a) Consider the following trading and performance data for two different equity mutual funds: Fund X Fund Y Assets under management, 875.2 1357.8 Average for past 12 months (m) Security sales, 64.3 1254.21 Past 12 months (m) Expense ratio (%) 0.26 1.13 Pre-tax return, 3-year average (%) 3.11 6.51 Tax-adjusted return, 3-year average (%) 2.2 4.51 (i) Calculate the portfolio turnover for each fund. Which fund is most likely to be actively managed and which is most likely to be a passive fund? Explain your answer. (10 marks) (ii) Calculate the tax cost ratio for each fund. Which fund is more tax efficient? Explain your answer. (10 marks)