Question: 1 In the benchmark model, R p , t R f , t = p + p ( R m , t R f ,

1 In the benchmark model, R p , t R f , t = p + p ( R m , t R f , t ) + p , t R p,t R f,t = p + p (R m,t R f,t )+ p,t which of the following best describes the meaning of p p ? 1 point The average return not explained by the benchmark The exposure of the portfolio return to the benchmark Deviations in returns on the portfolio from the benchmark All of the above

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