Question 2 (9+3+3 = 15 marks) The problem is based upon the following return data for the Quantum-V Equity Fund with an estimated beta of 0.60: Period (year) 1 2 3 4 5 Fund Return (%) 18,2 14.6 -8.8 -22.6 Market Return % 14.7 12.6 -12.1 -30.1 6.6 Risk-free Return (%) 5.1 6.1 6.3 5.2 5.5 5.5 Over the 5-year period, calculate the average return and standard deviation for each of the fund, market index and risk-free asset. How well did the fund manager of Quantum-V Equity Fund perform compared with the market over the period? Is there evidence that this manager exhibited superior stock selection over the period? Use the appropriate fund performance measures that you have learned to explain your answers