Answer里的第二点:
Secondly, if tracking error is an issue, it is important to identify satellite managers whose active returns have a low correlation with the core, perhaps even a lower active risk.
我的理解是:
Tracking error(volatility annualized): benchmark 11.3%, custom portfolio 9.0%, tracking error= - 2.3%.
Active risk:benchmark 6%.
问题:为什么因为tracking error要去看看哪块业务和核心业务的active risk?