One of Fidelitys portfolio managers earned a return of 11% on his portfolio (A). The other portfolio manager earned 13% return on her portfolio (B). Portfolio A has a beta of 1.1, and B has a beta of 1.9. The risk-free rate was 3%, and the market return was 9%.

According to the Capital Asset Pricing Model, what is the excess return (alpha) for each portfolio manager?

Based on the alpha they earned, which one performed better?

Please draw the SML and show the portfolio (A) and the portfolio (B) on the SML.