PT - JOURNAL ARTICLE AU - L. Franklin Fant AU - Edward S. O'Neal TI - Do You Need More than One Manager for a Given Equity Style? AID - 10.3905/jpm.1999.319751 DP - 1999 Jul 31 TA - The Journal of Portfolio Management PG - 68--75 VI - 25 IP - 4 4099 - https://pm-research.com/content/25/4/68.short 4100 - https://pm-research.com/content/25/4/68.full AB - Measuring risk the traditional way, as the variability of periodic returns, suggest little benefit to employing multiple money managers within a given investment style category. When risk is defined as end-of-period wealth variability, however, the authors show that the risk reduction benefits can be substantial. Using a sample of mutual funds grouped according to style, they also show that some styles benefit more than others from diversifying across managers. These findings are relevant to selecting and managing a portfolio of money managers, and are worth considering along with factors such as the reduced fee levels that come with placing more assets under the direction of a single manager.