Aktives Management

What Is Aktives Management?

Aktives Management, also known as active management, is an investment approach where a portfolio manager or team makes specific investment decisions to outperform a chosen market benchmark, such as the S&P 500 index. This falls under the broader category of Portfoliomanagement and involves continuous research, analysis, and trading with the goal of generating higher returns or managing risk more effectively than simply tracking a market index. Unlike passive strategies, active management relies on the belief that Marktineffizienzen exist, providing opportunities for skilled managers to identify undervalued securities or anticipate market trends. A Portfolio-Manager employing active management aims to achieve an "alpha," which represents the excess return generated above the benchmark's return.

History and Origin

The concept of active management has been fundamental to investing since the inception of formal financial markets. Early investment vehicles, such as the first mutual funds established in the U.S. in the 1920s and 1930s, were inherently actively managed, with fund managers making discretionary decisions on stock and bond selections.,²⁰ Prominent figures like Benjamin Graham, often called the "father of value investing," laid intellectual groundwork for active approaches by emphasizing diligent security analysis to identify disparities between a company's intrinsic value and its market price.,¹⁹, For many years, virtually all available open-ended mutual funds were actively managed.¹⁸ The modern debate between active and passive management gained significant traction with the rise of index funds in the latter half of the 20th century, which presented a low-cost alternative to traditional active strategies.¹⁷

Key Takeaways

• Aktives Management aims to outperform a specific market benchmark through strategic investment decisions.
• It involves continuous research, security selection, and market timing by a portfolio manager.
• The primary goal is to generate "alpha," or excess returns, above what the market provides.
• Active management typically incurs higher fees and Transaktionskosten compared to passive strategies.
• Its effectiveness is a subject of ongoing debate, with challenges posed by market efficiency and consistent underperformance relative to benchmarks.

Interpreting Aktives Management

Aktives Management is interpreted through its ability to generate superior Performance compared to a relevant benchmark. Investors and analysts evaluate active managers based on their "alpha," which quantifies the portion of a portfolio's return that is attributable to the manager's skill rather than broad market movements. A positive alpha indicates outperformance, while a negative alpha indicates underperformance. It also involves evaluating the manager's ability to manage Risikomanagement and navigate different market cycles. For example, some active managers may prioritize capital preservation during downturns, even if it means trailing the market during bull runs.

Hypothetical Example

Consider an active equity fund manager, Sarah, whose fund aims to outperform the German DAX index. Sarah believes certain sectors will experience strong growth due to upcoming technological advancements. She conducts in-depth analysis on individual companies within these sectors, evaluating their financial health, competitive advantages, and management teams.

Instead of holding all 40 stocks in the DAX according to their market capitalization, Sarah decides to overweight companies she believes are undervalued and have high growth potential, while completely excluding others she deems overvalued or risky. She might invest 5% of her portfolio in a particular technology stock, even though it represents only 2% of the DAX. Conversely, she might hold 0% in a large industrial stock that constitutes 7% of the DAX.

Throughout the year, Sarah actively monitors her holdings and the market. If a company's fundamentals deteriorate, or if she finds a new, more promising opportunity, she will sell existing positions and buy new ones. This continuous trading activity and selective stock-picking are hallmarks of her active Anlagestrategie. At year-end, if the DAX returned 10% and Sarah's fund returned 12% (net of fees), she would have generated a 2% alpha, demonstrating successful Aktives Management.

Practical Applications

Aktives Management is prevalent across various financial products and services, particularly in Fondsmanagement. It is the core approach for:

• Mutual Funds and Hedge Funds: These are typically managed by professional Portfolio-Managers who employ active strategies to achieve specific Anlageziele.
• Institutional Asset Management: Pension funds, endowments, and sovereign wealth funds often allocate significant portions of their assets to actively managed mandates, seeking specialized expertise.
• Wealth Management and Finanzberatung: High-net-worth individuals and family offices frequently use active management to tailor portfolios to unique needs, risk appetites, and tax considerations.
• Specialized Strategies: This includes strategies like value investing, growth investing, sector-specific funds, or global macro funds, all of which involve active decision-making.

Investment advisers who engage in active management are subject to regulatory oversight. In the United States, for instance, investment advisers are regulated by the U.S. Securities and Exchange Commission (SEC) or state securities authorities, requiring registration and adherence to regulations designed to protect investors.¹⁶,¹⁵

Limitations and Criticisms

Despite its potential, Aktives Management faces significant limitations and criticisms:

• Consistent Underperformance: Numerous studies, such as the S&P Dow Jones Indices Versus Active (SPIVA) scorecard, consistently show that the majority of actively managed funds underperform their respective benchmarks over various time horizons, especially in developed markets.¹⁴,¹³,¹² For example, a Reuters article noted that most U.S. active funds underperformed their benchmarks in 2023.¹¹
• Higher Fees and Costs: Active management typically involves higher management fees, trading commissions, and other operational expenses compared to passively managed funds. These increased Transaktionskosten can significantly erode any potential outperformance.¹⁰
• Effizienzmarkthypothese: A core critique stems from the Efficient Market Hypothesis (EMH), which suggests that financial markets are efficient and that asset prices fully reflect all available information.⁹,⁸ Under this hypothesis, consistently beating the market is extremely difficult, if not impossible, for active managers after accounting for costs.,⁷ While the EMH has different forms and is debated, it challenges the fundamental premise of active management. The Federal Reserve Bank of San Francisco has also published on the implications of efficient markets.⁶
• Difficulty in Manager Selection: Even if a small percentage of active managers do outperform, identifying them in advance and maintaining that outperformance consistently over the long term is challenging for investors.

Aktives Management vs. Passives Management

Aktives Management and Passives Management represent two fundamentally different philosophies in Portfoliomanagement.

While active managers aim to achieve superior returns through skill and insight, passive managers accept market returns by tracking an index. The confusion often arises when investors weigh the potential for higher returns from active management against the lower costs and consistent market-level returns offered by passive strategies. Ultimately, the choice often depends on an investor's Anlageziele, risk tolerance, and belief in market efficiency.⁵,⁴

FAQs

What is "alpha" in Aktives Management?

Alpha is the excess return generated by an actively managed portfolio above the return of its chosen benchmark index. It is a measure of the portfolio manager's skill in adding value beyond what could be achieved by simply tracking the market. A positive alpha indicates outperformance.,

Are actively managed funds riskier than passively managed funds?

Not necessarily. While active managers take on specific security risks by deviating from a benchmark, they may also employ Risikomanagement strategies to mitigate downside risk.³ However, their deviation from the market can lead to greater volatility or underperformance if their investment decisions prove incorrect.² Passively managed funds typically mirror the market's risk and return, offering broad Diversifikation.

How do fees impact the performance of Aktives Management?

Fees significantly impact the net returns of actively managed funds. Because active management involves more research and trading, it usually carries higher expense ratios and Transaktionskosten. These costs directly reduce the fund's net performance, making it harder for an active manager to outperform their benchmark after all expenses are considered.¹

Is Aktives Management suitable for all investors?

Aktives Management may appeal to investors who believe in the ability of skilled professionals to identify market opportunities and outperform benchmarks. However, due to higher costs and the challenge of consistent outperformance, it may not be suitable for all investors, especially those focused on long-term market returns with minimal costs. For many, a diversified portfolio including low-cost Passives Management products is often recommended.