The endowment of a medium-size public University is looking for qualified individuals to advise on portfolio allocation of its financial assets. The selection is done on competitive basis. The first part of the application is to write a research report that is at least 1,000 worlds in length on the subject of sector investing. One can easily and cheaply invest in a passively managed index-based highly diversified fund consisting of stocks in all sectors such as Vanguard Total Market exchange-traded fund (ticker: VTI). Alternatively, one can choose an active investing strategy while overweighting some sectors and underweighting some others. There are 11 Vanguard sector exchange-traded funds (ETFs) in total: Communication Services (ticker: VOX), Consumer Discretionary (ticker: VCR), Consumer Staples (ticker: VDC), Energy (ticker: VDE), Financials (ticker: VFH), Health Care (ticker: VHT), Industrials (ticker: VIS), Information Technology (ticker: VGT), Materials (ticker: VAW), Real Estate (ticker: VNQ), Utilities (ticker: VPU). The research note should provide a compelling analysis on justifying a selection of three sectors to overweight and another three sectors to underweight in the endowments domestic equity portfolio relative to a passively managed index-based highly diversified fund for an investment period of 12 months. The analysis should perform comparison of all 11 sector ETFs to provide convincing rationale for your selections. Simply saying that former outperformers will keep outperforming and former underperformers will keep underperforming does not require much effort or even a college degree and will not get you a contract with our endowment. The research report must be at least 1,000 worlds in length. It can contain any graphical materials (plots, chart, graphs, diagrams) from online sources that will not count toward the required minimum length.