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goal: Completion of this project should provide participants with an understanding of how equity investing is affected by stock selection, the relative risks of each stock choice, and how risk is defined and controlled through portfolio creations. Upon completion of the project, participants are expected to be familiar with concepts of rates of return along various temporal dimensions, stand-alone risk, portfolio risk, and where to locate stock performance information leading to a cursory ability to conduct equity research.

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BUSINESS FINANCE BBUS/ELCBUS 350 Stock Portfolio Project Objective The framework for financial decision-making always requires a risk and return tradeoff. The level of risk that an investor is willing to take on should be rewarded with an acceptable level of return. Conversely, a required rate of return is accompanied with a certain degree of risk that limits unreasonable returns. This project seeks to demonstrate that the world of stock investing exhibits equilibrium pricing and well-defined risk and return tradeoff for all participants. Goals Completion of this project should provide participants with an understanding of how equity investing is affected by stock selection, the relative risks of each stock choice, and how risk is defined and controlled through portfolio creations. Upon completion of the project, participants are expected to be familiar with concepts of rates of return along various temporal dimensions, stand-alone risk, portfolio risk, and where to locate stock performance information leading to a cursory ability to conduct equity research. Solution A cross section of publicly traded companies is selected by each participant as their research assignment. Individual securities are analyzed for their respective historical risk-return tradeoff performance. In Part 2 of this project, participants are grouped together to construct a well diversified portfolio of equity securities and are tasked to find an optimal portfolio construction. Project Outline The final set of deliverables for this analysis is a multi-page executive summary along with appendices supporting your assessments as securities analysts. The project consists of finding financial information on selected equity securities. Information about securities must be gleaned from various University of Washington subscription databases and other free internet sources. All collected information is analyzed using a business-accepted electronic spreadsheet for ease of estimation and communication. The results of the analyses are reported, presented, and discussed. EQUITY PORTFOLIO ANALYSIS I— INDIVIDUAL DIRECTIONS 1. Stock selections Select ten (10) different stocks from the universe of NYSE and NASDAQ stocks. The stocks 1 selected must meet all of the following criteria: o Actively traded on either the New York Stock Exchange or NASDAQ o Continuously active for the past 5 years. (Must have a beta measure) o A company profile on Mergent Online o Two (2) stocks must be in the same industry (2-digit SIC code matched) o Four (4) different industries must be represented among the stocks (2-digit SIC code) There are numerous stock exchanges in the United States and many more world-wide. However, for purposes of this project, the analysis is limited to stocks traded on the largest two domestic equity exchanges. 2. Sources of Information You must have an active UW NetId account in order to access certain databases of required company information. Other information may be sourced from various online websites that are not subscription based. Please view the UW Library course guide webpage for a comprehensive list of available websites and databases through the university at http://guides.lib.uw.edu/c.php?g=342001&p=2300131 A. Mergent Online: This database is sourced through the university library system. Access will require an active NetID and may require on-campus connection. B. Mint Global: This database is available through the university library system. C. Google Finance and/or Yahoo!Finance: Both of these websites are great sources for financial information. The information provided by both is secondary information so a good rule of thumb is if you obtain information from one website, avoid mixing with another for comparison purposes as the original sources may be quite different thus leading to errors in comparison. D. Standard Industry Codes: The OSHA website has descriptions of the four-digit industry code. A newer coding methodology called, the North American Industry Classification System (NAICS) is also provided for reference and comparison. 3. Describe the Stocks Equity analysis is more than just identifying which securities will perform the best. It is understanding the interactions among the different investment options. While it is assumed that investments are expected to increase in value, stocks vary by who they are, what they do, and how the market interprets their actions. Analysis of a stock must therefore begin with an understanding of what the underlying asset does and how it operates. STOCK DESCRIPTION: Locate the stocks’ Mergent Online or Mint Global company profiles. Make a note of what the company does, its size, its growth opportunities, its business model, and other important market information about it. PRINT COMPANY PROFILE: Print a single page company profile for each of your stock selections. At a minimum, make sure the print out includes the company name, description and ticker symbol. 2 INDUSTRY: From the various data sources previously listed, determine the company’s industry classification (SIC and/or NAICS). 4. Past performance analysis The purpose of this activity is to assess the market performance of different stocks to develop meaningful forecasts about their future potential. In order to produce understandable decision critical knowledge, an analyst should review past market performance to assess factors that contribute to a stock’s valuation. In this section, individual stock returns are analyzed for stand alone risk-return characteristics as described in the course textbook. PAST STOCK PRICES: Obtain monthly price and dividend data for each of your five stocks from Yahoo!Finance. You may use any other source, but the suggested database has a monthly date selection feature. The analysis time frame is April 1, 2013 through March 31, 2018            Open a web browser to http://finance.yahoo.com In the “Quote Lookup” search box (left hand side), enter the name or ticker symbol of your first stock. From the Company Analysis page, click on “Historical Prices” (left hand column, 5th line down) On Historical Prices page, “Set Date Range” “Start Date” to Apr 1, 2013 and “End Date” to Mar 31, 2018. Check box on “Monthly” and click “Get Prices”. Place cursor over “Download to Spreadsheet” (bottom of stock price table); Save the file as “Stock1.csv” Check box on “Dividends Only” and click “Get Prices”. Place cursor over “Download to Spreadsheet” (bottom of stock price table); Save the file as “Dividend1.csv” Repeat steps 1-8 for the other nine selected stocks. Make sure to label each file correctly as Stock# or Dividend# 2-5. SPREADSHEET DATA SETUP - STOCK PRICES: Create a new workbook using your spreadsheet program of choice. Copy the pricing data from each of the Stock#.csv files.     Open the file “Stock1.csv” from inside the spreadsheet program. A worksheet should open with seven columns with the headings: DATE, OPEN, HIGH, LOW, CLOSE, VOLUME, ADJ CLOSE. Delete all columns except for DATE and ADJ CLOSE. (Adjusted Close is a modified end-ofday closing price that takes into account any stock splits over the life of the company.) Label the ADJ CLOSE as the ticker symbol for Stock1. 3      Open “Stock2.csv” from inside the spreadsheet program. A worksheet should open with seven columns with the headings: DATE, OPEN, HIGH, LOW, CLOSE, VOLUME, ADJ CLOSE. Copy the entire column of ADJ CLOSE from Stock2.csv to a column adjacent the closing prices of Stock1. Make sure monthly prices line up correctly. Label ADJ CLOSE as the ticker symbol for Stock2. Repeat steps 4-6 for the three other selected stocks. Make sure to label each column correctly as ticker symbol for the stock. o NOTE: Make sure to line up prices with the correct month. Save the workbook as “PORTFOLIO” .xls, .xlsx, .numbers, etc. The process may differ slightly depending on operating system and spreadsheet program. One of the main objectives with this project is to practice spreadsheet analysis - so figure it out for your particular spreadsheet program! DATA SETUP - DIVIDEND PAYOUTS: Add dividend information to the stock price workbook.  Open the PORTFOLIO workbook.  Next to each stock price column, insert a blank column to the right of the stock prices for each Ticker.  Label the new column, “Tickersymbol_D”. This column is where any dividend payout will be placed.  Manually enter (type) each dividend payout ($) to the cell according to the Date paid. The dividend paid date month should be on the same row as the stock price date month. *If two dividends are paid in the same month for a stock, enter the sum of both dividends for the month.  NOTE: Some stocks do not payout dividends. In those cases, leave the cells blank. DATA ANALYSIS I: Calculate stock returns 1. Create a column to the right of each dividend column. Label the columns “Return”.This column is a where monthly percent change will be calculated based on each stock’s monthly price movements. 2. Each row will reflect the percent change from the beginning of the month stock price to the end of the month stock price (which is also the beginning of the next month’s stock price). 3. Price change, or monthly return, is calculated from the formula: (Pt+1 - Pt + Dt) / Pt where Pt+1 is the month ending price, Pt is the month beginning price, and Dt is any dividends paid during the month. 4. Copy and paste the formula into each cell for the remaining months. 5. Repeat steps 1-4 for each of the remaining nine stocks. 4 DATA ANALYSIS: Calculate stock returns (cont’d)  For ease of reading, format all price data to two (2) decimal points; dividend data to three (3) decimal points; and return data to percentage (%) with one (1) decimal point.  Label a row below the data: “Mean Return”.  In Microsoft Excel, the formula is “=average(range:range)” where range encompasses all the cells you wish to calculate the mean. STAND ALONE RISK: Below each Mean Return cell, create a cell that estimates the standard deviation of each stock’s 59 monthly returns.  Label a row below the Mean Return row: “Std Deviation”.  In Microsoft Excel, the formula is “=STDEV(range:range)” where range encompasses all the cells you wish to calculate standard deviation. COEFFICIENT OF VARIATION: Below each stand alone risk measure, create a cell that estimates the risk per unit of return of each stock’s 59 monthly returns.  Label a row below the Std Deviation row: “Coefficient of Variation”  The formula is Std Deviation / Mean Return for each stock. CORRELATION COEFFICIENT: This step requires some data copying and reorganization. In this step, you are calculating correlation coefficients among your five stocks. In order to do this efficiently, monthly returns need to be lined up and adjacent each other in a worksheet.  Create a new blank worksheet (tab) in your workbook.  Copy the entire spreadsheet of dates, prices, dividends, and returns. (Highlight all the cells and click “Copy” or press “Control + C”).  On the new blank worksheet, paste “VALUES” under Paste Special (Right button mouse click). If you don’t paste the copied cells as values, you will paste the formulas instead and not have the return value columns.  Delete all columns except monthly returns. Keep the first row for Stock Ticker Labels.  You should have 10 adjacent columns of 59 rows representing monthly return for each of your ten stocks.  Activate and select the Data Analysis tab in MS Excel. If you have not used the Data Analysis tab before, contact the UWB IT Helpdesk to have them help you activate it. Each spreadsheet program handles statistical analysis differently. These directions are for MS Excel only.  With the returns only worksheet open, click on “Data”, “Data Analysis”, then “Correlation”. Input range should be all populated cells in the spreadsheet. If you include the label row in the input range, make sure to click the “Labels in the First Row” box.  Make the “Output range” somewhere next to your data. Output will be a six-by-six array of data. Press “OK”.  Correlation coefficients ranges from -1.0 through +1.0. Determine which two (2) of your stocks have the: 1. Greatest, most positive correlation coefficient (closest to +1.0). These are “HI-COR” 5 stocks. 2. Lowest, most negative correlation coefficient (closest to -1.0). These are “LO-COR” stocks. CALCULATE PORTFOLIO RETURNS: In this section, portfolio risk return characteristics are estimated. Three (3) portfolios are retroactively created to validate weighted portfolio returns and diversification through correlation. A. H-COR Portfolio 1. On the data worksheet, create a new column on the far right of the data. Label this column “HI-COR”. 1. Identify which two stocks have the most positive correlation coefficient. Make a synthetic, equally weighted portfolio of these two stocks. For each month of returns take the average of the combined stock returns. So for April 2013, the portfolio return is =average(HCOR1 returns, HCOR2 returns). Do the same for all 59 months of the estimation period. 2. Just like for each individual stock, calculate HI-COR’s average portfolio returns at the bottom of the monthly data. 3. Calculate HI-COR’s standard deviation of portfolio returns at the below average returns. Calculate HI-COR’s coefficient of variation below Std deviation. B. LO-COR Portfolio 1. Repeat Steps 1-3 for L-COR. The portfolio monthly return of L-COR is the monthly average of the two stocks defined with the lowest correlation coefficient. C. All Stock Portfolio 1. The last synthetic portfolio is comprised all ten selected stocks equally weighted. Explained a different way, if you had invested $5,000 in these stocks, you would have purchased $1,000 of each share (no matter what the per stock prices were at the time of purchase). Each stock had the same dollar value to you when you made the purchase. 2. Create a new column and label it “ALL”. 3. The ALL portfolio monthly return is the average of all five stocks monthly returns by month. So the ALL monthly return for July 2013 is the sum of July 2013 returns for Stock1, Stock2, Stock3, Stock4,…, and Stock 10 all divided by ten. 4. Just like for the other portfolios, calculate ALL’s average portfolio returns at the bottom of the monthly data. 5. Calculate ALL’s standard deviation of portfolio returns at the below average returns. 6. Calculate ALL’s coefficient of variation below Std deviation. STOCK BETA: Another metric of risk is beta which is defined as the sensitivity of an asset (stock) to the market. While you do not need to estimate beta for your 10 stocks, you should know its beta value and how it is applied. 1. Look up each of your stock’s beta measure and list it at the bottom of each return column in your data spreadsheet. These values can be found in Yahoo!Finance or 6 Google Finance. 2. All of the listed financial websites provide a beta measure for your firm (unless it has been public for less than 5 years). INDIVIDUAL ANALYSIS INDIVIDUAL STOCK DISCUSSION 1. Which of your ten stocks had the greatest average monthly return? (and value) 2. Which of your ten stocks had the least average monthly return? (and value) 3. Which of your ten stocks had the highest stand-alone risk? (and value) 4. Which of your ten stocks had the least stand-alone risk? (and value) 5. Which of your ten stocks had the greatest beta measure? (and value) 6. Which of your ten stocks had the smallest beta measure? (and value) 7. Order your stocks three different ways: A. Highest average return to lowest average return B. Highest standard deviation to lowest standard deviation C. Highest beta to lowest beta D. Does the theory that “higher returns is accompanied with higher risk” hold for your five individual stocks? Discuss in terms of your stocks. 8. Is your highest stand alone risk stock the same as your greatest beta measure stock? Why do you suppose that is or isn’t? 9. Is your lowest stand alone risk stock the same as your lowest beta measure stock? Does standard deviation and beta always show the same results? Should it? 10. If you are a risk adverse investor and could only choose one stock to invest in, which would it be and why? STOCK PORTFOLIO DISCUSSION 1. Should stocks in the same industry have higher or lower correlation than different industry stocks? Explain. 2. Was your HI-COR portfolio comprised of the two stocks you selected from the same industry? What makes these two company’s market performance similar? 3. Which portfolio had lower stand alone risk, HI-COR or LO-COR? Is this what you would 4. expect? Why or why not? 5. State a definition of “diversification” in terms of correlation (as it is explained by theory, not your results) 6. Indicate the range of standard deviation among your 5 stocks. 7. What is the standard deviation of the ALL portfolio? 8. Is the risk of the ALL portfolio closer the highest stock standard deviation or closer to the lowest stock standard deviation? 9. Discuss the meaning of the following statements: The standard deviation of any portfolio of stocks can never be higher than the highest individual stock standard deviation. However, a portfolio’s standard deviation can be lower than the lowest individual stock standard deviation. [The corollary to this is a portfolio’s stand alone risk 7 could be zero even when individual stocks each have a lot of stand alone risk.] 10. Describe one scenario that you could employ to reduce stand alone risk in your ALL portfolio if you had constructed the portfolio five years ago. That is, if you had to invest in each of the five stocks, how might your portfolio construction and allocation be different to maximize risk reduction? 11. If given a choice a choice to invest in a single mutual fund (a diverse group of assets) or invest in your own stock/bonds/asset selections, which would you rather do and why? 12. After answering this question, read this article by Money Magazine: http://money.us/XcZIco DELIVERABLES A. Excel Workbook (.xls, .xlsx) of ten (10) stock analysis. B. Word Document (.doc, .docx, .pdf) of Individual Stock and Stock Portfolio discussions. To be submitted on Canvas by Thursday, May 31 at 11:59pm. 8
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Explanation & Answer

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1

STOCK DESCRIPTION
AAPL (APPLE inc)
Industry: Technology
This is a multinational company that develops designs and sells computer hardware and
software. It is based in California. The company still has a lot of growth opportunities especially
from its home pod platform that could see it generate even more revenue. The company is
mainly involved in selling Mac Os and the apple hardware while at the same time providing
customer care to the consumers of its products.
INTEL CORPORATION (INTC)
Industry: Technology
Is a technology company located in Santa Clara California. Its main source of revenue is the
design, manufacture and sale of microprocessors that it then supplies to other technological
firms. Its current growth is mainly based on competitive and effective growth strategies.
WELLS FARGO & COMPANY (WFC)
Industry: Finance
This is a financial company that is situated in San Francisco. It offers financial services in
various Parts of the world. Other than offering financial services, it also invests in companies
that have not yet been recognized but have potential.
Merck & Co (MRK)
Industry: Healthcare
This is a pharmaceutical company with its headquarters in New Jersey, US. It is one of the
largest pharmaceutical companies in the world. Its main revenue generating products are
Gardasil, Singulair and Propecia/Proscar and this in addition to the Merck manuals that it
publishes.
FedEx Corporation (FDX)

2

Industry: services
This is a multinational courier service delivery company that is situated in Memphis, Tennessee.
Their source of revenue is to collect and distribute parcels throughout the world. It has also
ventured into the logistic business and this offers it the biggest opportunity for growth.
Waste Management, Inc. (WM)
Industry: Services
This is an American waste management company that offers comprehensive waste management
and environmental services. It only operates in America and its headquarters is in Houston
Texas. It collaborates with the community and local governments to help manage waste. It also
develops and promotes the use of landfill gas.
The Goldman Sachs Group, Inc. (GS)
Industry: Finance
This is an investment banking and securities and investment management company. Its
headquarters are in New York City. It also offers investing and lending activities. The company
has many opportunities in growth due to the ever growing economy.
CVS Health Corporation (CVS)
Industry: Healthcare
This is an American company that offers retail health and pharmaceutical services. It is based in
Woonsocket. Its subsidiaries include CVS pharmacy, Aetna, Omnicare and Minute clinic. The
company is currently spearheading the career growth by assisting veterans find worthwhile
careers.
Waste Connections, Inc. (WCN)
Industry: Services

3

This is also a solid waste service that is based in North America. Its headquarters are in Ontario,
Canada. It specializes in waste disposal, transfer, collection and recycling. The company
currently generates revenue of about 3.9 billion a year.
Illinois Tool Works Inc. (ITW)
Industry: Industrial goods
A company that manufactures industrial equipment and products. It has its hands on seven major
segments with the main ones being automotive and food equipment. It also tests and measures
electronic equipment. Currently its growth is focused on specialty products such as beverage and
other consumable packaging.

INDIVIDUAL STOCK DISCUSSION
1. From the stock analysis, GS has the highest average monthly return with the value of
187.63 with INTC having the lowest average monthly returns at a value of 31.85.
2. FDX has the highest stand-alone risk and this is at a value of 42.5 while WFC has the
lowest stand-alone risk at a value of 6.44.
3. FDX has the greatest Beta measure at 1.52 while WCN has the lowest at a value of 0.52.
4. Order in terms of average returns
a) GS
b) FDX
c) AAPL
d) ITW
e) CVS
f) WM
g) MRK
h) WFC
i) WCN
j) INTC
5. Order in terms of standard deviation

4

a) FDX
b) AAPL
c) GS
d) ITW
e) WCN
f) WM
g) CVS
h) INTC
i) MRK
j) WFC
6. Highest Beta to the lowest
a) FDX
b) GS
c) WFC
d) ITW
e) AAPL
f) MRK
g) CVS
h) INTC
i) WM
j) WCN
7. The theory does not hold for my case. This is because the highly volatile stock are seen to
have a higher return and are therefore overtraded by the average traders and this usually
tends to drive down returns as opposed to the less volatile markets.
8. Yes, my greatest stand alone is the same as my greatest beta measure. This is because
both measure the volatility and therefore the risk of a stock and as such both would be
expected to be high.
9. No, they are different. The two do not have to be the same since the risk of trading a
stock is always subjective and this usually as a result of correlation between different
stocks.

5

10. I would go with the WTC stock because of its lower stand alone risk. This basically means
that I will be able to get higher returns while at the same time exposing myself too less risk.
STOCK PORTOFOLIO DISCUSSION
1. The stock should have a negative correlation this to enable the diversification of a
portfolio in such a way that if one stock is down the other stock is up and vice versa.
2. Yes, the two HI-COR were both from the financial industry. Being that they are both
from the same industry, and therefore have almost similar operation.
3. The LOW-COR had a lower stand-alone risk. This is what is expected because a lower
correlation typically portrays a more diversified and balanced out portfolio and therefore
a lower stand alone risk.
4. To diversify is to distribute risk in the stock market mainly by investing in stocks which
have a negative correlation such that a negative change in the price of one stock will be
accompanied by a positive change in the price of the other.
5. Standard deviation range is 31
6. Standard deviation of the ALL portfolio 21
7. It is closer to the highest standard deviation
8. A portfolio is usually not correlated positively and are therefore bound to be lower than
the weighted average which cannot be higher than the highest value. This weighted
average can however be lower that lowest value depending on the stand alone risk of
each stock.
9. The best that I could do is to diversify my portfolio and invest in different industries that
have negative correlations. For example from my analysis I would invest in INTC and
CVS. I would then add three more stocks, one from the financial industry, say GS and
two more from unrelated food and agricultural industries.
10. I would rather invest in a mutual fund than a single stock mainly because a mutual fund
offers more diversification and is also generally cheaper and more convenient.

6

References
Editorial, R. (2018). Markets & Finance News | Reuters.com. [online] U.S. Available at:
https://www.reuters.com/finance/markets [Accessed 29 May 2018].
Finance.yahoo.com. (2018). Yahoo is now part of Oath. [online] Available at:
https://finance.yahoo.com/ [Accessed 29 May 2018].


Date
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
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

AAPL
AAPL_D
Return
INTC
INTC_D
Return
WFC
null
null
null
47.337276
20.365269
32.725574
48.080299
3.05
2% 20.645885
0.225
1% 34.940014
44.438164
-8% 20.797457
1% 35.84042
50.713947
14% 20.033535
-4% 37.777035
54.601574
3.05
8% 18.866196
0.225
-6% 35.675411
55.999493
3% 19.865528
5% 36.130009
61.396824
10% 21.208967
7% 37.327927
65.316475
3.05
6% 20.662924
0.225
-3% 38.490883
68.688881
5% 22.711031
10% 39.978882
61.291309
-11% 21.468752
-5% 39.926052
64.43058
3.05
5% 21.661217
0.225
1% 40.877079
68.572273
6% 22.795128
5% 44.096134
75.3881
10% 23.57233
3% 44.007484
80.870155
3.29
7% 24.128744
0.225
2% 45.018127
86.469116
7% 27.525063
14% 46.930767
88.953499
3% 30.188488
10% 45.448563
95.373772
0.47
7% 31.105988
0.225
3% 45.930721
94.211754
-1% 31.223236
0% 46.638542
100.991234
7% 30.496902
-2% 47.735493
111.211929
0.47
10% 33.402225
0.225
10% 48.985302
103.664352
-7% 32.754765
-2% 49.617008
110.03186
6% 29.821362
-9% 46.992249
120.644371
0.47
10% 30.01091
0.24
1% 49.589855
117.32074
-3% 28.426231
-5% 49.561417
117.999596
1% 29.589828
4% 50.199154
122.836502
0.52
4% 31.326124
0.24
6% 50.982666
118.757591
-3% 27.853502
-11% 51.584923
114.847298
-3% 26.507521
-5% 53.080006
106.913086
0.52
-7% 26.132116
0.24
-1% 49.557854
104.905174
-2% 27.826382
6% 47.407143
113.655197
8% 31.260826
12% 49.98291
112.513885
0.52
-1% 32.100979
0.24
3% 50.869202
100.540207
-11% 32.029583
0% 50.530998
92.975334
-8% 28.840574
-10% 46.691902
92.354485
0.52
-1% 27.511044
0.26
-5% 43.615051
104.667839
13% 30.341854
10% 45.301529
90.022591
-14% 28.400352
-6% 46.819069
95.89991
0.57
7% 29.629032
0.26
4% 47.512264
92.367805
-4% 31.029655
5% 44.676208
100.686714
9% 32.978466
6% 45.280315
102.51281
0.57
2% 33.952873
0.26
3% 47.951637
109.81955
7% 35.983185
6% 42.132862
110.29554
0% 33.23798
-8% 43.77898
107.361847
0.57
-3% 33.075935
0.26
0% 50.353912
113.088043
5% 34.834225
5% 52.874607

1/1/2017 118.487602
2/1/2017 133.758713
3/1/2017 140.879517
4/1/2017 140.869705
5/1/2017 149.803391
6/1/2017 141.815506
7/1/2017
146.4534
8/1/2017 161.48967
9/1/2017 152.356857
10/1/2017 167.106186
11/1/2017 169.884033
12/1/2017 167.895416
1/1/2018 166.109604
2/1/2018 176.715302
3/1/2018 167.135513
4/1/2018 164.625183
5/1/2018 187.855606
5/25/2018 188.580002
Mean return
110.20
Std Deviation37.4491765
Coefficient of0.33981743
Variation

0.57

0.63

0.63

0.63

0.63

0.73
1.2

5%
13%
5%
0%
6%
-5%
3%
10%
-6%
10%
2%
-1%
-1%
6%
-5%
-2%
14%
0%
0.025

35.36245
34.766991
34.889442
34.966831
34.928135
32.878044
34.563847
34.174065
37.385208
44.660011
44.02187
45.585854
47.541225
48.676922
51.781151
51.323788
55.121868
55.439999
31.85
8.80093
0.2763659

0.26

0.273

0.273

0.273

0.3

0.3
0.3

2%
-2%
0%
0%
0%
-6%
5%
-1%
9%
19%
-1%
4%
4%
2%
6%
-1%
7%
1%
0.018

54.04512
55.532249
53.764992
52.006954
49.398884
53.899036
52.469124
49.677387
54.035812
55.00581
55.329147
59.859612
64.90136
57.629799
52.018356
51.571716
54.48975
54.900002
47.81
6.4475502
0.1348609

WFC_D

Return

0.3

0.3

0.3

0.3

0.35

0.35

0.35

0.35

0.375

0.375

0.375

0.375

0.38

0.38

0.38

7%
3%
5%
-6%
1%
3%
3%
4%
0%
2%
8%
0%
2%
4%
-3%
1%
2%
2%
3%
1%
-5%
6%
0%
1%
2%
1%
3%
-7%
-4%
5%
2%
-1%
-8%
-7%
4%
3%
1%
-6%
1%
6%
-12%
4%
15%
5%

MRK
MRK_D
Return
FDX
FDX_D
Return
null
null
40.021393
90.818474
39.765949
-1% 93.069366
2%
39.553059
0.43
-1%
95.23333
0.15
2%
41.394375
5% 102.559212
8%
40.638165
-2% 103.875076
1%
40.913158
0.43
1% 110.405983
0.15
6%
39.096844
-4% 126.92231
15%
43.206829
11% 134.382645
6%
43.397591
0.44
0% 139.29483
0.15
4%
46.346069
7% 129.308853
-7%
49.863365
8% 129.318527
0%
49.670876
0.44
0% 128.571686
0.15
-1%
51.636967
4% 132.295197
3%
51.019722
-1% 139.975601
6%
51.010899
0.44
0% 146.986053
0.2
5%
50.409279
-1% 142.821518
-3%
53.403263
6% 143.793869
1%
52.665874
0.44
-1% 156.988953
0.2
9%
51.850864
-2% 162.987137
4%
54.052338
4% 173.482971
6%
50.821728
0.45
-6% 169.082153
0.2
-3%
54.35273
7% 164.836502
-3%
52.783825
-3% 172.507584
5%
51.828053
0.45
-2% 161.268936
0.2
-7%
54.1381
4% 165.475952
3%
55.347027
2% 169.037827
2%
51.74752
0.45
-7% 166.285889
0.25
-2%
54.000366
4% 167.510544
1%
49.320213
-9% 147.17514
-12%
45.235382
0.45
-8% 140.69635
0.25
-4%
50.493073
12% 152.748047
9%
48.968861
-3% 155.185333
2%
48.793346
0.46
0% 145.837418
0.25
-6%
47.211742
-3% 130.28981
-11%
46.783134
-1% 134.211868
3%
49.298866
0.46
5% 159.548172
0.25
19%
51.544163
5% 162.177139
2%
52.878822
3% 162.039642
0%
54.147697
0.46
2% 149.083923
0.4
-8%
55.58466
3% 159.421631
7%
59.498146
7% 162.405258
2%
59.138065
0.46
-1% 172.006027
0.4
6%
56.049538
-5% 172.068161
0%
58.407207
4% 189.194046
10%
56.192719
0.47
-4% 183.794693
0.4
-3%

0.38

0.38

0.39

0.39

0.39

0.39
0.4

2%
3%
-3%
-3%
-5%
9%
-3%
-5%
9%
2%
1%
8%
8%
-11%
-10%
-1%
6%
1%
0.010

59.624874
63.356831
61.115738
60.384533
63.077766
62.089592
62.341198
62.321682
62.487583
54.151806
54.328743
55.311714
58.736362
53.749969
53.997803
58.869999
59.09
59.09
52.52
6.5211478
0.1241707

0.47

0.47

0.47

0.48

0.48

0.5

6%
6%
-4%
-1%
4%
-2%
0%
0%
0%
-13%
0%
2%
6%
-8%
0%
9%
0%
0%
0.007

187.047806
190.87561
193.021942
188.02124
192.124603
215.406723
206.678909
212.987656
224.114914
224.869644
230.496124
248.500824
261.934235
245.897659
239.610748
247.199997
251.5
251.5
168.39
42.4981064
0.25237432

0.4

0.5

0.5

0.5

0.5

0.3

2%
2%
1%
-3%
2%
12%
-4%
3%
5%
0%
3%
8%
5%
-6%
-3%
3%
2%
0%
0.018

WM
null

WM_D
35.52
36.35
34.96
36.75
35.36
36.06
38.42
40.31
39.60
37.17
36.92
37.4...


Anonymous
Just what I needed…Fantastic!

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