An interesting Reuters article
on active share and closet indexing. Three highlights: (1) low active share = pointless waste of investor dollars. (2) Petajitso now works for BlackRock. (3) He suggests that an active share below 60 is a closet index fund. Apparently the average large-core fund is somewhere in the low 70s.
Several fund companies are starting to share, selectively at least, their active share data: Artisan (with some funds in the 99 range), Touchstone, William Blair among them. I'm trying to gather some of that data for our March issue, but it's tough since Morningstar won't give outsiders access to it.
If, perchance, you notice another fund firm that's sharing the data, would you let me know, please?