ARTICLES
Explore the archive of active management articles.
MICHAEL ERVOLINI HAS AUTHORED DOZENS OF ARTICLES ABOUT ACTIVE MANAGEMENT, APPEARING IN BOTH ACADEMIC JOURNALS & TRADE OUTLETS:
FEATURED ARTICLES
When Buying Low And Selling High Destroy Alpha
Evidence of the disposition effect and its negative impacts on equity funds is well established. Many managers continue to sell winners too quickly and hold on to losers too long. This paper argues that the use of newer analytics, in particular the vivid visualizations of manager decisions with individual holdings, can greatly increase the odds that a manager will develop greater self-awareness and actually improve.
Active Management – Take Down The White Flag
This article discusses several of the challenges facing active equity management and offers hope in the form of stronger feedback. The new analytics described enable asset owners and allocators to have greater conviction in their decisions and allow managers to become more self-aware and improve.
Weak Feedback And Denial Are Killing Active Management
It’s been over a decade since the introduction of analytics that effectively quantify manager skill. Yet there is little evidence that these enhanced metrics are being used by active equity managers, based on the general results of funds versus their benchmarks. Initially it was believed that most managers would eagerly adopt these enhanced analytics and learn to be more self-aware and improve.
When Unconscious Desires Motivate Fund Selection
Identifying equity funds likely to outperform remains a daunting task for capital allocators. Traditional portfolio analyses provide useful insights into how a fund is being managed while offering little clarity on the potential for ongoing success. Active share and position count were introduced as metrics that identify funds that will generate excess returns via skilled management.
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The multi-trillion dollar active management industry is predicated on the idea that managers have skill – yet little is known about it – Who has skill? How is it measured? This website is dedicated to finding answers to the questions surrounding skill.
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