The Importance of Conviction: What is Required For Success in Active Management

Active equity managers have struggled to beat benchmarks since the 2008/2009 financial crisis, causing investors to question whether active management is a dead end. We don’t believe so. The trend results from what we believe are cyclical and transitory forces. Investors and managers should redouble their conviction: investors in the ability of skilled managers to produce superior long-term results and managers in the value of their discipline.