What Makes an Investment Strategy Durable Over Time?
What Makes an Investment Strategy Durable Over Time?
Track records describe markets that no longer exist. For family offices, endowments, and foundations, durability matters more than recent performance. It determines whether a strategy can perform through conditions that have not happened yet.
90%+
Active managers
underperform over 15 years
underperform over 15 years
U.S. large-cap active managers vs. S&P 500
over 15 years — SPIVA Year-End 2024
8pp
Investor behavior gap
in 2024
in 2024
Average equity investor earned 16.54% vs.
the S&P 500's 25.02% — Dalbar QAIB 2025
0
Funds held top-quartile
for three years
for three years
In 11 of 20 U.S. equity fund categories —
S&P Persistence Scorecard 2024
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