The best benchmark choice for a managed portfolio is the index:

Select one:

a. which has a purpose (e.g. "style") closest to the stated objectives of the managed portfolio

b. which, when used as a benchmark, provides the lowest variance

c. which, when used as a benchmark, provides the greatest alpha

d. which, when used as a benchmark, provides the lowest tracking error

e. which has a purpose (e.g. "style") closest to the actual stock holdings of the managed portfolio