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Which of the following is true about the comparison universe? a.Portfolio rankings can be misleading because some managers follow a particular portfolio subgroup and therefore

Which of the following is true about the comparison universe?

a.Portfolio rankings can be misleading because some managers follow a particular portfolio subgroup and therefore portfolios are not truly comparable.

b.The 50th percentile manager has a better investment performance than the 70th percentile manager.

c.It is used to measure the relative performance of a set of investment managers with different risk characteristics.

d. It is an active management strategy which involves a comparison of different stocks with high beta values.

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