Shown below are the investment weights for the securities held in four different portfolios: three mutual funds and the benchmark index that each of those funds uses. Security 1 2 3 4 10 5 6 7 8 9 % % % Security Investment Weight: Fund X Fund Y Benchmark Index 11% 11 11 11 11 11 11 11 11 11 8% 14 15 15 11 7 7 6 10 13 39% 0 5 0 0 0 29 30 0 25 Fund X is considered. -Select- investment weights of holdings relative to the benchmark index. Fund Z 12% 10 10 10 12 10 12 12 10 a. Calculate the active share (AS) measure for Fund X, Fund Y, and Fund Z relative to the benchmark index. Do not round intermediate calculations. Round your answers to one decimal place. Fund X: % Fund Y: Fund Z: b. Using active share calculations above, indicate which fund is the most likely to be considered: (i) a passive index fund, (ii) a closet (or enhanced) index fund, and (iii) an actively managed concentrated stock-picking fund. Explain the reason for your classification. 9 10 because, it -Select- V in the Fund Y is considered -Select- because, it is -Select- v concentrated than the benchmark and has -Select- holdings and -Select- investment positions. Fund Z is considered -Select- V because its security holdings come closer to matching the benchmark, -Select-