Once we have determined the appropriate intermediate-term asset allocation for the portfolio, we select the best investment vehicles and managers for each asset class. The appropriate investment vehicle may be a passive index product if the market is highly efficient and if tax and cost considerations are paramount. Alternatively, we may use active managers if we believe that active management may generate superior results. Where active managers are used, we carefully evaluate the universe of managers and select those exhibiting superior traits. We use internal and external sources to evaluate investment vehicles and managers.