Quiz: Final E... 3 New Mess... Question 34 D. Question... W Question... Return Std Dev Beta Kelli Blakely is a portfolio manager for the Miranda Fund, 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. 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's allocation between stocks and cash during the period was a constant 97% and 3%, respectively. The risk-free rate of return was 2%. One Year Trailing Returns Miranda Fund 10.2% 37% 1.10 Question.... S&P 500 -22.5% 44% 1.00 5 pts Calculate the following return measures for the two funds: An Investor.. Calculate the following return measures for the two funds: a. Sharpe Ratio Miranda Fund S&P 500 Do not round intermediate calculations. Negative amount should be indicated by a minus sign. Round your answers to 4 decimal places. b. M2 Miranda Fund % Do not round intermediate calculations. Negative amount should be indicated by a minus sign. Round your answers to 2 decimal places. Do not enter percent sign (no %)