You are a portfolio manager tasked with managing an equity portfolio for a pension fund. The fund's investment mandate emphasizes long$-$term capital

appreciation while managing risk.

a$)$ Outline and justify three different equity portfolio management strategies that you could employ to achieve these objectives $(3$ marks$)$

b$)$ Discuss the advantages and disadvantages of each strategy, considering factors such as market conditions, risk tolerance, and investor preferences. $(3$ marks$)$

c$)$ Recommend the most suitable strategy for the pension fund's equity portfolio, providing reasoning for your choice. $(4$ marks$)$