You are evaluating the performance of two portfolio managers, and you have gathered the following historical annual return data: 1 1 w N Manager X Return Manager Y Return Year (%) (%) -1.5 -6.5 2 -1.5 -3.5 -1.5 -1.5 4 -1.0 3.5 5 0.0 4.5 6 4.5 6.5 7 6.5 7.5 8 8.5 8.5 9 13.5 12.5 10 17.5 13.5 T Required: Required: a. For each manager, calculate (1) the average annual return, (2) the standard deviation of returns, and (3) the semi- deviation of returns. Show you calculation steps. (3 marks) b. The average annual risk-free rate during the 10-year sample period was1.5 percent, calculate the Sharpe ratio for each portfolio and show your calculation steps. Based on these computations, which manager appears to have performed the best? (1.5 marks) c. Calculate the Sortino ratio for each portfolio, using the average risk-free rate as the minimum acceptable return threshold. Show your calculation steps. Based on your calculation results, which manager appears to have performed the best? (1.5 marks) d. In what scenario the Sharpe and Sortino measures would provide the same performance ranking? Explain. (4 marks)