We know that Diversification Return = Geometric Mean Return - Strategic Return. Select one:

a. The diversification return then might be argued to serve as a measure of the added geometric return that diversification and/or rebalancing can generate through the reduction of risk caused by assembling imperfectly correlated risky assets into a portfolio.

b. The strategic return can be obtained through any portfolio rebalancing of the underlying assets.

c. Strategic return is never used as a hypothetical benchmark for evaluating portfolios actual geometric mean returns.

d. The strategic return is a key concept in diversification return and it has very clear economic meaning.