Which driver is associated with asset gatherers?

The correct answer highlights the relationship between beta drivers and asset gatherers in the context of investment performance. Beta drivers are associated with the systematic risk of a portfolio, which relates to how that portfolio or asset behaves in relation to the broader market. Asset gatherers, which typically refer to investment firms primarily focused on accumulating assets under management (AUM), are often influenced by market movements, as they rely on capturing the return associated with market risk. As market conditions improve, these firms usually see an increase in asset inflow, which bolsters their AUM and fees derived from management services.

In contrast to alpha drivers, which focus on the generation of excess returns above a benchmark, asset gatherers generally operate in environments where the primary goal is to maintain and grow AUM rather than to achieve high levels of active management or style returns. Market drivers and liquidity drivers also play roles in investment performance and asset management, but they do not directly correlate with the passive accumulation of assets as strongly as beta drivers do. This understanding positions beta drivers as central to the operations and success of asset gatherers, highlighting their dependence on broader market movements.