You want to evaluate three institutional funds using the information ratio measure for performance evaluation. The risk-free return during the sample period is 2%, and the equity risk premium is 5%. The average returns, residual standard deviations, and betas for these three institutional funds are given below:

	Return	Residual Standard deviation	Beta
JPMorgan	15%	5%	1.20
Fidelity	10%	10%	0.80
BGI	30%	12%	0.80

Based on the Information Ratio of performance evaluation, which of the following institutional funds represents the best investment opportunity?

Group of answer choices:

Fidelity represents the best investment opportunity

None of them is a profitable investment opportunity

BGI represents the best investment opportunity

JPMorgan represents the best investment opportunity