Larry,

Thanks for the former 4 articles in asset-allocation series. Excellent insight! I have shared them in my wechat friend circle. Hope more and more professionals in China can read cutting-edge thinkings in asset allocation.

As we all known, style drift is very common in China asset management in practice. For example, money managers will be regarded as beat the market not only because he outperformed the CSI 300 index in the overall 2014, but also from 2014Q1 to 2014Q3 outperformed the small-cap index and in 2014Q4 outperformed the large-cap index. And actually, many money managers successfully did it.

My questions is:
1. How to capture the style drift in the portfolio quantitatively or qualitatively?
2. Luck may be an explanation for style drifting practitioners. But how to evaluate and compare two style-drifted money managers?

Thank you!

Zhuoling Wu