Gary Lowenstein is selecting Funds for institutional investors. He has to determine how the Fundamental Law of Active Management applies to three hypothetical managers who invest against the broad large-cap US market, as represented by the S&P 500 index.

Manager A underweighs and overweighs the 500 individual stocks of the S&P 500 index as she sees appropriate, keeping industry exposures similar to those of the index. She has an information coefficient of 0.05 and is restricted to long-only positions.

Manager B holds cash and long S&P futures. He tries to generate excess returns by altering the duration of the cash position and has an information coefficient of 0.05

Manager C has an information coefficient of 0.07 and she uses a long-short strategy for the 500 stocks in the S&P 500 index.

Which of the three managers will most likely have the highest information ratio?