Jesper Kirstein: A nuanced approach to active management

COLUMN: Overall, active asset managers have performed poorly this year, but it does not mean that they should turn to passive asset management, argues Jesper Kirstein.

Jesper Kirstein, founder of Spektrum Fondsmæglerselskab. | Photo: PR

Several active managers have underperformed this year, and the issue will definitely surface when the annual results are analyzed. Many would argue that the time for passive asset management has come.

But hold your horses. As opposed to before, asset managers now increasingly understand that the return of -- for example -- an actively-managed equity portfolio stems from three sources: market return; factor or risk premiums and pure alpha or excess return.

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