Which of the following statements would be FALSE? 1. The comparison universe is a set of mutual funds with similar risk characteristics to your mutual fund. II. The comparison universe is the set of all mutual funds in the world. III. The comparison universe is the set of all mutual funds in the U. S. IV. A portfolio manager's ranking within a comparison universe may not provide a good measure of performance because portfolio returns may not be calculated in the same way. III only All of the above III and IV II, III, and IV