Use the table below showing the return of a portfolio and its 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%

a) 5.02%; active

b) 0.94%; passive

c) 4.11%; active

d) 1.02%; active