n a particular year, Razorback Mutual Fund earned a return of $1\%$ by making the following investments in asset classes:

Weight Return

Bonds $20\%5\%$

Stocks $80\%0\%$

The return on a Benchmark portfolio was $2\%,$ calculated from the following information.

Weight Return

Bonds $($Lehman Brother Index$)50\%5\%$

Stocks $($S&P $500$ Index$)50\%-1\%$

The total excess return on the Razorback Fund's managed portfolio was