Q.3175 David Hale is an Investment advisor preparing performance analysis of two large pension funds - Qintar Fund and Zombie Fund. The funds are being considered by the plan sponsor of Gallant Motor Companies Pension Fund as an addition to its portfolio. The minimum acceptable return for Gallant is 5.0%, which the sponsor has determined with the help of an independent actuary. The T-bill return over the last fiscal year was 4.5%. Over the same period, the return on the S&P 500 (which is used as the market index) was 10% with a standard deviation of 21% and a beta of 1.0. The most recent risk and return measures for both Qintar and Zombie are: Qintar: Return 16.5%; Standard deviation 38.1%; Beta: 0.8; and Downside deviation: 14.9% Zombie: Return 15.9%; Standard deviation: 35.6%; Beta: 1.25; and Downside deviation: 14.0% Given this information, the M-squared measure for the Qintar fund is closest to: