Bottom-up fundamental equity management has structurally underperformed across developed markets, and advisers are questioning the fee rationale. Information edge has decayed, market concentration penalises unconstrained stock-picking, and systematic strategies are gaining ground as a cost-efficient middle ground at a fraction of traditional active fees. This panel will debate whether the alpha drought is cyclical or structural, examine the case for systematic approaches, and interrogate what the shift means for portfolio construction and manager due diligence.
