Pike RFP

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Focus on the Long Term
• 90% of ten-year top quartile investment managers sustain at least one three-year
period in the bottom half of their peer groups1
• With few exceptions, managers cannot thrive in all economic and market
environments
• Reacting to short-term underperformance by replacing managers may result in
plan sponsors selling low and buying high
• Our Recommendation:
– If fundamentals and process remain sound, evaluate active managers over full
market cycles
1. Source: Matthew Rice, CFA & Geoffrey Strotman, CFA 48