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5min chapter
K.C. Hamann - Quantifying Conviction (S3E1)
Flirting with Models
The Style Bias in Hedge Fund Management
The style bias is an incentive for managers to stay within their circle of competence, but also potentially one that is externally pushed upon them by institutional allocators who are looking to fill a particular niche. It's reasonable that you would expect managers to not deviate too far from their mandate. But if you have bounded factor exposure, it's very hard to produce a return stream that isn't married or correlated meaningfully with the performance of that factor over time.
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