Hi Brad,

many thanks for your query which is a very pertinent one.

The academic debate around the existence of active management alpha is extensive and fascinating but was not the focus of this curation. A literature review and discussion of the mixed evidence for active manager alpha can be found in Scott Stewart's CFA Institute Research Foundation monograph, Manager Selection, Chapter 2, which is referenced in the article. You may also find more recent papers on the topic abstracted in CFA Digest or published in the FAJ on the www.cfapubs website.

Hope that helps!

Best regards,

Mark