After years in which many large institutions channeled their focus and resources into private markets, investors are taking a harder look at the stocks, bonds, and other public securities that still make up the bulk of their portfolios. Some institutional investors, in revisiting their public market exposures, are finding that broad index strategies come with structural frictions — from reconstitution effects to hidden cash positions — that can materially shape returns.

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Podcast: What Institutions Missed While Chasing Private Markets