Suppose that all stocks in an equity market can be grouped into two mutually exclusive portfolios (that is, with each stock appearing in only one portfolio): value stocks and growth stocks. Assume that these two portfolios are equal in size by market value and the correlation of their returns is 0.3. Value stocks have an expected return of 14% and a standard deviation of return of 20%. Growth stocks have an expected return of 18% and a standard deviation of return of 24%. If the riskfree rate is 6%, calculate the Sharpe ratio of an equally-weighted portfolio of the value and growth stock portfolios. Show all calculations.

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