When I came into the industry as an innocent in the late 1980s, I found that the large super funds typically spread their money across several maangers’ balanced funds (up to 12, in one case). Sure, the managers had some restrictions on how they managed the funds but effectively they had wide discretion with respect to asset allocation and stock selection. The typical way to monitor managers was to compare their performance against a peer group of other balanced managers. There was little in the way of analysis of their returns, such as risk...