You are an analyst for a large superannuation fund and you have been asked to evaluate the performance of two portfolio managers (X and Y).

The average returns, standard deviations, and beta estimates for the two managers over the past three years are as follows:

Portfolio Manager	Actual Average Return	Standard Deviation	Beta
X	9.7%	9%	0.65
Y	10.8%	13%	1.50

The risk premium for the market portfolio is 8% and the risk-free rate is 4%.

(i) Calculate the expected returns using the CAPM for Manager X and Manager Y.

(ii) Given that "alpha" is computed as the difference between actual return minus expected return over a three-year holding period. You are required to calculate the alpha for each portfolio manager and plot the alpha on the Security Market Line graphically (SML).

(iii) Based on the information provided in Part (ii) above, evaluate whether either manager generally outperformed market expectations.