Investment style aiming to outperform its benchmark index by over- and underweighing certain titles contained therein. The thesis about the efficiency of capital markets states that the market prices of the individual investment opportunities always correspond exactly to their actual value. If the thesis about the efficiency of capital markets is wrong, an outperformance against the market or index return can be achieved through stock selection. In addition to stock selection, an active investment strategy also attempts to achieve outperformance through targeted deviations from the strategic weightings of the individual asset classes (timing, e.g. by selling shares before an expected price decline).