A pension portfolio manager is about to upgrade his performa…

A pension portfolio manager is about to upgrade his performance calculation software. Currently, his performance software will only calculate his performance on a quarterly basis. The quarterly performance numbers calculated on a money-weigh ted rate-of- return basis for the year 2017 are shown below. The portfolio benchmark has annual return of 4.2 percent and the market index has a return of 3.4 percent.            QUATER                 RETURN             1                               5.35%             2                               -2.34%             3                               4.62%             4                               1.25%   What is the return due to the portfolio manager’s style