R 39: Portfolio Risk and Return: Part I Ahmed invested in a fund which offered the following returns over the last three years: 35 Year Assets under management at start of Net Return (%) year 1. 15 million 15 20 million 2. -5 5 million 10 3. The money-weig hted annual return is closest to: A) 4.5%. B) 5.0%. C) 12.1%