This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.
In recent years active management has been under almost constant attack from the rise of passive funds. Yet threats often give rise to opportunities: we believe that complacency is always the real enemy, and so competition from passive funds can be seen as a positive development in the industry. Active managers have been forced to up their game, and as we discuss below, our research shows that the UK closed-ended universe has become significantly more active in response to the challenge of cheap passive products. Here we discuss this shifting landscape, its implications for investors and the varying measures for ‘activeness’ available to investors.
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