Based upon the 4 hypothetical manager profiles in the table below, identify and discuss which manager is most likely to outperform in a S&P 500 bull market and which manager most likely to outperform in a bear market and why.

Equity Beta Annualized Volaility Sharpe Sortino Tilt Manager 1 Manager 2 Manager 3 Manager 4 0.99 1.07 0.91 1.02 15% 17% 12% 13% 0.78 0.75 0.82 0.81 1.55 1.25 3.25 2.15 Balanced Growth Value Slight Growth Equity Beta Annualized Volaility Sharpe Sortino Tilt Manager 1 Manager 2 Manager 3 Manager 4 0.99 1.07 0.91 1.02 15% 17% 12% 13% 0.78 0.75 0.82 0.81 1.55 1.25 3.25 2.15 Balanced Growth Value Slight Growth