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Which of the following is NOT a reason why mutual fund managers fail to beat their benchmarks, on average? Mutual funds incur trading costs whereas

Which of the following is NOT a reason why mutual fund managers fail to beat their benchmarks, on average?

Mutual funds incur trading costs whereas benchmarks do not.

Mutual funds charge expense ratios whereas benchmarks do not.

Mutual funds tilt their portfolios towards safer stocks relative to their benchmarks.

Mutual funds tilt their portfolios towards riskier stocks relative to their benchmarks

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