Largest Active Weight - Schweser at it again

Problem: utilities are 3% of benchmark, manager expects them to underperform. What’s the largest active weight he can take?

Options: 3%, 0%, -3%.

The correct answer is -3%. The logic is clear, but seriously?

What’s wrong with the question?

They want to underweight vs benchmark so best they can do is invest 0%. This is -3 versus benchmark (aka active weight).

-3 is not larger than 0.

Large in this sort of question means size, I think it is quite evident.

I think it’s quite fair, a lot better than some of the Schweser questions.

They mean the largest deviation from the bench. -3 being the farthest away from 3