Question: consider the following trading and performance data for four different equity mutual funds Fund W Fund X Fund Y Fund Z Asset unde rManagement $

consider the following trading and performance data for four different equity mutual funds

Fund W Fund X Fund Y Fund Z

Asset unde rManagement $ 289.4 $ 653.7 $ 1,298.4 $ 5,567.3 avg for past 12 months (mill)

Security Sales, $ 37.2 $ 569.3 $ 1,453.8 $ 437.1 Past 12 months(mil) Expanse Ratio 0.33% 0.71% 1.13% 0.21% Pretax return, 3-yr average 9.98% 10.65% 10.12% 9.83% Tax adjusted Return 9.43% 8.87% 9.34% 9.54%

a. Calculate the portfolio tutnover ratio for each fund

b. Which two funds are most likely to be actively managed and which two are most likely passive funds? Explain.

c. Calculate the tax cost ratio for each fund.

d. Which funds where the most and least tax efficient in the operations? Why?

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