Ben lives in Austin, Texas. Which is the new western office for PIMCO $($a major mutual

fund company$).$ Within his $401($k$),$ Ben has the option to invest in PIMCO funds, Fidelity

funds, and Vanguard funds. He picks all PIMCO funds except for the Vanguard Total

Market Index fund. This scenario best describes:

home bias.

familiarity bias.

local bias.