X , a portfolio managers advertises that he has outperformed the market each year over the last 5 years-since inception of the fund. He compares his performance with the S and P 500 index. However, the beta of his portfolio is 1.25. Assume the following: Return on Sa and P annualized + 12 percent return on his portfolio + 15 percent. Did he outperform the market? Explain and provide exact detail as to why/why not.