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SPIVA Around the World TheSPIVA

SPIVADifference
Difference
® The
1
Accounts
Accounts forfor the
the entireopportunity
entire opportunityset–not
set–notjust
justthe
the
survivors–thereby
survivors–thereby eliminatingsurvivorship
eliminating survivorshipbias.
bias.

Percentage of
Percentage ofactive
activefunds
fundsthat underperformed
outperformed
benchmarks* over
by benchmarks* over1-, 3-, and 5-year periods
1-, 3-, and 5-year periods 2 Applies an apples-to-apples comparison by measuring
a fund’s
Applies anreturns against the returns
apples-to-apples
appropriate for that
of a benchmark
comparison
particular investment
by measuring
category.
a fund’s returns against the returns of a benchmark

3
appropriate for that particular investment category.
Shows that asset-weighting matters by using both
equal- and asset-weighted averages.
Canada
Canada Shows that asset-weighting matters by using both

4
equal- and asset-weighted averages.
93 94
91 90
82
Uses only the share class with greater assets, which
Europe
1-YEAR %3-YEAR %
5-YEAR %

77 % % %
Europe avoids double counting multiple share classes in all
BENCHMARK:
BENCHMARK:
1-YEAR 3-YEAR 5-YEAR count-based calculations.
S&P/TSX COMPOSITE
S&P/TSX COMPOSITE 86 580
86 47%

9 %
%
%
%

73
%
Uses only the share class with greater assets, which
BENCHMARK: avoids double counting multiple share classes in all
BENCHMARK:
S&P EUROPE 350®
count-based calculations.
S&P EUROPE 350®

U.S. Japan
U.S.
1-YEAR
3-YEAR
5-YEAR
1-YEAR
Japan
3-YEAR 5-YEAR
64 79 82
% % %
84 57 59
% % %

Mexico 63 81 84
%
BENCHMARK:
S&P 500®
% %

15 34 44
BENCHMARK: %
S&P TOPIX 150
% %

BENCHMARK:
BENCHMARK:
Mexico
1-YEAR 3-YEAR 5-YEAR S&P 500®
42 89 86
% % %
India S&P TOPIX 150

92 96 74 92 91 India
% BENCHMARK:
% % 1-YEAR 3-YEAR 5-YEAR
S&P/BMV IRT %
58 % %

BENCHMARK:
59 53 43
BENCHMARK:
Australia
% % %
S&P/BMV IRT
South S&P BSE 100

Africa BENCHMARK: 1-YEAR 3-YEAR 5-YEAR

Chile S&P BSE 100 87 86Australia


%
80 % %

39 South
70 77Africa
1-YEAR 3-YEAR 5-YEAR
1-YEAR 3-YEAR 5-YEAR Brazil % % % BENCHMARK:

59 67 63
S&P/ASX 200
86 81
60Chile
% % %
% % %

*Regional benchmarks included here


BENCHMARK:
1-YEAR 3-YEAR 5-YEAR

56 85%
84% % 74 78 79
BENCHMARK:
%
S&P SOUTH AFRICA
% %

are large-cap, with the exception of


Brazil DSW CAPPED
BENCHMARK:
Brazil and Chile where SPIVA results
displayed reflect regional broad market
indices. Multiple benchmarks exist in all
76 91 93 % S&P CHILE % BMI %
BENCHMARK:
BENCHMARK:
S&P SOUTH AFRICA
S&P/ASX 200

74 81 82
S&P BRAZIL
% BMI
% % DSW CAPPED
regions tracked by SPIVA. For more BENCHMARK:
information on SPIVA methodology,
including a full list of regional S&P CHILE BMI
benchmarks and results, visit BENCHMARK:

SPIVA: S&P Indices Versus Active


www.spdji.com/spiva.
* Regional benchmarks included here are large-cap, with the exception of Brazil and Chile where S&P BRAZIL BMI

SPIVA: S&P Indices Versus Active


SPIVAS&P
Source: results
Dowdisplayed reflectLLC,
Jones Indices regional broad market indices. Multiple benchmarks exist in all
regions tracked by SPIVA. For more information on SPIVA methodology, including a full list
Morningstar, Fundata, CRSP. Data as of
of regional benchmarks and results, visit www.spdji.com/spiva

www.spdji.com/spiva
Dec. 29, 2017. Charts and tables are
provided for illustrative purposes. Past
Source: S&P Dow Jones Indices LLC, Morningstar, Fundata, CRSP. Data as

www.spdji.com/spiva
performance is no guarantee of future
of December 31, 2018. Charts and tables are provided for illustrative purposes.
results.
Past performance is no guarantee of future results.