Financial Risk Manager Part 1
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The CIO of a global macro fund is assessing the performance of the international portfolio managers of the fund. The CIO gathers the annualized total returns of a sample of the managers as presented in the following table:
| Portfolio manager | Annualized total return |
|---|---|
| 1 | 21% |
| 2 | 17% |
| 3 | 11% |
| 4 | 18% |
| 5 | 13% |
What is the correct unbiased sample variance of the returns data?