You have to evaluate the performance of the managers of the following diversified mutual funds described in the table below. Using the risk-adjusted performance measures discussed in class, which fund manager demonstrated a better outcome when compared to the others? Which one outperform the market? Which one is riskier? Explain your answers in the space provided below.

	Mutual Funds			Market
	JVASX (Value Advantage Fund Equity & REITs)	VTSAX (Total Stock Market)	ICISX (Small Cap Value)
5-yr Return	8.31%	10.95%	6.78%	9.80%
Beta	1.06	1.04	1.31	1
Sharpe Ratio	.19	0.83	0.19	.80
Treynor Ratio	1.72	12.07	7.01	6.34