A pension fund administrator wants to evaluate the performance of four portfolio managers. Each manager invests only in US common stocks. During the most recent five-year period, the average annual total return on the S&P 500 was 14% and the average annual rate on Treasury bills was 8%. The table below shows risk and return measures for each portfolio.

Portfolio	Average Return	Standard Deviation	Beta
P	17%	20%	1.1
Q	24%	18%	2.1
R	11%	10%	0.5
S	16%	14%	1.5
S&P 500	14%	12%	1.0

Question: Which portfolio has the highest Jensen alpha? Assuming uncorrelated returns, what is the Sharpe ratio for a master portfolio with equal allocations to portfolio Q and S?