In an on-going effort to re-define how investors thing about and evaluate tactical portfolios, we are releasing a brief white paper entitled "Benchmarking with Integrity." While the paper itself provides an example that focuses on defensive, U.S. equity strategies, we believe the qualitative framework it discusses is applicable for all tactical managers.
A brief quote from the introduction,
Benchmarking is an increasingly frustrating topic in the asset management industry today. The style-box or single asset class strategies (such as active large-cap U.S. equity) have few logical, but straightforward options (the S&P 500 Index). Accurate and thoughtful benchmarking has become more difficult and more important as managed ETF strategies have exploded in popularity.