Punctuated Equilibrium and the Golden Age of Active Quant Management

Published 14-Sep-2016

Given the recent performance difficulties of many active managers, including hedge fund managers, it might seem strange to talk about a “golden age” of active management. But we do think we are at an important inflection point in the industry as factor investing contributes to the extinction of certain kinds of active managers whose factor exposures can be captured more cost-efficiently through Smart Beta strategies. At the same time, we expect the advent of new data, tools and technology will give rise to a new species of active managers, increasingly looking at investment opportunities and risks through a factor lens.
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