Snapshots of Where Active Management Adds Value for a Large Asset Owner

Quickly apply original, key PMR-published papers with Snapshots—a short article companion that distills PMR research into compressed, digestible takeaways, so you can put the paper’s core ideas to work in your investment process—fast. This Snapshot article is based on research presenting evidence from Norway's sovereign wealth fund suggesting that large benchmarked asset owners should allocate scarce active-risk budget first to repeatable implementation activities, while applying a higher hurdle to broad discretionary allocation.