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Fund Beta Actual return Fund 1 1.0 15% Fund 2 0.8 14% Fund 3 1.2 18% Fund 4 1.4 16% The expected return on the

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Fund Beta Actual return Fund 1 1.0 15% Fund 2 0.8 14% Fund 3 1.2 18% Fund 4 1.4 16% The expected return on the market portfolio is 15% and the risk-free rate is 4%. Based on Jensen's performance measure, which fund significantly outperformed? Fund 1 Fund 3 Fund 2 Fund 4

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