Active Share: Different Is Not Better

Cliff Asness - Active Share: Different Is Not Better by AQR
A buzzword in the investment community these days is active share, a specific way to measure how different a portfolio is from its benchmark. On its own, such a measure wouldn’t attract much attention; what’s gotten people excited is the claim that higher active share predicts higher excess returns.

So does it? No, as we show in a new AQR white paper, “exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here

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