Traditional long-only active management is failing investors. Decades of evidence show that the average active manager underperforms the market after fees. The challenge is intensifying as data proliferates, compute becomes cheaper, and markets become increasingly concentrated. A new approach is required. Systematic investing harnesses vast datasets and quantitative models to identify and exploit market inefficiencies at scale. Its disciplined, rules-based process dramatically expands research bandwidth while reducing behavioural bias. Active extension goes further, in...