You are looking to evaluate Kensington Olympia$$s performance

in the period $2011$ to $2013.$ You run a regression of Kensington$$s equity returns

on the excess returns on the FTSE $100$ index, a proxy for the market portfolio.

The slope coefficient on your regression is $0\mathrm{.}25.$ The relevant risk$-$free rate is

$2\%.$ The intercept of your regression is $1\mathrm{.}75\%.$ Did Kensington over$-$perform or

under$-$perform relative to CAPM$-$based expectations?