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Fund Management (Level 6)
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Fund Alpha, managed under UK regulations compliant with MiFID II standards, reports an annual return of 12%. The risk-free rate, based on UK government bonds, is currently 2%. Fund Alpha's investment strategy primarily involves UK equities and corporate bonds. The fund's investment policy statement (IPS) emphasizes long-term capital appreciation with a moderate risk tolerance. The standard deviation of Fund Alpha's returns over the past year is 15%. Given this information, and assuming the fund adheres to all relevant CISI ethical guidelines regarding performance reporting, what is the Sharpe Ratio of Fund Alpha? This ratio will be used in a client report to demonstrate the fund's risk-adjusted performance.
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