Featured on this page are videos of industry experts (all members of the Council’s Speakers Bureau) addressing various aspects of active management, as well as academics exploring the findings of research papers they have authored for the Active Managers Council.
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Council Research Task Force member Apurva Schwartz of Harding Loevner balances the narrative on active management by discussing manager performance, whether successful managers can be identified in advance, and reframing the active/passive debate.
This short video explains the foundation of active management and the differences between active and passive, highlighting how active management can benefit investors at-large.
Geoff Warren of Australian National University sets the record straight on active management, Sharpe’s famous theory, and active vs. passive investing.
Toth active and passive play important roles in investment management. However, a misleading narrative has emerged, pitting active against passive in a false dichotomy. In 2018, the IAA formed the Active Managers Council to help balance the narrative on active and passive. In this complimentary webinar, we reviewed the Council’s thought leadership and advocacy since its inception five years ago, the impact that it has had, and the agenda moving forward.
After years in the shadows, active ETFs are having their day in the sun. According to Morningstar, in the first half of 2023, active ETFs grew 14%, albeit from a small base, far exceeding the 3% growth in passive ETFs in the same period. In this webinar, we’ll delve into this emerging trend.
The Investment Adviser Association’s Active Managers Council is changing the conventional — and misguided — narrative pitting active management against passive. A more accurate, balanced narrative is active and passive. In this video, University of Maryland Finance Professor Russ Wermers and industry experts Anne Lester (Portfolio Manager for Council member J.P. Morgan Asset Management) and Michael Cross (Analyst and Principal for Council member SouthernSun Asset Management) discuss the crucial importance of active managers to investors and the markets, combining active and passive strategies to meet investor goals, common misconceptions about passive funds, and potential market dislocations if there is too great a tilt toward passive investment.
When investors ask whether their investment strategy should be active or passive, Anne Lester of Council member J.P. Morgan Asset Management tells them they should be using both strategies to get the right exposure to the asset classes that will give them the highest chance of achieving their investment goals.
In this webinar, we heard from two experts on fiduciary duty, Alison Douglass and Christina Hennecken of the law firm Goodwin Procter, in conversation with Kevin Lyman, Director, Global Thought Leadership, Invesco Ltd. They explained the nature of fiduciary duty in DC plans and how it has evolved through regulation and court decisions – and they provided practical tips on how plan sponsors can ensure that they’re pursuing participants’ best interests when they make decisions about investment lineups.
In this 9-part series, Ravi Venkataraman and Simon Hallett discuss what the Active Managers Council is and do a deep dive into several critical topics, including misconceptions about active management, taking a wholistic investing approach, and more. Watch the full series on YouTube.
Many investors think that investing in an index fund gives them diversity and low risk. Michael Cross of Active Managers Council member SouthernSun Asset Management says that misconception can cost investors money in the long run — and that it’s crucial that investors know what they own, and what risks come with their investments.
The tug of war between active and passive investment strategies has grown increasingly one-sided in recent years. This paper examines the current narrative surrounding the two styles and challenges the conventional wisdom driving the three most common criticisms of actively managed investments: that active managers don’t outperform their indexes, that active managers can’t outperform their indexes, and that identifying above-average active managers isn’t possible. (See related blog post and white paper)
David Lafferty discusses how the Council is working to set the record straight on active management.
Karen Barr and Benji Baer discuss how the Council is working to change the narrative on active management.
In the IAA Active Managers Council’s new White Paper, “A More Balanced Narrative: Setting the Record Straight on Active Management,” author David Lafferty debunks three common myths about active management. In this video, Lafferty discusses the first myth – that active managers don’t outperform.
In the IAA Active Managers Council’s new White Paper, “A More Balanced Narrative: Setting the Record Straight on Active Management,” author David Lafferty debunks three common myths about active management. In this video, Lafferty discusses the second myth – that active managers can’t outperform.
In the IAA Active Managers Council’s new White Paper, “A More Balanced Narrative: Setting the Record Straight on Active Management,” author David Lafferty debunks three common myths about active management. In this video, Lafferty discusses the third myth – that investors can’t identify outperforming active managers.
Active managers play a crucial role in the efficiency of the U.S. capital markets, according to Professor Russ Wermers of the University of Maryland’s prestigious Robert H. Smith School of Business. Discussing his new paper “Active Management and Market Efficiency,” Wermers said that among other things, active management ensures that stock prices are fair. And he predicted that as we become tilted “way too heavily” toward passive management, there will be major dislocations in markets.
Martijn Cremers, the Bernard J. Hank Professor of Finance at the University of Notre Dame’s Mendoza College of Business, discussed findings of his comprehensive review of academic literature regarding active management at the Investment Adviser Association’s 2018 Leadership Conference. His review concludes that contrary to the currently popular narrative, actively managed funds generate positive value for investors.
In the debate over active vs. passive investment management, “Outcomes are what we care about,” says Anne Lester, Head of U.S. Retirement Solutions for Global Asset Management Solutions at J.P, Morgan Asset Management. Ms. Lester spoke as part of The Advantages of Active Management in a Powerful Portfolio, a presentation at the Investment Adviser Association’s 2018 Leadership Conference in Dallas.
Scott Gonsoulin, Investment Manager with the Teacher Retirement System of Texas, explained why that system skews in favor of active management — and the role that active management plays in the system’s overall investment strategy — at the IAA’s 2018 Leadership Conference. He spoke as part of the presentation The Advantages of Active Management in a Powerful Portfolio.
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