The SPIVA scorecard - matching active managers vs. index funds - once again shows how much the...

|By:, SA News Editor

The SPIVA scorecard - matching active managers vs. index funds - once again shows how much the odds are stacked against going active. But one area where managers won is international small-caps (SCZ, VSS, DLS), with just 15% of them lapped by the index last year (10% over the last 3). In such an illiquid, poorly understood corner of the market, smart managers can indeed add alpha.