Active vs Passive: A Five-Universe Retrospective

  • active management
  • passive
  • eVestment
  • institutional research

Core claim

The active-versus-passive question is not one question. It is five, depending on universe, implementation style, and the integrity of the benchmark itself.

Scope

eVestment data across five equity universes for an official-sector institution. Examined when and where active management has paid, including China benchmark-integrity considerations and a quant-versus-fundamental split.

Process

Taken through compliance to a distribution-ready package, then re-tailored for a second institutional client: one research core produced two distinct client-ready artifacts.

Implication

Generic active-versus-passive debate is the wrong frame. The usable answer is universe-specific and constraint-specific.

Intellectual honesty

Includes sections on where robustness is weaker than the headline and where claims should be hedged. That discipline is deliberate, not accidental.