Question 4 (1 point)

A fund has excess performance of 1.5%. In looking at the fund's investment breakdown, you see that the fund overweighted equities relative to the benchmark and that the average return on the fund's equity portfolio was slightly lower than the equity benchmark return. The excess performance for this fund is probably due to ________.

Question 4 options:

	finding securities with positive alphas
	better sector weightings in the equity portfolio
	the asset allocation decision
	security selection ability