For US equity and US fixed income exposure, passive ETFs are superior to active managers because the dispersion of returns between top and bottom quartile managers is very narrow, making it hard to justify active fees. The firm structurally allocates to ETFs for these asset classes.
For US equity and US fixed income exposure, passive ETFs are superior to active managers because the dispersion of returns between top and bottom quartile managers is very narrow, making it hard to justify active fees. The firm structurally allocates to ETFs for these asset classes.