cityboy

bpdulog Wrote:
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> I don't know.
>
> Is one of the managers a fixed income manager?
> Obviously they used the wrong benchmark.
>
> Is he a small cap emerging markets manager?
> Obviously they used the wrong benchmark.
>
> Japanese equities manager? Obviously they used the
> wrong benchmark.

Good guess!!
I read the long question again, and this is the case. You got it!