A portfolio manager applies a combination of high yield and quality 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? a. Top-down macroeconomic analysis and industry rotation b. Time-varying exposures to yield and quality factors based on forecasted performance of the factors C. Static exposure to the yield factor and quality factor consistent with those of the benchmark d. Bottom-up security selection looking for high-quality stocks with high yield