Shown below are the investment weights for the securities held in four different portfolios: three mutual funds and the benchmark index that each of those funds uses. 

a. Calculate the active share (AS) measure for Fund X, Fund Y, and Fund Z relative to the benchmark index. 

b. Using these active share calculations, indicate which fund is the most likely to be considered: (i) a passive index fund, (ii) a closet (or enhanced) index fund, and (iii) an actively managed concentrated stock-picking fund. Explain the reason for your classification.

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% Security Investment Weight: Security Benchmark Index Fund X Fund Y Fund Z 1 10% 12% 40% 11% 2 10 13 9. 3 10 8 4 10 15 10 7 11 10 10 11 7 10 30 9 8 10 14 11 10 6. 11 10 10 10 25 9.