It all depends on how you look at it.

The S&P Indices Versus Active scorecards have long delivered a bleak message for active management: Most funds simply underperform their benchmarks over time. Roughly 90% of actively managed large-cap funds lagged the S&P 500 over the past 15 years, per the latest data. But a recent study backed by the Investment Adviser Association Active Managers Council wants to change that narrative. It argues SPIVA’s methodology may not reflect what clients actually experience when allocating to active mutual funds and exchange-traded funds. It could flip the script on the active management story, warranting another look from all those passive-loving advisors.

“[SPIVA’s] statistics are calculated…