TY - JOUR T1 - Index Fundamentalism Revisited—Redux JF - The Journal of Portfolio Management SP - 112 LP - 119 DO - 10.3905/jpm.2005.470584 VL - 31 IS - 2 AU - Jared Kizer Y1 - 2005/01/31 UR - https://pm-research.com/content/31/2/112.abstract N2 - The findings in ?Index Fundamentalism Revisited? on the relative performance of Vanguard synthetic active and index portfolios are explained largely by differing exposures to the value and small–stock premiums. Other findings such as the relative 15–year annualized returns and relative 2000–2002 performance of the two portfolios are similarly explained. Left unexplained is the synthetic active portfolio's lower volatility relative to the synthetic index portfolio. ER -