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Suppose a PM who manages against the S&P 500 as the funds benchmark puts 1 percent of the funds assets in the common stock of
Suppose a PM who manages against the S&P 500 as the funds benchmark puts 1 percent of the funds assets in the common stock of Exxon Mobil. Is the PM taking a position for or against Exxon Mobil, and other stocks in the S&P 500?
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