问题如下：
The manager selection process begins by defining the universe of feasible managers. When defining this manager universe, the selection process should avoid:
选项：
A.excluding managers based on historical risk-adjusted returns.
identifying the benchmark against which managers will be evaluated.
using third-party categorizations of managers to find those that might fill the desired role in the portfolio.
解释：
A is correct.
The focus of the initial screening process is on building a universe of managers that could potentially satisfy the identified portfolio need and should not focus on historical performance. Identifying a benchmark is a key component of defining the manager’s role in the portfolio, and third-party categorizations are an efficient way to build an initial universe which can then be further refined.
老师你好，
1、这道题李老师讲避免：因为基于不好的历史业绩就把基金经理排除。如果这样表达是理解的，但是A并没有表达说历史业绩不好啊。
2、那是不是可以理解为：排除只基于历史业绩的基金经理，正确应该是包含基于历史和基于未来的业绩评价，如果这样理解，A应该就是不应该避免的了。
