eBook Problem 11-07 Consider the annual returns produced by two different active equity portfolio managers (A and B) as well as those to the stock index with which they are both compared: Period Manager A Manager B Index 1 13.0 % 12.3 % 11.5 % 2 -2.2 -4.3 -2.1 3 14.4 13.0 18.9 4 0.6 1.7 -0.8 5 -7.1 -6.7 -3.6 6 24.2 25.5 21.0 7 -11.3 -12.1 -14.2 8 5.1 5.0 5.4 9 2.8 3.5 2.1 10 19.7 18.3 19.4 Did either manager outperform the index, based on the average annual return differential that he or she produced relative to the benchmark? Use a minus sign to enter negative values, if any. Do not round intermediate calculations. Round your answers to two decimal places. Manager A: % Manager B: % -Select- 's average return is less than the index and -Select- 's average exceeded that of the index. Calculate the tracking error for each manager relative to the index. Which manager did a better job of limiting his or her client's unsystematic risk exposure? Do not round intermediate calculations. Round your answers to two decimal places. Manager A: % Manager B: % -Select- did the better job of limiting the client's exposure to unsystematic risk as the difference between manager's returns and those of the index has a -Select- standard deviation.