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A Search for Intelligent Life in the Active Equity Management Universe (PDF)
J.P. Morgan Asset Management
Feb. 23, 2014
38 pages. Excerpt: "[O]ver the last five years, the chance of picking outperforming managers has been well over 50% in many investment styles ... Trailing five- and seven-year periods include the financial crisis and global recession, a time during which pairwise stock correlations rose and created greater challenges for some (but not all) investment styles ... [F]or some investment styles, active manager performance has been strongest when overall market returns are weak or rising in single digits ... [The authors] find no evidence that manager outperformance is systematically influenced by the size of a manager's fund."
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