S&P Dow Jones Indices Publishes Mid-Year 2025 SPIVA Latin America Scorecard

Today, on Tuesday, October 21, S&P Dow Jones Indices (S&P DJI) published its Mid-Year 2025 SPIVA Latin America Scorecard. As you know, the Scorecard measures the performance of actively managed funds across Brazil, Chile, and Mexico against their respective benchmarks over various time horizons.

S&P DJI’s Head of Specialists of Index Investment Strategy, Joseph Nelesen, says: “While most local Latin American benchmarks increased in H1 2025, active fund underperformance rates varied widely by country and asset class. Equity funds in Chile and Brazil fared better than most, with fewer than one-half of funds in each category underperforming. In contrast, most Mexico Equity and Brazilian bond funds trailed their benchmarks. Over the 10-year period, most funds underperformed in every category.”

Below are some highlights from the report:

• Nearly two-thirds of active Mexico Equity fund managers (63.6%) underperformed for the six-month horizon. Over longer periods, outperformance remained challenging, with 50.0%, 60.5%, 69.0% and 73.2% of managers underperforming the benchmark over 1-, 3-, 5- and 10-year periods, respectively.
• Large caps, as measured by the S&P Brazil LargeCap, increased 13.3%, yet still trailed mid- and small-cap companies, as measured by the S&P Brazil MidSmallCap, which finished H1 2025 up 24.0%.
• Less than one-half of active Chile Equity fund managers (45.0%) underperformed the S&P Chile BMI over the first six months of 2025, but the underperformance rate varied over longer time periods, with 59.5%, 35.7%, 65.3% and 93.3% of active funds underperforming the benchmark over the 1-, 3-, 5- and 10-year periods, respectively.
• Most fixed income funds struggled to outperform in H1 2025, with one-year underperformance rates for Brazil Corporate Bond funds and Brazil Government Bond funds at 95.7% and 77.2%, respectively.