Evidence for the Atlas Approach
Evidence Regarding Active Management
S&P Global Indices SPIVA Scorecard
Provides data regarding the proportion of active fund managers who outperform their benchmarks.
The proportion who outperform is typically very small, indicating that the odds are against an investor who attempts to succeed through manager choices
Morningstar’s US Active/Passive Barometer (Armour, Jackson, Boyadzhiev – Year-End 2023)
The proportion of active managers who had better returns than passive benchmarks over the past ten years is small, particularly for US equity managers.