When a new actively managed equity mutual fund is introduced in the market, the fund will have all of the following characteristics, except

a The new fund will have a large capitalized equities bias.

b The new fund will have a small capitalized equities bias.

c The new fund will have the smallest assets under management (AUM) compared with the other (and older) funds from the same fund company.

d The new fund will have the highest management fees compared with all other (and older) funds from the same fund company.

e The new fund will cannibalize (take away) capital flows from the other (and older) funds from the same fund company.