问题
单项选择题
Given that markets are efficient, which of the following is least likely to cause an actively managed mutual fund to underperform an index fund（）
A. Taxes.
B. Inferior stock selection.
C. Management expenses.
答案
参考答案：B
解析：
Inferior stock selection would not be a reason because, in an efficient market, all securities are priced perfectly. Therefore, there are no undervalued or overvalued securities. Since all securities are perfectly priced, the investor should select a strategy that minimizes taxes, transactions costs, and management expenses.