In 2009 Martijn Cremers from the University of Notre Dame and Antti Petajisto New York University (NYU) published a research paper introducing a new method for evaluating active fund managers. The researchers’ paper presented the term ‘ High Active Share ,' a metric for analyzing the share of portfolio holdings that differ from the benchmark index holdings.
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By computing Active Share for domestic equity mutual funds from 1980 to 2003, the paper discovered...
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