The Calotte Fund produced the following percentage rates of return from 2013 to 2017. Rates of return on the S&P 500 are given for comparisons.

FUND AND BENCHMARK	2013	2014	2015	2016	2017
Calcott Fund	14%	-4%	40%	16%	28%
S&P 500	10%	1.30%	37.40%	23.10%	33.40%

a) Calculate the average return of the Calcott Fund over the period.

b) Calculate the standard deviation of the Calcott Fund over the period.

c) If the risk-free rate of interest were 5%, calculate the Sharpe Ratio for the Fund. What are the limitations of the Ratio as a metric?

d) If the Calcott Fund had an average beta of 0.8, on a risk adjusted basis how does it compare to the market? Is it underperforming or over-performing or about right? Please explain your answer.