Problem 11-08 1 12% 12 44% 0 10 3 9 4 7 0 5 6 0 6 7 0 10 12 10 12 10 12 10 10 10 7 14 28 Shown below are the investment weights for the securities held in four different portfolios: three mutual funds and the benchmark index that each those funds uses. % Security Investment Weight: Security Benchmark Index Fund X Fund Y Fund z 11% 14% 11 11 11 11 11 11 11 8 9 11 15 10 11 a. Calculate the active share (AS) measure for Fund X, Fund y, and Fund Z relative to the benchmark index. Do not round intermediate calculations. Round your answers to one decimal place. Fund X: Fund Y: Fund Z: b. Using active share calculations above, indicate which fund is the most likely to be considered: (1) a passive index fund, (ii) a closet (or enhanced) index fund, and (ii) an actively managed concentrated stock-picking fund. Explain the reason for your classification 8 0 0 0 % 11 8 0 10 11 15 0 10 10 11 5 0 10 a. Calculate the active share (AS) measure for Fund X, Fund Y, and Fund Z relative to the benchmark index. Do not round intermediate calculations, Round your answers to one decimal place. Fund X: % Fund Y: % Fund 2: b. Using active share calculations above, Indicate which fund is the most likely to be considered: (1) a passive Index fund, (tt) a closet (or enhanced) index fund, and (W) an actively managed concentrated stock-picking fund. Explain the reason for your classification Fund X is considered -Select because, it Select in the investment weights of holdings relative to the benchmark index Fund Y is considered -Select- because, it is Select concentrated than the benchmark and has -Select holdings and -Select- investment positions. Fund Z is considered -Select- because its security holdings come closer to matching the benchmark, -Select