帮助主动型基金经理捕捉其广度

Helping Active Managers Catch Their Breadth Quick take Breadth — the number of independent bets a manager can take — is the raw material of active return, and it iswhat a concentrated benchmark constrains. Between April 30, 2025, and July 31, 2026, the weight of the 10largest constituents climbed from 26.7% to 38.1% in the MSCI Emerging Markets Index, 32.3% to 36.7% in theMSCI USA Index and 20.5% to 24.2% in the MSCI ACWI® Index; even the least concentrated, the MSCI ACWI®ex USA Index, rose almost five percentage points, to 15.9%. Across the full distribution, the 20 largest U.S.names accounted for 46.9% of the MSCI USA Index, up from 42.6%. One way to directlyaddress concentration is by splitting the index, which allows portfolios built from it to dothe same. Each of the biggest names is trimmed to a set ceiling and the excess weight is “parked” in acompletion portfolio the asset owner holds passively. That splits the index roughly 80/20 — about 80% in thecapped index the manager is measured against and 20% reflecting the asset manager’s completion sleeve —and the two always add back to the original index. The split restores breadth, and the effect over the periodwas broad-based. Measured against the capped index, managers gained active share and improved resultsacross stock-specific and factor-based value, quality and momentum strategies alike. For the asset owner, the concentrated names it wants to hold remain in the portfolio, now held passively in thecompletion sleeve, so target-market exposure is retained in full. What changes is the index the manager ismeasured against. MSCI research finds that at low-to-moderate active risk the asset owner forgoes no overallreturn potential, with a modest cost of splitting emerging only at higher tracking error — so the case isstrongest where active risk is kept in check. The 10 biggest stocks now hold far more of every major indexHover over any point for more details. Loading chart...Please wait. April 30, 2025, is the reference date cited inour earlier research; July 31, 2026, is the latest month-end. The concentration curve has steepened Loading chart...Please wait. Guillermo CanoExecutive Director, MSCI Research &Development Subscribe todayto have insights delivered to your inbox. Enter your email address Subscribe Custom Indexes Go beyond benchmarks to customize indexes that reflect your strategy, from portfolios to products, with moreflexibility, speed and precision. Learn more Divide and Conquer: Active Equity Portfolio Management withConcentrated Benchmarks Using a simulation-based analysis, we demonstrate that in periods of high market concentration, both asset ownersand asset managers could potentially benefit from considering a benchmark-splitting approach. Read more Managing Benchmark Concentration: A Framework for AssetAllocators Global equity benchmarks are more concentrated than at any point in the last five decades. Our framework helps asset allocators as they identify, assess and manage concentration risk. Explore more The content of this page is for informational purposes only and is intended for institutional professionals with the analyticalresources and tools necessary to interpret any performance information. Nothing herein is intended to recommend anyproduct, tool or service. For all references to laws, rules or regulations, please note that the information is provided “as is”and does not constitute legal advice or any binding interpretation. Any approach to comply with regulatory or policy initiativesshould be discussed with your own legal counsel and/or the relevant competent authority, as needed.