I’m sorry, but this is just not true. Active managers are measured by their deviation from the S&P (i.e. a beta 1 manager is extremely passive). This index has

I’m sorry, but this is just not true. Active managers are measured by their deviation from the S&P (i.e. a beta 1 manager is extremely passive). This index has also always been concentrated to some extent, so not sure it’s any kind of recent change. I think maybe you are talking about risk, but it’s a completely separate idea.