Sénéchal proposes a new analytical framework—the empirical law of active management—to assess the breadth, or … diversification, and the skill of a portfolio manager. The framework requires no assumptions regarding a manager’s asset return … expectations or investment process. The framework generalizes the fundamental law of active management introduced by Grinold in …

Latino) and White managers. Our results show that minorities are underrepresented in the fund management industry, especially …Using hand-collected fund manager race data, we study the current status of minority managers in the mutual fund … Black and Hispanic managers. On average, 86.8% of single-manager funds are managed by White managers, while 8.3%, 2.7%, and …