Assume client flows occur just before the end of each month; thus the total dollar amounts at the end of each month include the flows that have just occurred $($that is$,$ before they can be deployed$).$

Based on standard risk$-$adjustment techniques, are fund managers doing a good job for clients who allocate all their risky assets to the fund $($instead of the Market Portfolio$)?$ And for clients that allocate a very small fraction of their risky assets to the fund $($and the rest in the Market Portfolio$)?$