Explanation

In the portfolio management process, there are typically three main steps:

1. Planning - This involves developing the investment policy statement (IPS), which includes determining client objectives, constraints, and risk tolerance.

2. Execution - This step involves implementing the investment strategy, which includes asset allocation decisions (how to allocate funds among different asset classes) and security selection.

3. Feedback - This involves portfolio monitoring and rebalancing, performance measurement, and reporting.

Therefore, among the given options:

• Option A (asset allocation) is part of the execution step
• Option B (portfolio monitoring) is part of the feedback step
• Option C (developing the investment policy statement) is part of the planning step

The correct answer is A because asset allocation is a key component of implementing the investment strategy during the execution phase of portfolio management.