You follow up with the portfolio manager and ask them for two years of performance data which they give you. You take the data from year t-2 to year t-1 and run the following regression:

R_i = R_f + _mR_m + _smbR_smb + _hmlR_hml

And you find that:

_m = 1.05 _smb = .95 _hml = 1.4

Using the following returns from year t-1 to year 0:

R_f = 0 R_m = .12 R_smb = .01 R_hml = .02

Did the portfolio manager actually do well over yr t-1 to 0- what were their FF adjusted returns?

According to the Beta coefficients, what types of risk is the manager primarily taking?