Assume the following return on sa and p annualized 12


X , a portfolio managers advertises that he has outperformed the market each year over the last 5 years-since inception of the fund. He compares his performance with the S and P 500 index. However, the beta of his portfolio is 1.25. Assume the following: Return on Sa and P annualized + 12 percent return on his portfolio + 15 percent. Did he outperform the market? Explain and provide exact detail as to why/why not.

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Financial Management: Assume the following return on sa and p annualized 12
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