They just get trained to index-hug and go very conservatively on established revenue etc.
can vary wildly from manager to manager. Some have analyst teams and pick stocks and therefore have really high concentration and accept large tracking error (that is the variance between index returns and their returns is high), and like you said there are index huggers who have a large diversified approach (less tracking error) but look to outperform the index in other ways (e.g. sector rotation, emphasizing factors depending on where they think they are in the business cycle etc).
MSB is tricky because it has a relatively large cap but doesn't have (materially) revenue on the books yet. I wouldn't expect your average fundie to "boil the ocean" on this one yet (active managers would be filtering out companies like mesoblast based on high level cookie cutter metrics like P/B, net profit, Debt/EBITDA etc etc).
I am waiting for the revenue to hit the books, then they will all pay attention, and then there will be a material price appreciation, IMO.
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