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Kelli Blakely is a portfolio manager for the Miranda Fund (Miranda), a core large-cap equity fund. The market proxy and benchmark for performance measurement purposes

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Kelli Blakely is a portfolio manager for the Miranda Fund (Miranda), a core large-cap equity fund. The market proxy and 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. Her portfolio holds only stocks found in the S & P 500 and cash. 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 stop, she changed her market allocation. For the entire year her asset class exposures averaged 50% in stocks and 50% in cash. The S & P's allocation between stocks and cash during the period was a constant 94% and 6%, respectively. The risk-free rate of return was 3%. What are the Sharpe ratios for the Miranda Fund and the S & P 500? What is the M^2 measure for Miranda? What is the Treynor measure for the Miranda Fund and the S& P 500? What is the Jensen measure for the Miranda Fund

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