Style matters when constructing portfolios, but there are other characteristics in a manager that are as important, if not more important, in generating consistent returns over the long term. These include a high active share coupled with good risk management, high idiosyncratic risk and a proven track record of picking the right stocks. A manager selection framework based on academic research and historical analysis is the means to the end – finding such managers and building portfolios capable of generating consistent returns over the long term.

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