Active Share Monitor: A Measure of the Difference Between a Portfolio's Holdings and Its Benchmark

The TeamViewer screen sharing feature can support any device that runs the TeamViewer software. This means that it is possible to share information from your mobile phone to your desktop computer, as well as from your tablet and vice versa. Furthermore, you can run screen sharing on multiple devices at once.

Active Share Monitor

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And in fact, when the authors went one step further, and actually measured the performance of active mutual funds segmented by their Active Share (using available data from 1990 to 2003), they found that the funds with the highest active share outperformed (by 1.13% to 1.15% per year net of expenses), while the funds with the lowest active share underperformed (by a whopping -1.42% to -1.83% per year after expenses). Even though tracking error alone had no predictive value on under- or outperformance.

Of course, the caveat to this argument is that (active) mutual funds are not the sole active participants in the markets, where there are also individual investors, and other institutional investors. It is at least conceivable that actively managed mutual funds with high Active Share do somehow outperform as a group, by generating net positive alpha from some other subgroup of investors that have a net negative alpha in the aggregate.

So what do you think? Do you measure or monitor the Active Share of investment managers? What role do you think Active Share should play? How do you identify or track Active Share on an ongoing basis? Please share your thoughts in the comments below!

If you want to quantify the appropriate fee level to pay for an investment strategy at a given level of active share, or quantify the fee hurdle for the active portion of the portfolio, we have done some research on that, here: -we-use-active-share-to-recommend-better-equity-portfolios/. Hope you find it useful.

I think a more meaningful metric is the active share of the whole portfolio. Suppose a company divides the S&P500 into 5 mutual funds, each with 100 companies. Each of the mutual funds would have a high active share. This in turn might allow the mutual fund provider to charge high fees. Yet, taken together my portfolio would have a zero active share as it is must the S&P500 which I can get for 5 basis points.

Spare: The MX that is configured as the secondary MX for the network. If both MXs are online, this is the MX that is the inactive warm spare. This is a static designation, meaning that regardless of the current state of the network, the secondary will always be the secondary.

Dual active: Dual active describes a scenario in which both the primary and the spare are in the active state. This occurs when both MXs are online and communicating with the cloud, but the secondary is not receiving heartbeat packets (see VRRP heartbeats in the next section) from the primary. This can cause several issues with dynamic DNS, VPN, and traffic processing in general and should be avoided at all costs. The Physical Architectures section of this document describes how to deploy an MX warm spare pair in order to minimize the chances of a dual active scenario occurring.

Failure detection for an MX warm spare pair uses VRRP heartbeat packets. These heartbeat packets are sent from the primary MX to the secondary MX on all configured VLANs in order to indicate that the primary is online and functioning properly. As long as the secondary is receiving these heartbeat packets, it functions in the spare state. If the secondary stops receiving these heartbeat packets, it will assume that the primary is offline and will transition into the active state. When the MX is in routed mode, VRRP heartbeats are not sent over the WAN and there is no guarantee that the WAN interfaces can communicate with each other. See Connection Monitoring below to understand how the WAN interface can also impact how VRRP packets are sent through the LAN on routed mode.

Connection monitor is an uplink monitoring engine built into every MX security appliance. The mechanics of the engine are described in this article. When all uplinks of a primary MX are marked as failed by connection monitor, that MX will stop sending VRRP heartbeat packets, which will initiate a warm spare failover. Once there is at least one working uplink, the primary returns to a working state and resumes sending heartbeat packets and the secondary relinquishes the active role back to the primary. More information can be found in the Connection Monitoring for WAN Failover documentation.

Use MX uplink IPs: When using this option, the current active MX will use its distinct uplink IP or IPs when sending traffic out to the internet. This option does not require additional public IPs for internet-facing MXs, but also results in more disruptive failover because the source IP of outbound flows will change.

Use virtual uplink IPs: When using this option, both MXs will use a shared virtual IP (VIP) when sending traffic to the internet. This option requires an additional public IP per uplink, but allows for seamless failover because the IP address the network is using to communicate with the internet will be consistent. The VIP for each uplink must be in the same subnet as the IPs of the MXs themselves for that uplink, and the VIP must be different from both MX uplink IPs.

Each concentrator has its own IP address to exchange management traffic with the Meraki cloud controller. However, the concentrators also share a virtual IP address that is used for non-management communication.

The virtual IP address (VIP) is shared by both the primary and warm spare VPN concentrator. VPN traffic is sent to the VIP rather than the physical IP addresses of the individual concentrators. The virtual IP is configured by navigating to Security & SD-WAN > Monitor > Appliance status when a warm spare is configured. It must be in the same subnet as the IP addresses of both appliances, and it must be unique. In particular, it cannot be the same as either the primary or warm spare's IP address.

In the event that the primary unit or connectivity tests for its WAN fail, the warm spare will assume the primary role until the original primary is back online or is passing connectivity tests again. When the primary VPN concentrator is back online and the spare begins receiving VRRP heartbeats again, the warm spare concentrator will relinquish the active role back to the primary concentrator.

Virtual IP addresses (VIPs) are shared by both the primary and warm spare appliance. Inbound and outbound traffic use this address to maintain the same IP address during a failover and reduce disruption. The virtual IPs are configured on the Security & SD-WAN > Monitor > Appliance status page, under the SPARE section in the upper-left corner of the page. If two uplinks are configured, a VIP can be configured for each uplink. Each VIP must be in the same subnet as the IP addresses of both appliances for the uplink it is configured for, and it must be unique. In particular, it cannot be the same as either the primary or the warm spare's IP address. 2ff7e9595c