The following data are available relating to the performance of Monarch Stock Fund and the market portfolio: 
The risk-free return during the sample period was 4%.
What is the information ratio measure of performance evaluation for Monarch Stock Fund?
Definitions:
Authorization Card
A document signed by an employee that indicates their support for union representation, often used as part of the process to establish or call for a union election.
Representation Election
A process where workers vote to decide whether or not they want to be represented by a union in dealing with employers.
Authorization Cards
Cards signed by employees to indicate their desire to be represented by a union in collective bargaining with their employer.
Union Dues
Regular payments made by members to their labor unions to fund the organization's activities, including collective bargaining and legal representation.
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