Corey Hoffstein: High active share now linked to negative alpha since 2009

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13.08.2026

Corey Hoffstein: High active share now linked to negative alpha since 2009 — High active share linked to negative alpha

Corey Hoffstein highlights research indicating that high active share has been predictive of negative alpha in the period following 2009.

He adds that by definition, funds with high active share are most underweight in the same stocks heavily allocated by passive strategies.

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Hoffstein has previously flagged rapid growth in equity-related products, noting that levered single-name ETFs increased to $65 billion over four years. He also discussed how the transition from corporate pensions to self-insured retirement plans has increased individual investor risk. His recent comments follow an ongoing focus on shifts in portfolio construction and investment products.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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