In Returns-Based Style Analysis a Coefficient of Determination of 95

In returns-based style analysis a coefficient of determination of 95% would suggest that

A) The portfolio manager outperformed 95% of his peers.
B) The portfolio manager was outperformed by 95% of his peers.
C) 95% of the portfolio return variability could be attributed to portfolio style.
D) 95% of the portfolio return variability could be attributed to stock selection skills.
E) 5% of the portfolio return variability could be attributed to portfolio style.