Bill wants to evaluate his fund manager's skills by using "active shares". Which of the following statement(s) are correct? Check all that apply. 1. Active shares measures the magnitude of fund returns that have exceeded the benchmark returns. II. Active shares is larger as the fund portfolio includes stocks that are not included in the portfolio of the underlying benchmark. III. Active shares is unchanged if the fund's portfolio includes all the stocks from the benchmark portfolio. IV. Active shares measures the fund's expected risk premium given the level of systematic risk