A portfolio manager has maintained an actively managed portfolio with a beta of 0.2. During the last year, the risk-free rate was 5% and major equity indices performed very badly, providing returns of about -30%. The portfolio manager produced a return of -10% and claims that in the circumstances it was good. What do you think? Select one: o a. The actual return is better than the market expected return b. He achieved an Alpha that was 20% higher than the market o C. He achieved a negative Alpha that was worse 8% worse than he should have d. The portfolio has achieved an Alpha of -10% that