Weak Feedback and Denial Are Killing Active Management: A Slow Death, Perhaps, but One That Is Avoidable
指出传统投资组合分析无法有效评估基金经理技能，而能量化技能的新指标虽已存在却未被广泛采用，导致主动管理表现不佳；同时，机构投资者正利用新指标在评估中反超基金经理，推动行业变革。
Conventional portfolio analytics have long been used to assess equity manager skill. Although helpful in many regards, such analytics do not effectively address skill, and their continued use further weakens an already beleaguered asset class. The author points out that despite the availability of newer analytics that do quantify skill and support manager improvement, few managers have availed themselves of such metrics, which is a curious response given the generally disappointing results of the majority of actively managed equity funds. This article describes one of the newer analytics and its ability to quantify a manager’s information advantage. Despite manager reluctance, a growing number of institutional asset owners and asset allocators are incorporating these newer analytics into their processes for assessing and hiring external active equity managers. As a result, asset owners/allocators now frequently show up at fund reviews knowing more about the skills and processes that are driving fund results than do the managers themselves. The author points out that the wider adoption of these newer metrics can enable managers to become more self-aware and improve, allow asset owners/allocators to make more confident allocation decisions, and help active equity management revitalize its delivery of excess returns and its standing as an asset class.