62 An analyst gathers the following information about multi-strategy hedge fund returns:

Fund	Annualized Sortino Ratio	First-Order Serial Autocorrelation (Rho)	Maximum Drawdown
1	0.8	21%	18%
2	0.9	16%	20%
3	1.0	12%	16%

Which fund is most likely to be running strategies using less liquid instruments?