apter 7: 2. Juan Varga is concerned about the performance and investment positions of an investment firm he hired five years ago. The firm, Galicia Investment Management, has been tasked with managing an active portfolio with a developed market mandate (MSCI World countries). Galicia is a well-known value manager. Varga performs some returns-based style analysis and finds the following results for the past two years (each quarterly snapshot is the result of a regression using the prior 36 months return data).