90% of mutual fund managers and 59% of institutional accounts #underperformed the S&P 500® on a net-of-fees basis over the 10-year period ending December 2017, according to new SPIVA study

This report examines the impact of fees on the performance of mutual funds and institutional managed accounts across equity and fixed income categories, using gross- and net-of-fees returns. Fees may negatively affect managers’ performance regardless of the type of investment account, though the magnitude of impact varies depending on the category. For active equity institutional managers, the one-year performance figures ending December 2017 were positive, as managers in 11 out of 17 categories outperformed their benchmarks, using gross-of-fees returns.