1. ABCDE Mutual fund produced a return of 15% last year. It is a large cap growth fund that has a beta (relative to the S&P 500) of 1.5. ABCDE's benchmark, which is the Russell 1000 Large Cap Growth Index has a beta of 1.3 (relative to the S&P 500) and produced a return of 16% during the same time period. Which of the following is true about the alpha of Fund ABCDE's for past year?

   	a.	Alpha is Negative
   	b.	Alpha is zero
   	c.	Alpha is Positive
   	d.	The sign of the alpha cannot be determined