active management

Alignment of manager necessary to gain trust

More thought and selectivity required from investors

'Recalibrate expectations'

Starts in January 2019

The dispersion of stock prices and the cyclicality of markets have generally been essential ingredients for the performance of traditional active managers.

Not competing with passives

Working with Ben Funnell

44% outperformed up from 28%

Shone a light on 'closet trackers'

Should focus on delivering outperformance