Which of the following is NOT an example of active investing? Group of answer choices

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

b) 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.

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

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

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