6.There are two actively managed mutual funds P and with information of their historical returns given below. Their benchmark is the market portfolio whose information is also given in the table. Risk-free rate rf = 2%. Fund P 10% 8% 16% Average return Average excess return Standard deviation M-square Beta Fund Q 12% 10% 25% Market Portfolio 8% 6% 4% 2 0.5 1 A) Calculate M-square of fund Q. B) Calculate the Treynor measure of fund P and Q. C) Suppose you are the portfolio manager of a large endowment fund and build portfolios based on multiple actively managed funds, i.e., fund of funds. Now you want to select one more actively managed fund to be added to your existing portfolio. Which fund is a better choice out of funds P and Q, and why