Dear Mr Dool, II have read your presentation at Research gate on Estimating Capacity for Equity Investment Processes. Very interesting but one thing is not entirely clear to me. In the presentation, the static approach to calculating capacity is explained using the following formula: C = P x M x C. M and C are clear to me P is not. What does this participation rate represent? For example, if I want to calculate the capacity of an active manager who uses the MSCI AC Asia Ex Japan index as a benchmark. My goal is to get a first impression of capacity in a particular universe. For this, I need a simple calculation, and maybe I can use this formula for this.