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A U.S. large-cap value portfolio run by Anderson Investment Management returned 18.9 percent during the first three quarters of 2003. During the same time period, the Russell 1000 Value Index had returns of 21.7 percent and the Wilshire 5000 returned 25.2 percent.

            i.        What is the return due to style?

          ii.        What is the return due to active management?

        iii.        Discuss the implications of your answers to Parts A and B for assessing Anderson's performance relative to the benchmark and relative to the market.