Where are the Focused Active Managers? A Quick Look

Where are the Focused Active Managers? by Wesley R. Gray, Ph.D., Alpha Architect,, Author, Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors We highlighted a few weeks ago that Smart Beta is More Expensive Than You Think. Smart Beta and other closet-indexers are everywhere, but what happened to old-fashioned high-conviction active management in the mid/large cap space? Last I checked the market isn’t totally efficient and people are still not 100% rational. It seems that there should be some opportunities for those who are prepared to demonstrate some conviction. So who are these intrepid souls? Data: ETF:…