Investment Horizons: Do Managers Do What They Say?

This report examines the investment horizon of active long-only equity managers across different geographies
and styles between June 2006 and June 2009. The overall aim of the research was not to prove that long-horizon investing is and that short-horizon
investing is (or visa versa), as we recognize that there is a valid role and function for all types of horizons and approaches to investment. Rather,
the aim was to examine the extent to which there is a mismatch between the time horizon over which investors think and say they invest and how they
actually invest. In this process, we examine how much short-termism exists and how that varies by region and by style.