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%. Calculate Treynor's measure of performance for Monarch Stock Fund.
Definitions:
Variable Costs
Expenses that vary in direct proportion to changes in levels of production or sales activity, such as raw materials and direct labor costs.
Net Loss
The amount by which expenses exceed revenues.
Variable Costs
Expenses that vary in relation to the quantity of products or services a company generates.
Fixed Costs
Financial obligations that are stable irrespective of the business's production or sales figures, such as rental payments, salary bills, and insurance.
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