7. A is correct. Peterson correctly explains value added. Value added or “active return” of an
actively managed portfolio is calculated by the difference between the return on that portfolio
and the return on the benchmark portfolio. Positive value added is by overweighting the
portfolio with securities that have returns greater than the benchmark and underweighting
securities that have returns less than the benchmark. Value added can be from asset
allocation and security selection. Section 2.2-2.3. LO.a.
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