Active share is a similarity measure of the equity holdings of a fund and its benchmark. An active share score of 0 indicates that the equity portion of a fund and its benchmark are the same equities in the same proportions. An active share score of 100 indicates that the equity portion of the fund and its benchmark have no common holdings. Active share is a valuable complement to returns based similarity measures like best fit r-squared and tracking error as it captures the differences in the actual holdings.
We are using the Primary Prospectus Benchmark, as we’re unable to use the Morningstar Category Index due to entitlement and distribution limitations
Funds eligible for active share must meet the following criteria: