Active v passive: Why it's a no brainer for this DFM

The very first decisions we make in terms of asset allocation are active relative to the portfolio benchmarks against which we assess our performance. We therefore generally believe in following these decisions by also selecting active style fund managers who we believe can outperform in each of the markets or asset classes to which we allocate. We've all seen the headlines which get rolled out periodically to highlight the statistics regarding the number of fund managers who underperform the index. Typically over shorter-term periods of one to three years, the average fund manager...