“A beaten-down active-equity manager priced for permanent decline catches a bid as high dispersion finally makes stock-picking pay and the flows narrative turns.”
“the biggest loser in all this is... passive management and like closet indexers... there's so much dispersion in the market right now. And that's so— I think it's so healthy.”
Prices are point-in-time snapshots from the named provider. The verdict compares the return since entry against the band above.