1. During the last 10 year period the average annual rate of return on the NSE (market portfolio) was 14% and the average annual rate of return on a risk free asset (T. B ) was 8%. As an administrator of a large pension fund that is divided among three money managers you must decide whether to renewal your investment contract with each of these money managers.

Investment	Average	Beta of	Std deviation of
manger	Annual rate	Portfolio	portfolio
	Of return
W	12%	0.90	1.8%
X	16%	1.05	2.2%
Y	18%	1.20	2.3%

The standard deviation of the market (dm) = 2%

Required:

Evaluate the performance of the managers using treynors portfolio performance measure and rank them.