Active share is an important manager evaluation tool but it does not necessarily translate into superior returns. It is one of several risk measures which can help assess a manager, but it gives no indication of manager skill. High active share is often profiled as "better" but it creates a dilemma – portfolios can exhibit risk concentrations which may lead to volatile return streams for investors. Low active share funds should not be excluded from asset allocators' tool kit. Investing in low active share, diversified portfolios can deliver consistent alpha without overriding the investor’s equity allocation decision. Combining passive and active approaches in a low active share solution can be an effective and efficient way of accessing equity markets.