Will last year's outperformance continue into 2023? S&P isn't so sure.
. Standard & Poor's is releasing its annual SPIVA report on the performance of active versus passive management. This is the gold standard for this long-running debate. On the plus side for active managers: for large-cap equity fund managers , 51% underperformed their benchmarks last year.
For example, S & P 500 Growth was down 29%, but S & P 500 Value was down only 5%. Huge differences like this provide opportunities for relative outperformance. The dispersal in returns among large-cap stocks was also unusually large. In 2022 the average stock outperformed the S & P 500 as a whole, while the largest cap companies underperformed. What this means is that managers who deviated from broad-based indexes had an unusually large opportunity to outperform.
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