Unformatted Attachment Preview
Finance 470
Portfolio Analysis & Risk Management
Spring Semester, 2019
Dr. Stephen Morrell
Course Project Overview
And
Course Project Assignments 1 and 2
I. Purposes of the Project: How to Build a Portfolio and How to
Analyze a Market
The purposes of the project are to develop the student's knowledge, skills and
ability in the processes of designing, building, and managing portfolios of
securities by:
1. Having the student acquire an in- depth knowledge and understanding of
one particular securities market.
2. Providing the student valuable, relevant, knowledge - building experiences
in identifying, locating, organizing, analyzing, assessing and evaluating
data and information on securities markets.
3. Develop the student’s knowledge and skills in and understanding of:
a) Measuring return, risk, and distribution characteristics of a
securities market.
b) Identifying, analyzing, and evaluating the inter-relationships
among securities markets returns.
c) Assessing the usefulness of an asset class in enhancing portfolio
return and diversifying portfolio risk;
d) The pricing efficiency of the market represented by the asset class;
e) The valuation of the market represented by the asset class.
f) Using statistical tools to evaluate a range of characteristics of
securities markets.
g) Using Excel and other statistical software.
h) Writing precise, concise, clear and informative reports and making
clear, concise and informative oral presentations.
The project is a series of related assignments. The assignments are
straightforward, and except for assignments 3 and 4 are not time intensive.
Basically, each assignment replicates an activity a portfolio manager does in
building a portfolio for a client.
The typical assignment requires some measurements, followed by analysis,
assessment, evaluation, reflection, and a little writing. A few of the assignments
will require the student to work collaboratively with all other students
in the class.
1
An overview of the Course Project assignments is as follows:
Assignment Point Value Assignment Summary
1
2
3
20
20
30
4
40
5
6
7
8
30
20
20
40
Total
Update and research market index data.
Presentation on market index.
Calculation, analysis, evaluation of market returns, risks,
distribution.
Build markets data base with all classmates; and comparative
evaluation of markets.
Measure & analyze interrelationships of market returns & risks
Complete portfolio construction.
Empirical tests for market efficiency.
Returns and Risks Table: “Heat Map” 1996 – 2018.
220
II. Background
The asset allocation decision is likely the most important decision most
individual and institutional investors make, the exceptions perhaps being hedge
fund, venture capital and private equity portfolio managers.
A sizable body of credible, respected research indicates (or at least indicated until
2008) that the asset allocation decision is the primary determinant of portfolio
return, accounting for 90+% of portfolio returns.
Among other things, building effective portfolios requires an understanding of
the securities markets/asset classes which may be included in the investor’s
portfolio.
Each student will be required to select a securities market/asset class that they
will research throughout the semester. Some securities markets/asset classes
clearly require more work than others as data and information are more
challenging to locate. Additional credit will be given for good work on these
markets and it will be more difficult to earn points on the easier markets.
2
II. Getting Started: Assignments 1 and 2
Assignment 1: Due Date February 8, 2019
Assignment 1 has two parts:
PART 1:
Update the master database with monthly opening or closing values of the
relevant index for each month of 2017 and 2018. Provide a citation (that I will
check) for your data.
PART 2:
Double check the accuracy and consistency of the existing monthly data. In doing
so, please be careful that the data are for the index itself and not one of possibly
many open-end mutual funds and/or exchange traded funds that track the
index.
Take the time to check the existing data from December 1995 through December
2016 for your securities market asset class to ensure there are no errors. Provide
a citation (that I will check) for your data.
Locating the data is an easy to straightforward task for several of the asset
classes, but an ongoing challenge for others. Data sources include but are
certainly not limited to:
• www.yahoofinance.com
• The business and economic online databases available on the Barry
Library website. Be sure to explore the S&P site.
• www.fred.org An extensive economic and financial database provided by
the Federal Reserve Bank of St. Louis.
• www.msci.com Morgan Stanley Capital International website.
• www.gs.com Goldman Sach’s website.
• www.nareit.org National Association of Real Estate Investment Trust
website.
• Bloomberg Terminal.
3
Assignment 2
Due date: February 15, 2017
Assignment 2 requires you to prepare a concise, precise, accurate, and complete
five minute power point presentation of the securities market – asset class index
you are researching. Charts, tables, visual displays are required.
The power point presentation must include.
• The name of the index; the company/organization that publishes it; and a
web address to information on the index
• What the index is intended to measure. For example, “the DJIA is
designed to measure prices and returns on a basket/collection of 30 blue
chip stocks of companies that represent the strength of the U.S. economy.”
• The index construction. Is it a Value Weighted, Price Weighted or
constructed via some other scheme such as an Equally Weighted or
Fundamental index? In what year was the index started? What was its
starting value in the year it started? How is the index updated? That is
how often is it updated, what criteria do they use, and who updates it?
• The number of stocks/bonds/etc. included in the index.
• The methodology for security selection in the index
• The segments, sectors, etc. of the index and their respective weights.
• A representative sample of the individual securities in the index, including
the top 20 securities and their respective weights.
• Any deficiencies in the index of which we should be aware in using it.
• A chart showing the index’s monthly values from December 1995 through
December 2018.
4
Finance 470, Spring, 2019: Monthly Index Data on 10 Equity, 3 Fixed Income, 3 Alternative, and
Equities
Date
12/1/1995
1/1/1996
2/1/1996
3/1/1996
4/1/1996
5/1/1996
6/1/1996
7/1/1996
8/1/1996
9/1/1996
10/1/1996
11/1/1996
12/1/1996
1/1/1997
2/1/1997
3/1/1997
4/1/1997
5/1/1997
6/1/1997
7/1/1997
8/1/1997
9/1/1997
10/1/1997
11/1/1997
12/1/1997
1/1/1998
2/1/1998
3/1/1998
4/1/1998
5/1/1998
6/1/1998
7/1/1998
8/1/1998
9/1/1998
10/1/1998
11/1/1998
12/1/1998
S&P 500 Large S&P 400 Mid
Russell 2000
Cap
Cap
Small Cap
Nikkei 225
FTSE 100
615.93
315.97
19868.00
3689.30
217.84
636.02
315.38
20813.00
3759.30
220.76
640.43
324.93
20125.00
3727.60
227.87
645.50
330.77
22041.00
3699.70
230.30
654.17
348.28
21956.00
3817.90
237.07
669.12
361.85
22531.00
3747.80
239.89
670.63
346.61
20693.00
3711.00
236.00
639.95
316.00
20167.00
3703.20
219.80
651.99
333.88
21556.00
3867.60
232.13
687.33
346.39
20467.00
3953.70
241.93
705.27
340.57
21020.00
3979.10
242.34
757.02
354.11
19361.00
4058.00
255.61
740.74
362.61
18330.00
4118.50
255.58
786.16
369.45
18557.00
4275.80
264.89
790.82
360.05
18003.00
4308.30
262.36
757.12
342.56
19151.00
4312.90
250.84
801.34
343.00
20069.00
4436.00
257.07
848.28
380.76
20605.00
4621.30
279.16
885.14
396.37
20331.00
4604.60
286.65
954.31
414.48
18229.00
4907.50
314.67
899.47
423.43
17888.00
4817.50
313.97
947.28
453.82
16459.00
5244.20
331.66
914.62
433.26
16633.00
4842.30
316.89
955.40
429.92
15259.00
4831.80
321.25
970.43
437.02
16628.00
5135.50
333.37
980.28
430.05
16832.00
5458.50
326.70
1049.34
461.83
16527.00
5767.30
353.39
1101.75
480.68
15641.26
5932.20
369.00
1111.75
482.89
15670.78
5928.30
375.39
1090.82
456.62
15830.27
5870.70
358.15
1133.84
457.39
16378.97
5832.50
360.08
1120.67
419.75
14107.89
5837.00
345.76
957.28
337.95
13406.39
5249.40
281.10
1017.01
363.59
13564.51
5064.40
307.03
1098.67
378.16
14883.70
5438.40
334.05
1163.63
397.75
13842.17
5743.90
350.35
1229.23
421.96
14499.25
5882.60
392.31
1/1/1999
2/1/1999
3/1/1999
4/1/1999
5/1/1999
6/1/1999
7/1/1999
8/1/1999
9/1/1999
10/1/1999
11/1/1999
12/1/1999
1/1/2000
2/1/2000
3/1/2000
4/1/2000
5/1/2000
6/1/2000
7/1/2000
8/1/2000
9/1/2000
10/1/2000
11/1/2000
12/1/2000
1/1/2001
2/1/2001
3/1/2001
4/1/2001
5/1/2001
6/1/2001
7/1/2001
8/1/2001
9/1/2001
10/1/2001
11/1/2001
12/1/2001
1/1/2002
2/1/2002
3/1/2002
4/1/2002
5/1/2002
6/1/2002
7/1/2002
8/1/2002
9/1/2002
10/1/2002
1279.64
1238.33
1286.37
1335.18
1301.84
1372.71
1328.72
1320.41
1282.71
1362.93
1388.91
1469.25
1394.46
1366.42
1498.58
1452.43
1420.60
1454.60
1430.83
1517.68
1436.51
1429.40
1314.95
1320.28
1366.01
1239.94
1160.33
1249.46
1255.82
1224.38
1211.23
1133.58
1040.94
1059.78
1139.45
1148.08
1130.20
1106.73
1147.39
1076.92
1067.14
989.82
911.62
916.07
815.28
885.76
376.70
356.50
366.10
394.59
395.87
416.70
407.46
393.08
380.59
399.62
420.11
444.67
431.79
461.48
499.69
481.85
475.17
481.77
488.97
542.90
538.81
520.17
480.38
516.74
527.90
497.26
459.92
510.31
521.59
519.12
511.05
493.79
432.03
450.77
483.75
508.31
505.29
505.38
541.10
538.22
528.58
489.50
441.71
443.42
407.38
424.63
427.22
392.26
397.63
432.81
438.68
457.68
444.77
427.83
427.30
428.64
454.08
504.75
496.23
577.71
539.09
506.25
476.18
517.23
500.64
537.89
521.37
497.68
445.94
483.53
508.34
474.37
450.53
485.32
496.50
512.64
484.78
468.56
404.87
428.17
460.78
488.50
483.10
469.36
506.46
510.67
487.47
462.64
392.42
390.96
362.27
373.50
14367.54
15836.59
16701.53
16111.65
17529.74
17861.86
17436.56
17605.46
17942.08
18558.23
18934.34
19539.70
19959.52
20337.32
17973.70
16332.45
17411.05
15727.49
16861.26
15747.26
14539.60
14648.51
13785.69
13843.55
12883.54
12999.70
13934.32
13262.14
12969.05
11860.77
10713.51
9774.68
10366.34
10697.44
10542.62
9997.80
10587.83
11024.94
11492.54
11763.70
10621.84
9877.94
9619.30
9383.29
8640.48
9215.56
5896.00
6175.10
6295.30
6552.20
6226.20
6318.50
6231.90
6246.40
6029.80
6255.70
6597.20
6930.20
6268.50
6232.60
6540.20
6327.40
6359.30
6312.70
6365.30
6672.70
6294.20
6438.40
6142.20
6222.50
6297.50
5917.90
5633.70
5966.90
5796.10
5642.50
5529.10
5345.00
4903.40
5039.70
5203.60
5217.40
5164.80
5101.00
5271.80
5165.60
5085.10
4656.40
4246.20
4227.30
3721.80
4039.70
11/1/2002
12/1/2002
1/1/2003
2/1/2003
3/1/2003
4/1/2003
5/1/2003
6/1/2003
7/1/2003
8/1/2003
9/1/2003
10/1/2003
11/1/2003
12/1/2003
1/1/2004
2/1/2004
3/1/2004
4/1/2004
5/1/2004
6/1/2004
7/1/2004
8/1/2004
9/1/2004
10/1/2004
11/1/2004
12/1/2004
1/1/2005
2/1/2005
3/1/2005
4/1/2005
5/1/2005
6/1/2005
7/1/2005
8/1/2005
9/1/2005
10/1/2005
11/1/2005
12/1/2005
1/1/2006
2/1/2006
3/1/2006
4/1/2006
5/1/2006
6/1/2006
7/1/2006
8/1/2006
936.31
879.82
855.70
841.15
848.18
916.92
963.59
974.50
990.31
1008.01
995.97
1050.71
1058.20
1111.92
1131.13
1144.94
1126.21
1107.30
1120.68
1140.84
1101.72
1104.24
1114.58
1130.20
1173.82
1211.92
1181.27
1203.60
1180.59
1156.85
1191.50
1191.33
1234.18
1220.33
1228.81
1207.01
1249.48
1248.29
1280.08
1280.66
1294.87
1310.61
1270.09
1270.20
1276.66
1303.82
448.63
429.79
416.91
406.43
409.47
438.79
474.54
480.21
496.84
518.77
510.42
548.52
567.00
576.01
588.06
601.51
603.56
583.29
594.70
607.69
578.90
576.62
593.20
602.22
637.27
663.31
645.97
666.85
658.87
632.76
670.05
684.94
720.38
711.49
716.33
700.38
733.66
738.05
781.02
773.60
792.11
802.69
765.56
764.87
742.51
749.96
406.35
383.09
372.17
360.52
364.54
398.68
441.00
448.37
476.02
497.42
487.68
528.22
546.51
556.91
580.76
585.56
590.31
559.80
568.28
591.52
551.29
547.93
572.94
583.79
633.77
651.57
624.02
634.06
615.07
579.38
616.71
639.66
679.75
666.51
667.80
646.61
677.29
673.22
733.20
730.64
765.14
764.54
721.01
724.67
700.56
720.53
8578.95
8339.94
8363.04
7972.71
7831.42
8424.51
9083.11
9563.21
10343.55
10219.05
10559.59
10100.57
10676.64
10783.61
11041.92
11715.39
11761.79
11236.37
11858.87
11325.78
11081.79
10823.57
10771.42
10899.25
11488.76
11387.59
11740.60
11668.95
11008.90
11276.59
11584.01
11899.60
12413.60
13574.30
13606.50
14872.15
16111.43
16649.82
16205.43
17059.66
16906.23
15467.33
15505.18
15456.81
16140.76
16127.58
4169.40
3940.40
3567.40
3655.60
3613.30
3926.00
4048.10
4031.20
4157.00
4161.10
4091.30
4287.60
4342.60
4476.90
4390.70
4492.20
4385.70
4489.70
4430.70
4464.10
4413.10
4459.30
4570.80
4624.20
4703.20
4814.30
4852.30
4968.50
4894.40
4801.70
4964.00
5113.20
5282.30
5296.90
5477.70
5317.30
5423.20
5618.80
5760.30
5791.50
5964.60
6023.10
5723.80
5833.40
5928.30
5906.10
9/1/2006
10/1/2006
11/1/2006
12/1/2006
1/1/2007
2/1/2007
3/1/2007
4/1/2007
5/1/2007
6/1/2007
7/1/2007
8/1/2007
9/1/2007
10/1/2007
11/1/2007
12/1/2007
1/1/2008
2/1/2008
3/1/2008
4/1/2008
5/1/2008
6/1/2008
7/1/2008
8/1/2008
9/1/2008
10/1/2008
11/1/2008
12/1/2008
1/1/2009
2/1/2009
3/1/2009
4/1/2009
5/1/2009
6/1/2009
7/1/2009
8/1/2009
9/1/2009
10/1/2009
11/1/2009
12/1/2009
1/1/2010
2/1/2010
3/1/2010
4/1/2010
5/1/2010
6/1/2010
1335.85
1377.94
1400.63
1418.30
1438.24
1406.82
1420.86
1482.37
1530.62
1503.35
1455.27
1473.99
1526.75
1549.38
1481.14
1468.36
1378.55
1330.63
1322.70
1385.59
1400.38
1280.00
1267.38
1282.83
1166.36
968.75
896.24
903.25
825.88
735.09
797.87
872.81
919.14
919.32
987.48
1020.62
1057.08
1036.19
1095.63
1115.10
1073.87
1104.49
1169.43
1186.69
1089.41
1030.71
754.25
785.01
809.20
804.37
833.02
838.10
848.47
873.66
916.30
895.51
856.33
863.00
885.06
907.70
860.74
858.20
804.64
788.51
779.51
838.84
881.96
818.99
803.01
815.60
727.29
568.49
514.56
538.28
498.68
449.44
489.00
561.14
575.52
578.14
628.05
654.54
691.02
659.15
684.77
726.67
702.80
738.36
789.90
823.06
762.76
711.73
725.59
766.84
786.12
787.66
800.34
793.30
800.71
814.57
847.18
833.70
776.12
792.86
805.45
828.02
767.77
766.03
713.30
686.18
687.97
716.18
748.28
689.66
714.52
739.50
679.58
537.52
473.14
499.45
443.53
389.02
422.75
487.56
501.58
508.28
556.71
572.07
604.28
562.77
579.73
625.39
602.04
628.56
678.64
716.60
661.61
609.49
16399.39
16274.33
17225.83
17383.42
17604.12
17287.65
17400.41
17875.75
18138.36
17248.89
16569.09
16785.69
16737.63
15680.67
15307.78
13592.47
13603.02
12525.54
13849.99
14338.54
13481.38
13376.81
13072.87
11259.86
8576.98
8512.27
8859.56
7994.05
7568.42
8109.53
8828.26
9522.50
9958.44
10356.83
10492.53
10133.23
10034.74
9345.55
10546.44
10198.04
10126.03
11089.94
11057.40
9768.70
9382.64
9537.30
5960.80
6129.20
6048.80
6220.80
6203.10
6171.50
6308.00
6449.20
6621.40
6607.90
6360.10
6303.30
6466.80
6721.60
6432.50
6456.90
5879.80
5884.30
5702.10
6087.30
6053.50
5625.90
5411.90
5636.60
4902.50
4377.30
4288.00
4434.20
4149.60
3830.10
3926.10
4243.70
4417.90
4249.20
4608.40
4908.90
5133.90
5044.50
5190.70
5412.90
5188.50
5354.50
5679.60
5553.30
5188.40
4916.90
7/1/2010
8/1/2010
9/1/2010
10/1/2010
11/1/2010
12/1/2010
1/1/2011
2/1/2011
3/1/2011
4/1/2011
5/1/2011
6/1/2011
7/1/2011
8/1/2011
9/1/2011
10/1/2011
11/1/2011
12/1/2011
1/1/2012
2/1/2012
3/1/2012
4/1/2012
5/1/2012
6/1/2012
7/1/2012
8/1/2012
9/1/2012
10/1/2012
11/1/2012
12/1/2012
1/1/2013
2/1/2013
3/1/2013
4/1/2013
5/1/2013
6/1/2013
7/1/2013
8/1/2013
9/1/2013
10/1/2013
11/1/2013
12/1/2013
1/1/2014
2/1/2014
3/1/2014
4/1/2014
1101.60
1049.33
1141.20
1183.26
1180.55
1257.64
1286.12
1327.22
1325.83
1363.61
1345.20
1320.64
1292.28
1218.89
1131.42
1253.30
1246.96
1257.60
1312.41
1365.68
1408.47
1397.91
1310.33
1362.16
1379.32
1406.58
1440.67
1412.16
1416.18
1426.19
1498.11
1514.68
1569.19
1597.57
1630.74
1606.28
1685.73
1632.97
1681.55
1756.54
1805.81
1848.36
1831.98
1741.89
1845.73
1885.52
760.27
721.64
802.10
829.13
852.59
907.25
924.77
966.59
989.05
1015.26
1000.25
978.64
943.42
875.00
781.26
887.93
883.79
879.16
936.51
977.36
994.30
991.31
925.63
941.64
940.48
971.55
989.02
980.45
1000.15
1020.43
1093.96
1102.64
1153.68
1160.02
1184.32
1160.82
1231.90
1183.87
1243.85
1289.18
1304.18
1342.53
1313.08
1375.33
1378.50
1355.96
650.89
602.06
676.14
703.35
727.01
783.65
781.25
823.45
843.55
865.29
848.30
827.43
797.03
726.81
644.16
741.06
737.42
740.92
792.82
810.94
830.30
816.88
761.82
798.49
786.94
812.09
837.45
818.73
821.92
849.35
902.09
911.11
951.54
947.46
984.15
977.48
1045.26
1010.90
1073.79
1100.15
1142.89
1163.64
1130.88
1183.03
1173.04
1126.86
8824.06
9369.35
9202.45
9937.04
10228.92
10237.92
10624.09
9755.10
9849.74
9693.73
9816.09
9833.03
8955.20
8700.29
8988.39
8434.61
8,434,61
8,455,61
8802.51
9723.24
10083.56
9520.89
8542.73
9006.78
8695.06
8839.91
8870.16
8928.29
9446.01
10395.18
11138.66
11559.36
12397.91
13860.86
13774.54
13677.32
13668.32
13388.86
14455.80
14327.94
15661.87
16291.31
14914.53
14841.07
14827.83
14304.11
5258.00
5225.20
5548.60
5675.20
5528.30
5899.90
5862.90
5994.00
5908.80
6069.90
5990.00
5945.70
5815.20
5394.50
5128.50
5544.20
5505.40
5572.30
5681.60
5871.50
5768.50
5737.80
5320.90
5571.10
5635.30
5711.50
5742.10
5782.70
5866.80
5921.60
6276.90
6360.80
6411.70
6430.10
6583.10
6215.50
6621.10
6412.90
6462.10
6731.40
6650.60
6749.10
6510.44
6809.7
6598.37
6780.03
5/1/2014
6/1/2014
7/1/2014
8/1/2014
9/1/2014
10/1/2014
11/1/2014
12/1/2014
1/1/2015
2/1/2015
3/1/2015
4/1/2015
5/1/2015
6/1/2015
7/1/2015
8/1/2015
9/1/2015
10/1/2015
11/1/2015
12/1/2015
1/1/2016
2/1/2016
3/1/2016
4/1/2016
5/1/2016
6/1/2016
7/1/2016
8/1/2016
9/1/2016
10/1/2016
11/1/2016
12/1/2016
1883.68
1924.97
1973.32
1925.15
2002.28
1946.16
2017.81
2053.44
2058.20
2020.85
2117.39
2059.69
2108.29
2111.73
2077.42
2098.04
1913.85
1923.82
2104.05
2102.63
2012.66
1939.38
1978.35
2072.78
2081.43
2099.33
2102.95
2170.84
2170.86
2161.20
2111.72
2191.08
1377.98
1432.94
1370.70
1438.17
1370.97
1418.71
1442.63
1452.44
1435.10
1506.53
1524.03
1500.19
1524.67
1502.17
1502.89
1416.75
1368.91
1444.77
1461.81
1473.14
1379.18
1316.95
1363.3
1451.59
1473.66
1498.52
1500.2
1555.08
1563.58
1541.93
1494.01
1623.28
1134.50
1192.96
1120.07
1174.35
1101.68
1173.51
1173.23
1204.70
1165.39
1233.37
1252.77
1220.13
1246.53
1253.95
1238.68
1159.45
1100.69
1161.86
1198.11
1135.89
1,035.38
1,033.90
1114.03
1130.85
1154.79
1151.92
1219.94
1239.91
1251.65
1191.39
1322.34
1357.13
14632.38
15162.10
15620.77
15424.59
16173.52
16413.76
17459.85
17450.77
17674.39
18797.94
19206.99
19520.01
20563.15
20235.73
20585.24
18890.48
17388.15
19083.10
19747.47
19033.71
17518.30
16026.76
16758.67
16666.05
17234.98
15575.92
16569.27
16887.40
16449.84
17425.02
18308.48
19114.37
6844.51
6743.94
6730.11
6819.75
6622.72
6546.47
6722.62
6566.09
6749.4
6946.66
6773.04
6960.63
6984.43
6520.98
6696.28
6247.94
6061.61
6361.09
6356.09
6242.32
6083.79
6097.09
6174.9
6241.89
6230.79
6504.33
6724.43
6781.51
6899.33
6954.22
6783.79
7142.83
y, 3 Fixed Income, 3 Alternative, and 1 Cash Equivalent Markets: 12/1995 -12/2016
Bonds
EURO STOXX 50 MSCI-EAFE S&P IFCI
MS ACWI in US Barclays U.S. Aggregate
1486.31
1,135.63
275.79
181.90
672.54
1558.46
1,138.87
298.66
185.64
680.66
1587.58
1,141.23
291.59
186.09
684.65
1594.01
1,163.96
295.21
188.64
677.33
1645.46
1,196.30
305.79
192.90
669.55
1672.27
1,172.77
302.31
192.76
664.72
1667.21
1,177.85
305.23
193.48
663.64
1613.71
1,141.88
284.70
185.93
672.29
1620.20
1,142.83
293.07
187.89
679.25
1644.46
1,171.65
296.96
194.51
673.10
1714.03
1,158.11
290.23
194.98
687.18
1760.80
1,202.61
294.16
205.08
699.61
1816.10
1,185.57
295.01
201.78
711.99
1936.09
1,142.58
315.42
204.86
705.37
2070.84
1,159.75
330.65
207.34
709.89
2122.85
1,162.40
321.67
202.84
708.89
2096.55
1,167.03
315.01
208.99
702.72
2241.63
1,241.39
324.81
221.11
713.03
2350.23
1,308.28
338.08
232.08
719.26
2567.74
1,327.92
340.62
242.24
729.40
2564.78
1,227.21
296.75
224.92
741.29
2511.03
1,294.42
305.95
236.58
740.43
2510.70
1,193.35
255.46
222.17
754.31
2367.94
1,179.63
243.34
225.26
760.48
2474.45
1,188.39
246.00
227.88
766.10
2574.45
1,241.20
229.60
232.58
773.47
2762.13
1,319.25
252.87
248.16
782.24
3029.02
1,358.27
262.07
258.39
780.51
3236.64
1,367.39
261.69
260.46
787.39
3316.51
1,359.14
228.12
255.14
790.21
3355.47
1,367.81
204.22
259.40
798.25
3552.03
1,380.06
211.89
259.12
804.52
3257.72
1,207.45
152.03
222.45
807.91
2881.80
1,168.77
159.09
226.53
818.30
2701.02
1,288.93
177.01
246.87
841.87
3042.18
1,353.32
190.14
261.53
829.49
3013.55
1,405.04
186.76
273.30
839.98
3512.46
3450.87
3524.19
3346.92
3669.07
3749.45
3846.24
3691.33
3772.79
3742.62
4159.97
4575.82
4714.71
5089.76
5317.08
4637.37
5174.96
5275.07
5227.82
5151.96
5132.92
4893.25
4962.72
4800.95
4727.71
4525.87
4199.16
4304.43
4481.95
4289.68
4037.83
3884.63
3277.00
3440.91
3674.63
3512.25
3684.86
3537.60
3742.25
3652.64
3348.05
3143.11
2810.65
2697.45
2450.10
2384.73
1,399.24
1,364.23
1,419.51
1,475.36
1,397.72
1,450.56
1,491.97
1,495.71
1,509.06
1,563.88
1,616.56
1,760.04
1,646.62
1,689.34
1,753.16
1,659.28
1,617.13
1,678.61
1,606.61
1,618.94
1,538.51
1,500.60
1,442.76
1,492.41
1,491.30
1,378.20
1,282.99
1,369.47
1,317.21
1,261.50
1,238.01
1,204.49
1,080.95
1,108.34
1,148.35
1,154.96
1,093.11
1,099.39
1,155.60
1,160.74
1,171.51
1,123.01
1,011.34
1,006.55
897.05
944.62
181.77
184.77
205.53
233.14
228.04
252.35
248.39
250.85
243.64
247.57
269.63
305.29
304.89
304.40
308.24
275.88
267.50
274.48
260.89
261.63
237.86
218.48
199.03
204.45
230.39
212.48
193.10
203.46
208.91
204.67
190.18
187.27
157.93
167.58
187.03
202.36
209.34
213.28
227.58
228.86
224.38
207.75
194.12
196.38
174.31
185.25
278.55
271.21
283.04
294.92
284.11
297.89
296.31
295.60
292.06
306.50
315.68
341.63
322.83
323.59
344.50
328.68
319.78
330.21
320.16
329.76
311.31
304.90
285.68
290.11
297.27
271.97
253.12
271.09
267.37
258.84
254.54
242.41
219.96
224.48
238.00
240.03
233.26
231.21
241.17
233.13
232.82
218.25
199.73
199.85
177.63
190.49
840.66
843.60
828.43
835.23
839.55
826.87
827.71
825.05
825.09
831.00
836.49
836.66
829.39
832.85
841.86
853.81
849.15
853.76
869.09
876.47
889.65
892.60
900.59
911.58
930.68
949.28
955.92
958.20
957.07
962.59
967.50
984.88
997.19
1010.18
1030.78
1017.05
1009.27
1019.44
1022.98
1009.65
1030.46
1039.07
1048.19
1063.27
1078.07
1092.59
2559.00
2479.62
2376.97
2170.88
2086.46
2273.68
2303.03
2443.33
2459.85
2524.12
2553.31
2523.27
2618.06
2699.99
2842.86
2874.76
2829.00
2861.06
2728.59
2792.17
2730.37
2646.93
2748.65
2794.38
2882.69
2926.00
2957.03
3050.42
3066.26
3013.75
3023.47
3151.66
3267.10
3303.32
3351.84
3340.06
3404.90
3547.70
3626.94
3743.79
3814.93
3840.68
3726.85
3528.66
3617.33
3743.86
986.38
952.65
912.39
889.82
868.55
950.03
1,003.78
1,025.74
1,049.47
1,072.14
1,103.39
1,171.47
1,195.82
1,288.77
1,306.43
1,334.96
1,337.07
1,302.92
1,302.04
1,327.98
1,283.96
1,286.26
1,318.03
1,362.19
1,452.59
1,515.48
1,486.97
1,548.60
1,503.85
1,462.87
1,457.36
1,473.72
1,518.15
1,552.51
1,618.84
1,570.83
1,606.14
1,680.13
1,782.57
1,776.42
1,827.65
1,910.15
1,826.73
1,822.88
1,839.66
1,885.49
197.91
190.23
190.16
184.39
176.78
193.62
206.41
218.63
229.82
245.86
248.07
267.63
270.77
289.91
299.55
313.83
318.52
293.17
288.21
287.43
280.57
292.03
308.25
316.46
343.77
360.86
361.48
391.65
365.95
355.59
367.23
378.28
402.51
404.67
441.53
412.33
445.40
472.10
522.31
522.69
525.32
569.45
570.99
511.31
512.73
508.04
200.60
190.80
185.03
181.42
180.20
195.75
206.54
210.08
214.46
219.10
220.15
233.24
236.42
251.13
255.20
259.51
257.43
250.93
252.28
256.90
248.45
249.51
254.37
260.38
274.17
284.52
278.30
287.49
280.51
273.70
278.07
280.44
290.57
292.20
300.60
292.32
302.43
309.63
324.66
323.75
329.79
340.19
325.74
325.11
327.04
334.81
1088.60
1090.45
1112.77
1113.73
1130.16
1128.16
1137.78
1156.31
1155.68
1117.04
1125.02
1154.82
1141.26
1143.85
1158.44
1167.27
1180.34
1186.68
1158.24
1151.02
1163.29
1172.71
1194.45
1194.20
1204.63
1197.20
1208.95
1216.12
1208.41
1205.44
1219.84
1237.57
1234.47
1226.13
1244.81
1228.05
1219.98
1224.90
1238.06
1235.92
1239.76
1229.27
1224.37
1227.28
1228.93
1246.41
3817.57
3975.84
4052.80
4070.02
4159.51
4230.20
4070.47
4336.98
4445.35
4470.21
4449.03
4220.63
4284.43
4430.75
4314.88
4386.40
4025.83
3776.58
3595.91
3768.10
3812.76
3527.83
3298.66
3346.04
3193.72
2627.28
2452.87
2409.82
2340.04
2159.84
1993.93
2257.10
2426.68
2449.02
2462.09
2702.65
2827.93
2865.48
2843.77
2907.65
2922.72
2727.42
2890.47
2937.30
2642.13
2641.66
1,885.26
1,957.65
2,012.31
2,074.48
2,087.68
2,102.26
2,147.51
2,235.40
2,263.21
2,262.24
2,227.50
2,187.29
2,300.38
2,388.74
2,306.29
2,253.36
2,044.11
2,070.06
2,038.62
2,139.53
2,145.47
1,967.19
1,902.74
1,821.06
1,553.15
1,238.81
1,168.23
1,237.42
1,115.14
997.65
1,056.23
1,185.84
1,317.31
1,307.16
1,425.40
1,498.97
1,552.84
1,532.74
1,559.57
1,580.77
1,510.61
1,497.34
1,584.28
1,551.03
1,363.93
1,348.11
529.99
553.03
558.34
596.81
614.33
622.01
603.79
665.97
665.4
709.12
764.89
739.18
823.89
832.61
848.93
853.44
743.34
762.87
754.96
761
811.83
740.33
727.37
703.24
637.94
535.77
356.90
348.12
385.54
339.44
388.14
394.77
453.66
550.85
529.72
577.02
578.63
625.72
652.88
666.16
644.51
645.21
653.87
708.39
639.93
627.62
338.28
350.75
360.04
367.78
371.20
368.78
375.30
391.14
401.52
399.79
393.34
391.49
411.92
427.63
408.11
403.25
369.94
370.41
363.99
383.30
387.75
355.40
345.75
337.61
294.79
236.11
220.05
227.68
208.02
187.17
202.04
225.24
246.69
244.91
266.14
275.10
287.23
282.59
293.67
299.44
286.33
289.50
307.40
307.35
277.17
268.25
1265.66
1277.13
1287.19
1301.88
1291.71
1290.85
1311.06
1311.69
1317.56
1304.59
1306.57
1315.84
1331.34
1342.84
1359.49
1382.09
1381.70
1407.79
1405.26
1405.18
1410.54
1402.98
1395.48
1397.31
1409.36
1393.52
1362.97
1408.88
1454.10
1447.27
1440.85
1457.52
1460.90
1463.14
1482.30
1499.96
1522.71
1542.95
1543.40
1561.29
1540.34
1561.40
1569.45
1565.63
1581.13
1598.10
2669.50
2712.23
2766.09
2817.71
2809.64
2825.58
2900.69
3015.73
2890.36
2947.16
2885.77
2766.61
2743.46
2297.21
2124.31
2312.30
2239.58
2283.30
2382.07
2508.24
2532.18
2340.78
2198.50
2152.74
2258.36
2424.50
2530.69
2503.47
2513.98
2625.55
2715.30
2630.40
2680.18
2636.35
2785.77
2655.76
2686.53
2803.85
2864.56
2988.88
3055.98
3012.99
3092.4
3085.87
3093.97
3171.53
1,474.91
1,425.72
1,561.01
1,616.41
1,535.13
1,658.30
1,696.38
1,749.01
1,702.55
1,797.52
1,732.85
1,708.08
1,679.84
1,523.58
1,373.33
1,505.00
1,427.27
1,412.55
1,486.74
1,567.67
1,553.46
1,516.21
1,332.89
1,423.38
1,438.57
1,472.51
1,510.76
1,522.23
1,555.73
1,604.01
1,687.33
1,667.80
1,674.30
1,753.61
1,702.25
1,638.94
1,724.75
1,697.34
1,818.23
1,878.39
1,888.91
1,915.60
1,837.64
1,935.88
1,915.69
1,936.67
629.42
672.39
686.04
753.03
778.17
765.48
781.91
789.9
774.41
824.5
813.48
812.97
805.34
801.9
723.03
611.92
672.6
663.57
633.57
712.15
746.91
723.59
711.99
621.76
651.61
661.86
658.79
699.04
695.01
699.32
733.46
748.94
736.18
722.55
728.61
711.08
662.85
672.99
654.52
703.36
725.2
718.46
710.44
665.72
687.25
709.06
289.75
279.06
305.16
315.95
308.38
330.64
335.58
344.82
343.64
356.90
347.90
341.82
335.90
310.62
280.64
310.43
300.45
299.51
316.66
331.93
333.30
328.67
297.99
312.11
316.02
322.14
331.58
329.07
332.64
339.75
355.10
354.43
360.06
369.42
367.20
355.81
372.49
363.98
382.07
397.11
402.05
408.55
391.92
410.13
411.02
414.09
1623.39
1636.70
1655.49
1662.75
1668.62
1648.25
1639.71
1639.29
1647.89
1647.88
1669.72
1696.51
1683.70
1717.03
1743.20
1758.32
1761.14
1747.64
1769.79
1782.80
1781.82
1776.71
1792.43
1816.25
1817.90
1833.80
1837.96
1841.77
1841.71
1846.37
1739.28
1729.97
1742.17
1743.88
1763.33
1728.42
1700.42
1692.03
1692.56
1707.66
1718.96
1712.75
1807.06
1833.76
1843.51
1840.37
3197.4
3271.69
3192.31
3089.05
3233.38
3029.58
3126.15
3160.91
3207.26
3453.79
3655.31
3733.8
3617.87
3521.77
3545.1
3444.41
3165.46
3275.48
3439.57
3288.63
3030.5
2862.59
3031.41
3031.18
2983.7
2910.8
2919.08
2992.87
3012.1
3042.33
3026.4
3207.27
1,956.61
1,972.12
1,932.66
1,924.62
1,846.08
1,818.35
1,839.73
1,774.89
1,782.70
1,886.26
1,849.34
1,918.40
1,898.98
1,842.46
1,879.75
1,865.34
1,790.61
1,736.81
1,644.40
1,771.66
1,716.28
1,604.89
1,572.37
1,616.22
1,686.62
1,659.87
1,619.46
1,671.01
1,709.97
1,703.01
1,665.31
1,630.99
705.01
728.82
749.58
754.66
776.41
713.98
726.01
705.19
685.43
689.92
697.88
703.87
748.41
724.96
703.2
650.1
578.41
576.34
618.13
605.75
585.69
544.41
551.83
603.95
611.16
591.89
615.18
646.25
653.33
667.54
660.23
628.49
421.53
428.75
423.04
431.55
416.85
419.45
425.82
417.12
410.33
432.47
424.76
436.30
434.52
423.51
426.78
396.73
381.65
411.25
407.20
399.36
375.02
371.66
398.26
403.34
402.57
399.29
416.09
416.61
418.43
411.02
413.43
421.84
1855.9
1877.03
1878
1873.29
1893.97
1881.11
1899.6
1913.08
1914.87
1955.02
1936.64
1945.63
1938.65
1933.98
1912.89
1926.19
1923.42
1936.43
1936.76
1931.64
1925.40
1947.44
1958.43
1982.94
1991.39
1990.86
2031.96
2036.27
2037.75
2036.98
2022.56
1966.01
Alternatives
Risk Free
Dow Jones U.S. JP Morgan GlobalCSFB
Govt.Dow Jones FTSE -NAREIT Goldman Sachs 1 Yr. T-Bill
Corporate Bond Bond
Hedge Fund
All REIT
Commodity
(Monthly Return)
98.15
205.82
116.38
84.45
2,655.00
0.0044
98.35
203.83
124.49
85.80
2,654.16
0.0042
98.24
202.47
120.02
85.94
2,760.56
0.0041
98.65
202.12
121.29
85.44
2,940.01
0.0045
98.55
201.22
125.07
85.00
3,109.74
0.0046
98.61
201.47
127.48
86.67
3,085.18
0.0047
98.74
203.37
129.70
87.54
3,204.88
0.0048
98.45
207.00
124.34
87.57
3,053.21
0.0049
98.34
207.96
127.42
90.48
3,151.53
0.0047
98.65
209.13
130.61
91.80
3,263.31
0.0049
98.71
213.19
134.99
94.11
3,255.23
0.0046
98.80
216.29
141.80
97.57
3,526.12
0.0045
99.56
214.83
142.24
106.84
3,560.13
0.0046
99.22
209.57
150.04
107.40
3,507.79
0.0047
100.37
208.18
151.99
106.82
3,265.97
0.0046
100.17
206.65
149.84
105.48
3,321.06
0.0048
98.94
205.46
154.12
102.42
3,397.89
0.0050
100.33
210.25
155.48
105.03
3,422.19
0.0049
101.30
212.64
158.99
109.67
3,237.05
0.0047
103.04
211.80
170.11
112.31
3,369.67
0.0046
105.38
211.53
167.97
111.44
3,454.89
0.0046
105.20
216.26
174.68
120.16
3,542.28
0.0046
107.35
220.66
171.82
116.36
3,639.73
0.0046
108.04
218.07
173.54
117.66
3,280.88
0.0046
108.84
217.81
179.13
119.50
3,059.17
0.0046
110.78
219.95
176.96
118.29
3,009.87
0.0044
111.40
221.62
180.42
115.69
2,811.26
0.0044
111.15
219.96
191.14
117.25
2,796.66
0.0045
112.53
223.39
192.96
112.67
2,720.40
0.0045
112.98
224.25
193.47
111.08
2,592.06
0.0045
114.40
224.49
196.54
110.10
2,500.16
0.0045
115.28
225.09
198.30
102.21
2,303.62
0.0045
115.67
230.85
183.33
91.01
2,167.67
0.0043
116.28
243.17
179.10
96.32
2,389.22
0.0039
121.21
248.80
170.91
93.10
2,277.14
0.0034
118.38
246.02
173.23
94.26
2,000.07
0.0038
121.40
250.59
178.48
91.03
1,965.65
0.0038
121.52
120.39
120.06
101.79
101.55
98.58
97.91
97.21
96.74
96.61
96.83
96.55
94.92
95.16
95.29
96.16
94.57
94.35
96
96.72
97.53
97.55
97.45
97.66
100.01
102.16
101.91
101.29
100.56
100.61
100.98
102.74
102.43
102.95
104.41
102.81
101.76
102.77
102.61
100.32
101.47
101.91
100.02
98.94
102.54
101.93
248.29
239.96
240.21
240.05
235.71
231.69
236.64
236.71
239.88
239.22
235.83
235.08
231.56
231.34
236.22
230.44
231.78
237.63
235.16
234.28
234.64
232.53
237.35
246.19
247.66
248.11
243.82
243.07
242.11
241.41
247.76
255.01
257.22
260.32
257.05
252.48
250.29
252.13
250.26
257.92
263.72
272.72
275.45
280.00
283.72
283.13
179.91
177.56
179.73
184.45
184.69
190.74
191.24
189.51
188.90
193.38
202.98
220.29
220.07
234.35
229.39
218.78
216.22
224.14
224.39
232.00
231.05
228.53
224.99
230.97
233.15
231.78
231.00
232.59
234.51
235.88
235.83
237.99
236.01
237.05
238.33
241.17
242.47
241.11
242.89
244.82
246.47
244.39
241.10
243.14
243.33
243.23
88.91
86.13
84.83
92.56
94.17
92.09
88.22
85.68
81.75
79.11
76.86
78.23
78.23
76.75
78.47
83.20
83.59
85.07
91.90
87.78
89.78
85.48
86.04
90.68
91.72
90.06
90.18
92.10
93.89
98.65
96.34
98.99
94.27
91.26
95.64
97.07
97.08
98.40
103.54
104.47
105.35
107.46
101.46
100.82
96.07
91.28
1,974.23
1,883.29
2,201.42
2,292.40
2,167.31
2,306.70
2,389.45
2,557.63
2,693.28
2,554.39
2,657.75
2,770.01
2,970.29
3,155.86
3,119.23
3,090.82
3,436.91
3,681.85
3,399.09
3,922.85
3,869.14
3,877.86
4,235.22
4,147.90
3,927.75
3,872.93
3,721.13
3,920.97
3,809.28
3,533.71
3,542.17
3,576.03
3,184.24
3,023.67
2,861.28
2,823.35
2,735.26
2,854.74
3,239.61
3,275.47
3,132.95
3,240.02
3,258.75
3,455.84
3,613.65
3,443.14
0.0038
0.0039
0.0040
0.0039
0.0040
0.0043
0.0042
0.0043
0.0044
0.0045
0.0046
0.0049
0.0051
0.0052
0.0052
0.0051
0.0053
0.0051
0.0051
0.0052
0.0051
0.0050
0.0051
0.0047
0.0040
0.0039
0.0036
0.0033
0.0032
0.0030
0.0030
0.0029
0.0024
0.0019
0.0018
0.0019
0.0018
0.0019
0.0021
0.0021
0.0020
0.0018
0.0016
0.0015
0.0014
0.0014
100.68
104.32
105.97
107.02
109.1
108.72
111.18
113.8
113.09
106.92
106.43
110.82
108.15
108.53
109.29
110.61
111.48
111.46
107.37
105.24
106
106.71
109
108.31
109.88
108.44
110.09
110.53
108.89
107
106.18
108.15
108.71
106.4
108.59
105.54
103.86
103.98
104.96
104.31
104.32
101.94
100.62
100
99.44
100.63
284.09
296.06
299.62
303.76
304.59
308.91
320.42
316.82
307.18
306.08
321.08
318.77
323.08
333.99
334.83
337.09
340.39
328.23
329.92
331.07
331.32
338.61
342.88
351.01
360.14
366.35
362.51
363.18
358.88
363.65
358.80
357.39
354.71
360.60
354.78
349.38
346.93
350.39
354.62
353.29
350.07
356.24
360.66
358.17
361.86
366.20
245.89
248.51
251.68
253.38
254.04
259.01
266.04
268.25
268.47
270.51
274.61
278.39
281.39
286.89
291.78
295.86
296.70
294.97
294.29
295.30
294.38
294.78
297.77
301.59
309.58
314.55
313.49
317.98
317.49
314.20
314.66
318.77
324.90
327.77
333.10
328.25
333.11
338.48
349.40
350.58
356.97
364.88
360.14
359.76
360.79
363.87
94.76
94.98
91.99
92.98
94.05
98.09
103.53
105.43
110.47
110.43
113.17
115.14
119.78
122.85
127.73
130.08
136.52
115.23
122.84
125.64
125.22
134.58
134.00
139.60
145.22
150.94
138.71
141.35
137.88
143.78
148.33
154.45
164.04
156.37
155.27
150.47
156.25
154.73
165.16
166.92
174.39
168.49
163.17
170.42
175.07
180.45
3,435.66
3,728.76
4,064.02
4,556.68
3,900.01
3,660.66
4,011.64
4,020.44
4,049.07
4,214.54
4,042.42
4,130.98
4,236.69
4,501.27
4,518.91
4,854.23
4,951.78
5,088.35
5,323.78
5,073.56
5,466.90
5,254.62
5,917.43
6,162.91
5,864.79
5,278.98
5,635.92
5,986.82
6,439.38
5,856.56
5,813.64
6,150.56
6,488.55
7,471.14
7,472.48
6,700.94
6,443.10
6,627.92
6,915.18
6,216.45
6,535.38
6,949.29
6,895.81
6,975.97
7,115.85
6,599.42
0.0012
0.0012
0.0011
0.0011
0.0010
0.0011
0.0010
0.0008
0.0009
0.0011
0.0010
0.0010
0.0011
0.0011
0.0010
0.0010
0.0010
0.0012
0.0015
0.0018
0.0018
0.0017
0.0018
0.0019
0.0021
0.0022
0.0024
0.0025
0.0028
0.0028
0.0028
0.0028
0.0030
0.0032
0.0032
0.0035
0.0036
0.0036
0.0037
0.0039
0.0040
0.0041
0.0042
0.0043
0.0044
0.0042
102.4
102.82
103.7
104.79
103.16
102.47
104.14
103.47
103.41
101.37
100.95
100.59
100.97
101.31
101.86
102.46
102.62
103.5
102.29
100.75
101.88
100.43
98.72
98.18
98.23
91.66
87.25
91.6
96.51
98.27
95.55
94.14
96.46
98.96
102.1
105.54
107.26
108.99
108.53
109.1
107.98
108.44
108.84
108.55
109.62
108.59
366.34
369.79
379.15
374.05
370.38
378.20
379.06
383.26
376.95
375.06
383.01
387.86
396.65
403.18
412.01
410.46
422.81
430.58
440.07
431.22
426.05
426.90
427.92
421.41
412.32
398.61
412.82
439.90
424.83
416.74
427.20
429.62
443.28
445.10
454.13
461.64
471.29
473.26
485.25
466.65
468.04
468.72
464.74
464.77
458.39
465.22
364.34
370.79
378.47
385.41
390.53
393.42
398.28
406.33
415.71
418.95
418.93
412.52
423.68
437.08
431.81
433.82
427.40
434.26
425.10
427.53
436.07
436.05
424.68
418.43
391.02
366.39
351.20
351.08
354.92
351.78
354.08
360.04
374.66
376.27
385.82
391.71
403.62
404.13
412.64
416.28
416.98
419.82
429.14
434.46
422.45
418.89
183.11
194.18
202.18
198.53
213.68
206.99
200.90
200.58
200.19
181.20
164.85
173.27
179.69
180.62
164.54
156.07
155.19
148.75
153.49
162.36
163.01
143.71
147.14
149.57
148.12
102.94
80.29
92.02
76.66
61.43
63.41
80.79
82.19
79.51
87.35
97.71
103.25
98.08
104.47
110.33
104.97
109.94
119.50
127.10
120.00
113.81
5,892.86
5,741.51
6,058.91
5,627.64
5,498.78
5,735.06
5,920.55
5,904.26
5,812.55
5,999.78
6,332.53
6,067.40
6,687.84
7,330.34
7,059.31
7,466.30
8,352.70
8,373.49
8,307.04
8,741.80
9,737.93
10,898.10
9,296.41
8,232.97
7,096.28
5,235.66
4,316.12
4,109.68
3,541.10
3,196.64
3,507.65
3,664.69
4,380.35
4,245.14
4,415.34
4,077.66
4,154.29
4,488.67
4,541.38
4,649.37
4,237.11
4,368.02
4,557.70
4,271.74
3,951.13
3,936.79
0.0041
0.0042
0.0042
0.0041
0.0042
0.0042
0.0041
0.0041
0.0041
0.0041
0.0041
0.0037
0.0035
0.0034
0.0029
0.0027
0.0023
0.0017
0.0013
0.0015
0.0017
0.0020
0.0019
0.0018
0.0016
0.0012
0.0009
0.0004
0.0004
0.0005
0.0005
0.0005
0.0004
0.0004
0.0004
0.0004
0.0003
0.0003
0.0003
0.0003
0.0003
0.0003
0.0003
0.0004
0.0003
0.0003
110.79
112.08
113.54
114.23
113.83
111.46
110.96
110.18
110.83
110.12
111.68
113.3
111.22
114.22
114.18
114.05
115.9
112.12
114.27
116.69
117.43
115.89
117.1
117.37
118.21
121.42
121.11
122.13
122.54
121.94
121.34
120.02
121.12
120.58
122.41
118.65
115.26
115.07
114.07
114.9
116.11
115.6
115.86
117.71
118.38
117.51
480.62
487.34
498.51
504.31
484.77
490.04
490.98
493.34
495.92
509.98
510.43
511.08
520.64
529.88
518.97
524.65
516.22
520.12
527.92
527.43
523.55
529.73
525.67
527.49
533.15
537.44
543.34
542.70
542.78
541.19
536.64
532.46
530.99
538.60
522.37
516.41
522.10
519.23
529.34
534.91
530.38
526.94
533.35
540.61
540.34
546.48
425.54
426.54
441.18
449.66
448.83
461.86
465.04
471.47
472.05
480.56
475.96
469.48
472.71
461.84
447.06
454.79
451.21
450.23
460.75
468.17
468.40
468.22
461.99
460.14
466.68
470.60
475.50
474.65
477.70
484.78
494.80
495.98
501.99
508.95
511.08
502.62
507.05
504.30
510.72
518.86
525.65
531.93
530.41
539.51
536.90
535.79
123.82
121.68
126.30
131.80
129.24
134.39
139.07
144.90
142.07
148.74
149.52
144.61
144.91
137.16
121.97
137.93
132.65
137.57
146.27
144.96
150.36
154.29
147.80
155.42
158.73
159.04
156.62
155.86
154.41
158.18
164.69
166.49
170.89
180.51
168.25
163.35
163.94
153.29
157.72
163.76
156.16
156.35
161.41
168.56
168.03
172.58
4,350.70
4,097.86
4,386.31
4,511.52
4,653.77
4,961.45
5,094.78
5,372.55
5,559.32
5,724.59
5,280.73
5,042.85
5,185.74
5,072.33
4,442.93
4,873.16
4,963.28
5,049.16
4,994.97
5,370.09
5,260.46
5,166.60
4,363.95
4,516.58
4,834.44
5,108.94
5,064.32
4,857.83
4,926.48
4,934.19
4,972.66
5,044.12
4,868.61
4,681.83
4,701.61
4,696.52
4,851.28
4,924.56
4,938.60
4,857.26
4,703.53
4,820.98
4,738.41
4,768.41
4,796.41
4,910.07
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119.09
119.3
119.26
119.2
120
119.32
119.46
120.01
120.81
123.63
121.17
122.75
120.07
118.52
116.89
117.98
116.98
117.29
117.56
117.59
116.36
116.1
117.38
120.83
121.57
121.16
124.02
124.36
124.66
123.27
122.22
118.13
550.06
553.58
549.13
552.83
538.49
539.70
538.91
535.71
535.56
536.55
521.24
530.32
530.02
522.64
518.22
520.21
524.10
529.73
516.84
520.56
521.16
530.14
538.06
550.28
556.40
558.70
567.46
570.01
566.19
569.92
553.95
534.68
541.85
547.04
545.35
550.14
550.08
545.68
553.85
553.92
558.39
564.29
567.67
567.79
572.48
564.96
569.89
558.56
550.69
553.59
554.72
550.01
542.25
536.37
537.90
539.72
541.65
541.10
547.30
549.85
550.53
549.55
551.55
556.86
176.88
177.86
177.26
182.76
171.37
185.97
189.77
190.65
201.07
195.47
196.57
187.01
186.32
177.09
185.42
174.45
176.48
186.99
186.01
186.93
180.18
179.26
196.06
192.48
196.53
208.3
216.04
208.52
204.27
193.93
189.66
196.21
4,857.41
4,888.41
4,918.41
4,949.41
4,980.41
5,010.41
5,041.41
5,071.41
5,102.41
5,133.41
5,161.41
5,192.41
5,222.41
3,225.21
3,167.14
2,700.08
2,657.51
2,584.55
2,588.72
2,386.58
2,156.65
2,005.39
2,024.28
2,070.56
2,296.96
2,387.40
2,400.04
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