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We need to use some common sense. Here is the OA:

Asset allocators create portfolios, often in the form of mutual funds, intended to turn in good results in both “bull” and “bear” markets.

If intended modifies funds, then we have one non-essential modifier (intended to turn in good results) modifying ANOTHER non-essential modifier (often in the form of mutual funds). The implication is that the remainder of the sentence -- all on its own -- conveys the essential meaning of the sentence. Omitting the modifiers, we get:

Asset allocators create portfolios.

This sentence feels incomplete; it doesn't convey sufficient meaning for a GMAT SC. It should be clear that the point of the sentence is to tell us WHAT KIND of portfolios are created by asset allocators:

Asset allocators create portfolios intended turn in good results in both “bull” and “bear markets.

This sentence feels complete and conveys the intended meaning. Hence, we know that intended to turn in good results is an ESSENTIAL modifier describing the PORTFOLIOS.

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Mitch Hunt
GMAT Private Tutor and Instructor
GMATGuruNY@gmail.com
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