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Manager Relationships

Looking less at the scoreboard

Traditional performance monitoring reports do more harm than good, argues Phil Edwards, who suggests a more effective monitoring framework shifts the focus away from performance numbers and towards the fundamental characteristics of the stocks held in the portfolio, perhaps borrowing some elements from private markets.
INVESTMENT THINK TANK

Active management: turning the argument on its head

One of the enduring areas of asset management academic study, and practitioner query, is whether or not managers have skill. In his work, professor of finance at Stanford, Jonathan Berk, shows the answer doesn’t lie in returns but in manager compensation.   Determining whether active skill exists is not the same as looking at whether […]
Editorial

Smart beta: where is the value?

I’ve been contemplating the “smart beta” wave the industry seems to be riding at the moment. Cynically, part of that contemplation asks whether there is any innovation at play or whether it’s simply the industry playing with nomenclature once again. The answer is confusing, for while I’d like to be able to write it off […]