How active is your (nominally) actively managed quantitative fund?

Publisher Copyright: © 2025 The Authors Funding Information: We thank Miguel Ferreira, Helena Isidro, Aneel Keswani, Mara Madaleno, Pedro Pires, Florinda Silva, and Sevgi Tuzcu for comments. We also thank Samuel Vigne (Editor) and an anonymous referee for their constructive comments. Financial support from Fundação para a Ciência e Tecnologia - Grant UIDB/00315/2020 (DOI: 10.54499/UIDB/00315/2020) - is greatly acknowledged. This work used infrastructure and resources funded by Fundação para a Ciência e a Tecnologia (UID/ECO/00124/2013, UID/ECO/00124/2019 and Social Sciences DataLab, Project 22209), POR Lisboa (LISBOA-01-0145-FEDER-007722 and Social Sciences DataLab, Project 22209) and POR Norte (Social Sciences DataLab, Project 22209).