Trinity Capital prides itself on its low$-$cost$,$ low$-$turnover trading process. Its clients appreciate that it can demonstrate lower

trading costs than its competitors but are concerned that its live performance is consistently below what its equity$-$selection model

indicates it could have achieved. The shortfall is most likely attributable to:

Select one

A$.$ The opportunity cost of not executing recommended trades quickly or at all in an effort to reduce transactions costs

B$.$ Lookback bias built into the model

C$.$ Mismeasurement of transactions costs

D$.$ Failure to account for "cash drag" in the actual portfolio