9. Modelling and evaluation of the pension fund's performance Pension funds commonly maintain a portfolio of stocks as well as a portfolio of bonds. Let MKT represent general stock market conditions and MAANAB represent the abilites of the pension fund's management, while R r represents the risk-free rate and RP represents the risk premium. What is the best way to model the change in the value of a pension fund's stock portfolo? V=fRf,RP)V=f(R,ARP,AMANAB)V=fAR,MANAB)AV=f(MKT,MANAB) Consider an sctively managed pension fund that has a bond portiolio. The fund's performance can be evaluated by comparing its return to which of the following? An exchange-traded fund representing the stock index A benchmark bond index A most conservative irvestment plan A most aggressive investment plan