Return Due to Style and Active Management (formula)
P = M + S + A
M = Market Index
A = P – B the active investment decisions
B = Selected Benchmark
S = B – M the style return
When B – M = 0 so S = 0 and there is no style
P = M + A
P = M + S + A
M = Market Index
A = P – B the active investment decisions
B = Selected Benchmark
S = B – M the style return
When B – M = 0 so S = 0 and there is no style
P = M + A
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