Question 4 a) "Time-weighted average returns may not represent true investment performance; however, it is well justified for the fund managers to report the time-weighted average returns as a measure of fund performance." Do you agree or disagree? Discuss your answers with explanations. b) BLK High Conviction Fund is an actively managed fund that invests in 10 to 20 global companies. On the other hand, PLT High Conviction Equities Fund invests in maximum of 25 Australian and International companies. These funds promise to deliver above average risk-adjusted abnormal return to its investors. Jenny is the manager of a large pension fund, and she is planning to include an actively managed portfolio within her existing well-diversified portfolio. For this purpose, Jenny also wants to compare the high conviction funds offered by BLK and PLT asset management. i. Suggest an appropriate risk-adjusted investment performance measure to Jenny for this purpose. ii. Define this measure and briefly discuss how this measure should be interpreted. iii. Provide reasons why your selected measure is appropriate for Jenny's investment scenario. Question 4 a) "Time-weighted average returns may not represent true investment performance; however, it is well justified for the fund managers to report the time-weighted average returns as a measure of fund performance." Do you agree or disagree? Discuss your answers with explanations. b) BLK High Conviction Fund is an actively managed fund that invests in 10 to 20 global companies. On the other hand, PLT High Conviction Equities Fund invests in maximum of 25 Australian and International companies. These funds promise to deliver above average risk-adjusted abnormal return to its investors. Jenny is the manager of a large pension fund, and she is planning to include an actively managed portfolio within her existing well-diversified portfolio. For this purpose, Jenny also wants to compare the high conviction funds offered by BLK and PLT asset management. i. Suggest an appropriate risk-adjusted investment performance measure to Jenny for this purpose. ii. Define this measure and briefly discuss how this measure should be interpreted. iii. Provide reasons why your selected measure is appropriate for Jenny's investment scenario