The Letter of the Law
Last month, the New York attorney general’s office published a letter recommending that investors in actively managed stock funds consult a calculation called Active Share. It is an unusual thing for an attorney general to give such specific investment advice. Then again, New York attorneys general tend to be an unusual breed.
(Morningstar currently does not publish Active Share scores on Morningstar.com, but will do so in the future. They are available in our institutional, Morningstar Direct product)