Alex Smith and Jane Green are portfolio managers at your firm. Each manages a well-diversified portfolio. Your boss has asked for your opinion regarding their performance in the past year. Alexs portfolio has a beta of 0.8 and had a return of 9.5%; Janes portfolio has a beta of 1.6 and had a return of 11.5%. Which manager had better performance? Why? (Assume the risk-free rate is 4% and the market risk premium is 5%). Please explain how you calculated the portfolio required return.