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Judging Performance of Fund Managers

Year end SPIVA numbers are in and paint the expected picture. SPIVA is an acronym for Standard & Poors Index Versus Active. SPIVA is a study of active fund managers investment performance versus the performance of a relevant benchmark index. A Canadian equity manager is compared to a Canadian index. A U.S. equity manager in a Canadian asset management company is compared to the S&P 500 (CAD). (This index is the S&P 500 adjusted for changes in the CAD / USD exchange rate. For example, if the index or fund does nothing and the CAD falls 20% versus the USD, the value of the fund grows 20% when reported in Canadian dollars even though the manager added nothing). And, ditto of non-North Ame

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