According to the fundamental law of active management: IR = IC × √BR × TC

• Breadth (BR): An increase in breadth increases √BR, which directly increases the information ratio, all else equal.

• Active Risk: Active risk appears in the calculation of expected active return (IR × Active Risk), but not in the IR formula itself. Increasing active risk doesn't increase IR.

• Binding Constraints: Constraints reduce the transfer coefficient (TC), which decreases the information ratio.

Therefore, the ex-ante information ratio will most likely increase with an increase in breadth.