Allocate with intent: Active equity strategies for changing markets

Equity investors are facing monumental questions about their allocation strategies in a new market regime. Market concentration has risen sharply, valuations have climbed to record highs in parts of the market and factor volatility has dominated returns. These dynamics have challenged many active strategies, particularly in US and global large cap equities, and have shaken confidence among asset owners. Yet, we think active management can help address these very challenges. Opportunities persist where dispersion is high, benchmarks are less concentrated and fundamental change is occurring beneath...