119. From the following data, choose the manager with the most impressive skill as represented by the information ratio. The annual market return over this period was 10% and the risk-free rate was 4%. Fund A Fund B Fund C Annual Return 12% 15% 9% Residual Standard Deviation 15% 18% 11% Beta 1.1 1.5 1.25 Excess Return 2% 5% -1%

• Fund A
• Fund B
• Fund C
• cannot determine based on data given