Allocators rethink active exposure as dispersion signals prove deceptive
Deciding where active management genuinely adds value now depends on stock correlation, fundamental persistence and choosing between specialist or generalist managers.
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With mega-cap tech stocks dominating index performance and shifting interest rates creating market turbulence, the widening gap between winners and losers is usually seen as a tailwind for active managers. But allocators are asking a more difficult question: is that dispersion actually creating investable opportunities or is it simply making a concentrated market look more diverse?
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