Six years ago WisdomTree Investment hired a fund manager from a competing firm and had him manage a new actively managed equity mutual fund (ticker: MIPPS). The average annual return of MIPPS over the past five years was 14.59%. During the same period, the average market return was 8.125% and the risk free rate was 4.09% on average. The fund's beta has been estimated to be 1.26 by regressing the excess returns of the fund onto those of the market returns. To evaluate the fund manager's performance, the firm will use the Jensen's alpha. Assume the asset prices are well described by the CAPM. How has the fund performed? Choose all that apply. 1. The fund has underperformed. II. The fund has outperformed. III The Jensen's alpha is 0.26%. IV. The CAPM benchmark return is 14.33%. il and IV only II, ill and IV I and Ill only None of the choices . I and IV only 1. III and IV II and Ill only 10