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Question

Investors would be wise to look at the long-term performance of
highly rated mutual funds, and the sustainability of outperformance
versus their peers and benchmarks. Standard & Poor ’s provides statistical
analysis of mutual fund performance for free to both retail and
professional investors, via their web site at www.usspindices.com .
S&P provides analysis of mutual fund performance in their “S&P
Indices Versus Active Funds (SPIVA®) Scorecard,” as well as in their
“Persistence Scorecard” report.
The most recent Year-End SPIVA Scorecard foreshadows a rather
alarming trend of underperformance by active managers in recent
years. As shown in Table 3.1 , the performance of actively managed
funds in 2012 lagged behind the passive benchmark indices for 63.25
percent of large-cap funds, 80.45 percent of mid-cap funds, and 66.5
percent of small-cap funds. These managers fared even worse over
three- and five-year time horizons.

Answer 1

Investors would be wise to look at the long-term performance ofhighly rated mutual funds, and the sustainability of outperformanceversus their peers and benchmarks. Standard & Poor ’s provides statisticalanalysis of mutual fund performance for free to both retail andprofessional investors, via their web site at www.usspindices.com .S&P provides analysis of mutual fund performance in their “S&PIndices Versus Active Funds (SPIVA®) Scorecard,” as well as in their“Persistence Scorecard” report.The most recent Year-End SPIVA Scorecard foreshadows a ratheralarming trend of underperformance by active managers in recentyears. As shown in Table 3.1 , the performance of actively managedfunds in 2012 lagged behind the passive benchmark indices for 63.25percent of large-cap funds, 80.45 percent of mid-cap funds, and 66.5percent of small-cap funds. These managers fared even worse overthree- and five-year time horizons.
投资者要看长期表现高度额定基金聪明，与同龄人和基准outperformanceversus可持续性。标准普尔是免费提供零售和专业投资者的基金绩效统计分析，通过在自己的网站www.usspindices.com。标准普尔提供基金绩效分析中的& pindices与主动型基金（spiva®ï¼‰è®°åˆ†å¡ï¼Œâ€ä»¥åŠâ€œåšæŒæœ€è®°åˆ†å¡â€çš„报告。最近年底spiva计分卡预示ratheralarming趋势近年来活跃的基金经理的业绩不佳。如表3.1所示，表现积极2012落后managedfunds被动基准指数的大市值基金63.25percent，中盘基金的百分之80.45，而小盘基金66.5percent。这些管理者的表现更差3、5年的时间跨度。