In a particular year, Salmon Arm Mutual Fund earned a return of 16% by making the following investments in asset classes: Bonds Stocks Weight 20% 80% Return 12% 17% The return on a bogey portfolio was 12%, based on the following: Weight Bonds (aggregate bond index) 60% Stocks (S&P 500 Index) 40% Return 10% 15% The total excess return on the managed portfolio was 49 3% 2% 5%