FIN 470 Portfolio Analysis & Risk Management for Securities Market

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timer Asked: Feb 5th, 2019
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Question Description

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:

  • Having the student acquire an in- depth knowledge and understanding of one particular securities market.
  • Providing the student valuable, relevant, knowledge - building experiences in identifying, locating, organizing, analyzing, assessing and evaluating data and information on securities markets.
  • Develop the student’s knowledge and skills in and understanding of:
  • Measuring return, risk, and distribution characteristics of a securities market.
  • Identifying, analyzing, and evaluating the inter-relationships among securities markets returns.
  • Assessing the usefulness of an asset class in enhancing portfolio return and diversifying portfolio risk;
  • The pricing efficiency of the market represented by the asset class;
  • The valuation of the market represented by the asset class.
  • Using statistical tools to evaluate a range of characteristics of securities markets.
  • Using Excel and other statistical software.
  • 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 workcollaboratively with all other students in the class.

An overview of the Course Project assignments is as follows:

Assignment Point Value Assignment Summary

1 20 Update and research market index data.

2 20 Presentation on market index.

3 30 Calculation, analysis, evaluation of market returns, risks, distribution.

4 40 Build markets data base with allclassmates; and comparative evaluation of markets.

5 30 Measure & analyze interrelationships of market returns & risks

6 20 Complete portfolio construction.

7 20 Empirical tests for market efficiency.

8 40 Returns and Risks Table: “Heat Map” 1996 – 2018.

Total 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 requiremore 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.

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.comMorgan Stanley Capital International website.
  • www.gs.comGoldman Sach’s website.
  • www.nareit.orgNational Association of Real Estate Investment Trust website.
  • Bloomberg Terminal.

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 ...
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paula9
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