Use the table below showing the return of a portfolio and it's target benchmark for the past 8 quarters.What is the tracking error of the portfolio?What type of manager would you say this manager is based on the level of the tracking error?

Quarter rP rI

1 8.5% 5.0%

2 7.0% 8.0%

3 10.0% 12.0%

4 1.5% 2.0%

5 14.0% 15.0%

6 13.0% 10.0%

7 2.0% 3.0%

8 7.0% 8.0%