Almost spot on, except for the part where you say most fund managers don’t agree to lend out their stock. Most of them do agree. The fees received are offset against the
Prime brokerage costs of the custodian. If fund A agrees, and fund B doesn’t, fund A will outperform even with an identical portfolio. That is why they do it.
ORE Price at posting:
$4.01 Sentiment: Buy Disclosure: Held