Select the best answer regarding Active, Passive, and Semi-Active portfolio management styles:

a. Semi-Active portfolio managers seek to out-perform the market while keeping the portfolios allocation close to the same allocation as the portfolios benchmark.

b. Passive portfolio managers use an indexing approach which allows the portfolio to be allocated according to a short-term tactical allocation which can vary considerably from the long-term strategic allocation.

c. Active portfolio managers actively seek the lowest-cost investment strategies since these usually produce the best returns given the amount of risk taken.