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