Question 9.1 (3 marks) Which of Ellingtons concerns best justifies his decision to reject the proposed benchmark? A. Concern 1 B. Concern 2 C. Concern 3 Question 9.2 (3 marks) Based on Exhibit 1, the expected active return from asset allocation for Fund X is: A. negative. B. zero. C. positive. Question 9.3 (3 marks) Based on Exhibit 1, which fund is expected to produce the greatest consistency of active return? A. Fund X B. Fund Y C. Fund Z Question 9.4 (3 marks) Based on Exhibit 1, combining Fund W with a fund that replicates the benchmark would produce a Sharpe ratio closest to: A. 0.44. B. 0.56. C. 0.89. Question 9.5 (3 marks) Based on the data presented in Exhibit 2, the candidate with the greatest skill at achieving active returns appears to be: A. Candidate A. B. Candidate B. C. Candidate C