Upon retirement, Sean wants to invest his super in a fund where the manager is able to apply market timing and asset selection skills to generate a high return primarily from capital appreciation. Sean does not mind restrictions on redeeming his capital. Given the following advertisements of funds, which fund is best suited to Seans investment preferences?

a.

Fund C: Actively managed, open-ended, Growth Fund earning 8%

b.

Fund D: Actively managed, closed-ended, Aggressive Growth Fund earning 10%

c.

Fund B: Actively managed, open-ended, Income Fund earning 8%

d.

Fund A: Passively managed, closed-ended, Balanced Fund earning 10%

e.

Fund E: Passively managed, closed-ended, Global Equity Fund earning 9%