SPIVA South Africa Scorecard Year-End 2025

The SPIVA South Africa Scorecard Year-End 2025 is a report that measures the performance of actively managed South African equity, global equity, and fixed income funds against their respective benchmark indices. The report highlights the underperformance rates of South African equity funds, which faced challenges in 2025, with 80% lagging behind the S&P South Africa Composite Capped. Global equity funds also struggled, with 66% underperforming the S&P World Index. The report details the performance of short-term bond funds, which achieved a 10% gain, outperforming their benchmark with only 9% underperformance. It further discusses the market context, noting the robust gains in South African equities and the dispersion of stock performance, which created both opportunities and risks for active managers. Additionally, the report examines fund survivorship, revealing that 39% of funds did not survive over a 10-year period, indicating significant challenges in the active management landscape.