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You are assessing the average performance of two mutual fund managers with the Fama-French 3- factor model. The fund managers and the Fama-French factors had

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You are assessing the average performance of two mutual fund managers with the Fama-French 3- factor model. The fund managers and the Fama-French factors had the following performance over this period of time: Manager 1 Manager 2 mktrf smb hml Avg. (total) Ret 18% 13% 8% 2% 6% Pmkt 1.5 1 1 0 0 S 0.5 -0.5 0 1 o o o 1 h 0.5 0.5 What kinds of stocks does manager 1 invest in? Small-cap growth stocks Large-cap value stocks Large-cap growth stocks Small-cap value stocks Not enough information

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