Pivot Table:

Count of Outperform/Underperform	Column Labels
Row Labels	Outperform	Underperform	Grand Total
Russell 2000 Growth TR USD	16%	84%	100%
Russell 2000 TR USD	24%	76%	100%
Russell 2000 Value TR USD	43%	57%	100%
S&P 500 Growth TR USD	0%	100%	100%
S&P 500 TR USD	9%	91%	100%
S&P 500 Value TR USD	40%	60%	100%
Grand Total	13%	87%	100%

Describe the results of the analysis reflected in the pivot table. Did active management work? Address the following:

i) Identify which categories underperformed and which outperformed.

ii) State what your overall results indicate about the validity of active management. Will rate if answer is correct