In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Dr. Joe Nelesen from S&P Dow Jones Indices to break down the SPIVA Canada 2025 report and what it reveals about active vs passive investing.

The data is clear. Most active managers underperform their benchmarks — not just in 2025, but over longer time horizons. This raises a critical question for investors and advisors alike. Is it still worth chasing alpha?

Rob and Joe explore:

• Why active managers consistently struggle to beat the market
• The role of fees, market efficiency, and survivorship bias
• Where active investing may still have an edge
• The continued rise of ETFs and index investing
• How AI, tokenization, and evolving market structure could shape the future

Whether you are a portfolio manager, financial advisor, or individual investor, this episode provides a data-driven look at one of the most important debates in investing today.

If you are building portfolios in today's market, understanding the trade-offs between active and passive investing has never been more important.

Chapters

00:00 Introduction to Global Thinking Podcast

02:31 Understanding the SPIVA Report Card

04:35 Performance of Active Managers in 2025

09:00 Factors Leading to Underperformance

13:11 The Role of Fees and Market Dynamics

17:40 Survivorship Bias in Active Management

19:44 The Future of Active Management

24:34 Active vs. Passive Investment Strategies

28:56 The Impact of Fund Selection

29:21 The Rise of Index Investing

30:43 Passive vs Active Investing Dynamics

32:23 Tokenization and Market Evolution

33:18 Future of Market Hours

35:07 The Future of Active vs Index Investing

37:58 AI's Role in Investment Strategies

41:54 Insights on Indices and Reading Recommendations

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Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]