Problem $11-08$

Shown below are the investment weights for the securities held in four different portfolios: three mutual funds and the benchmark index that each of those funds uses.

a$.$ Calculate the active share $($AS$)$ measure for Fund X$,$ Fund $V,$ and Fund $Z$ relative to the benchmark index. Do not round intermediate calculations. Round your answers to one decimal place.

Fund $x$ :

$\%$

Fund $V$ :

Fund $z$ :

Fund $2$: $,\%$

Fund $x$ is considered a doset $($or enthanced$)$ index fund

because, it

$]$ in the investment weights of holdings relative to the benchmark index.

Fund $Y$ is considered an actively managed concentrated stock$-$picking fund

because, it is more

concentrated than the benchmark and has fewer

holdings and

investment positions.

Fund $Z$ is considered

because its security holdings come closer to matching the benchmark, both in number of holdings and the investment weights of those holdings $V.$