Dave Nadig (@davenadig): "Great summary of the SPIVA (Index vs Active) report for 2025. It was a stinker, in a year everyone thought would be the big year for Active. It was, in terms of flows. But in terms of performance? Fourth worst year since they started measuring."

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Great summary of the SPIVA (Index vs Active) report for 2025. It was a stinker, in a year everyone thought would be the big year for Active. It was, in terms of flows. But in terms of performance? Fourth worst year since they started measuring.

Here’s the headline: 79% of all active large-cap U.S. equity funds underperformed the S&P 500 in 2025. I’ll restate that: almost four out of five professional large-cap stock pickers underperformed their benchmark last year. That’s bad. It’s worse than the 65% rate in 2024 and the fourth-worst year for active large-cap managers over the 25-year history,

Bob Pisani

Mar 5

4:25 PM

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