The combination of agnosticism about their benchmark, fundamental security selection that often identifies out - of - index names and their calls typically results
in a high active share.
He is often quoted regarding his expertise
in high active share, concentrated portfolios.
Cremers and Petajisto find significant persistence
in high Active Share managers» abilities to continue to deliver excess returns relative to a benchmark index.
Not exact matches
Investors are warming to the concept of gold mining
in the Wheatbelt, with
share prices of three
active players moving
higher in recent weeks.
Turner: One of the things that people
in the industry often talk about when it comes to money management is this barbell, where as you said you have low - cost, passive index tracking funds and at the other end you have
higher fees,
higher active share, things like private debt which you mentioned, and it's those
in the middle that are charging
higher fees for something that looks quite a lot like beta that are really going to struggle.
Asia's most valuable company is worst $ 472 billion, has nearly 1 billion
active users and churned nearly $ 10 billion
in sales last quarter, driving
shares to a record
high.
In a 2014 monograph Martijn Cremers and Ankur Pareek argued that it is the combination of
high active share with low portfolio turnover that produces the opportunity for outperformance1.
Counter-intuitively, the transition out of
active funds and into passive funds makes the market more efficient
in its relative pricing of
shares, because it preferentially removes lower - skilled players from the
active segment of the market, leaving a
higher average level of skill
in the remaining pool of market participants to set prices.
The National Network of Schools
in Partnership (NNSP),
active at both NCGS and NAIS, has a vision of partnership that encompasses equity, social justice, and
sharing or innovating best practices for
high - impact and scalability.
It would be wrong for investors to interpret the results
in a manner leading them to conclude all managers with
high Active Share portfolios will beat their benchmarks.
In his view,
high active share means concentrated portfolios that can have
high over-performance or
high under - performance, but it does not reliably predict which.
Yet, Cremers and Petajisto found that the
share of assets held in truly active funds (with sufficiently high Active Share) had fallen from 60 % in 1980 to under 20 % in
share of assets held
in truly
active funds (with sufficiently high Active Share) had fallen from 60 % in 1980 to under 20 % in
active funds (with sufficiently
high Active Share) had fallen from 60 % in 1980 to under 20 % in
Active Share) had fallen from 60 % in 1980 to under 20 % in
Share) had fallen from 60 %
in 1980 to under 20 %
in 2009.
This process results
in a benchmark agnostic,
high active share, all - cap portfolio of 30 - 50 businesses which tends to behave differently from traditional Emerging Market indices.
This is an example of a strategy whose
high active share does not necessarily result
in a significant risk - adjusted outperformance.
It remains to be seen whether a combination of the expected low stock correlations
in the market and a
high active share of these funds leads to their significant outperformance
in 2017.
With over $ 123 m
in AUM (as of March 31, 2017), ClearBridge Investments offers strategies focused on three primary client objectives
in areas of proven expertise:
high active share, income solutions and low volatility.
In their 2007 study, Martijn Cremers and Antti Petajisto noted that «the best performers are concentrated stock pickers» and «we also find strong evidence for performance persistence for the funds with the
highest active share.»
Day trading
in shares or futures is
high stress and
high risk so beware of trading software programs that suggest you can make a lot of money from
active trading.
If you are
active on social media sites (Facebook, Twitter, etc.), consider simply
sharing posts about pet adoption events, those pets
in need of forever homes (especially those
in high - kill situations!)
Art Galleries: Maui has a
high concentration of art galleries — more than 50 — and an
active community of artists and craftsmen who
share their work
in all media.
The
high - end Lumia 950 has almost the same
share of the phones running Windows 10 — 19.3 %, but only 3.8 % of the
active Windows Phones
in the US.