6. (12 points) There are two actively managed mutual funds P and Q with information of their historical returns given below. Their benchmark is the market portfolio whose information is also given in the table. Risk-free rate rf = 2%. Market Portfolio 8% 6% Average return Average excess return Standard deviation M-square Beta Fund P 10% 8% 16% 4% 2 Fund Q 12% 10% 25% 0.5 A) (8 pts) Calculate M-square of fund Q. B) (2 pts) Calculate the Treynor measure of fund P and Q. C) (2 pts) Suppose you are the portfolio manager of a large endowment fund and build portfolios based on multiple actively managed funds, i.e., fund of funds. Now you want to select one more actively managed fund to be added to your existing portfolio. Which fund is a better choice out of funds P and Q, and why