A portfolio manager applies a combination of value and low-volatility investment strategies and uses a custom benchmark to measure its performance. Which of the following is least likely to be a source of alpha for this portfolio manager? Select one: a. Static exposure to the value factor and low-volatility factor consistent with those of the benchmark b. Top-down macro and industry selection c. Time-varying exposures to value and low-volatility factors based on forecasted performance of the factors d. Bottom-up security selection looking for high-quality value stock

Q: process

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Portfolio Management

Portfolio management is the process by which an investor decides that how the person will invest in a variety of assets in order to get a desired return in the future. A portfolio means a pool of assets that includes securities, bonds, and other investment instruments which helps in risk minimization of the money that has been invested. In other words, it can be said that a portfolio means a combination of assets in which an investor decides to invest their money in order to get a lump sum return in the future or even a series of cash flow that the person is expecting at the end of their job life.