Identify systematic tilts across supposedly independent managers.

Family Office Private Wealth Journal · Editorial research desk · 2 November 2026

Companion to The Cross-Section of Expected Stock Returns by Eugene F. Fama; Kenneth R. French.

Decision in practice

A manager attributes outperformance to security selection without explaining its persistent style exposure.

Committee assignment

Compare valuation and size characteristics with the benchmark over complete holdings periods. Ask whether the office could buy the same exposures more cheaply.

Record and decision rule

Archive holdings dates and net attribution. Avoid a skill conclusion when style and stock selection cannot be separated.

Illustrative application by the editorial desk. The source authors did not evaluate or endorse this procedure.