RT Journal Article SR Electronic T1 Style Investing—To Be or Not To Be JF Special Issues FD Institutional Investor Journals SP 75 OP 82 VO 2003 IS 1 A1 Edward Kung A1 Lawrence Pohlman YR 2003 UL https://pm-research.com/content/2003/1/75.abstract AB The institutional community has strong prior belief that vastly different skill sets are needed to manage value and growth portfolios. Therefore, having separate value and growth managers should enable pension plan sponsors to maximize the ability to pick value or growth stocks and ultimately achieve superior performance. This article exams the differences between hiring value and growth managers or hiring a core manager. The results show that investors would have been better served by hiring a core manager with broad knowledge and latitude in investing in small companies, rather than managers constrained by the classic value and growth style subsets. For small-cap managers, core outperforms the combined value and growth approach with lower overall risk and better risk-adjusted returns both in the short (six years) and long term (15 years).