A portfolio manager is considering two options for a benchmark. The first is an absolute return based on a minimum return target of 9.5% and the second is the median of the US large cap core equity manager universe. Which of the following properties of a valid benchmark do these two options possess?

1. Specified in advance
2. Investable
3. Measurable
4. Unambiguous

You are trying to understand why your large-cap, core equity portfolio underperformed relative to its benchmark and perform a sector attribution analysis based on the past year:

Sector	Sector Returns	Portfolio Weights	Benchmark Weights
Information technology	10.75%	18.71%	19.06%
Consumer staples	12.31%	16.52%	16.10%
Energy	8.63%	9.38%	9.53%
Utilities	-3.92%	15.65%	14.87%

From this analysis, which sector is the primary contributor to the core portfolios underperformance relative to its benchmark?

1. Energy
2. Utilities
3. Information technology
4. Consumer staples