The gross performance of two groups of Country X managed funds with a rating of 3 and 4 stars, over a 1-year investment period for a sample of five trusts are shown below. 4-star rated 3-start rated 7.31 10.44 9.82 8.38 10.15 9.68 12.42 10.62 9.65 11.25 Which type of 1-year investment (4-star rated or 3-star rated managed funds) appears to have higher level of risks?