A group of money managers of similar investment style used to assess relative performance of a portfolio manager.
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A group of comparable peer money managers against whose performance a single money manager is assessed. This is done periodically to maintain competitiveness and to judge a particular manager's performance. The practice has become controversial as some believe that comparison universes are too broadly defined to demonstrate the skill of a particular manager accurately and that they suffer from survivor bias because bad managers drop out or are fired. See also: Evaluation Period.
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