Mark Washington, CFA, is an analyst with BIC. One year ago, BIC analysts predicted that the U.S. equity market would experience a slight downturn and suggested delta-hedging the BIC portfolio. U.S. equity markets did indeed fall, but BIC's portfolio performance was disappointing, lagging its peer group by nearly 10%. Washington is reviewing the options strategy to determine why the hedged portfolio did not perform as expected. Which of the following best explains a delta-neutral portfolio? The return on a delta-neutral portfolio is hedged against: small price changes in the underlying asset. small price decreases the underlying asset. any small price change in the underlying asset