presentation - Legal & General

PASSIVE INVESTING – GOING UNDER THE BONNET (HARD DRIVE)! 13ACTIVE AND PASSIVECONCLUSION.• Index– No nasty surprises– Lower charges– M&A and takeovers– No star fund manager– Cannot take bets• Active– Flexibility– Reactive (news/trends)– Fund Manager’s experience andchoice– Picking the winners• Balanced approach• Black and white rarely succeed– Need for flexibility