This figure shows the average exposure to standard passive investment indices for each GSC style category. Notice that GSC style 1 has the greatest percentage exposure to S&P 500 index returns, while GSC style 6 has the greatest exposure to small stock returns. The procedure used for measuring these exposures is similar to the one developed by William Sharpe. In effect, these weights are regression betas estimated with positivity contraints and then scaled to sum to one.