# Anaylze of Fama-French Three-Factor Model.

Anonymous

### Question Description

Problem 4: Fama-French Three-Factor Model. [50 points]

Download the Excel spreadsheet Portfolio_Returns.xlsx from Blackboard. The file contains the monthly excess returns in percent of a wide range of stocks and of QQQ (Nasdaq ETF), IWM (Russell ETF), and MCHI (China ETF).

Since some companies have not been publicly listed for the entire time period from January 2014 to December 2018, we cannot use them for our analysis. Please research the QQQ, IWM, and MCHI ETFs to see if you can use them as a replacement for missing stocks. For example, Alibaba (BABA) has not been listed for the entire time period, however, MCHI can serve as a decent albeit not perfect replacement in your analysis.

Additionally, the file contains the time series ExcMkt, SMB, and HML, representing the excess market return, the small-minus-big return, and the high-minus-low return.

For the following part, consider only your three largest holdings by market value.

1.Calculate using the single-factor model.

2.Estimate their risk (systematic and firm-specific) according to the single-factor model.

For the following part, consider your entire portfolio.

3.Calculate the weights of the stocks in your portfolio. Remember, stocks you’re selling short have negative weights, and the weights need to sum up to one.

4.Produce a time series for your portfolio of n stocks return using .RP(t)=w1R1(t)+...+wnRn(t).

5.Estimate your portfolio’s sensitivity to Fama-French’s three factors, that is, run the regression

RP(t)=αPmRm(t)+βSMLSML(t)+βHMLHML(t)+eP .

Remember: βm is a proxy to how much market risk your portfolio carries; βSML is your exposure to small over big firms; βHML is your exposure to firms with a high book value compared to their market capitalization. These three betas are assumed to be non-diversifiable risk factors, and in the long run investors should be rewarded for their risk of having greater betas.

6.Analyze your results. This includes, but is not limited to: classifying your portfolio in terms of aggressiveness, small vs large cap, value vs growth; identifying which of your holdings potentially contribute to the portfolio classification how; going back to your portfolio philosophy statement and discussing if your holdings reflect your investment goal; using the expected values of Rm,SML,HML to compute the expected return of your portfolio in the coming month.

Important:

Submit Problem 4 in a Word document to Blackboard at the specified time which includes the relevant tables from Excel or the data analytics tool of your choice.

All the instructions above are coming from the file: homework 4--problem 4.

### Unformatted Attachment Preview

Date 1/1/2014 2/1/2014 3/1/2014 4/1/2014 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 1/1/2017 2/1/2017 3/1/2017 4/1/2017 5/1/2017 6/1/2017 7/1/2017 8/1/2017 9/1/2017 10/1/2017 QQQ -1.92133 5.149783 -2.73082 -0.31938 4.485639 3.123602 1.181983 5.009472 -0.7567 2.641968 4.546351 -2.24239 -2.08232 7.220574 -2.36037 1.922348 2.248444 -2.48284 4.557766 -6.82448 -2.20385 11.36989 0.608841 -1.59862 -6.92042 -1.58535 6.831919 -3.19681 4.360034 -2.29526 7.130828 1.030074 2.193546 -1.47721 0.425935 1.10329 5.100108 4.33505 1.996946 2.676998 3.837345 -2.37679 3.991319 1.983588 -0.38469 4.516394 IWM -2.77393 4.778887 -0.74833 -3.74764 0.785855 5.272018 -6.05279 4.829665 -5.93055 6.593507 0.111531 2.891844 -3.27704 5.946413 1.777712 -2.56493 2.236343 0.782953 -1.1007 -6.311 -4.93249 5.622711 3.259927 -5.04133 -8.58752 -0.24339 7.999179 1.662241 2.230398 -0.03739 5.850292 1.764092 1.056843 -4.61705 11.05329 2.858079 0.241795 1.890045 -0.00434 1.099258 -2.03037 3.314413 0.788274 -1.34786 6.212957 0.638843 MCHI -8.9382 3.097244 -0.61851 -2.55612 4.607664 2.718173 6.728488 1.293191 -5.48574 3.862389 1.158301 1.840745 0.338443 5.277778 2.713909 15.00917 -4.515 -5.39375 -10.7066 -11.8705 -0.6576 7.966218 -1.16279 -3.23221 -11.9777 -2.38762 10.82746 -0.57457 -0.05731 1.041952 3.825247 6.204443 3.701129 -2.96845 -0.96602 -5.31853 7.460572 3.576252 2.474619 2.413449 5.041642 2.010336 8.560463 4.269535 1.668065 3.412932 A 1.678615 -2.09802 -1.77411 -3.13239 5.366395 1.109698 -2.35028 1.907648 -0.08201 -2.9835 7.132304 -4.21151 -7.51558 11.75536 -1.32416 -0.43321 -0.4351 -6.10245 6.143079 -11.3309 -5.1786 9.991261 10.75212 0.241076 -9.95977 -0.81681 6.67344 2.968018 12.13565 -3.10346 8.433562 -2.36878 0.458927 -7.49505 0.931014 3.862152 7.444636 4.718015 3.287739 4.073321 9.549446 -1.54634 0.739307 8.155526 -0.89346 6.091355 AAPL -10.7697 5.747445 1.995287 9.939636 7.871993 2.766295 2.87313 7.750938 -1.70732 7.19603 10.59651 -7.1891 6.142417 10.07459 -3.13716 0.578639 4.531234 -3.72659 -3.28882 -6.62053 -2.18162 8.340888 -0.57847 -11.0328 -7.53423 -0.15305 12.70107 -14.0021 7.169934 -4.28597 8.986276 2.341806 6.530424 0.413437 -2.16468 4.765512 4.73465 13.33427 4.838969 -0.05696 6.716979 -5.78139 3.200379 10.62418 -6.11439 9.590768 ACLS -0.81967 -7.85124 -3.58744 -16.7442 5.027933 6.382979 -12.5 15.42857 -1.48515 9.547739 -1.37615 19.06977 -6.25 16.66667 -15 5.882353 26.98413 -7.5 -0.33784 10.50847 -18.0982 4.868914 -5.71429 -1.90394 1.148301 -4.60015 11.98 2.132857 -5.60441 -0.39037 -0.57762 9.606168 13.19398 2.766145 -0.01 6.563407 4.427354 1.604737 21.65285 2.343617 12.92701 -3.73816 5.896587 -5.94586 30.77124 20.2025 AMT 1.327988 0.729476 0.490978 2.415941 7.315613 0.776437 4.901089 4.460218 -4.68133 4.133291 7.702564 -5.50325 -1.9221 2.258896 -5.03329 0.840465 -1.84069 1.018334 1.950906 -3.07013 -4.08099 16.19686 -2.78783 -1.94685 -2.70211 -2.28839 11.01037 2.936171 0.848124 7.913006 1.881241 -2.08444 0.42401 3.385983 -12.7415 3.869565 -2.10283 10.86821 5.850303 4.094738 4.108652 1.294593 2.960532 8.506787 -7.32214 5.024135 AMZN -10.0554 0.950682 -7.10715 -9.58334 2.768553 3.912974 -3.63015 8.32295 -4.89618 -5.2661 10.86231 -8.354 14.23554 7.229289 -2.12016 13.35125 1.766324 1.13226 23.51125 -4.33834 -0.19497 22.27236 6.21505 1.658171 -13.1615 -5.89394 7.422265 11.09943 9.57171 -1.01199 6.015326 1.343978 8.840315 -5.69173 -4.97949 -0.12326 9.776368 2.578157 4.88101 4.287086 7.467649 -2.7364 1.973388 -0.81688 -2.05308 14.88165 11/1/2017 12/1/2017 1/1/2018 2/1/2018 3/1/2018 4/1/2018 5/1/2018 6/1/2018 7/1/2018 8/1/2018 9/1/2018 10/1/2018 11/1/2018 12/1/2018 1.891738 0.511371 8.647062 -1.4028 -4.1957 0.365839 5.532922 1.005395 2.636388 5.620674 -0.43226 -8.78573 -0.44499 -8.84434 2.861176 -0.48994 2.448048 -3.95369 1.102996 0.841361 6.023579 0.474364 1.487702 4.150605 -2.47241 -11.1778 1.546321 -12.1552 1.35951 1.667435 12.31861 -7.609 -1.0304 -2.64839 2.821855 -5.8495 -1.36743 -4.98607 -1.54941 -11.277 7.763662 -7.74882 1.698627 -3.15326 9.53611 -6.70131 -2.58392 -1.64668 -5.95077 -0.2692 6.890578 2.111351 4.291812 -8.14935 11.48847 -6.71698 1.949004 -1.61459 -1.17364 6.703262 -5.92508 -1.64197 13.37406 -1.08183 2.638336 19.88346 -0.98029 -3.23775 -18.2988 -11.8598 -2.81556 -10.4025 -9.8661 -5.70846 0.493497 -10.7091 -3.54909 -6.96353 10.95111 -8.34182 -2.87277 -12.3528 15.23136 -10.8326 0.10097 -0.47526 3.415619 -5.77689 4.1935 -5.80649 1.334039 4.632052 2.663056 0.433632 -2.17486 7.04331 5.390888 -3.50721 6.386235 -0.70865 23.95389 4.132913 -4.42494 8.06747 3.913942 4.166525 4.407596 13.07645 -0.63243 -20.4092 5.587173 -11.325 AXP -6.05235 7.362973 -1.36941 -2.64085 4.655153 3.68306 -6.98693 1.761364 -2.24456 3.064364 2.74597 0.67085 -13.0242 1.11538 -3.93431 -0.85765 2.930923 -2.14501 -2.13587 0.867736 -3.37591 -0.80228 -2.2113 -2.92736 -22.7406 3.86785 10.45139 7.069607 0.494356 -7.17405 6.069533 1.717512 -2.36828 4.212109 8.451307 2.80176 3.497397 4.778015 -1.21661 0.53922 -2.97483 9.427913 1.486602 0.930767 4.973879 5.909049 B -2.27095 3.007744 0.052016 0.129971 -2.67955 3.103264 -11.1313 0.285266 -11.361 20.46129 0.787941 0.76232 -7.18725 16.85739 1.174413 -0.9632 0.699448 -3.1545 -0.15389 -0.4494 -6.67875 4.271845 2.796985 -8.13565 -8.14789 5.894462 2.078514 -7.26093 3.160566 -0.82863 14.50295 9.312568 -1.93098 -1.77092 16.28431 2.610693 1.457259 4.342406 2.4246 7.02051 3.146982 3.368168 2.749067 4.036963 12.57795 -7.68512 BA -8.22771 3.508303 -2.66056 2.812973 5.415782 -5.92976 -5.30535 5.894909 0.457413 -1.93908 8.197574 -3.2599 11.84028 4.40808 -0.51044 -4.49094 -1.33484 -1.28096 3.928777 -8.78795 0.206612 13.07369 -1.16622 -0.60127 -16.9268 -0.7217 7.392422 6.181902 -5.65995 2.92887 2.898303 -2.37173 1.749023 8.094468 6.508347 3.370638 4.931737 11.2024 -1.89983 4.456389 2.241843 5.333594 22.53936 -0.64579 5.981101 1.393026 BAC 7.578677 -1.31343 4.113557 -11.9767 0 1.584863 -0.78074 5.508197 6.295527 0.645161 -0.6993 5.291873 -15.3158 4.356436 -2.34928 3.508772 3.578154 3.456156 5.052879 -8.61298 -4.35038 7.702182 3.873659 -3.17834 -15.9934 -11.4769 8.369857 7.682308 1.638352 -10.0561 9.17367 11.88476 -3.05594 5.41131 28.44455 4.610152 2.403439 8.970601 -4.1654 -1.10977 -3.72324 8.195243 -0.64708 -0.54564 5.979485 7.999976 BDX -2.14499 6.566778 2.095197 -3.45917 4.131646 0.97098 -1.74134 0.800069 -2.41214 13.08321 9.036519 -0.40808 -0.77609 6.257242 -1.72801 -1.89428 -0.25555 1.243286 7.412637 -7.31515 -5.50802 7.432534 5.4238 2.983276 -5.66903 1.410832 3.405406 6.20789 3.208405 2.265249 3.759704 0.6675 1.778609 -6.59653 0.698713 -1.69355 7.051513 3.208914 0.580511 1.874335 1.14875 3.438151 3.153822 -1.06319 -1.48051 6.401452 BHP -6.23167 7.740422 0.079165 4.087354 -3.77091 0.839717 3.85683 -3.4604 -12.6235 0.951087 -13.1393 -8.34786 -2.09214 13.36067 -9.11231 10.37228 -12.985 -8.78333 -5.74797 -4.01355 -11.0186 4.016445 -18.8811 -3.45828 -14.9557 3.174888 15.89074 20.99386 -13.9538 5.875439 3.936583 1.967201 15.48 1.047821 7.185888 -4.71833 15.35966 -8.44397 -1.88784 -2.03238 -1.49258 1.364907 16.98535 4.326707 -5.10268 1.020289 BLK -5.05577 1.454388 3.810691 -4.28644 1.295681 5.473997 -4.65269 9.103114 -0.66862 3.89559 5.268095 0.118011 -4.76843 9.07756 -0.92065 -0.51935 0.505578 -4.83277 -2.79207 -9.41663 -1.65306 18.32118 3.338353 -5.82431 -7.72173 -0.75188 9.924711 4.617536 2.100403 -5.28256 6.904941 2.396382 -2.79621 -5.87444 8.649594 3.201631 -1.76387 3.564471 -0.41764 0.226394 6.354957 3.782393 0.905356 -1.26694 6.611511 5.219893 BRKB -5.87045 3.74552 7.937468 3.104745 -0.39581 -1.38694 -0.89286 9.423583 0.648452 1.462285 6.085902 0.981909 -4.15584 2.432076 -2.09619 -2.15493 1.267616 -4.81818 4.87106 -6.095 -2.71561 4.309816 -1.41891 -1.53882 -1.72918 3.370614 5.726441 2.527356 -3.40566 3.00405 -0.37914 4.291361 -4.02027 -0.13767 9.096029 3.488801 0.671744 4.395238 -2.79514 -0.93193 -0.01763 2.414589 3.236371 3.447749 1.102316 1.884689 C -8.96216 2.530044 -2.11803 0.651261 -0.68887 -0.98802 3.864119 5.602126 0.329138 3.31932 0.821969 0.259403 -13.2141 11.65069 -1.7169 3.493789 1.520484 2.14497 5.918978 -8.51865 -7.23635 7.275838 1.730299 -4.33612 -17.6279 -8.77998 7.444607 10.95891 0.616621 -8.99574 3.704982 8.950555 -1.08829 4.045213 15.10134 5.361027 -6.09755 7.394975 -0.01328 -0.95392 2.341894 10.41241 2.277488 -0.23678 6.833416 0.954817 CAT 4.088085 3.258439 2.474992 6.686523 -3.00759 6.299521 -6.6931 8.258065 -9.2051 3.172106 -0.79874 -9.0159 -11.9044 3.663874 -3.462 9.460304 -1.79558 -0.58603 -6.4456 -2.7852 -14.495 12.88697 -0.46582 -6.46561 -7.24884 8.752494 13.03761 2.525665 -6.71355 4.531096 10.20076 -0.99873 8.302148 -5.16608 14.48796 -2.98103 3.959594 1.005369 -4.06476 11.08823 3.039941 1.865448 6.741949 3.016626 6.055204 9.449222 2.212714 1.547499 0.32799 -2.01141 -4.45802 6.117403 -0.5957 -0.44519 1.751752 6.331158 0.331223 -3.37165 9.106479 -15.2875 1.953761 -4.61694 3.87293 -8.23944 -0.8164 -7.42001 7.150427 -1.01513 15.03525 0.384492 4.213797 -20.5054 6.204692 -10.8977 7.795113 6.45263 20.05208 2.632569 -9.59793 1.592341 5.960913 -4.86796 6.036537 -3.47311 8.34208 -4.77188 -2.01192 -7.18619 3.205871 4.702332 8.291084 0.2025 -6.33707 -0.37341 -2.68011 -3.067 9.382391 0.001917 -4.43955 -6.84309 3.092727 -12.9342 9.284068 -5.96744 13.38154 -8.72118 -2.18856 6.860461 -4.57352 8.322425 4.352439 4.433202 -0.18984 -11.8758 9.472928 -10.7498 1.310922 10.59592 6.478389 -5.25076 -2.22031 5.081697 6.341283 0.322033 4.3391 -8.23501 6.496635 -7.5335 -4.1211 8.669333 6.368187 2.918422 9.251313 -2.31185 -1.00572 -3.87256 2.301035 -6.23955 0.585431 -4.87398 -1.11109 -12.8846 3.852376 -7.69402 3.167031 2.609342 8.042558 -3.45919 -3.84587 -3.02249 -1.2756 -2.6879 5.851251 5.323398 2.432407 -4.31405 6.133328 -6.63245 3.084988 -1.53371 5.359695 -3.52024 -10.7042 1.000741 -1.99424 0.204879 7.266778 -0.44815 0.551853 -8.94383 -0.52787 -19.8381 3.859617 11.5501 3.662735 -5.11676 -4.80861 -1.69058 5.089981 -10.8305 6.486287 -3.60228 9.673551 -20.1097 11.64822 -6.52891 CMG 3.599985 2.400536 0.502468 -12.2436 9.747242 8.302108 13.50019 0.914498 -1.77706 -4.28899 4.015674 3.147886 3.700457 -6.32114 -2.17002 -4.48858 -0.93669 -1.71075 22.68467 -4.34097 1.442233 -11.11 -9.47784 -17.213 -5.61175 12.3848 -7.52059 -10.6264 4.976104 -8.88958 5.251129 -2.43987 2.341443 -14.8346 9.849741 -4.82651 11.65299 -0.68066 6.365377 6.448025 0.546993 -12.8913 -17.4528 -7.96154 -2.89383 -11.762 COTY -11.541 10.08154 0.875421 7.142857 3.925234 2.697842 -0.11675 0.467563 -2.57283 0.302115 21.92771 2.075099 -7.93804 18.82229 7.389381 -1.48331 4.265997 28.23907 -16.3904 13.39319 -9.84932 6.984479 -4.04145 -7.74938 -3.98971 15.70531 -2.3023 9.224639 -13.3653 -1.34878 3.365918 1.275266 -12.8215 -2.19021 -18.6268 -1.50126 4.820732 -1.57227 -3.49113 -1.5944 6.742314 -1.01037 9.098443 -18.5208 -0.39157 -6.92606 CSCO -1.56351 -0.50205 2.821101 3.948616 6.533968 0.9342 2.299872 -0.95125 1.480592 -2.78109 12.95464 0.63314 -4.56073 11.92869 -6.01491 4.741144 1.664932 -6.31184 4.290662 -8.93737 1.429675 10.80177 -5.54593 -0.35862 -11.7052 10.02624 8.727135 -2.56007 5.664791 -1.25924 7.369999 2.960675 0.870585 -2.50035 -2.81313 1.311382 2.492612 11.22302 -1.14176 1.623754 -7.51524 -0.78946 1.345877 2.326534 4.318569 2.336873 CXO -9.4537 23.86747 1.131016 6.489796 1.034879 9.635812 -2.56055 0.880682 -11.7221 -13.0473 -12.6387 4.724409 11.12782 -1.74109 6.426735 9.26501 -5.02132 -5.35328 -6.41138 1.501502 -9.11612 17.91455 -5.58192 -15.1599 2.43454 -5.16033 11.94809 14.96427 4.440374 -1.72595 4.113479 4.005765 6.28805 -7.59918 12.6574 -7.31569 5.118371 -5.05291 -3.13306 -1.35902 0.034742 -4.20103 7.113412 -14.8988 18.60875 1.800374 DAL 11.43065 8.706898 4.336043 6.291486 8.532773 -2.98171 -3.25413 5.923372 -8.66599 11.28631 16.25731 5.399614 -3.82192 -5.71019 0.98832 -0.71174 -3.65665 -4.28705 7.935735 -0.97507 2.489721 13.3051 -8.37174 9.094606 -12.6358 9.240525 0.892106 -14.4102 4.61773 -16.1958 6.348378 -4.65484 7.082041 6.102967 15.86048 2.066306 -4.00422 6.074572 -7.98113 -1.18142 8.519217 9.323269 -8.22035 -3.87638 2.092666 3.663629 DDAIF -3.8196 10.52632 2.564935 3.474187 2.576542 -1.87073 -11.931 -0.74182 -6.51801 2.188729 7.605489 -1.78784 9.356796 6.847187 2.840887 -0.13974 -2.39453 -2.32583 -3.02272 -9.7993 -9.44686 19.29993 2.732712 -6.32125 -16.2766 -2.97961 13.01516 -5.25699 -2.22474 -12.0628 13.17167 1.783725 2.135048 1.027713 -6.97371 11.64169 1.443479 -3.53502 10.95805 0.412489 -2.37134 -0.32135 -3.39368 3.890029 9.225407 4.963966 DIS -4.96073 11.29321 -0.91573 -0.9117 5.88606 2.059279 0.163284 4.657662 -0.94571 2.63956 1.236594 3.092188 -3.42924 14.42392 0.778248 3.651444 1.51766 3.415783 5.736743 -15.1 0.314095 11.29159 -0.23738 -6.8104 -8.82233 -0.33309 3.947755 3.967444 -3.92245 -1.43101 -1.224 -1.57289 -1.71384 -0.20307 6.927102 5.908597 6.129641 -0.5461 2.967547 1.899025 -6.6863 -1.62568 4.174386 -8.03142 -2.68881 -0.86103 DUK 2.332995 1.472826 0.479684 4.591407 -3.53347 4.375352 -2.77665 3.728403 1.054197 9.870269 -0.54114 3.263288 4.309313 -8.98216 -2.25334 1.028914 -1.32941 -6.74766 5.097706 -3.41656 1.452545 -0.65332 -4.02998 5.347143 5.466958 -0.33282 8.596047 -2.36498 0.361777 9.643812 -0.25313 -5.99867 0.457027 -0.04499 -6.75495 5.188924 1.145262 6.236105 -0.68415 0.547488 4.867216 -2.49931 1.760362 3.528666 -3.96171 5.141173 DVN -4.28317 8.780817 4.258658 4.586882 5.571429 7.779917 -4.91184 -0.10596 -9.29257 -11.9977 -1.71667 4.255888 -1.5357 2.190144 -1.67195 13.09899 -4.38352 -8.43783 -16.9272 -13.6787 -12.5195 13.04934 9.730503 -29.9624 -12.8225 -29.4824 40.76131 26.37484 4.055744 0.591771 5.58 13.17227 1.928607 -14.1211 27.54344 -5.41617 -0.32465 -4.827 -3.67134 -5.39516 -14.0129 -5.80668 4.121429 -5.82401 17.02775 0.42757 EA 15.08282 8.295455 1.469045 -2.44743 24.13428 2.106462 -6.32841 12.61905 -5.89323 15.05195 7.224799 7.022536 16.68616 4.228946 2.859391 -1.23268 8.030642 5.967652 7.593985 -7.54717 2.418745 6.376384 -5.93867 1.361884 -6.08538 -0.49254 2.890959 -6.45381 24.08054 -1.3099 0.719176 6.413438 5.113571 -8.07621 0.906964 -0.63575 5.889406 3.639732 3.461329 5.870465 19.4612 -6.7749 10.35376 3.987437 -2.92128 1.214421 11.86925 -5.13616 12.25204 -2.06529 1.356084 30.8773 1.478123 0.136628 0.370867 9.414321 -4.49783 1.088272 2.617993 -8.94298 12.62145 15.34819 -1.51774 -0.96843 -5.3995 -5.33126 -23.0687 6.275094 -5.05362 -7.08564 1.468123 -16.1932 -19.9681 -21.5329 9.144012 2.590965 9.156231 7.689711 -4.34063 3.95128 -3.7074 0.609239 -1.11769 12.79815 1.69216 -5.50951 4.45388 -9.67402 4.12982 7.317407 4.696284 -4.32748 -0.43167 4.436598 -12.7982 0.61741 5.261034 -6.12503 11.22441 -9.13272 -6.47089 -21.327 6.336016 5.730106 1.265 -4.61443 1.568312 -4.86542 3.970798 -8.48413 10.43487 7.300492 -1.26149 -5.55054 11.44628 -17.996 -0.82904 1.697434 8.279996 -6.50319 -1.25054 -2.12202 -7.83304 -11.8106 7.612586 -6.72179 -2.65565 -6.44099 -4.63084 -6.7256 7.086956 3.302896 0.968969 -5.1804 -2.75668 -0.24952 -0.99717 5.228453 9.057047 -1.51611 4.242073 -1.99434 0.394763 -4.5006 1.91264 -5.77513 -6.77984 -3.01452 2.707183 3.332312 -2.72717 2.348336 3.051937 0.50315 -1.65172 3.071685 8.162811 -2.75294 4.337344 7.528397 -0.18246 -25.9742 3.72243 14.14122 14.28334 5.812166 2.228535 -4.7812 -6.93276 -19.0683 -16.7541 -16.5529 -11.1586 -1.30298 20.73523 -2.67774 -2.10868 -2.82888 10.81948 7.582863 -8.86089 -12.0746 6.092836 -24.6817 -7.77508 -6.32774 EGAN -6.44531 -12.5261 -15.7518 -7.36544 0.458716 3.04414 -5.90842 2.511774 -8.11639 -31.6667 25.36585 0.77821 -2.02703 -31.4286 -5.17241 -0.90909 39.14373 10.10989 -10.978 -19.0583 9.972299 15.36524 0.436681 -7.4013 -12.2166 -0.02 -5.10021 4.778732 -13.9885 -11.895 -12.0767 27.80258 -2.54366 -7.78699 -17.5539 -10.6683 9.48381 -21.7791 -19.4744 3.398276 3.273333 6.391613 12.05121 -8.19811 58.73353 22.13222 EL -8.73606 0.440108 -2.84718 8.507775 5.859948 -3.08014 -1.0773 4.859151 -2.74632 0.615632 -1.06028 2.778527 -7.3622 17.45618 0.592718 -2.24868 7.843987 -0.8807 2.827141 -10.2131 1.14078 -0.27268 4.916112 4.673785 -3.20101 7.458745 3.242893 1.644119 -3.96211 -0.84807 2.04548 -3.65335 -0.77087 -1.63472 -10.4464 -1.58727 6.130741 2.393624 2.311581 2.721553 8.365059 1.894536 3.06607 8.339285 0.704467 3.59138 F -2.25183 2.874332 1.364522 4.326923 1.795666 4.86618 -0.56932 2.291422 -15.0488 -3.87683 11.63946 -1.46217 -4.1123 11.0809 -1.22399 -1.18996 -3.98734 -1.05471 -0.22483 -6.47336 -2.16294 10.23137 -3.24105 -1.68481 -12.4086 4.753869 7.893669 1.537422 -0.52622 -6.83987 1.78599 -0.49393 -4.22635 -1.52284 1.863935 1.391405 3.498287 1.335405 -7.13295 -0.18365 -3.11144 0.569496 1.483585 -1.7834 8.432212 3.687004 FB 14.49432 9.413457 -12.007 -0.76361 5.888257 6.303318 7.965522 2.986924 5.640203 -5.12399 3.613815 0.41184 -2.70443 4.031089 4.109155 -4.19023 0.533198 8.302816 9.613479 -4.87182 0.525551 13.42603 2.226145 0.392916 7.203835 -4.73437 6.695301 3.039956 1.036096 -3.83281 8.432923 1.738916 1.684726 2.100527 -9.60615 -2.8758 13.23249 3.965525 4.77301 5.722615 0.745324 -0.37692 12.03094 1.51709 -0.72965 5.288358 FDX -7.26855 0.007501 -0.469 2.783645 5.805505 5.158005 -2.97265 0.680828 9.319635 3.685352 6.439665 -2.4263 -2.62006 4.653776 -6.40673 2.490178 2.152503 -1.49296 0.598592 -12.1398 -4.24619 8.383109 1.595642 -5.8755 -10.8228 2.990235 19.06772 1.458781 -0.09479 -7.78502 6.647545 1.851526 6.147733 -0.22609 9.94296 -2.68668 1.522836 2.006428 1.305905 -2.84272 2.122393 12.32653 -4.34921 2.962444 5.384331 0.011959 GE -10.3461 2.24061 1.648999 3.862495 -0.37189 -1.10231 -4.29985 3.300199 -0.55794 0.741608 2.634638 -3.73277 -5.46102 9.790759 -4.54021 9.149536 0.701625 -1.74816 -1.76891 -4.90421 2.533523 14.6709 3.526971 4.814707 -6.59106 0.905401 9.074029 -3.28147 -1.70106 4.896657 -1.10005 0.30113 -4.47264 -1.77557 5.694467 3.475659 -6.05266 1.132798 -0.06355 -2.76812 -5.61364 -0.59326 -5.25327 -4.22901 -0.60932 -16.7153 GM -11.7201 0.332594 -4.08038 0.174317 0.290023 5.835593 -6.83196 2.897694 -7.39004 -1.69067 6.464968 5.385795 -6.55973 14.37768 1.309905 -6.50667 2.59555 -6.3861 -5.46055 -6.56934 3.19375 16.28914 3.695216 -5.09723 -12.8592 -0.69476 8.067887 1.167219 -1.64522 -8.3842 11.42876 1.184819 0.696072 -0.5551 9.262152 1.965113 5.040367 0.588244 -3.06875 -2.0862 -2.10965 4.026439 2.936012 1.46642 11.55676 6.348831 GOOG 5.376949 2.936569 -8.31983 -5.44194 6.309574 2.748754 -0.63969 0 1.007698 -3.16614 -3.08543 -2.84776 1.542553 4.46756 -1.86246 -1.94526 -0.97331 -2.18 20.19174 -1.17645 -1.58997 16.82884 4.472363 2.182297 -2.10915 -6.10116 6.74154 -6.98228 6.15297 -5.94889 11.06077 -0.24633 1.314985 0.912728 -3.38778 1.787846 3.19521 3.275805 0.741371 9.159702 6.441391 -5.87742 2.325651 0.858952 2.015756 5.908269 GOOGL 5.376949 2.936569 -8.31983 -4.31151 6.874439 2.277617 -0.87571 0.484859 1.038876 -3.49076 -3.30886 -3.3547 1.298383 4.665613 -1.40945 -1.06905 -0.62868 -0.96824 21.75024 -1.47224 -1.45874 15.51138 3.452718 1.977285 -2.15136 -5.81628 6.349036 -7.22195 5.777704 -6.07195 12.46134 -0.20829 1.779076 0.706314 -4.21052 2.10564 3.460536 2.976374 0.309673 8.999304 6.707836 -5.87609 1.631661 0.940143 1.844592 6.0021 GSK -3.46507 9.997499 -4.48695 3.630919 -1.45288 -0.8528 -9.55497 2.888338 -6.37475 -1.04416 3.497046 -7.98708 2.948058 9.356836 -2.67819 0 -2.60225 -6.13027 4.297719 -4.55545 -6.05913 11.9896 -4.67245 -0.40496 2.319616 -3.44979 4.84165 5.809975 -0.11087 2.269356 3.971694 -2.58375 -0.77932 -7.25394 -4.46538 1.875266 2.037382 6.936249 1.609344 -3.03861 9.32322 -2.56961 -6.09968 0.452701 0.829712 -10.3609 7.495758 47.79732 -3.91952 53.35535 2.460645 8.665031 47.83688 17.82875 -14.0673 9.84 -43.5066 -7.96778 -0.71548 -11.7647 11.90708 1.840626 5.957274 2.747407 8.027934 -1.2287 1.025238 -4.65686 -5.59135 3.961601 3.561105 -5.61252 3.93345 ...

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