S&P Dow Jones Indices are pleased to announce the SPIVA Latin America Mid-Year 2026 Scorecard has now been published:

 

In English

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Key Highlights:

• Fewer than half of active funds in Latin America lagged their benchmarks, with H1 underperformance rates ranging from 25% to 46%.
• Underperformance rose significantly over longer periods, ranging from 67% to 93% over 10 years.
• In the Global Equity category, the rate of fund underperformance was higher than stock underperformance across all Latin America domiciles.
• Brazil was a bright spot for U.S. Equity funds, with only 38% underperforming (compared to 72% and 93% in Mexico and Chile, respectively), but analysis revealed most managers generated outperformance by holding local bonds and S&P 500 index futures rather than through stock selection.

 

Market Context Summary:
“In H1 2026, market conditions including rising dispersion, moderate index performance and reduced mega-cap dominance set the stage for more active funds to outperform.  While many were successful in the first half of the year, longer term results show outperformance was increasingly difficult to maintain,” said Joseph Nelesen, Ph.D., Head of Specialists, Index Investment Strategy S&P Dow Jones Indices.

  

 

Exhibit 1: Percent of Underperforming Latin America Funds

Source: S&P Dow Jones Indices LLC, Morningstar.  Data as of June 30, 2026.  Outperformance is based on equal-weighted fund counts.
Index performance based on total return in local country currency.  Past performance is no guarantee of future results.
Chart is provided for illustrative purposes.