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Vanguard S&P500 Index Fund Legg Mason Value Trust Fidelity Magellan Fund Janus Fund Fidelity Low-Priced Nicholas Fund -6.70% -7.40% -6.40% -8.00% -1.20% -6.60% 1.30% 2.60%

Vanguard S&P500 Index Fund Legg Mason Value Trust Fidelity Magellan Fund Janus Fund Fidelity Low-Priced Nicholas Fund -6.70% -7.40% -6.40% -8.00% -1.20% -6.60% 1.30% 2.60% 2.10% 0.20% 1.90% 1.40% 2.60% 1.70% 2.60% 4.30% 1.00% 3.20% -2.50% -3.50% -2.50% -1.60% -3.80% -2.20% 9.70% 6.80% 8.90% 12.70% 7.90% 9.20% -0.70% 0.20% 0.40% 1.40% 2.80% 0.60% -0.30% -1.70% -1.10% -2.50% -0.60% -2.40% -9.00% -11.00% -9.80% -10.10% -10.00% -10.20% -4.90% -10.10% -6.30% -1.70% -4.40% -6.20% -0.40% -1.20% -1.20% 0.10% -1.70% -4.10% 6.40% 3.80% 7.60% 4.20% 5.40% 9.10% 2.70% 3.10% 3.10% 2.10% 3.20% 5.30% 4.30% 4.90% 7.00% 6.20% 9.20% 5.60% 7.10% 6.00% 8.70% 6.60% 8.90% 9.50% 2.40% 1.60% 3.40% 5.20% 6.70% 4.00% 0.20% 1.20% 0.40% -0.10% 3.80% 2.70% 4.30% 4.00% 5.70% 2.50% 1.50% 4.40% -4.60% -4.10% -5.90% -3.90% -6.00% -4.30% 4.60% 6.10% 6.20% 7.00% 6.10% 3.60% 2.30% 3.60% 3.10% 4.10% 2.80% 3.10% -1.70% 1.50% -0.40% -1.00% 0.40% -1.40% 1.30% -0.50% 1.30% 2.60% 3.50% 1.00% -4.00% -4.90% -4.90% -3.50% -4.10% -2.50% 11.40% 12.10% 11.80% 11.80% 7.00% 11.00% -1.90% -0.80% 0.00% -1.40% 8.70% 1.70% 1.20% 2.30% 2.00% 1.70% 6.40% 1.50% -1.90% -1.30% -2.70% -3.00% -3.30% -2.20% On a single chart, plot the cumulative abnormal return () from the CAPM in each of the six mutual funds over time. The can be estimated using the CAPM alpha () estimates from (2.e) and the estimated error from each month (,). I.e., for all , plot the cumulative abnormal return series for each mutual fund:=+,1++,2+++,=+,=1What patterns to you observe?

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