Use the from step b) to compute the monthly excess outperformance (or underperformance in case the number is negative) of Fund X. The formula is: RX RVG (as a reminder Rx and Rvg are excess returns and not absolute returns). What is the average excess outperformance (or net alpha) for this fund over this time period?

Enter value to 5 decimal places.

Compute the gross outperformance in each month by adding 1/12 of the annual expense ratio to each monthly outperformance number. Note that the expense ratio changes.

What is the average gross outperformance over this time period?

Enter value to 4 decimal places.

Compute the monthly value added by multiplying the gross alpha in each month by the AUM from the previous month. What is the average value added of this fund?

Enter value to 2 decimal places.