Very interesting. Thank you. A couple of questions come to mind:

1. Does this analysis consider style drift? I've seen many "value" managers with plenty of growth stocks in their top holdings.

2. If EAM relies on active managers' top conviction picks, yet those same managers can skip the active work, save time and money, and outperform by using the EAM approach, why would they do the active work? And, if all active managers decided to go this route, where does that leave EAM?