Question 3 Rangers around each asset are considered to allow for tactical portfolio positioning. Ranges can be narrow or wide. For example, if the SAA allocates 20% to bonds, then a range of 18% to 22% for bonds is considered narrow compared with a range of 10% to 30%. a) (1.3 marks) Explain how ranges should be used to take advantage of future market conditions b) (1.5 marks) Explain if ranges restrict portfolio managers to conduct their business of maximising investment returns, or provide any benefit to the principals (investors)? c) (1 mark) What actions should the portfolio managers take if a range is breached