Not All Ranking Systems are Created Equal: Using Aapryl Return to Rank Managers
It is safe to say that when it comes to manager selection, the investment industry is obsessed with statistics. While it starts with performance information, investors slice and dice the numbers to try to glean information about a manager’s risk and consistency, all in an effort to choose the best manager. Lists of top fund managers are often published based on these performance statistics, and investors use these statistics to screen for the most skilled managers.