Question: 3 Given the following tracking error and correlations to various potential benchmarks: a. What is the best benchmark to use for analyzing Marlager X's performance

3 Given the following tracking error and correlations to various potential benchmarks: a. What is the best benchmark to use for analyzing Marlager X's performance and why? b. Is Manager X truly an active manager or a passive manager? Support your answer. c. Could the best benchmark for Manager X be considered as a benchmark at the portfolio level? Why or why not? Manager X tracking errors and correlations to indexes: Tradeable Tracking error Correlation S&P Global Natural Resources Index Yes 9.50% 0.9 HFRI Long/Short Equity Index No 3.20% 0.8 MSCI Frontier Market Index Yes 0.80% 0.98

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