On The Style Edge

Discretionary versus Systematic


In our 2015 paper, ‘Hypercube in the Kitchen: Reading a Menu of Active Investment Strategies1 by Gnedenko and Yelnik, we showed how asset managers may be classified based on their skills. Our classification could be viewed as a five-dimensional hypercube. In this discussion we focus on one of its edges: discretionary versus systematic.

The systematic style represents a combination of a systematic strategy (a.k.a. systematic model)’s...

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