Which of the following is NOT an example of active investing?

Allocating capital to equities on a capitalisation pro-rata basis, so that large firms have a higher allocation than small firms.

Allocating capital to equities that are forecasted to have higher earnings growth, so that higher earning firms have higher allocation than those that are forecasted to have lower earning growth.

Overweighting cyclical industry sectors against the benchmark during an upturn in the business cycle

Only investing in firms whose intrinsic value today is greater than its current market price

Over-weighting short term government bonds against long term bonds during a period of economic expansion