{"id":"W7117156801","doi":"10.3905/jpm.2025.1.803","title":"Delegating Benchmarks: Aligning Incentives for Better Total Fund Performance","year":2025,"lang":"en","type":"article","venue":"The Journal of Portfolio Management","topic":"Financial Markets and Investment Strategies","field":"Economics, Econometrics and Finance","cited_by":0,"is_retracted":false,"has_abstract":true,"ca_institutions":"CARE Canada","funders":"","keywords":"Benchmarking; Accountability; Benchmark (surveying); Incentive; Delegation; Corporate governance; Fund administration; Manager of managers fund; Investment fund","routes":{"ca_aff":true,"ca_fund":false,"ca_venue":false,"about_ca":false,"invisible_to_affiliation_only":false},"retraction":null,"screen":null,"direct_labels":[],"prediction":{"model_version":"metacan-v3-hybrid-931329e0061c","candidate_categories":[],"consensus_categories":[],"category_scores_codex":[0.01187291,0.0007230042,0.0007397492,0.001139339,0.001083878,0.004765457,0.00106845,0.001738731,0.003952268],"category_scores_gemma":[0.04440966,0.0004167471,0.0003119043,0.001078994,0.002353693,0.00403634,0.004531311,0.001748626,0.000750727],"about_ca_system_candidate":false,"about_ca_system_consensus":false,"about_ca_system_score_codex":0.00222414,"about_ca_system_score_gemma":0.00306435,"about_ca_topic_candidate":false,"about_ca_topic_consensus":false,"about_ca_topic_score_codex":0.002018774,"about_ca_topic_score_gemma":0.002230528,"domain_scores_codex":[0.9916217,0.004252836,0.0004346684,0.0009092339,0.001469042,0.001312554],"domain_scores_gemma":[0.9756204,0.006862111,0.007038813,0.005217997,0.002220588,0.003040129],"domain_codex":null,"domain_gemma":null,"domain_candidate":null,"domain_consensus":null,"study_design_codex":"theoretical_or_conceptual","study_design_gemma":"theoretical_or_conceptual","study_design_scores_codex":[0.0006641383,0.0007461776,0.0297271,0.0002516092,0.0001025852,0.0003429205,0.001948927,0.08142353,0.01451121,0.575878,0.006852782,0.2875511],"study_design_scores_gemma":[0.0005160294,0.00107225,0.02867299,0.0002529127,0.00008703546,0.000360261,0.001122168,0.1477187,0.01139936,0.7796187,0.02893164,0.0002479629],"study_design_candidate":"theoretical_or_conceptual","study_design_consensus":"theoretical_or_conceptual","genre_codex":"empirical","genre_gemma":"empirical","genre_scores_codex":[0.4661718,0.0007241997,0.4220307,0.008730241,0.0002465108,0.0004079809,0.0001736441,0.001193215,0.1003219],"genre_scores_gemma":[0.9856096,0.00005917591,0.01218899,0.0001794292,0.00004119554,0.00005879755,0.00001348956,0.00002716492,0.001822169],"genre_candidate":"empirical","genre_consensus":"empirical","teacher_disagreement_score":0.01187291,"threshold_uncertainty_score":0.06279075,"prediction_status":"machine_predicted_unvalidated"},"machine_scores":{"provisional":true,"baseline":true,"maturity_gate_passed":false,"score_opus":0.02327619564785539,"score_gpt":0.2348098238305278,"score_spread":0.2115336281826725,"validation_status":"score_only:v0-immature-baseline","note":"Baseline scores from an immature model (maturity gate not passed). Scores rank; they never assert a category."}}