Iginla2011

The benchmark is more index-like composed of all securities that fit the criteria( which is somehwat broadly defined). This wuld be difficult to invest in because of the large number of trades and administration of the portfolio can be expensive

The manager may make sampling decisions from the universe of securtities fitting the criteria. This would save costs of trading plus he could try and beat the nenchmark at the same time thru better selection among the candidates