Abstract
Active management techniques are constantly evolving in an asset management world but without a clear up trend in the performance of active managers. As such, there has been an intense debate concerning the underperformance of active managers and the reasons leading to alpha and beta separation. This paper presents a skill based manager selection set up based on consistency of alpha by presenting the case of emerging market managers. Alpha and active beta bets of emerging market managers are studied to explain the performance consistency and mean reversion or random behaviors of fund managers. Results are further enforced by proposing a manager selection strategy and achieving consistent out performance throughout the period.
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