A pension fund has employed three investment managers, each of whom is responsible for investing in one-third of all asset classes so that the pension fund has a well-diversified portfolio. Information about the performance of the portfolios is given below.

Analyse the results of the portfolios

R; Manager Bi Oi M2 alpha E(R) Sharpe Ratio ai Treynor Ratio X 10.0% 20.0% 1.10 9.6% 0.35 0.064 0.65% 0.40% Y 11.0 10.0 0.70 7.2 0.80 0.114 9.20 3.80 Z 12.0 25.0 0.60 6.6 0.36 0.150 0.84 5.40 M 9.0 19.0 1.00 9.0 0.32 0.060 0.00 0.00 RF 3.0 0.0 0.00 3.0 - 0.00