Superior Equity Portfolios

Constructing Superior Equity Portfolios

Constructing Superior Equity Portfolios by Cambridge Associates
Executive Summary

  • A common perception among investors that employ active equity management is that the “donut” structure—an all-active manager structure often composed of four or more high conviction managers—is more aggressive, more expensive, and riskier than the “coresatellite” structure—which blends active and passive management by adding a large passive core component to the donut—because of the donut structure’s heavier reliance on concentrated, high tracking error, high fee managers. In contrast, the large passive . . .


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