How do fund managers react to market sentiment, fund returns and index returns in the light of Active Share?

Market sentiment, past index returns and fund’s past index-adjusted returns affect how much fund holdings differ from its benchmark. Generally, high uncertainty drives funds towards the benchmark whereas certainty work in the opposite way. The largest effect of past index and index-adjusted returns comes from the distance from the zero-level which is 9% for index and -3% for index-adjusted returns. My results imply that fund managers go towards their benchmark when investors would need them to be active: when the market environment is uncertain or the benchmark return has decreased