows that nearly 90 per cent of Indian large-cap funds have underperformed their benchmark over a five-year period. Last year, one fund house released a report analysing the performances of active funds using the rolling return data to illustrate that they may not be doing as badly as it's being shown by reports based on point-to-point returns (like SPIVA). The author