Great article. I feel benchmarking has become far too granular as well. The "style box" has disincentivized managers from going where they see value in fear of their benchmark shifting. Like a global equity manager fearing of adding growth stocks since it might cause their benchmark to change in the eyes of potential investors to the MSCI ACWI Growth instead of the original MSCI ACWI.

I see it all the time with Morningstar as well, they change the benchmark ex post after the portfolio manager leans into growth or value.