S&P Dow Jones Indices have just released their latest SPIVA Australia scorecard for the period to the end of 2014.
The SPIVA Australia scorecard tracks the performance of actively managed funds against the benchmark indices over 1, 3, and 5 year periods. The latest scorecard assessed over 620 Australian equity managed funds, 280 international equity funds and 70 Aussie bond funds.
The results showed that the majority of small cap equity funds continued to outperform the relevant index which was the reverse for large cap equity funds.
The reasoning for this was lack of research: