What evidence do SPIVA's annual scorecards point out to regarding the performance debate between active and passive investment? Question 2 Answer a. Cannot compare active and passive investment strategies b. For most sub-classes of equities, on average, active managers outperformed passive managers. c. For most sub-classes of equities, on average, passive managers outperformed active managers. d. The evidence is mixed and there is not enough information to conclude on the performance of active fund managers and passive funds