Please use excel and show equations

Your mutual fund manager has invested all of your money into a fund whose investment objective is to outperform the S&P SmallCap 600 index. The S&P SmallCap 600 index regroups 600 stocks that havea small market capitalization, so it it is made up primarily of small size publicly listed companies. The reason why your fund manager is benchmarking against this index is that he primarily invests in small size companies too. 4 Your mutual fund manager is very proud to tell you that their fund outperformed their benchmark by +1% per year over the last five years as the average return on the mutual fund over the last five year. The average return of the fund was 20% while the average return on the S&P SmallCap 600 over the last five years was 19%. During the last five years, the average return on the Russell 3000 (the closest proxy to the US stock market) was 16%, the average risk-free rate was 6%, the standard deviation of the returns for the Russell 3000 was 0.180, the standard deviation of the returns for the S&P SmallCap 600 was 0.280, the covariance between the mutual fund and the Russell 3000 was 0.060, the covariance between the mutual fund and the S&P SmallCap 600 was 0.080. Using this information, how would you evaluate the performance of the mutual fund? What is your 6 conclusion