Kelli Blakely is a portfolio manager for the Miranda Fund, a core large$-$cap equity fund. The benchmark for

performance measurement purposes is the S&P $500.$ Although the Miranda portfolio generally mirrors the asset

class and sector weightings of the S&P$,$ Blakely is allowed a significant amount of leeway in managing the fund.

Blakely was able to produce exceptional returns last year $($as outlined in the table below$)$ through her market

timing and security selection skills. At the outset of the year, she became extremely concerned that the

combination of a weak economy and geopolitical uncertainties would negatively impact the market. Taking a

bold step, she changed her market allocation. For the entire year her asset class exposures averaged $50\%$ in

stocks and $50\%$ in cash. The S&P$\text{'}$s allocation between stocks and cash during the period was a constant $97\%$

and $3\%,$ respectively. The risk$-$free rate of return was $2\%.$

Required:

a$.$ What are the Sharpe ratios for the Miranda Fund and the S&P $500?$

Note: Do not round intermediate calculations. Negative amount should be indicated by a minus

sign. Round your answers to $4$ decimal places.

b$.$ What are the $M^2$ measure for the Miranda Fund and the S&P $500?$

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

c$.$ What is the Treynor measure for the Miranda Fund and the S&P $500?$

Note: Do not round intermediate calculations. Round your answers to $4$ decimal places. Negative values

should be entered with a minus sign.

d$.$ What is the Jensen measure for the Miranda Fund?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.