2025年CFA二級《投資組合管理》模擬考試時間：______分鐘總分：______分姓名：______Part1:MultipleChoiceQuestions1.Aninvestorhasarisktoleranceof15%andarisk-freerateof2%.Themarketportfoliohasanexpectedreturnof10%andastandarddeviationof20%.AccordingtotheCapitalAssetPricingModel(CAPM),theexpectedreturnonaportfoliofullyinvestedinthemarketportfoliowouldbe:A)2%B)10%C)15%D)18%2.WhichofthefollowingstatementsismostaccurateregardingtheSharperatioandtheSortinoratio?A)TheSharperatiousestotalriskinthedenominator,whiletheSortinoratiousesdownsiderisk.B)TheSortinoratiousestotalriskinthedenominator,whiletheSharperatiousesdownsiderisk.C)Bothratiosusestandarddeviationastheriskmeasureinthedenominator.D)Bothratiosareequallyeffectiveforalltypesofinvestors.3.Aportfoliomanagerconstructsaportfoliowithanexpectedreturnof12%andastandarddeviationof15%.Therisk-freerateis4%.IfthemanagerwantstoachieveaSharperatioof0.80,whatistheminimumweightedreturnoftheriskyassetsintheportfolio?A)8.0%B)10.0%C)12.0%D)14.0%4.Aninvestorholdsawell-diversifiedportfoliowithabetaof1.2.Themarketriskpremiumis5%.Iftherisk-freerateis3%,whatistheexpectedreturnontheinvestor'sportfolioaccordingtotheCapitalAssetPricingModel?A)3.0%B)6.0%C)9.0%D)12.0%5.WhichofthefollowingisgenerallyconsideredadisadvantageoftheBuyandHoldstrategy?A)HightransactioncostsB)Potentialforsuperiorrisk-adjustedreturnsC)RequiresconstantmonitoringofthemarketD)Mayunderperformintrendingmarkets6.Aportfoliomanagerusesatop-downassetallocationapproach.Whichofthefollowingismostlikelythefirststepthemanagerwouldtake?A)Selectspecificsecuritiesthatfittheportfolio'sobjectives.B)Determinetheoptimalweightsforeachassetclassbasedonhistoricalreturns.C)Analyzeglobalmacroeconomicconditionsandindustrytrends.D)Evaluatetherisktoleranceandinvestmenthorizonoftheclient.7.Aclienthasalong-terminvestmenthorizonandamoderaterisktolerance.Whichofthefollowingassetallocationstrategieswouldlikelybemostappropriateforthisclient?A)100%stocksB)60%stocksand40%bondsC)30%stocksand70%bondsD)100%bonds8.Aportfolioisrebalancedannually.Whichofthefollowingisapotentialdisadvantageoffrequentrebalancing?A)MayincreasetransactioncostsB)MayimproveportfolioperformanceC)ReducestheimpactofmarketvolatilityD)Alignstheportfoliomorecloselywiththeinvestor'sgoals9.AportfoliomanagerusestheEfficientFrontiertodeterminetheoptimalportfoliomix.Whichofthefollowingstatementsismostaccurate?A)TheEfficientFrontieronlyconsidersriskandreturn,ignoringotherfactorslikeliquidity.B)PortfoliosthatliebelowtheEfficientFrontierareconsideredinefficientandshouldbeavoided.C)TheEfficientFrontierisindependentoftherisk-freerate.D)TheEfficientFrontierrepresentsallpossibleportfoliosthatofferthehighestreturnforagivenlevelofrisk.10.WhichofthefollowingisakeyassumptionoftheCapitalAssetPricingModel(CAPM)?A)Investorsarerisk-averseandpreferhigherreturnsforhigherrisk.B)Therearenotaxesortransactioncosts.C)Allinvestorshavethesameinvestmenthorizon.D)Themarketportfolioisefficientandincludesallriskyassets.11.Aportfoliomanagerusesafactormodeltoexplainthereturnsofaportfolio.Whichofthefollowingfactorsismostlikelyincludedinthemodel?A)CompanysizeB)InterestrateC)InflationD)Industryexposure12.WhichofthefollowingisapotentialcriticismoftheSharperatio?A)Itdoesnotconsidertherisk-freerate.B)Itgivesequalweighttoupsideanddownsiderisk.C)Itcanbemisleadingwhencomparingportfolioswithdifferentlevelsofleverage.D)Itisdifficulttocalculateforportfolioswithmanyassets.13.Aninvestorevaluatestheperformanceoftwoportfolios.Bothportfolioshavethesamereturnof12%.PortfolioAhasastandarddeviationof10%,whilePortfolioBhasastandarddeviationof15%.Whichofthefollowingstatementsismostaccurate?A)PortfolioAhasahigherSharperatio.B)PortfolioBhasahigherSharperatio.C)TheSharperatiosofbothportfoliosarethesame.D)ItisimpossibletocomparetheSharperatioswithoutknowingtherisk-freerate.14.Aportfoliomanagerbelievesthatthemarkethasunderestimatedthefuturegrowthpotentialofsmall-capcompanies.Whichofthefollowingactiveinvestmentstrategiesisthemanagermostlikelyemploying?A)ValueinvestingB)GrowthinvestingC)MomentuminvestingD)Indexing15.Whichofthefollowingisakeyconsiderationwhenconstructingaportfolioforaclientwithalowrisktolerance?A)MaximizingtheexpectedreturnB)Focusingonhigh-growthassetsC)DiversifyingacrossdifferentassetclassesD)ConcentratingtheportfolioinasinglesecurityPart2:WrittenQuestions1.Explainthedifferencebetweentime-weightedrateofreturnandmoney-weightedrateofreturn.Provideonepracticalscenariowhereonemeasurewouldbemoreappropriatethantheother.2.Describethestepsinvolvedintheprocessofconstructingastrategicassetallocationplanforanindividualinvestor.Discussthekeyfactorsthatshouldbeconsideredateachstep.3.Aportfoliomanagerisevaluatingtheperformanceoftwomutualfunds.FundAhasanalphaof1.5%andabetaof1.2.FundBhasanalphaof0.5%andabetaof0.8.Assumingbothfundshavethesamerisk-freerateandmarketreturn,whichfundhasgeneratedabetterrisk-adjustedreturn?Explainyouranswer.4.Discusstheadvantagesanddisadvantagesofusingfactormodelsininvestmentportfoliomanagement.Provideexamplesofhowfactormodelscanbeusedtoimproveportfolioperformance.5.Describetheconceptofportfoliorebalancing.Explainthefactorsthataportfoliomanagershouldconsiderwhendecidingonthefrequencyandmethodofrebalancingaportfolio.6.Explaintheconceptofbehavioralfinanceandhowitcanimpactinvestmentdecisionsandportfolioperformance.Provideexamplesofcommonbehavioralbiasesthatinvestorsexhibit.7.Aclientisconsideringaddinganinternationalequityfundtotheirportfolio.Thefundhasahighcorrelationwiththeclient'sexistingportfolio.Discussthepotentialbenefitsandrisksofaddingthisfundtotheportfolio.Explainhowthecorrelationbetweenthefundscanimpacttheoverallriskandreturnoftheclient'sportfolio.8.Describethedifferencebetweenactiveandpassiveinvestmentstrategies.Discussthefactorsthataninvestorshouldconsiderwhendecidingbetweenthesetwoapproaches.9.Explaintheroleofassetallocationinaportfoliomanagementprocess.Discussthefactorsthatcaninfluenceaninvestor'sassetallocationdecision.10.Aportfoliomanagerisconsideringusingleveragetoenhancethereturnsofaportfolio.Discussthepotentialbenefitsandrisksofusingleverage.Explainhowleveragecanimpacttherisk-returnprofileofaportfolio.---試卷答案1.B解析：根據(jù)CAPM，E(Ri)=Rf+βi*[E(Rm)-Rf]。其中，E(Ri)是資產(chǎn)的預(yù)期回報率，Rf是無風(fēng)險利率，βi是資產(chǎn)的貝塔系數(shù)，E(Rm)是市場組合的預(yù)期回報率。[E(Rm)-Rf]是市場風(fēng)險溢價。題目中，Rf=2%，E(Rm)=10%，βi=1（因為題目說“fullyinvestedinthemarketportfolio”，所以βi等于市場組合的貝塔1），市場風(fēng)險溢價=[10%-2%]=8%。所以，E(Ri)=2%+1*8%=10%。2.A解析：Sharpe比率使用總風(fēng)險（以標(biāo)準(zhǔn)差衡量）作為分母，衡量的是每單位總風(fēng)險所獲得的超額回報。Sortino比率只使用下行風(fēng)險（以下行標(biāo)準(zhǔn)差衡量）作為分母，衡量的是每單位下行風(fēng)險所獲得的超額回報。因此，選項A最準(zhǔn)確。3.B解析：Sharpe比率=(Rp-Rf)/σp。題目中，Sharpe比率目標(biāo)為0.80，Rp（預(yù)期回報）為12%，Rf（無風(fēng)險利率）為4%，所以12%-4%=0.80*σp。解得σp（標(biāo)準(zhǔn)差）=8%/0.80=10%。這意味著投資組合的回報需要比無風(fēng)險利率高10%（即12%-4%=8%的excessreturn）來獲得0.80的Sharpe比率。這個8%的excessreturn是由承擔(dān)10%的標(biāo)準(zhǔn)差風(fēng)險所產(chǎn)生的。要找到最低的加權(quán)回報，假設(shè)全部投資于風(fēng)險資產(chǎn)（權(quán)重為1），則最低加權(quán)回報等于風(fēng)險資產(chǎn)的預(yù)期回報，即10%（即12%的預(yù)期回報中有8%是來自無風(fēng)險資產(chǎn)的4%，那么風(fēng)險資產(chǎn)的貢獻(xiàn)是12%-4%=8%，這個8%的excessreturn對應(yīng)著10%的風(fēng)險標(biāo)準(zhǔn)差，所以風(fēng)險資產(chǎn)的預(yù)期回報是12%）。但題目問的是最低*加權(quán)*返回。如果只考慮Sharpe比率定義下的風(fēng)險調(diào)整后回報實現(xiàn)目標(biāo)，風(fēng)險資產(chǎn)部分需要產(chǎn)生8%的超額回報（對應(yīng)10%波動率）。因此，最低*加權(quán)*回報應(yīng)能提供這8%的超額回報。如果整個組合（假設(shè)是100%風(fēng)險資產(chǎn)）要達(dá)到12%的總預(yù)期回報，其中4%來自無風(fēng)險部分，那么風(fēng)險部分必須貢獻(xiàn)12%-4%=8%。所以，最低加權(quán)回報是12%。（此處原答案B10%基于一種簡化理解，即Rp-Rf=Sharpe*Sigma，得到Rp=10%，但這忽略了Sharpe比率衡量的是*總*風(fēng)險。更嚴(yán)謹(jǐn)?shù)睦斫馐?，要達(dá)到目標(biāo)Sharpe（0.8），需要承擔(dān)σp=10%的風(fēng)險來產(chǎn)生8%的超額回報。最低加權(quán)回報是總預(yù)期回報12%，其中8%是超額回報，對應(yīng)10%風(fēng)險，4%是無風(fēng)險部分。）4.D解析：根據(jù)CAPM，E(Ri)=Rf+βi*[E(Rm)-Rf]。題目中，Rf=3%，市場風(fēng)險溢價[E(Rm)-Rf]=5%，βi=1.2。所以，E(Ri)=3%+1.2*5%=3%+6%=9.0%。5.A解析：BuyandHold策略的主要缺點(diǎn)之一是可能產(chǎn)生不必要的交易成本。由于該策略長期持有投資，只有在初始構(gòu)建投資組合或定期再平衡時才發(fā)生交易，因此交易頻率低，交易成本通常較低。高交易成本是BuyandHold策略的一個主要劣勢。6.C解析：Top-downassetallocationapproach（自上而下資產(chǎn)配置法）首先關(guān)注宏觀經(jīng)濟(jì)和全球市場趨勢，識別出有吸引力的資產(chǎn)類別（如特定地區(qū)、行業(yè)或因子）。然后，根據(jù)這些宏觀分析結(jié)果，確定各大類資產(chǎn)（如股票、債券、現(xiàn)金）的配置比例。最后，再在選定的資產(chǎn)類別內(nèi)部進(jìn)行更具體的投資選擇（自下而上）。因此，分析全球宏觀和行業(yè)趨勢是最可能的第一步。7.B解析：對于具有長期投資目標(biāo)和中等風(fēng)險承受能力的客戶，通常建議采用較為平衡的資產(chǎn)配置策略。60%股票和40%債券的組合提供了一定程度的增長潛力（來自股票），同時通過債券部分提供了資本保護(hù)和收入穩(wěn)定性，符合長期投資和中等風(fēng)險偏好的特點(diǎn)。100%股票風(fēng)險過高，30%股票和70%債券可能對中等風(fēng)險承受能力者來說過于保守。8.A解析：雖然定期再平衡有助于維持目標(biāo)資產(chǎn)配置并可能捕捉到市場機(jī)會，但頻繁再平衡會增加交易成本。每次買賣證券都需要支付傭金和可能的買賣價差，交易越頻繁，累積的交易成本就越高，這可能會侵蝕投資組合的回報。9.B解析：EfficientFrontier（有效前沿）表示在給定風(fēng)險水平下能夠獲得最高預(yù)期回報，或在給定預(yù)期回報水平下能夠承擔(dān)最低風(fēng)險的所有投資組合的集合。位于有效前沿下方的任何投資組合都被認(rèn)為是無效的，因為它不能提供與承擔(dān)的相同風(fēng)險相匹配的足夠高的回報。投資者應(yīng)該只考慮有效前沿上的投資組合。10.B解析：CAPM的幾個關(guān)鍵假設(shè)包括：所有投資者都基于期望回報和方差（或標(biāo)準(zhǔn)差）來構(gòu)建無風(fēng)險、單一期、單一因素的均值-方差最優(yōu)投資組合；所有投資者對證券的預(yù)期回報、風(fēng)險（標(biāo)準(zhǔn)差）和協(xié)方差都有相同的看法；存在一個無風(fēng)險利率，所有投資者都可以按此利率無限制地借入和貸出資金；沒有交易成本和稅收；所有資產(chǎn)都是完全可分的。11.A解析：Factormodels（因子模型）用于解釋證券或投資組合的回報。常見的因子包括市場風(fēng)險（Mkt）、規(guī)模（Size）、價值（Value）、動量（Momentum）、盈利能力（Profitability）、投資（Investment）、波動率（Volatility）等。公司規(guī)模（Size）是Fama-French三因子模型中的一個重要因子，代表小盤股相對于大盤股可能存在的超額回報。其他選項，如利率、通脹通常被視為宏觀風(fēng)險因子，而行業(yè)敞口則不是模型的標(biāo)準(zhǔn)因子，盡管它可以被視為一個特定的風(fēng)險來源。12.C解析：Sharpe比率的一個潛在批評是它對杠桿的敏感性。當(dāng)比較使用不同杠桿水平的投資組合時，Sharpe比率可能會產(chǎn)生誤導(dǎo)。一個使用較高杠桿的投資組合可能因為承擔(dān)了過多的風(fēng)險而具有較低的Sharpe比率，即使它在正回報方面表現(xiàn)更好。杠桿可以放大收益，也可以放大損失，Sharpe比率基于標(biāo)準(zhǔn)差（平方根的方差）衡量風(fēng)險，沒有區(qū)分上行和下行風(fēng)險，因此對杠桿的放大效應(yīng)敏感。13.A解析：Sharpe比率=(Rp-Rf)/σp。在這里，Rp=12%，Rf未知，但可以忽略因為它在比較中相同，σpA=10%，σpB=15%。由于Rp-Rf相同，比較Sharpe比率就是比較1/σp。因為10%<15%，所以1/10%>1/15%。因此，PortfolioA的Sharpe比率更高。14.B解析：Growthinvesting（成長投資）策略涉及選擇那些預(yù)期盈利增長速度高于市場平均水平的公司股票。題目中，經(jīng)理認(rèn)為小盤公司未來增長潛力被低估，這與成長投資的定義一致，即尋找那些被認(rèn)為當(dāng)前被市場低估、但具有強(qiáng)勁增長前景的股票（小盤股通常與成長性聯(lián)系在一起）。15.C解析：為風(fēng)險承受能力低的客戶構(gòu)建投資組合時，最重要的考慮因素是多樣化。通過將資金分散投資于不同的資產(chǎn)類別（如股票、債券、現(xiàn)金）、不同地區(qū)、不同行業(yè)和不同類型的證券，可以降低投資組合的整體波動性（風(fēng)險）。多樣化有助于平滑回報，減少單一投資失敗對整個投資組合的沖擊，從而保護(hù)客戶資本，這與低風(fēng)險偏好相一致。最大化預(yù)期回報（A）或?qū)Ｗ⒂诟咴鲩L資產(chǎn)（B）通常與高風(fēng)險承受能力相關(guān)。集中投資于單一證券（D）風(fēng)險極高，不適合低風(fēng)險偏好者。Part2:WrittenQuestions1.Time-weightedrateofreturn(TWRR)measuresthecompoundrateofgrowthof$1investedoveraspecificperiod,eliminatingtheeffectofcashflows.Itiscalculatedbylinkingthereturnsofsub-periods.Money-weightedrateofreturn(MWRR),alsoknownasinternalrateofreturn(IRR),measurestheactualrateofreturnearnedonthecashflowsinvested,takingintoaccountthetimingandamountofcashflows.ApracticalscenariowhereTWRRismoreappropriateisevaluatingtheperformanceofaportfoliomanagerwhohascontrolovercashflows(e.g.,receivingclientcontributionsormakingdistributions).MWRRwouldbemoreappropriateforanindividualinvestorevaluatingtheirownportfolioperformancewherecashflowsareprimarilycontributionsandwithdrawals.2.Constructingastrategicassetallocation(SAA)planinvolvesseveralsteps:1)Definingtheclient'sinvestmentobjectivesandconstraints,includingrisktolerance,timehorizon,liquidityneeds,andethicalconsiderations.2)Determiningtheclient'sbroadinvestmentpolicystatement,outliningthedesiredassetallocationtargetsacrossmajorcategories(e.g.,stocks,bonds,cash).3)Analyzingglobalmacroeconomicconditions,markettrends,andassetclassforecaststoformexpectationsaboutfuturereturns,risks,andcorrelations.4)Constructingtheefficientfrontiertoidentifyoptimalportfoliosthatofferthebestrisk-returntrade-offbasedontheclient'sSAAtargets.Keyfactorsincludetheclient'suniquecircumstances,marketenvironment,andthemanager'sinvestmentbeliefs.3.Toevaluaterisk-adjustedreturn,wecanusetheSharperatioorAlpha.FundAhasanalphaof1.5%andabetaof1.2.FundBhasanalphaof0.5%andabetaof0.8.Assumingthesamerisk-freerate(Rf)andmarketreturn(Rm),wecancalculatetheSharperatioforbothfunds.SharpeRatio=(Rp-Rf)/σp.Whilewedon'thavethestandarddeviations,wecancomparetheirexcessreturnsrelativetotheirrisksources.FundA'sexcessreturncontributionfromitsalphais1.5%.FundB'sexcessreturncontributionfromitsalphais0.5%.FundAalsohasahigherbeta(1.2vs0.8),meaningitismoresensitivetomarketmovements,whichimpliespotentiallyhigherrisk(dependingonthemarketanditsspecificvolatility).However,withoutσp,wecannotdefinitivelyrankthemusingSharpe.Butcomparingalphadirectly,FundAgeneratesalargerexcessreturnrelativetoitsbeta(1.5/1.2=1.25)comparedtoFundB(0.5/0.8=0.625),suggestingFundAmightbegeneratingmorealphaperunitofmarketriskcaptured.Ifweinterpret"betterrisk-adjustedreturn"ashigheralpha(adirectmeasureofoutperformance),thenFundAhasgeneratedabetterrisk-adjustedreturn.IfitmeanshigherSharpe,weneedσp.4.Factormodelsareusedtoexplainandpredictportfolioreturnsbyidentifyingcommonriskfactorsthatinfluenceassetprices.Advantagesinclude:1)Providingamorenuancedunderstandingofreturnsourcesbeyondmarketrisk.2)Allowingformoretargetedactivemanagementbyidentifyingfactorswherethemanagercangenerateexcessreturns.3)Improvingportfolioconstructionbybuildingportfoliostoneutralizespecificfactorexposures.Disadvantagesinclude:1)Thechallengeofidentifyingthemostrelevantfactors.2)Estimatingfactorexposuresandfactorrisksaccurately.3)Datarequirementsforfactoranalysis.Factormodelscanbeusedtoimproveperformanceby:1)Buildingfactor-neutralportfoliosandthenseekingactiveexposuretospecificfactors.2)Constructingportfoliostotilttowardsfactorsexpectedtooutperform.3)Usingfactoranalysisforriskmanagement,suchasisolatingandhedgingfactor-specificrisk.5.Portfoliorebalancingistheprocessofadjustingtheweightsofassetsinaportfoliobacktoitsoriginalortargetassetallocation.Itinvolvessellingassetsthathaveincreasedinvalueandbuyingassetsthathavedecreasedinvalue.Factorstoconsiderforfrequencyandmethod:1)Investmentobjectivesandstrategy:AlignswiththeSAAandrebalancingpolicy.2)Initialassetallocation:Largerdeviationsfromthetargetmaywarrantmorefrequentrebalancing.3)Timehorizon:Longerhorizonsmayallowlessfrequentrebalancing.4)Volatilityofassetclasses:Highervolatilityleadstolargerdriftsfromthetargetallocationandmayrequiremorefrequentrebalancing.5)Transactioncosts:Frequentrebalancingincreasescosts(commissions,spreads).6)Taximplications:Rebalancingcantriggercapitalgainstaxes.7)Liquidityconstraints:Someassetsmaybedifficulttosellquicklywithoutimpactingprice.Methodinvolveschoosingbetweenmechanical(fixedpercentage)ordiscretionaryrebalancing.6.Behavioralfinancestudieshowpsychologicalfactorsinfluenceinvestors'decisionsandmarketoutcomes.Itchallengestheassumptionofrationalbehaviorinfinance.Behavioralbiasesimpactinvestmentdecisionsandportfolioperformancebycausinginvestorstomakeirrationalchoicesbasedonheuristics(mentalshortcuts),emotions,andcognitiveerrors.Examplesofbiasesinclude:1)Overconfidence:Investorsoverestimatetheirabilitytotimethemarketorpickwinningstocks,leadingtoexcessivetradingandpoorperformance.2)Lossaversion:Investorsfeelthepainoflossesmorestronglythanthepleasureofequivalentgains,leadingtoholdinglosinginvestmentstoolongandsellingwinnerstooearly.3)Herding:Investorsfollowthecrowd,buyingorsellingassetssimplybecauseothersaredoingso,ignoringfundamentals.4)Mentalaccounting:Treatingmoneydifferentlydependingonitssourceorpurpose,leadingtosuboptimalallocationdecisions.Thesebiasescannegativelyimpactportfolioperformancebydeviatingfromoptimalstrategiesandincreasingriskexposure.7.Addinganinternationalequityfundwithhighcorrelationtotheclient'sexistingportfoliohasimplications.Benefits:1)Diversificationpotentialiftheinternationalmarketbehavesdifferentlyfromthedomesticmarket(thoughhighcorrelationreducesthis).2)Exposuretogrowthopportunitiesinothereconomies.Risks:1)Increasedconcentrationrisk:Ifthecorrelationistrulyhigh,theportfoliobecomesmorevulnerabletobroadmarketdownturnsaffectingbothdomesticandinternationalequities.2)Currencyrisk:Exposuretoforeigncurrencyfluctuations,whichcannegativelyimpactreturnswhenconvertedbacktothehomecurrency.3)Politicalandeconomicrisk:Differentcountrieshaveuniquerisks.Impactonoverallriskandreturn:Thecorrelationdeterminesthediversificationbenefits.Ifcorrelationiscloseto1,addingthefundwillincreaseoverallportfoliorisk(standarddeviation)withoutsignificantlyincreasingexpectedreturn,asitdoesn'taddmuchdiversification.Ifcorrelationislessthan1,itcanlowerportfolioriskandpotentiallyincreasereturn.Thehighcorrelationsuggestslimiteddiversificationbenefitsandincreasedconcentrationrisk.8.Activeinvestmentstrategiesaimtogeneratereturnsthatexceedabenchmarkindex,whilepassivestrategiesaimtoreplicatethebenchmarkindex'sperformance.Activestrategiesinvolvesecurityselection(pickingindividualstocks/bonds)andmarkettiming(predictingmarketdirection).Theyrequireactivemanagement,research,andanalysis.Passivestrategiesinvolvebuyingandholdingaportfolioofall(orarepresentativesubset)ofthesecuritiesinthebenchmarkindex,minimizingcostsandtransactioncosts.Factorsforchoosing:1)Investmentgoals:Activeforseekingsuperiorreturns;passiveforminimizingcostsandmatchingbenchmarks.2)Costs:Passiveisgenerallycheaper.3)Taxes:Passivecanbemoretax-efficient.4)Skillandresources:Activerequiresexpertiseandresources.5)Beliefinmarketefficiency:Activerequiresbeliefthatmarketscanbebeaten;passiveassumesmarketsareefficient.9.Assetallocationplaysacentralroleinportfoliomanagementbydeterminingthedistributionofinvestmentsacrossdifferentassetclasses(e.g.,equities,fi