Ahmed-

Not sure what you are looking at, but my firm AthenaInvest runs into contraints all of the time and we have evidence that these hurt returns. We choose to not abide by these constraints and as a result have been able to outperform over longer investment horizons.

But we are barred from many, many platforms as a result. Particularly in the 401k space which will be the last bastion for closet indexers.

Ahmed, where is it that you offer your products in which the constraints are non-binding? We would love to be in that space!

I do agree that active managers must be held accountable for superior returns when constraints are removed. That is the world we are striving to resurrect.