问题如下：
Manager 1 has an information coefficient of 0.15, a transfer coefficient of 1.0, and invests in 50 securities. Manager 2 has a different strategy, investing in more securities, but is subject to investment constraints that reduce his transfer coefficient. Manager 2 has an information coefficient of 0.10, a transfer coefficient of 0.8, and invests in 100 securities. The investment selections of each manager are independent decisions. If both managers target an active risk of 5.0%, which manager will have the greater expected active return?
选项：
A.Manager 1
B.Manager 2
C.Both managers will have the same active return.
解释：
A is correct.
Manager 1’s .Manager 2’s . Manager 1’s active return is 1.06(5.0) = 5.3% and Manager 2’s expected active return is 0.80(5.0) = 4.0%. Manager 1 has the greater expected active return.
考点： The Fundamental Law of Active Management
解析：两个基金经理有相同的active risk目标，要比较哪个有更大的active return，就是比较哪个基金经理的information ratio更大。
根据，分别IR为1.06，0.8，因此Manager 1的IR更大，active return也就更大。
BR不应该是预测portfolio整体的次数吗？而不是有多少内部证券的预测。一个Portforlio中有50只证券，独立预测portfolio一次算作一个BR。这道题理解下来是BR缺失的，尽管第二个基金比第一个基金单券数量高。
