more than twothirds of actively managed european stock market funds underperformed their benchmarks in the first half of the year according to data released tuesday the sp indices versus active funds or spiva scorecard found 71 of eurodenominated european equity funds underperformed their benchmark up considerably from the 42 that underperformed in the first half of 2020 “these figures could support the notion that active managers may perform relatively better in uncertain times” said analysts led by andrew cairns the underperformance was particularly stark in france where 85 underperformed the benchmark according to sp 65 of eurodenominated us funds underperformed in the first half over a decade 85 of european funds and 95 of us funds underperform their benchmarks according to the sp data european stocks drifted lower tuesday on investor caution ahead of thirdquarter earnings with the stoxx europe 600 sxxp easing 01 to 45696 the german zew poll of economic sentiment fell in october for the fifth month to the lowest since march 2020