Consider the following statements.1. Active managers have higher transaction costs2. Active management strategies incur higher taxes.3. Active managers do not stay fully invested in equities and are poor market timers.4. Active managers are less exposed to behavioural biases5. Active managers trade too infrequently. Which of the above is (are) not a reason for why active managers under-perform passive managers? Select one:O a. Statement (1) and statement (2)O b. Statement (2) and statement (3)O c. Statement (3) and statement (4)O d. Statement (1) and statement (4)O e. Statement (4) and statement (5)