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1.2 A fund manager announces that the fund's one-month 95% expected shortfall is 5.6% of the size of the portfolio being managed. You have an

1.2 A fund manager announces that the fund's one-month 95% expected shortfall is 5.6% of the size of the portfolio being managed. You have an investment of R750,000 in the fund. How do you interpret the portfolio manager's announcement? (3)

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