Q.80 A 5-year research has been conducted on 25 different hedge funds in the United States. The researchers have categorized the funds into 4 distinct hedge fund strategies:

Fund strategy	Average annual return	Standard deviation	Beta
Global Macro	13.5%	18%	1.15
Long-Short Equity	21.3%	31%	3.1
Equity arbitrage	22.6%	35%	3.4
Fixed income arbitrage	8%	2%	0.6

If the risk-free rate is 4% and the S&P 500 has returned an average of 10.1% over the 5 year period, then which fund strategy has performed the best according to the Treynor measure?