Awnser only d please

a) Briefly explain the difference between security selection and market timing in Equity Portfolio construction. b) Explain why security selection portfolios increase their total risk but active management strategies still use them. c) Briefly explain how pure selectivity is defined and measured in Fama's decomposition. d) The following data is on the performance of a fund and the market: What is the return from pure selectivity in the above portfolio's performance. a) Briefly explain the difference between security selection and market timing in Equity Portfolio construction. b) Explain why security selection portfolios increase their total risk but active management strategies still use them. c) Briefly explain how pure selectivity is defined and measured in Fama's decomposition. d) The following data is on the performance of a fund and the market: What is the return from pure selectivity in the above portfolio's performance