Not all passives are created equal

Around 50 years ago, a man called John 'Jack' Bogle came up with a new investment concept. He introduced the idea of the tracker fund – a cheap investment fund that replicated a broad index of shares. His argument was that markets are efficient, and investment managers were trying to outperform a market over which they had no information advantage. In the latest MPS Watchlist, Quilter’s Andrew Miller explores how different approaches to portfolio construction can produce very different results, and why advisers need to look beyond the “passive” label to understand how a fund really operates....