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Medical Innovation Capital Association (MICA) invests its capital in a portfolio of 15 mutual funds, including the Kramer Value Fund. The following performance evaluation measure

Medical Innovation Capital Association (MICA) invests its capital in a portfolio of 15 mutual funds, including the Kramer Value Fund. The following performance evaluation measure is not appropriate as a measure of investment performance of the Kramer Value Fund from MICA's point of view.

(a) Treynor Ratio

(b) T2

(c) Sharpe Ratio

(d) Jensen's alpha

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