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Item Strategies for managing active and passive investment portfolios(2025) Марущак, Анна; Долінський, ЛеонідThe primary aim of this thesis is to examine the risk-adjusted performance of five actively managed U.S. mutual funds using the CAPM framework, with a focus on growthoriented, dividend-focused, and sector-specific strategies. The analysis spans a full business cycle (2015–2025), capturing different phases of economic expansion, contraction, and recovery. In doing so, the study investigates whether active managers can consistently deliver excess returns and whether certain strategies are more effective under specific market conditions.