Most actively managed funds contain cash and bonds so you have to compare their allocation to index funds with similar allocations. (allfinancialmatters.com)
IAK has a similar allocation to Attractive - or - better stocks, but also holds 30 % Unattractive - or - worse rated stocks vs. 20 % for KIE. (newconstructs.com)
Depending on individual circumstances, a similar allocation may not be suitable for all investors. (hussmanfunds.com)