Considering the following trading and performance data for 3 different equality mutual funds from JHancock asset management company for the year 2020: Emerging market fund Principal Balance Small Cap...

Extracted text: Considering the following trading and performance data for 3 different equality mutual funds from JHancock asset management company for the year 2020: Emerging market fund Principal Balance Small Cap Fund Income Fund Average asset (RM' Mill) Security 310 655 520 40.1 570 575 Expenses ratio 0.35% 0.71% 1.65% Pre-tax return, 3-year 10.2% 11.1% 15.2% average Tax-adjusted return, 9.5% 8.91% 13.4% 3-year average i)Calculate the portfolio turnover ratio for each fund ii) Which fund is most likely to be actively managed and which is most likely to be passively managed? iii) Calculate the tax cost ratio for each fund iv) Determine which fund is the most and least tax efficient in their operations? Explain v) Explain what expenses ratio is and which portfolio is considered expenses efficient.