Fund managers should be tired of the 40-year debate over whether investors should back stock-pickers or index-trackers.

Thankfully, some of the arguments have been less barbed and there's been an acknowledgement on both sides that it isn't actually an either/or proposition.

Put simply, there are just as many reasons to forgo the traditional route of picking winners as there are for ignoring a blunt index weighting.

Many advocates of one investment style are quite happy to use the other when it suits.

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