Do portfolio shifts by the world's largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generating properties) is a public and private good, how might asset owners be empowered...

Do portfolio shifts by the world's largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generating properties) is a public and private good, how might asset owners be empowered...

1. Introduction -- 2. The impact of index design on asset management.-3. Pros and cons of Active management -- 4. Searching for market drivers: Factor investing -- 5. Hybrids increasingly blurring active/passive line -- 6. The need for a change: Sustainable finance -- 7. The next challenge: ESG...