Answer: asset allocation.

## 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.

Author: LeetQuiz .