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According to the latest SPIVA (S&P Indices Versus Active Funds) scorecard, 59 per cent of the large-cap equity funds underperformed the S&P BSE 100 over the five-year period ending June 2016, while a large number of debt funds underperformed their respective indices over the five-year period ending June 2016.
Over the same period, most equity-linked savings schemes and mid-/small-cap funds outperformed the S&P BSE 200 and the S&P BSE MidCap benchmark indices, respectively. The SPIVA scorecard is produced by Asia Index Private Ltd, an equal joint venture between the BSE and S&P Dow Jones Indices.
“Of the 116 large cap equity funds, 37 funds either got merged or liquidated over the five-year period ending June 2016, which led to a survivorship rate of 68 per cent. Another 31 funds underperformed the S&P BSE 100, which led to 59 per cent of the funds under-performing the index,” Utkarsh Agrawal, associate director, global research and design, Asia Index Pvt Ltd said.
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