Passively Active Investing – The Case of the University Endowment

Abstract

There is a long-standing debate in investment circles about whether active management can outperform passive management. The debate is usually considered on the manager-level, comparing the active management return against an index. This paper looks at the topic on a portfolio level. Using the average asset allocation of a university endowment, this paper replaces managers with ETFs while maintaining the strategy employed to see which portfolio construction had the higher return for a given year.

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Author Information
Jeffry Haber, Iona College, United States