Buy and Hold, Constant Mix and CPPI

CFA Level III Portfolio Management
#1

Question regarding exhibit 9 of reading 30 on portfolio monitoring and rebalancing:

the table indicates whether each strategy (buy and hold, Constant Mix or CPPI) underperforms or outperforms depending on market conditions.

My question is: outperforms or underperforms compared to what?!

Thanks

#2

Compared to the other two strategies.

#3

Ok, yes you are right, thanks!