The conventional thinking about active management holds that reliably good stock-pickers, if they exist at all, are nearly impossible to find. Implicit in this sentiment is that if active managers do well, it's probably because they were lucky rather than talented. But maybe this verdict rests on the wrong measure of manager skill.
In plying their trade, active equity managers employ a handful of levers. One set of levers relates to the style or thematic exposures – for example, value, growth an