Optimal Portfolio Assignment FINA 515

Kurt Hess, University of Waikato Management School, Department of Finance

This assignment builds on Benninga, Financial Modeling, section II on portfolio models.

You are asked to derive a set of simulated random portfolios consisting of shares shown in the
DATA sheet. Use these randomly generated portfolios as an approximation to find the minimum
variance portfolio and "optimal" portfolio

Mandatory features and requirements:

(1) Determine variance/covariance matrix of returns using Excel built-in functions.
(2) Your program generates at least 1000 feasible portfolios.
(3) The model must generate random weights not allowing for short sales.
(4) The model should handle up to 6 stocks.
(there is no requirement for it to handle another data source than the data in the DATA
sheet)
(5) The riskfree rate is an input parameter.
Set it to 6% (return per annum) so I can compare your results with those of other students.
(6) The simulated portfolios should be plotted as a scatter graph (sigma - return diagram with
monthly return/sigma data).
The "optimal" and the risk free asset as well as the minimum variance portfolio should be
highlighted on your graph.
(7) All input parameters, control button(s) and numerical (and possibly visual plot) results must
be visible in one screen.
In particular, show sigma/return of portfolios described above as well as composition of
these portfolios. It must be easy to navigate from this screen to range containing the
simulated portfolios.

Optional features:
Please provide information for which item below you wish to claim marks!
(1) Program your own VBA array function to produce the variance/covariance matrix of
returns.
(full marks are earned if your program does not rely on calling Excel worksheet functions
like COVAR from VBA).
(2) The user is able to choose whether to allow short-sales.
(3) The user has a choice for basically an unlimited number of simulations.
There is no requirement, however, to plot such large iteration simulations. Note that
efficiency and speed of your program will be crucial.
(4) The plot of the simulated portfolios also includes the capital market line and the envelope
of feasible portfolios (method using SOLVER as shown in Benninga).
(5) Devise methods to "speed up" your simulation, i.e. to approach the solution found with
Excel’s built-in SOLVER with fewer simulations. Measure the quality of your simulated
solution as for example shown in a solution developed by Mark Hannegan in 2004 (see
picture below)
(6) Any other creative element in the simulation, i.e. method to generate random numbers.

DUE DATE: see course outline

 solution as for example shown in a solution developed by Mark Hannegan in 2004 (see
picture below)
(6) Any other creative element in the simulation, i.e. method to generate random numbers.

DUE DATE: see course outline

Allow Short
Limit Short
Show Envel
Show Effici

12%
 Return to Main Menu
Raw Stock Return Data
YY/M/D Carter Holt Fernz Ubix Indpt News Lion Nathan
91/ 5/ 2 14.91% 12.75% 2.94% 19.62% -2.42%
91/ 6/ 4 -0.54% 0.87% 9.71% -8.99% 11.18%
93/ 1/ 5 1.43% 7.69% -2.72% 0.00% -2.59%
93/ 2/ 1 -2.53% -7.14% 25.14% -0.75% -9.50%
93/ 3/ 1 8.89% -7.21% -12.05% 0.75% -1.93%

Mean 3.46% 3.17% 8.85% 3.21% 1.02%

VARP 0.73% 0.33% 1.06% 0.83% 0.82%
STDEVP 8.52% 5.74% 10.28% 9.09% 9.04%

Carter Holt dominates Indpt News, with

higher mean return and less standard
deviation, so a portfolio on the efficient
frontier will not consist of Indpt News.
Sanford
7.41%
-3.38%
-4.96%
-12.17%
1.98%

4.69%
1.32%
11.49%
 Monte Carlo Portfolio Simulation by Ray Guo (Best vi

Navigation Menu 12%

View portfolio details ✘ Show Tangent to best simulated portfolio

View efficient frontiers 10%
Show Efficient Frontier with Short Sales
View covariance matrix
View raw data ✘ Show Efficient Frontier without Short Sales
8%
Expected Return

Legend
6%
l Min variance portfolio

l Best simulated portfolio

4%
l Risk Free Rate
x Simulated portfolios

-- Efficient Frontier no SS 2%

-- Efficient Frontier w SS

-- RFR to best portfolio 0%

-- No Short Sales CML 0% 2% 4% 6% 8% 10% 12%
Risk (Std Dev)
-- Short Sales CML

60% Column C 70%

Column E

50% 60%

50%
40%
40%
30%
30%
20%
20%

10% 10%

0% 0%
Carter Holt Carter Holt
Ubix Ubix
Lion Nathan
mulation by Ray Guo (Best viewed in 1024x800)

Number of portfolios 10

Or enter manually

Risk Free Rate 1.0%

✘ Allow Short Sales

Standard Deviation Return

Best Simulated Portfolio
6.8% 6.2%
Simulated Min Variance Portfolio
5.2% 4.3%
% 8% 10% 12% No Short Sales Optimum Portfolio
Dev) 6.7% 6.5%

70% Row 11
Column E
60%

50%

40%

30%

20%

10%

0%
Carter Holt
Ubix
Lion Nathan
Number of portfolios User Choice
1 10 1
2 50 Which is…
3 100 10
4 500 Unless…
5 1,000 10
6 3,000
7 5,000

Risk Free Rate 10

(unscaled)
 Variance-Covariance Matrix using custom VBA functions

Back Carter Holt Fernz Ubix Indpt News Lion Nathan Sanford
Carter Holt #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Fernz #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Ubix #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Indpt News #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Lion Nathan #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Sanford #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Demonstration of VCM function

Obs no. Data (A) Matrix A minus column means = Matrix B

1 1 2 3 -1.25 -0.25 1.25
2 2 1 1 -0.25 -1.25 -0.75
3 2 4 1 -0.25 1.75 -0.75
4 4 2 2 1.75 -0.25 0.25
Means 2.25 2.25 1.75
Variance 1.19 1.19 0.69

B - Transpose
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!

(B - Transpose) times B using MMULT = C C divided by 4 to get variance covariance ma

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Using VCM2 function Using VCM function

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
n means = Matrix B

variance covariance matrix

 Return to Main Menu Random numbers generator
0.53 0.33 0.52
Min Variance Portfolio Proportion 22.85% 14.43% 22.65%
Portfolio No. Mean return Std dev
342 4.34% 5.22%

Best Portfolio (Max Sharpe Ratio)

Portfolio No. Mean return Std dev Short Sales Allowed
449 6.25% 6.83%
Weights
Portfolio No. Mean return Std dev Carter Holt Fernz Ubix
1 3.21% 6.40% 4.38% 29.52% 4.09%
2 3.34% 6.13% 20.03% 26.28% 5.79%
3 4.19% 6.08% 4.12% 23.93% 16.47%
4 4.52% 5.99% 22.25% 16.36% 24.78%
5 4.25% 5.93% 8.97% 19.80% 20.42%
6 3.32% 6.15% 14.38% 31.81% 2.73%
7 4.23% 5.92% 12.73% 25.71% 16.42%
8 4.18% 5.98% 18.09% 18.97% 18.49%
9 3.46% 6.02% 18.53% 23.97% 10.82%
10 3.44% 6.95% 15.06% 10.15% 3.11%
11 4.45% 5.96% 5.12% 20.91% 24.07%
12 5.41% 6.26% 13.37% 10.99% 37.88%
13 3.99% 6.05% 3.67% 18.85% 17.79%
14 3.21% 6.49% 16.35% 20.85% 3.76%
15 4.12% 5.72% 11.83% 24.96% 23.12%
16 3.64% 6.66% 25.24% 0.64% 12.26%
17 4.98% 7.67% 2.40% 1.59% 21.36%
18 3.41% 6.28% 12.87% 22.74% 6.49%
19 4.13% 6.55% 27.69% 16.76% 10.44%
20 4.74% 6.31% 3.68% 6.90% 28.99%
21 4.20% 5.76% 3.80% 37.45% 17.96%
22 4.53% 5.59% 0.49% 30.41% 27.72%
23 3.82% 6.07% 1.85% 17.37% 16.78%
24 3.86% 7.44% 29.18% 3.36% 3.38%
25 4.80% 6.44% 17.20% 23.38% 19.42%
26 3.42% 6.69% 23.62% 21.64% 2.47%
27 3.46% 5.94% 27.74% 29.67% 11.02%
28 4.09% 6.13% 4.47% 16.85% 18.81%
29 3.89% 6.30% 14.38% 24.59% 8.35%
30 3.15% 7.40% 11.44% 0.90% 7.41%
31 4.46% 6.48% 24.19% 16.34% 16.79%
32 4.00% 6.21% 7.62% 21.79% 16.30%
33 4.80% 6.23% 13.47% 4.58% 35.97%
34 5.04% 5.98% 9.25% 18.94% 32.25%
35 3.98% 5.68% 8.80% 27.40% 23.81%
36 4.78% 6.06% 17.00% 17.00% 25.70%
37 3.06% 7.04% 4.97% 10.02% 1.55%
38 4.19% 6.28% 20.15% 10.83% 17.64%
39 4.81% 5.83% 6.78% 24.00% 31.46%
40 2.67% 6.98% 0.25% 8.06% 1.29%
41 4.42% 6.15% 19.93% 12.38% 22.64%
42 4.71% 6.32% 19.30% 2.68% 28.68%
43 4.46% 5.78% 5.41% 30.47% 20.70%
44 3.61% 7.76% 0.22% 1.64% 3.61%
45 3.96% 6.53% 25.97% 5.23% 14.14%
46 3.45% 6.66% 7.24% 12.46% 6.33%
47 3.81% 6.08% 15.97% 20.68% 13.68%
48 3.86% 6.17% 13.06% 8.65% 19.16%
49 4.55% 6.94% 2.78% 11.72% 16.77%
50 5.19% 6.12% 18.23% 20.94% 28.93%
51 4.16% 6.50% 22.83% 0.27% 27.16%
52 4.62% 6.57% 0.42% 28.53% 18.84%
53 4.53% 6.76% 16.88% 9.66% 18.04%
54 3.98% 5.89% 8.39% 19.07% 19.27%
55 3.58% 6.80% 18.18% 5.52% 7.49%
56 3.63% 5.77% 23.79% 39.57% 6.93%
57 4.47% 6.33% 3.71% 10.96% 24.47%
58 4.51% 5.79% 14.94% 26.93% 22.10%
59 4.39% 6.17% 29.46% 11.09% 26.92%
60 4.97% 6.08% 22.64% 19.68% 25.69%
61 4.39% 6.32% 19.59% 13.41% 17.67%
62 4.14% 7.19% 28.65% 2.68% 8.47%
63 3.73% 6.46% 18.98% 10.35% 11.36%
64 3.45% 5.91% 11.99% 25.52% 12.10%
65 3.91% 6.26% 3.38% 18.75% 15.10%
66 4.06% 5.95% 22.66% 22.21% 17.25%
67 4.56% 6.52% 15.08% 1.85% 27.55%
68 4.95% 6.53% 33.78% 2.57% 27.20%
69 3.71% 6.18% 24.96% 22.29% 8.25%
70 4.74% 6.33% 19.62% 2.11% 29.65%
71 4.17% 6.60% 3.22% 13.14% 14.89%
72 5.30% 6.50% 35.62% 3.78% 36.37%
73 3.29% 6.78% 30.74% 14.40% 2.67%
74 4.32% 5.97% 20.54% 23.33% 17.53%
75 2.78% 6.18% 8.58% 33.12% 1.92%
76 4.97% 5.85% 19.05% 25.49% 27.55%
77 4.03% 5.59% 8.45% 31.95% 20.30%
78 3.06% 6.20% 11.70% 25.57% 13.47%
79 2.82% 6.13% 12.83% 35.18% 4.79%
80 4.71% 6.46% 9.53% 1.37% 27.76%
81 3.43% 6.85% 18.41% 15.43% 2.59%
82 3.96% 5.76% 20.51% 26.03% 17.52%
83 3.50% 6.56% 11.38% 20.44% 4.65%
84 3.75% 5.75% 9.90% 26.00% 18.55%
85 3.90% 6.53% 32.87% 5.86% 17.86%
86 4.46% 5.96% 16.61% 25.40% 19.05%
87 3.73% 6.08% 16.65% 17.92% 13.95%
88 4.17% 6.01% 23.94% 18.32% 21.40%
89 4.55% 5.72% 2.54% 29.73% 24.34%
90 3.46% 6.65% 46.19% 21.75% 0.78%
91 4.30% 5.73% 22.88% 27.07% 19.61%
92 3.71% 6.26% 21.00% 22.33% 8.21%
93 3.38% 6.33% 25.96% 26.40% 2.66%
94 4.24% 6.68% 36.99% 7.31% 15.37%
95 4.14% 5.94% 20.44% 17.86% 19.32%
96 4.60% 6.02% 8.88% 39.19% 17.43%
97 4.66% 5.73% 7.97% 24.73% 31.49%
98 3.84% 6.40% 27.59% 13.89% 9.95%
99 4.79% 5.81% 15.79% 23.54% 27.83%
100 3.34% 6.41% 16.92% 17.55% 5.40%
101 4.04% 6.93% 17.58% 6.66% 9.73%
102 4.40% 6.28% 29.85% 12.15% 18.10%
103 3.28% 6.56% 29.51% 7.81% 10.35%
104 3.94% 5.98% 13.08% 22.90% 14.33%
105 4.35% 5.77% 19.28% 34.03% 15.66%
106 3.33% 6.18% 25.45% 19.74% 9.43%
107 4.65% 5.97% 3.59% 12.55% 33.54%
108 4.18% 6.26% 1.85% 25.43% 14.51%
109 4.24% 6.04% 11.36% 13.78% 22.13%
110 3.47% 6.83% 14.80% 4.96% 7.32%
111 2.95% 5.91% 3.84% 46.93% 2.12%
112 2.96% 6.33% 28.73% 29.85% 0.49%
113 3.71% 7.98% 5.26% 4.60% 1.23%
114 4.08% 5.83% 13.33% 27.41% 15.41%
115 4.02% 6.31% 25.37% 22.19% 13.06%
116 3.60% 6.26% 31.33% 21.63% 6.65%
117 4.42% 6.40% 15.95% 4.58% 28.20%
118 3.21% 5.83% 13.51% 35.25% 8.53%
119 3.99% 6.25% 25.93% 7.14% 19.69%
120 4.97% 6.15% 22.77% 14.31% 27.65%
121 5.18% 6.03% 7.78% 17.31% 35.57%
122 4.05% 6.18% 19.05% 21.47% 11.90%
123 4.52% 5.98% 14.19% 14.76% 25.24%
124 3.91% 6.45% 21.58% 16.58% 10.13%
125 3.95% 5.84% 26.27% 25.96% 15.26%
126 3.28% 6.05% 27.26% 34.54% 3.48%
127 5.21% 5.76% 7.92% 31.71% 33.09%
128 4.47% 5.87% 0.49% 24.38% 23.86%
129 4.63% 6.27% 7.93% 7.54% 33.33%
130 3.17% 6.58% 19.63% 19.05% 1.48%
131 4.94% 5.78% 9.74% 24.60% 31.81%
132 4.88% 6.29% 11.86% 6.58% 30.48%
133 3.85% 6.35% 17.59% 1.78% 22.39%
134 4.53% 6.64% 15.21% 0.28% 23.72%
135 4.75% 6.28% 2.78% 13.25% 25.91%
136 3.05% 6.92% 26.32% 7.91% 1.13%
137 4.23% 6.10% 0.95% 21.03% 18.77%
138 3.73% 6.92% 19.98% 4.74% 11.66%
139 4.50% 6.25% 18.25% 5.12% 30.78%
140 4.66% 5.81% 24.39% 24.08% 25.70%
141 4.36% 5.68% 1.32% 26.27% 29.01%
142 4.58% 6.09% 17.61% 21.97% 19.18%
143 4.14% 6.01% 11.58% 11.63% 25.82%
144 3.79% 5.78% 10.20% 28.65% 22.09%
145 3.47% 7.34% 35.89% 1.06% 3.92%
146 4.08% 6.15% 5.14% 10.33% 22.26%
147 4.02% 6.53% 39.01% 13.53% 10.91%
148 5.57% 6.77% 5.01% 19.76% 34.27%
149 5.31% 6.59% 36.97% 2.47% 32.54%
150 3.48% 6.04% 15.09% 22.96% 9.79%
151 4.24% 6.25% 6.97% 6.19% 23.27%
152 3.61% 6.22% 24.97% 30.13% 5.35%
153 3.22% 6.82% 2.57% 9.42% 6.72%
154 4.56% 5.75% 17.39% 24.35% 24.31%
155 3.44% 6.44% 18.90% 21.92% 4.82%
156 5.04% 6.09% 2.92% 17.06% 36.62%
157 4.61% 6.35% 19.09% 12.08% 21.99%
158 3.57% 6.55% 16.69% 8.85% 9.21%
159 5.08% 5.75% 7.91% 33.20% 32.98%
160 4.04% 6.55% 13.80% 9.89% 17.92%
161 4.17% 6.10% 3.19% 38.53% 10.73%
162 3.88% 5.82% 21.10% 27.10% 20.92%
163 5.03% 6.57% 9.22% 5.46% 28.74%
164 4.99% 6.47% 30.84% 13.44% 23.94%
165 3.62% 6.67% 27.46% 6.68% 8.30%
166 3.92% 5.96% 14.74% 20.96% 16.04%
167 3.74% 6.24% 30.15% 17.59% 10.19%
168 4.64% 6.69% 23.03% 0.67% 25.79%
169 4.72% 5.72% 8.66% 28.81% 26.21%
170 3.29% 5.92% 11.37% 32.14% 11.19%
171 5.96% 6.90% 17.90% 0.17% 45.19%
172 4.47% 6.21% 31.92% 17.06% 17.34%
173 4.31% 6.20% 20.68% 17.13% 18.18%
174 4.39% 6.20% 17.75% 14.99% 18.51%
175 3.37% 6.20% 26.49% 25.93% 6.03%
176 3.08% 6.27% 6.06% 20.36% 8.73%
177 4.94% 6.60% 19.87% 0.48% 27.84%
178 4.34% 6.19% 9.02% 14.08% 23.32%
179 3.32% 6.70% 23.78% 1.74% 9.61%
180 4.46% 6.48% 4.79% 16.87% 17.64%
181 3.61% 6.14% 30.32% 19.08% 12.73%
182 4.47% 6.12% 28.51% 12.78% 24.12%
183 3.44% 6.62% 25.54% 14.35% 3.78%
184 3.26% 6.14% 18.36% 21.02% 8.77%
185 5.06% 6.27% 17.86% 11.54% 29.07%
186 3.42% 6.56% 20.74% 20.48% 6.15%
187 3.25% 6.68% 0.62% 15.73% 6.70%
188 3.85% 5.97% 13.46% 20.37% 17.11%
189 3.57% 5.92% 14.04% 22.05% 15.49%
190 4.70% 5.85% 1.80% 28.77% 24.55%
191 4.44% 5.61% 8.20% 29.78% 28.07%
192 5.13% 6.15% 2.97% 24.42% 33.04%
193 2.86% 6.38% 21.75% 21.30% 6.97%
194 3.13% 6.49% 10.79% 22.49% 2.28%
195 4.33% 6.59% 16.91% 13.29% 13.90%
196 3.28% 6.40% 18.44% 20.51% 3.72%
197 5.11% 6.09% 3.71% 16.72% 35.69%
198 4.11% 5.99% 18.46% 19.20% 16.76%
199 4.37% 6.12% 18.96% 7.77% 28.73%
200 4.26% 5.78% 5.72% 38.90% 14.81%
201 3.44% 6.12% 25.28% 23.30% 8.32%
202 4.03% 6.04% 14.54% 21.27% 17.76%
203 4.47% 5.48% 10.76% 36.98% 22.96%
204 4.67% 6.31% 34.80% 8.26% 28.94%
205 4.22% 5.99% 13.03% 16.43% 20.05%
206 4.49% 5.59% 1.46% 31.89% 25.35%
207 4.29% 6.04% 15.50% 10.05% 26.13%
208 4.10% 6.43% 4.69% 13.41% 18.22%
209 3.89% 6.21% 5.58% 22.90% 12.01%
210 4.01% 6.95% 20.73% 3.16% 13.20%
211 4.08% 5.70% 0.17% 34.10% 21.55%
212 4.77% 6.41% 15.73% 9.37% 24.19%
213 2.85% 6.46% 5.37% 21.72% 1.93%
214 3.86% 6.65% 8.61% 11.40% 10.32%
215 3.55% 5.96% 21.61% 29.27% 8.01%
216 4.40% 6.09% 24.30% 12.02% 24.54%
217 4.55% 5.92% 15.81% 19.31% 27.70%
218 4.56% 6.36% 24.91% 2.53% 25.42%
219 4.15% 6.36% 8.52% 6.41% 19.52%
220 3.07% 6.60% 22.51% 14.91% 2.27%
221 4.03% 5.75% 3.66% 25.03% 19.57%
222 3.73% 6.30% 28.18% 19.57% 7.83%
223 4.24% 6.24% 9.57% 19.47% 15.62%
224 4.86% 5.74% 26.34% 28.05% 28.47%
225 4.25% 6.57% 1.00% 11.70% 17.42%
226 3.97% 5.88% 19.97% 21.49% 21.60%
227 4.47% 6.35% 20.63% 0.50% 27.48%
228 3.36% 6.23% 4.13% 21.62% 7.80%
229 5.00% 6.38% 3.23% 9.39% 31.37%
230 4.60% 6.67% 19.27% 10.45% 17.34%
231 4.31% 6.13% 2.92% 11.64% 25.44%
232 3.59% 6.63% 39.85% 18.25% 5.86%
233 4.80% 6.28% 28.45% 8.99% 25.30%
234 4.24% 5.88% 15.65% 23.60% 20.94%
235 3.56% 6.04% 27.67% 26.03% 10.85%
236 4.40% 5.70% 27.62% 29.20% 22.53%
237 3.25% 6.43% 0.16% 24.31% 6.11%
238 3.55% 6.13% 18.48% 14.77% 14.06%
239 4.03% 6.33% 19.61% 8.80% 16.52%
240 3.36% 7.12% 1.22% 15.50% 1.11%
241 3.37% 6.80% 24.57% 4.83% 7.19%
242 3.96% 6.27% 23.83% 26.36% 8.13%
243 3.77% 6.20% 26.16% 11.53% 16.73%
244 4.88% 6.09% 6.66% 26.29% 24.89%
245 3.20% 6.29% 27.02% 18.96% 7.53%
246 4.37% 6.29% 6.29% 11.53% 24.70%
247 5.37% 6.32% 6.79% 7.88% 40.92%
248 3.54% 6.89% 29.37% 8.42% 4.11%
249 3.99% 6.63% 15.52% 16.75% 12.40%
250 4.26% 6.28% 14.11% 17.46% 19.83%
251 3.54% 5.88% 7.77% 24.87% 13.08%
252 4.59% 6.24% 8.44% 9.83% 25.31%
253 4.36% 5.77% 9.13% 32.59% 18.69%
254 3.43% 5.87% 21.00% 30.52% 11.53%
255 3.16% 6.98% 1.57% 13.65% 4.29%
256 3.50% 6.53% 11.46% 18.79% 5.86%
257 3.80% 6.87% 21.56% 9.10% 6.90%
258 4.93% 5.68% 4.20% 32.82% 31.63%
259 3.18% 6.53% 14.40% 25.07% 0.27%
260 5.40% 6.13% 27.51% 16.96% 36.42%
261 4.08% 5.81% 18.50% 22.47% 18.81%
262 3.40% 6.90% 30.31% 10.31% 2.14%
263 4.50% 6.12% 10.91% 28.13% 17.32%
264 3.99% 6.35% 5.14% 21.96% 12.01%
265 4.44% 6.10% 17.33% 18.55% 20.72%
266 4.34% 6.36% 13.79% 19.72% 14.46%
267 4.15% 6.59% 3.97% 10.48% 16.77%
268 4.40% 6.11% 23.90% 23.19% 15.34%
269 4.36% 6.18% 39.69% 20.25% 15.90%
270 4.75% 6.19% 6.28% 12.06% 35.56%
271 3.72% 5.97% 23.07% 21.92% 13.62%
272 4.73% 6.33% 16.58% 12.17% 22.54%
273 3.55% 5.61% 24.24% 45.16% 9.62%
274 3.73% 5.99% 28.08% 28.46% 9.00%
275 3.83% 6.21% 19.82% 20.13% 11.75%
276 4.17% 6.10% 28.66% 12.29% 23.65%
277 4.24% 5.91% 3.07% 19.42% 23.37%
278 3.22% 5.90% 13.36% 31.46% 7.80%
279 4.29% 5.98% 1.78% 22.25% 20.45%
280 3.58% 6.37% 21.48% 17.00% 10.43%
281 4.10% 5.92% 3.24% 30.58% 15.34%
282 4.67% 6.06% 11.54% 27.81% 20.71%
283 3.96% 6.48% 26.14% 11.82% 11.06%
284 3.04% 6.73% 17.23% 14.05% 0.87%
285 3.52% 6.56% 21.53% 8.37% 8.66%
286 4.68% 5.73% 9.39% 24.71% 27.65%
287 3.62% 6.29% 4.34% 19.46% 10.74%
288 3.77% 6.16% 12.41% 17.19% 13.54%
289 4.09% 5.94% 2.72% 20.97% 20.19%
290 4.34% 6.59% 29.42% 4.30% 19.41%
291 4.59% 6.26% 20.73% 9.35% 22.96%
292 4.55% 6.11% 14.21% 14.29% 25.50%
293 4.57% 6.27% 16.33% 20.70% 20.32%
294 4.71% 6.29% 16.57% 14.11% 25.71%
295 3.32% 6.63% 28.42% 5.80% 8.86%
296 3.81% 5.81% 9.54% 25.72% 17.39%
297 3.70% 6.48% 11.03% 5.46% 13.69%
298 3.66% 6.33% 13.40% 20.08% 8.07%
299 3.88% 5.74% 27.39% 31.11% 16.21%
300 4.17% 5.86% 17.24% 17.99% 24.81%
301 3.34% 6.72% 20.05% 13.52% 2.84%
302 3.97% 5.66% 11.58% 29.03% 17.72%
303 5.45% 6.13% 7.87% 20.34% 38.17%
304 4.66% 6.18% 28.58% 9.76% 28.03%
305 5.29% 6.17% 22.78% 18.28% 32.26%
306 4.75% 6.03% 2.54% 11.04% 35.40%
307 3.47% 6.05% 6.42% 26.18% 8.77%
308 4.13% 6.13% 23.67% 26.70% 10.77%
309 4.24% 5.96% 22.17% 16.80% 21.35%
310 3.61% 6.76% 24.23% 9.36% 7.72%
311 4.61% 6.29% 7.61% 2.35% 29.85%
312 3.94% 6.13% 20.29% 11.78% 17.64%
313 4.82% 6.22% 15.76% 10.38% 27.18%
314 4.36% 6.34% 3.71% 26.53% 15.95%
315 4.52% 6.22% 11.88% 4.00% 29.04%
316 5.58% 6.64% 32.12% 3.08% 44.09%
317 3.80% 5.94% 9.36% 16.34% 19.66%
318 4.28% 6.69% 16.87% 0.48% 22.52%
319 3.71% 6.52% 14.15% 20.65% 6.34%
320 4.19% 5.90% 24.35% 21.81% 19.35%
321 3.85% 5.58% 3.81% 51.33% 10.86%
322 3.71% 6.05% 8.90% 28.05% 10.53%
323 3.62% 6.57% 19.98% 9.41% 9.60%
324 3.10% 6.36% 14.84% 18.71% 13.79%
325 3.82% 6.88% 4.92% 8.73% 9.64%
326 3.51% 5.76% 21.35% 49.30% 4.38%
327 4.27% 6.42% 12.07% 4.87% 20.78%
328 4.40% 5.92% 7.88% 26.86% 18.66%
329 3.64% 7.35% 14.95% 5.98% 2.55%
330 4.10% 5.84% 8.65% 19.31% 21.66%
331 3.35% 8.07% 21.74% 2.26% 0.60%
332 3.69% 6.80% 24.90% 1.18% 10.08%
333 3.30% 6.17% 19.71% 22.54% 6.66%
334 4.42% 6.92% 3.14% 11.41% 15.63%
335 3.83% 5.99% 10.85% 21.75% 13.57%
336 3.43% 6.68% 25.85% 11.73% 5.92%
337 4.05% 6.32% 21.72% 3.23% 22.98%
338 3.47% 6.60% 16.21% 9.86% 8.80%
339 3.53% 6.03% 26.34% 26.26% 8.13%
340 4.90% 6.17% 15.24% 13.63% 34.85%
341 4.98% 6.57% 17.27% 10.55% 24.74%
342 4.34% 5.22% 11.36% 59.74% 19.54%
343 4.24% 6.11% 12.95% 8.80% 25.54%
344 3.41% 6.74% 1.40% 8.71% 12.14%
345 3.45% 5.58% 5.72% 49.15% 7.39%
346 3.78% 6.07% 13.25% 13.73% 17.04%
347 4.62% 6.49% 23.05% 1.82% 24.01%
348 4.08% 6.46% 25.93% 8.16% 14.35%
349 3.05% 7.02% 16.78% 5.90% 1.46%
350 5.49% 6.52% 10.36% 13.42% 37.37%
351 3.92% 6.23% 21.33% 27.19% 7.54%
352 4.26% 6.03% 15.13% 25.84% 17.04%
353 3.44% 7.59% 12.48% 3.49% 0.11%
354 3.47% 6.39% 10.33% 21.75% 5.31%
355 3.60% 6.39% 26.47% 23.98% 3.65%
356 5.72% 7.15% 4.60% 3.05% 39.57%
357 3.98% 5.85% 18.00% 21.41% 20.57%
358 3.35% 6.79% 21.21% 16.12% 0.94%
359 4.39% 5.89% 4.24% 35.44% 16.38%
360 3.89% 7.25% 25.46% 10.90% 2.76%
361 3.95% 6.09% 18.18% 14.68% 19.00%
362 4.67% 6.71% 20.46% 4.39% 20.21%
363 3.42% 6.37% 26.50% 29.66% 0.55%
364 4.32% 6.28% 29.69% 14.04% 16.26%
365 4.83% 6.39% 21.34% 12.74% 25.22%
366 3.64% 7.46% 34.73% 0.62% 2.62%
367 4.39% 7.13% 21.79% 0.96% 15.65%
368 3.58% 5.92% 7.86% 36.67% 8.11%
369 2.49% 7.04% 3.69% 6.78% 0.50%
370 4.95% 6.00% 30.47% 18.87% 28.56%
371 3.95% 6.66% 12.82% 26.72% 5.02%
372 4.48% 6.51% 3.19% 9.73% 26.60%
373 5.57% 6.15% 15.54% 25.50% 36.81%
374 3.59% 5.86% 7.97% 36.48% 7.55%
375 2.88% 6.81% 10.17% 11.07% 2.88%
376 3.67% 6.08% 20.13% 21.83% 10.12%
377 3.73% 6.56% 43.46% 8.37% 15.92%
378 5.26% 6.28% 3.11% 7.37% 41.36%
379 3.31% 5.92% 6.31% 27.76% 10.01%
380 3.52% 5.91% 16.58% 26.83% 10.68%
381 4.82% 6.26% 22.38% 13.74% 25.98%
382 3.07% 7.10% 26.21% 4.19% 0.42%
383 3.66% 6.92% 18.20% 1.32% 8.45%
384 4.97% 6.25% 35.00% 14.19% 27.47%
385 3.15% 6.95% 21.62% 7.93% 1.45%
386 3.62% 6.17% 11.76% 20.56% 10.01%
387 3.76% 6.19% 19.22% 11.65% 15.17%
388 4.66% 5.92% 1.61% 23.57% 26.72%
389 4.46% 6.22% 16.70% 21.30% 16.82%
390 3.81% 5.83% 19.58% 24.82% 18.69%
391 2.94% 6.58% 7.81% 14.50% 4.26%
392 4.54% 5.72% 9.73% 28.58% 23.96%
393 4.33% 5.83% 19.38% 22.41% 20.47%
394 4.10% 6.06% 2.64% 26.15% 15.16%
395 3.18% 6.17% 23.36% 28.21% 4.91%
396 4.81% 6.06% 21.66% 17.67% 35.10%
397 4.40% 6.08% 19.28% 11.21% 25.50%
398 3.31% 6.06% 25.00% 26.08% 9.53%
399 3.33% 7.10% 6.42% 20.88% 2.19%
400 3.83% 6.88% 2.49% 6.05% 13.99%
401 4.22% 6.18% 18.02% 11.55% 20.05%
402 4.09% 5.59% 3.26% 34.09% 23.81%
403 4.25% 6.61% 12.56% 7.90% 18.79%
404 4.35% 6.20% 17.23% 12.05% 20.00%
405 2.93% 6.52% 15.67% 20.48% 0.66%
406 4.68% 6.12% 25.05% 14.29% 24.07%
407 4.29% 5.86% 15.51% 22.36% 20.21%
408 4.02% 6.19% 24.39% 8.63% 21.66%
409 3.23% 6.17% 16.08% 33.04% 1.36%
410 4.21% 6.07% 36.25% 24.88% 13.23%
411 4.30% 6.13% 27.00% 13.37% 20.67%
412 3.26% 5.95% 12.44% 31.73% 6.21%
413 4.97% 6.43% 21.52% 14.83% 26.01%
414 5.00% 6.04% 10.22% 20.63% 34.08%
415 3.23% 6.56% 19.38% 22.82% 0.08%
416 4.50% 6.24% 23.95% 4.90% 27.60%
417 2.94% 6.08% 20.78% 36.25% 1.46%
418 4.59% 6.58% 2.55% 4.17% 24.26%
419 3.90% 6.15% 21.46% 20.86% 11.51%
420 5.06% 6.36% 24.52% 6.19% 30.24%
421 4.95% 6.56% 32.79% 2.94% 27.51%
422 4.00% 6.29% 22.49% 9.38% 16.82%
423 3.60% 7.45% 30.73% 0.68% 3.28%
424 4.53% 5.73% 0.38% 32.40% 27.92%
425 3.83% 6.35% 20.93% 8.03% 14.36%
426 3.52% 6.21% 16.73% 18.84% 8.74%
427 4.64% 7.43% 9.57% 5.91% 14.88%
428 3.43% 5.91% 13.29% 26.56% 11.58%
429 4.19% 6.04% 22.38% 22.62% 14.41%
430 4.99% 5.88% 14.40% 22.55% 33.44%
431 4.30% 6.92% 3.73% 6.36% 22.24%
432 4.00% 6.48% 13.80% 5.34% 15.86%
433 3.83% 5.96% 1.34% 26.29% 13.52%
434 3.23% 6.16% 21.05% 29.55% 2.83%
435 3.72% 5.92% 20.54% 27.18% 12.23%
436 4.17% 5.90% 26.07% 19.64% 21.28%
437 4.64% 6.71% 31.54% 13.95% 16.05%
438 3.59% 7.10% 1.16% 18.30% 5.35%
439 3.78% 5.82% 4.28% 26.06% 16.27%
440 4.74% 6.52% 21.64% 0.50% 30.18%
441 2.63% 7.33% 32.16% 0.78% 2.14%
442 4.07% 6.21% 17.09% 14.66% 15.54%
443 4.30% 6.11% 22.30% 10.44% 22.50%
444 5.29% 6.58% 18.66% 0.52% 39.37%
445 3.93% 6.32% 23.17% 11.71% 14.31%
446 3.74% 6.84% 16.27% 13.54% 5.14%
447 4.24% 7.00% 11.16% 16.59% 9.34%
448 4.69% 6.64% 26.16% 0.43% 22.80%
449 6.25% 6.83% 7.85% 14.11% 50.10%
450 3.47% 6.56% 23.50% 11.63% 7.38%
451 4.52% 6.08% 6.30% 28.05% 18.28%
452 4.16% 6.02% 1.28% 24.02% 19.78%
453 4.57% 6.38% 2.01% 14.82% 26.84%
454 5.09% 5.66% 5.25% 33.64% 33.95%
455 5.77% 6.37% 12.82% 15.54% 45.03%
456 3.52% 7.24% 13.96% 4.12% 3.54%
457 3.93% 6.18% 8.00% 12.37% 16.89%
458 4.27% 6.37% 21.33% 6.28% 18.96%
459 4.88% 6.71% 16.10% 0.11% 25.86%
460 4.06% 6.57% 7.03% 9.48% 15.95%
461 4.40% 6.39% 25.04% 13.01% 17.29%
462 3.78% 5.71% 11.65% 28.90% 16.63%
463 4.38% 6.05% 23.28% 13.37% 22.44%
464 3.53% 6.31% 31.69% 20.77% 8.37%
465 4.20% 6.31% 25.72% 3.20% 23.31%
466 3.71% 6.81% 16.87% 17.68% 6.80%
467 3.26% 6.39% 35.04% 18.69% 9.91%
468 3.85% 5.93% 20.25% 23.07% 13.64%
469 3.91% 6.15% 32.01% 16.57% 19.80%
470 4.80% 6.13% 12.37% 26.34% 22.70%
471 4.09% 6.07% 13.93% 13.02% 19.63%
472 4.48% 6.20% 2.63% 23.55% 19.11%
473 2.81% 6.93% 10.37% 2.64% 4.30%
474 3.51% 6.79% 31.46% 18.31% 3.69%
475 3.87% 6.31% 18.07% 12.56% 13.10%
476 3.61% 5.98% 17.89% 23.93% 16.99%
477 4.33% 6.79% 30.54% 1.55% 18.05%
478 3.74% 6.97% 28.55% 0.64% 8.74%
479 4.35% 6.48% 19.85% 3.85% 21.53%
480 4.36% 6.24% 5.97% 30.21% 13.68%
481 4.37% 6.12% 21.64% 14.05% 21.92%
482 4.14% 6.03% 27.31% 21.91% 16.16%
483 4.52% 6.11% 16.08% 11.89% 27.02%
484 3.55% 6.27% 16.25% 25.50% 5.53%
485 4.07% 6.15% 0.79% 18.98% 16.96%
486 4.51% 5.62% 3.72% 28.85% 26.45%
487 4.56% 6.81% 24.93% 3.05% 17.97%
488 4.09% 7.63% 18.78% 3.65% 7.36%
489 3.46% 6.60% 28.79% 20.78% 1.25%
490 4.17% 6.38% 18.86% 13.00% 18.16%
491 5.26% 6.17% 26.40% 15.37% 31.94%
492 3.16% 6.49% 23.93% 19.09% 3.44%
493 4.48% 6.49% 19.28% 3.86% 22.03%
494 3.16% 6.35% 20.58% 25.15% 2.30%
495 4.18% 5.84% 22.04% 20.58% 21.34%
496 3.80% 6.37% 11.09% 6.69% 15.65%
497 3.40% 6.14% 18.58% 25.40% 8.12%
498 3.54% 6.07% 19.53% 21.58% 9.92%
499 4.26% 6.02% 19.56% 16.73% 19.15%
500 4.66% 6.31% 22.85% 14.43% 22.65%
Short Sales Allowed N
Input Y-Axis Constant
From To In Steps of So
-0.5 0.02 0 Constant
Return to Main Menu 0.00%
Maximise Theta (Sharp
This sheet entirely
generated with VBA
DATA TABLE (With Short Sales) DATA TABLE (Withou
For Efficient Frontier Graph *NB: Solver library needs to be referenced in VBA otherw
Constant Std dev Return No. Constant Exp Return StDev Carter Holt
-0.50 5.20% 4.41% 1 -50.0% 4.41% 5.20% 5.38%
-0.50 5.20% 4.41% 2 -49.9% 4.41% 5.20% 5.38%
-0.50 5.20% 4.41% 3 -49.8% 4.41% 5.20% 5.38%
-0.50 5.20% 4.41% 4 -49.7% 4.41% 5.20% 5.38%
-0.50 5.20% 4.41% 5 -49.6% 4.41% 5.20% 5.38%
-0.50 5.20% 4.41% 6 -49.5% 4.41% 5.20% 5.38%
-0.49 5.20% 4.42% 7 -49.4% 4.41% 5.20% 5.37%
-0.49 5.20% 4.42% 8 -49.3% 4.41% 5.20% 5.37%
-0.49 5.20% 4.42% 9 -49.2% 4.41% 5.20% 5.37%
-0.49 5.20%Note by Kurt4.42%Hess 10 -49.1% 4.41% 5.20% 5.37%
-0.49 5.20%The SOLVER 4.42%macros in this11workbook
-49.0%will only4.41% 5.20%
run if your Excel is 5.37%
set
-0.49 5.20% 4.42%
up as follows. 12 -48.9% 4.41% 5.20% 5.37%
-0.49 5.20% 4.42% 13 -48.8% 4.41% 5.20% 5.38%
-0.49 5.20%You must have
4.42% SOLVER installed
14 with your Excel.
-48.7% 4.41% 5.20% 5.38%
-0.49 5.20%Go to Tools4.42%
Menu and see whether
15 item Solver appears
-48.6% 4.41% there.
5.20% 5.38%
If it does not, go to Tools - Add-ins and tick "Solver Add-in".
-0.49 5.20% 4.42% 16 -48.5% 4.41% 5.20% 5.38%
-0.48 5.20% 4.42% 17 -48.4% 4.41%
This 1st step will allow you to use SOLVER from Excel but because 5.20% 5.38%
-0.48 5.20%SOLVER is also called by a VBA macro, you will also need to establish a5.38%
4.42% 18 -48.3% 4.41% 5.20%
-0.48 5.20%reference to4.42%
the Solver add-in19in the-48.2%
VBA editor: 4.41% 5.20% 5.38%
-0.48 5.20%With a Visual
4.42%
Basic module active,
20 -48.1%
click References
4.41%
on the5.20%
Tools menu, 5.39%
and
-0.48 5.20%then select4.42%
the Solver.xla check21 box-48.0%
under Available References.
4.41% 5.20% If 5.39%
-0.48 5.20%Solver.xla doesn't
4.42% appear under 22 Available
-47.9%References,
4.41%click Browse and5.39%
5.20%
-0.48 5.20%open Solver.xla
4.42% in the \Office\Library
23 subfolder.
-47.8% 4.41% 5.20% 5.39%
-0.48 5.20% 4.42% 24 -47.7% 4.41% 5.20% 5.39%
-0.48 5.20% 4.42% 25 -47.6% 4.41% 5.20% 5.39%
-0.48 5.20% 4.42% 26 -47.5% 4.42% 5.20% 5.41%
-0.47 5.20% 4.42% 27 -47.4% 4.42% 5.20% 5.41%
-0.47 5.20% 4.42% 28 -47.3% 4.42% 5.20% 5.41%
-0.47 5.20% 4.42% 29 -47.2% 4.42% 5.20% 5.41%
-0.47 5.20% 4.42% 30 -47.1% 4.42% 5.20% 5.41%
-0.47 5.20% 4.42% 31 -47.0% 4.42% 5.20% 5.41%
-0.47 5.20% 4.42% 32 -46.9% 4.42% 5.20% 5.41%
-0.47 5.20% 4.42% 33 -46.8% 4.42% 5.20% 5.40%
-0.47 5.20% 4.43% 34 -46.7% 4.42% 5.20% 5.40%
-0.47 5.20% 4.43% 35 -46.6% 4.42% 5.20% 5.40%
-0.47 5.20% 4.43% 36 -46.5% 4.42% 5.20% 5.40%
-0.46 5.20% 4.43% 37 -46.4% 4.42% 5.20% 5.40%
-0.46 5.20% 4.43% 38 -46.3% 4.42% 5.20% 5.44%
-0.46 5.20% 4.43% 39 -46.2% 4.42% 5.20% 5.44%
-0.46 5.20% 4.43% 40 -46.1% 4.42% 5.20% 5.44%
-0.46 5.20% 4.43% 41 -46.0% 4.42% 5.20% 5.44%
-0.46 5.20% 4.43% 42 -45.9% 4.42% 5.20% 5.44%
-0.46 5.20% 4.43% 43 -45.8% 4.42% 5.20% 5.44%
-0.46 5.20% 4.43% 44 -45.7% 4.42% 5.20% 5.42%
-0.46 5.20% 4.43% 45 -45.6% 4.42% 5.20% 5.42%
-0.46 5.20% 4.43% 46 -45.5% 4.42% 5.20% 5.42%
-0.45 5.20% 4.43% 47 -45.4% 4.42% 5.20% 5.42%
-0.45 5.20% 4.43% 48 -45.3% 4.43% 5.20% 5.46%
-0.45 5.20% 4.43% 49 -45.2% 4.43% 5.20% 5.46%
-0.45 5.20% 4.43% 50 -45.1% 4.43% 5.20% 5.46%
-0.45 5.20% 4.43% 51 -45.0% 4.43% 5.20% 5.46%
-0.45 5.20% 4.43% 52 -44.9% 4.43% 5.20% 5.46%
-0.45 5.20% 4.43% 53 -44.8% 4.43% 5.20% 5.46%
-0.45 5.20% 4.43% 54 -44.7% 4.43% 5.20% 5.44%
-0.45 5.20% 4.43% 55 -44.6% 4.43% 5.20% 5.44%
-0.45 5.20% 4.43% 56 -44.5% 4.43% 5.20% 5.44%
-0.44 5.20% 4.43% 57 -44.4% 4.43% 5.20% 5.44%
-0.44 5.20% 4.44% 58 -44.3% 4.43% 5.20% 5.47%
-0.44 5.20% 4.44% 59 -44.2% 4.43% 5.20% 5.47%
-0.44 5.20% 4.44% 60 -44.1% 4.43% 5.20% 5.47%
-0.44 5.20% 4.44% 61 -44.0% 4.43% 5.20% 5.47%
-0.44 5.20% 4.44% 62 -43.9% 4.43% 5.20% 5.47%
-0.44 5.20% 4.44% 63 -43.8% 4.43% 5.20% 5.46%
-0.44 5.20% 4.44% 64 -43.7% 4.43% 5.20% 5.46%
-0.44 5.20% 4.44% 65 -43.6% 4.43% 5.20% 5.46%
-0.44 5.20% 4.44% 66 -43.5% 4.43% 5.20% 5.46%
-0.43 5.20% 4.44% 67 -43.4% 4.43% 5.20% 5.49%
-0.43 5.20% 4.44% 68 -43.3% 4.43% 5.20% 5.49%
-0.43 5.20% 4.44% 69 -43.2% 4.43% 5.20% 5.49%
-0.43 5.20% 4.44% 70 -43.1% 4.43% 5.20% 5.49%
-0.43 5.20% 4.44% 71 -43.0% 4.43% 5.20% 5.49%
-0.43 5.20% 4.44% 72 -42.9% 4.43% 5.20% 5.49%
-0.43 5.20% 4.44% 73 -42.8% 4.44% 5.20% 5.47%
-0.43 5.20% 4.44% 74 -42.7% 4.44% 5.20% 5.47%
-0.43 5.20% 4.44% 75 -42.6% 4.44% 5.20% 5.47%
-0.43 5.20% 4.44% 76 -42.5% 4.44% 5.20% 5.52%
-0.42 5.20% 4.44% 77 -42.4% 4.44% 5.20% 5.52%
-0.42 5.20% 4.44% 78 -42.3% 4.44% 5.20% 5.52%
-0.42 5.20% 4.44% 79 -42.2% 4.44% 5.20% 5.52%
-0.42 5.20% 4.45% 80 -42.1% 4.44% 5.20% 5.50%
-0.42 5.20% 4.45% 81 -42.0% 4.44% 5.20% 5.50%
-0.42 5.20% 4.45% 82 -41.9% 4.44% 5.20% 5.50%
-0.42 5.20% 4.45% 83 -41.8% 4.44% 5.20% 5.50%
-0.42 5.20% 4.45% 84 -41.7% 4.44% 5.20% 5.51%
-0.42 5.20% 4.45% 85 -41.6% 4.44% 5.20% 5.51%
-0.42 5.20% 4.45% 86 -41.5% 4.44% 5.20% 5.51%
-0.41 5.20% 4.45% 87 -41.4% 4.44% 5.20% 5.51%
-0.41 5.20% 4.45% 88 -41.3% 4.44% 5.20% 5.51%
-0.41 5.20% 4.45% 89 -41.2% 4.44% 5.20% 5.51%
-0.41 5.20% 4.45% 90 -41.1% 4.44% 5.20% 5.51%
-0.41 5.20% 4.45% 91 -41.0% 4.44% 5.20% 5.51%
-0.41 5.20% 4.45% 92 -40.9% 4.44% 5.20% 5.51%
-0.41 5.20% 4.45% 93 -40.8% 4.44% 5.20% 5.51%
-0.41 5.20% 4.45% 94 -40.7% 4.45% 5.20% 5.55%
-0.41 5.20% 4.45% 95 -40.6% 4.45% 5.20% 5.55%
-0.41 5.20% 4.45% 96 -40.5% 4.45% 5.20% 5.55%
-0.40 5.20% 4.45% 97 -40.4% 4.45% 5.20% 5.55%
-0.40 5.20% 4.45% 98 -40.3% 4.45% 5.20% 5.54%
-0.40 5.20% 4.45% 99 -40.2% 4.45% 5.20% 5.54%
-0.40 5.20% 4.45% 100 -40.1% 4.45% 5.20% 5.54%
-0.40 5.20% 4.46% 101 -40.0% 4.45% 5.20% 5.54%
-0.40 5.20% 4.46% 102 -39.9% 4.45% 5.20% 5.55%
-0.40 5.20% 4.46% 103 -39.8% 4.45% 5.20% 5.55%
-0.40 5.20% 4.46% 104 -39.7% 4.45% 5.20% 5.55%
-0.40 5.20% 4.46% 105 -39.6% 4.45% 5.20% 5.55%
-0.40 5.20% 4.46% 106 -39.5% 4.45% 5.20% 5.55%
-0.39 5.20% 4.46% 107 -39.4% 4.45% 5.20% 5.56%
-0.39 5.20% 4.46% 108 -39.3% 4.45% 5.20% 5.56%
-0.39 5.20% 4.46% 109 -39.2% 4.45% 5.20% 5.56%
-0.39 5.20% 4.46% 110 -39.1% 4.45% 5.20% 5.56%
-0.39 5.20% 4.46% 111 -39.0% 4.45% 5.20% 5.58%
-0.39 5.20% 4.46% 112 -38.9% 4.45% 5.20% 5.58%
-0.39 5.20% 4.46% 113 -38.8% 4.45% 5.20% 5.58%
-0.39 5.20% 4.46% 114 -38.7% 4.45% 5.20% 5.58%
-0.39 5.20% 4.46% 115 -38.6% 4.45% 5.20% 5.58%
-0.39 5.20% 4.46% 116 -38.5% 4.46% 5.20% 5.57%
-0.38 5.20% 4.46% 117 -38.4% 4.46% 5.20% 5.57%
-0.38 5.20% 4.46% 118 -38.3% 4.46% 5.20% 5.57%
-0.38 5.20% 4.47% 119 -38.2% 4.46% 5.20% 5.61%
-0.38 5.20% 4.47% 120 -38.1% 4.46% 5.20% 5.61%
-0.38 5.20% 4.47% 121 -38.0% 4.46% 5.20% 5.61%
-0.38 5.20% 4.47% 122 -37.9% 4.46% 5.20% 5.61%
-0.38 5.20% 4.47% 123 -37.8% 4.46% 5.20% 5.59%
-0.38 5.20% 4.47% 124 -37.7% 4.46% 5.20% 5.59%
-0.38 5.20% 4.47% 125 -37.6% 4.46% 5.20% 5.59%
-0.38 5.20% 4.47% 126 -37.5% 4.46% 5.20% 5.62%
-0.37 5.20% 4.47% 127 -37.4% 4.46% 5.20% 5.62%
-0.37 5.20% 4.47% 128 -37.3% 4.46% 5.20% 5.62%
-0.37 5.20% 4.47% 129 -37.2% 4.46% 5.20% 5.62%
-0.37 5.20% 4.47% 130 -37.1% 4.46% 5.20% 5.62%
-0.37 5.20% 4.47% 131 -37.0% 4.47% 5.20% 5.61%
-0.37 5.20% 4.47% 132 -36.9% 4.47% 5.20% 5.61%
-0.37 5.20% 4.47% 133 -36.8% 4.47% 5.20% 5.65%
-0.37 5.20% 4.47% 134 -36.7% 4.47% 5.20% 5.65%
-0.37 5.20% 4.47% 135 -36.6% 4.47% 5.20% 5.63%
-0.37 5.21% 4.48% 136 -36.5% 4.47% 5.20% 5.63%
-0.36 5.21% 4.48% 137 -36.4% 4.47% 5.20% 5.63%
-0.36 5.21% 4.48% 138 -36.3% 4.47% 5.20% 5.63%
-0.36 5.21% 4.48% 139 -36.2% 4.47% 5.20% 5.63%
-0.36 5.21% 4.48% 140 -36.1% 4.47% 5.20% 5.63%
-0.36 5.21% 4.48% 141 -36.0% 4.47% 5.20% 5.63%
-0.36 5.21% 4.48% 142 -35.9% 4.47% 5.21% 5.68%
-0.36 5.21% 4.48% 143 -35.8% 4.47% 5.21% 5.68%
-0.36 5.21% 4.48% 144 -35.7% 4.47% 5.21% 5.68%
-0.36 5.21% 4.48% 145 -35.6% 4.47% 5.21% 5.66%
-0.36 5.21% 4.48% 146 -35.5% 4.47% 5.21% 5.66%
-0.35 5.21% 4.48% 147 -35.4% 4.47% 5.21% 5.66%
-0.35 5.21% 4.48% 148 -35.3% 4.48% 5.21% 5.67%
-0.35 5.21% 4.48% 149 -35.2% 4.48% 5.21% 5.67%
-0.35 5.21% 4.48% 150 -35.1% 4.48% 5.21% 5.67%
-0.35 5.21% 4.48% 151 -35.0% 4.48% 5.21% 5.67%
-0.35 5.21% 4.49% 152 -34.9% 4.48% 5.21% 5.67%
-0.35 5.21% 4.49% 153 -34.8% 4.48% 5.21% 5.67%
-0.35 5.21% 4.49% 154 -34.7% 4.48% 5.21% 5.67%
-0.35 5.21% 4.49% 155 -34.6% 4.48% 5.21% 5.71%
-0.35 5.21% 4.49% 156 -34.5% 4.48% 5.21% 5.71%
-0.34 5.21% 4.49% 157 -34.4% 4.48% 5.21% 5.71%
-0.34 5.21% 4.49% 158 -34.3% 4.48% 5.21% 5.71%
-0.34 5.21% 4.49% 159 -34.2% 4.48% 5.21% 5.69%
-0.34 5.21% 4.49% 160 -34.1% 4.48% 5.21% 5.69%
-0.34 5.21% 4.49% 161 -34.0% 4.48% 5.21% 5.73%
-0.34 5.21% 4.49% 162 -33.9% 4.48% 5.21% 5.73%
-0.34 5.21% 4.49% 163 -33.8% 4.48% 5.21% 5.73%
-0.34 5.21% 4.49% 164 -33.7% 4.49% 5.21% 5.71%
-0.34 5.21% 4.49% 165 -33.6% 4.49% 5.21% 5.71%
-0.34 5.21% 4.50% 166 -33.5% 4.49% 5.21% 5.74%
-0.33 5.21% 4.50% 167 -33.4% 4.49% 5.21% 5.74%
-0.33 5.21% 4.50% 168 -33.3% 4.49% 5.21% 5.74%
-0.33 5.21% 4.50% 169 -33.2% 4.49% 5.21% 5.74%
-0.33 5.21% 4.50% 170 -33.1% 4.49% 5.21% 5.72%
-0.33 5.21% 4.50% 171 -33.0% 4.49% 5.21% 5.72%
-0.33 5.21% 4.50% 172 -32.9% 4.49% 5.21% 5.77%
-0.33 5.21% 4.50% 173 -32.8% 4.49% 5.21% 5.77%
-0.33 5.21% 4.50% 174 -32.7% 4.49% 5.21% 5.77%
-0.33 5.21% 4.50% 175 -32.6% 4.49% 5.21% 5.74%
-0.33 5.21% 4.50% 176 -32.5% 4.49% 5.21% 5.74%
-0.32 5.21% 4.50% 177 -32.4% 4.50% 5.21% 5.77%
-0.32 5.21% 4.50% 178 -32.3% 4.50% 5.21% 5.77%
-0.32 5.21% 4.50% 179 -32.2% 4.50% 5.21% 5.77%
-0.32 5.21% 4.51% 180 -32.1% 4.50% 5.21% 5.76%
-0.32 5.21% 4.51% 181 -32.0% 4.50% 5.21% 5.76%
-0.32 5.21% 4.51% 182 -31.9% 4.50% 5.21% 5.76%
-0.32 5.21% 4.51% 183 -31.8% 4.50% 5.21% 5.78%
-0.32 5.21% 4.51% 184 -31.7% 4.50% 5.21% 5.78%
-0.32 5.21% 4.51% 185 -31.6% 4.50% 5.21% 5.78%
-0.32 5.21% 4.51% 186 -31.5% 4.50% 5.21% 5.78%
-0.31 5.21% 4.51% 187 -31.4% 4.50% 5.21% 5.78%
-0.31 5.21% 4.51% 188 -31.3% 4.50% 5.21% 5.78%
-0.31 5.21% 4.51% 189 -31.2% 4.51% 5.21% 5.83%
-0.31 5.21% 4.51% 190 -31.1% 4.51% 5.21% 5.83%
-0.31 5.21% 4.51% 191 -31.0% 4.51% 5.21% 5.80%
-0.31 5.21% 4.51% 192 -30.9% 4.51% 5.21% 5.80%
-0.31 5.21% 4.52% 193 -30.8% 4.51% 5.21% 5.82%
-0.31 5.21% 4.52% 194 -30.7% 4.51% 5.21% 5.82%
-0.31 5.21% 4.52% 195 -30.6% 4.51% 5.21% 5.82%
-0.31 5.21% 4.52% 196 -30.5% 4.51% 5.21% 5.82%
-0.30 5.21% 4.52% 197 -30.4% 4.51% 5.21% 5.82%
-0.30 5.21% 4.52% 198 -30.3% 4.51% 5.21% 5.82%
-0.30 5.21% 4.52% 199 -30.2% 4.51% 5.21% 5.84%
-0.30 5.21% 4.52% 200 -30.1% 4.51% 5.21% 5.84%
-0.30 5.21% 4.52% 201 -30.0% 4.51% 5.21% 5.84%
-0.30 5.21% 4.52% 202 -29.9% 4.52% 5.21% 5.84%
-0.30 5.21% 4.52% 203 -29.8% 4.52% 5.21% 5.84%
-0.30 5.21% 4.53% 204 -29.7% 4.52% 5.21% 5.84%
-0.30 5.21% 4.53% 205 -29.6% 4.52% 5.21% 5.86%
-0.30 5.21% 4.53% 206 -29.5% 4.52% 5.21% 5.86%
-0.29 5.21% 4.53% 207 -29.4% 4.52% 5.21% 5.86%
-0.29 5.21% 4.53% 208 -29.3% 4.52% 5.21% 5.87%
-0.29 5.21% 4.53% 209 -29.2% 4.52% 5.21% 5.87%
-0.29 5.21% 4.53% 210 -29.1% 4.52% 5.21% 5.87%
-0.29 5.21% 4.53% 211 -29.0% 4.52% 5.21% 5.89%
-0.29 5.21% 4.53% 212 -28.9% 4.52% 5.21% 5.89%
-0.29 5.21% 4.53% 213 -28.8% 4.52% 5.21% 5.89%
-0.29 5.21% 4.53% 214 -28.7% 4.53% 5.21% 5.89%
-0.29 5.21% 4.54% 215 -28.6% 4.53% 5.21% 5.89%
-0.29 5.21% 4.54% 216 -28.5% 4.53% 5.21% 5.93%
-0.28 5.21% 4.54% 217 -28.4% 4.53% 5.21% 5.93%
-0.28 5.21% 4.54% 218 -28.3% 4.53% 5.21% 5.91%
-0.28 5.21% 4.54% 219 -28.2% 4.53% 5.21% 5.91%
-0.28 5.21% 4.54% 220 -28.1% 4.53% 5.21% 5.92%
-0.28 5.21% 4.54% 221 -28.0% 4.53% 5.21% 5.92%
-0.28 5.21% 4.54% 222 -27.9% 4.53% 5.21% 5.92%
-0.28 5.21% 4.54% 223 -27.8% 4.53% 5.21% 5.90%
-0.28 5.21% 4.54% 224 -27.7% 4.53% 5.21% 5.90%
-0.28 5.22% 4.54% 225 -27.6% 4.54% 5.21% 5.89%
-0.28 5.22% 4.55% 226 -27.5% 4.54% 5.21% 5.89%
-0.27 5.22% 4.55% 227 -27.4% 4.54% 5.21% 5.89%
-0.27 5.22% 4.55% 228 -27.3% 4.54% 5.21% 5.87%
-0.27 5.22% 4.55% 229 -27.2% 4.54% 5.21% 5.87%
-0.27 5.22% 4.55% 230 -27.1% 4.54% 5.21% 5.87%
-0.27 5.22% 4.55% 231 -27.0% 4.54% 5.22% 5.87%
-0.27 5.22% 4.55% 232 -26.9% 4.54% 5.22% 5.87%
-0.27 5.22% 4.55% 233 -26.8% 4.54% 5.22% 5.87%
-0.27 5.22% 4.55% 234 -26.7% 4.54% 5.22% 5.86%
-0.27 5.22% 4.56% 235 -26.6% 4.54% 5.22% 5.86%
-0.27 5.22% 4.56% 236 -26.5% 4.54% 5.22% 5.86%
-0.26 5.22% 4.56% 237 -26.4% 4.54% 5.22% 5.85%
-0.26 5.22% 4.56% 238 -26.3% 4.54% 5.22% 5.85%
-0.26 5.22% 4.56% 239 -26.2% 4.54% 5.22% 5.85%
-0.26 5.22% 4.56% 240 -26.1% 4.55% 5.22% 5.84%
-0.26 5.22% 4.56% 241 -26.0% 4.55% 5.22% 5.84%
-0.26 5.22% 4.56% 242 -25.9% 4.55% 5.22% 5.84%
-0.26 5.22% 4.56% 243 -25.8% 4.55% 5.22% 5.83%
-0.26 5.22% 4.57% 244 -25.7% 4.55% 5.22% 5.83%
-0.26 5.22% 4.57% 245 -25.6% 4.55% 5.22% 5.86%
-0.26 5.22% 4.57% 246 -25.5% 4.55% 5.22% 5.86%
-0.25 5.22% 4.57% 247 -25.4% 4.55% 5.22% 5.84%
-0.25 5.22% 4.57% 248 -25.3% 4.55% 5.22% 5.84%
-0.25 5.22% 4.57% 249 -25.2% 4.55% 5.22% 5.82%
-0.25 5.22% 4.57% 250 -25.1% 4.55% 5.22% 5.82%
-0.25 5.22% 4.57% 251 -25.0% 4.56% 5.22% 5.82%
-0.25 5.22% 4.57% 252 -24.9% 4.56% 5.22% 5.82%
-0.25 5.22% 4.58% 253 -24.8% 4.56% 5.22% 5.82%
-0.25 5.22% 4.58% 254 -24.7% 4.56% 5.22% 5.83%
-0.25 5.22% 4.58% 255 -24.6% 4.56% 5.22% 5.83%
-0.25 5.22% 4.58% 256 -24.5% 4.56% 5.22% 5.81%
-0.24 5.22% 4.58% 257 -24.4% 4.56% 5.22% 5.81%
-0.24 5.22% 4.58% 258 -24.3% 4.56% 5.22% 5.79%
-0.24 5.22% 4.58% 259 -24.2% 4.56% 5.22% 5.79%
-0.24 5.22% 4.58% 260 -24.1% 4.56% 5.22% 5.79%
-0.24 5.22% 4.59% 261 -24.0% 4.56% 5.22% 5.79%
-0.24 5.22% 4.59% 262 -23.9% 4.56% 5.22% 5.79%
-0.24 5.22% 4.59% 263 -23.8% 4.57% 5.22% 5.80%
-0.24 5.22% 4.59% 264 -23.7% 4.57% 5.22% 5.80%
-0.24 5.22% 4.59% 265 -23.6% 4.57% 5.22% 5.78%
-0.24 5.22% 4.59% 266 -23.5% 4.57% 5.22% 5.78%
-0.23 5.22% 4.59% 267 -23.4% 4.57% 5.22% 5.75%
-0.23 5.22% 4.59% 268 -23.3% 4.57% 5.22% 5.79%
-0.23 5.22% 4.60% 269 -23.2% 4.57% 5.22% 5.77%
-0.23 5.22% 4.60% 270 -23.1% 4.57% 5.22% 5.77%
-0.23 5.22% 4.60% 271 -23.0% 4.57% 5.22% 5.74%
-0.23 5.22% 4.60% 272 -22.9% 4.57% 5.22% 5.74%
-0.23 5.23% 4.60% 273 -22.8% 4.58% 5.22% 5.73%
-0.23 5.23% 4.60% 274 -22.7% 4.58% 5.22% 5.73%
-0.23 5.23% 4.60% 275 -22.6% 4.58% 5.22% 5.73%
-0.23 5.23% 4.61% 276 -22.5% 4.58% 5.22% 5.73%
-0.22 5.23% 4.61% 277 -22.4% 4.58% 5.22% 5.73%
-0.22 5.23% 4.61% 278 -22.3% 4.58% 5.22% 5.75%
-0.22 5.23% 4.61% 279 -22.2% 4.58% 5.22% 5.75%
-0.22 5.23% 4.61% 280 -22.1% 4.58% 5.22% 5.72%
-0.22 5.23% 4.61% 281 -22.0% 4.58% 5.22% 5.72%
-0.22 5.23% 4.61% 282 -21.9% 4.58% 5.22% 5.73%
-0.22 5.23% 4.62% 283 -21.8% 4.58% 5.22% 5.73%
-0.22 5.23% 4.62% 284 -21.7% 4.59% 5.22% 5.70%
-0.22 5.23% 4.62% 285 -21.6% 4.59% 5.22% 5.70%
-0.22 5.23% 4.62% 286 -21.5% 4.59% 5.22% 5.72%
-0.21 5.23% 4.62% 287 -21.4% 4.59% 5.22% 5.72%
-0.21 5.23% 4.62% 288 -21.3% 4.59% 5.22% 5.68%
-0.21 5.23% 4.63% 289 -21.2% 4.59% 5.22% 5.68%
-0.21 5.23% 4.63% 290 -21.1% 4.59% 5.22% 5.70%
-0.21 5.23% 4.63% 291 -21.0% 4.59% 5.22% 5.70%
-0.21 5.23% 4.63% 292 -20.9% 4.59% 5.23% 5.66%
-0.21 5.23% 4.63% 293 -20.8% 4.60% 5.23% 5.66%
-0.21 5.23% 4.63% 294 -20.7% 4.60% 5.23% 5.66%
-0.21 5.23% 4.63% 295 -20.6% 4.60% 5.23% 5.64%
-0.21 5.23% 4.64% 296 -20.5% 4.60% 5.23% 5.68%
-0.20 5.23% 4.64% 297 -20.4% 4.60% 5.23% 5.65%
-0.20 5.23% 4.64% 298 -20.3% 4.60% 5.23% 5.64%
-0.20 5.23% 4.64% 299 -20.2% 4.60% 5.23% 5.64%
-0.20 5.23% 4.64% 300 -20.1% 4.60% 5.23% 5.66%
-0.20 5.23% 4.65% 301 -20.0% 4.60% 5.23% 5.66%
-0.20 5.23% 4.65% 302 -19.9% 4.61% 5.23% 5.62%
-0.20 5.23% 4.65% 303 -19.8% 4.61% 5.23% 5.62%
-0.20 5.24% 4.65% 304 -19.7% 4.61% 5.23% 5.62%
-0.20 5.24% 4.65% 305 -19.6% 4.61% 5.23% 5.63%
-0.20 5.24% 4.65% 306 -19.5% 4.61% 5.23% 5.63%
-0.19 5.24% 4.66% 307 -19.4% 4.61% 5.23% 5.60%
-0.19 5.24% 4.66% 308 -19.3% 4.61% 5.23% 5.59%
-0.19 5.24% 4.66% 309 -19.2% 4.61% 5.23% 5.59%
-0.19 5.24% 4.66% 310 -19.1% 4.62% 5.23% 5.61%
-0.19 5.24% 4.66% 311 -19.0% 4.62% 5.23% 5.59%
-0.19 5.24% 4.67% 312 -18.9% 4.62% 5.23% 5.57%
-0.19 5.24% 4.67% 313 -18.8% 4.62% 5.23% 5.57%
-0.19 5.24% 4.67% 314 -18.7% 4.62% 5.23% 5.59%
-0.19 5.24% 4.67% 315 -18.6% 4.62% 5.23% 5.56%
-0.19 5.24% 4.67% 316 -18.5% 4.62% 5.23% 5.55%
-0.18 5.24% 4.67% 317 -18.4% 4.62% 5.23% 5.55%
-0.18 5.24% 4.68% 318 -18.3% 4.63% 5.23% 5.57%
-0.18 5.24% 4.68% 319 -18.2% 4.63% 5.23% 5.54%
-0.18 5.24% 4.68% 320 -18.1% 4.63% 5.23% 5.53%
-0.18 5.24% 4.68% 321 -18.0% 4.63% 5.23% 5.53%
-0.18 5.24% 4.68% 322 -17.9% 4.63% 5.23% 5.54%
-0.18 5.24% 4.69% 323 -17.8% 4.63% 5.23% 5.52%
-0.18 5.24% 4.69% 324 -17.7% 4.64% 5.23% 5.50%
-0.18 5.24% 4.69% 325 -17.6% 4.64% 5.23% 5.50%
-0.18 5.24% 4.69% 326 -17.5% 4.64% 5.24% 5.52%
-0.17 5.25% 4.70% 327 -17.4% 4.64% 5.24% 5.50%
-0.17 5.25% 4.70% 328 -17.3% 4.64% 5.24% 5.48%
-0.17 5.25% 4.70% 329 -17.2% 4.64% 5.24% 5.48%
-0.17 5.25% 4.70% 330 -17.1% 4.65% 5.24% 5.50%
-0.17 5.25% 4.70% 331 -17.0% 4.65% 5.24% 5.47%
-0.17 5.25% 4.71% 332 -16.9% 4.65% 5.24% 5.46%
-0.17 5.25% 4.71% 333 -16.8% 4.65% 5.24% 5.46%
-0.17 5.25% 4.71% 334 -16.7% 4.65% 5.24% 5.46%
-0.17 5.25% 4.71% 335 -16.6% 4.65% 5.24% 5.47%
-0.17 5.25% 4.72% 336 -16.5% 4.65% 5.24% 5.44%
-0.16 5.25% 4.72% 337 -16.4% 4.66% 5.24% 5.42%
-0.16 5.25% 4.72% 338 -16.3% 4.66% 5.24% 5.43%
-0.16 5.25% 4.72% 339 -16.2% 4.66% 5.24% 5.43%
-0.16 5.25% 4.73% 340 -16.1% 4.66% 5.24% 5.44%
-0.16 5.25% 4.73% 341 -16.0% 4.66% 5.24% 5.41%
-0.16 5.25% 4.73% 342 -15.9% 4.67% 5.24% 5.39%
-0.16 5.25% 4.73% 343 -15.8% 4.67% 5.24% 5.39%
-0.16 5.26% 4.74% 344 -15.7% 4.67% 5.24% 5.39%
-0.16 5.26% 4.74% 345 -15.6% 4.67% 5.24% 5.40%
-0.16 5.26% 4.74% 346 -15.5% 4.67% 5.24% 5.38%
-0.15 5.26% 4.74% 347 -15.4% 4.67% 5.24% 5.39%
-0.15 5.26% 4.75% 348 -15.3% 4.68% 5.24% 5.36%
-0.15 5.26% 4.75% 349 -15.2% 4.68% 5.24% 5.38%
-0.15 5.26% 4.75% 350 -15.1% 4.68% 5.25% 5.35%
-0.15 5.26% 4.75% 351 -15.0% 4.68% 5.25% 5.36%
-0.15 5.26% 4.76% 352 -14.9% 4.68% 5.25% 5.33%
-0.15 5.26% 4.76% 353 -14.8% 4.69% 5.25% 5.35%
-0.15 5.26% 4.76% 354 -14.7% 4.69% 5.25% 5.32%
-0.15 5.26% 4.77% 355 -14.6% 4.69% 5.25% 5.33%
-0.15 5.26% 4.77% 356 -14.5% 4.69% 5.25% 5.30%
-0.14 5.26% 4.77% 357 -14.4% 4.69% 5.25% 5.32%
-0.14 5.27% 4.77% 358 -14.3% 4.70% 5.25% 5.29%
-0.14 5.27% 4.78% 359 -14.2% 4.70% 5.25% 5.30%
-0.14 5.27% 4.78% 360 -14.1% 4.70% 5.25% 5.27%
-0.14 5.27% 4.78% 361 -14.0% 4.70% 5.25% 5.29%
-0.14 5.27% 4.79% 362 -13.9% 4.70% 5.25% 5.25%
-0.14 5.27% 4.79% 363 -13.8% 4.71% 5.25% 5.27%
-0.14 5.27% 4.79% 364 -13.7% 4.71% 5.25% 5.24%
-0.14 5.27% 4.80% 365 -13.6% 4.71% 5.25% 5.25%
-0.14 5.27% 4.80% 366 -13.5% 4.71% 5.25% 5.22%
-0.13 5.27% 4.80% 367 -13.4% 4.72% 5.26% 5.23%
-0.13 5.27% 4.81% 368 -13.3% 4.72% 5.26% 5.20%
-0.13 5.28% 4.81% 369 -13.2% 4.72% 5.26% 5.22%
-0.13 5.28% 4.81% 370 -13.1% 4.72% 5.26% 5.18%
-0.13 5.28% 4.82% 371 -13.0% 4.72% 5.26% 5.20%
-0.13 5.28% 4.82% 372 -12.9% 4.73% 5.26% 5.16%
-0.13 5.28% 4.82% 373 -12.8% 4.73% 5.26% 5.18%
-0.13 5.28% 4.83% 374 -12.7% 4.73% 5.26% 5.14%
-0.13 5.28% 4.83% 375 -12.6% 4.73% 5.26% 5.16%
-0.13 5.28% 4.83% 376 -12.5% 4.74% 5.26% 5.12%
-0.12 5.28% 4.84% 377 -12.4% 4.74% 5.26% 5.14%
-0.12 5.28% 4.84% 378 -12.3% 4.74% 5.26% 5.14%
-0.12 5.29% 4.84% 379 -12.2% 4.74% 5.26% 5.10%
-0.12 5.29% 4.85% 380 -12.1% 4.75% 5.26% 5.11%
-0.12 5.29% 4.85% 381 -12.0% 4.75% 5.27% 5.11%
-0.12 5.29% 4.86% 382 -11.9% 4.75% 5.27% 5.07%
-0.12 5.29% 4.86% 383 -11.8% 4.76% 5.27% 5.08%
-0.12 5.29% 4.86% 384 -11.7% 4.76% 5.27% 5.07%
-0.12 5.29% 4.87% 385 -11.6% 4.76% 5.27% 5.03%
-0.12 5.29% 4.87% 386 -11.5% 4.76% 5.27% 5.05%
-0.11 5.30% 4.88% 387 -11.4% 4.77% 5.27% 5.04%
-0.11 5.30% 4.88% 388 -11.3% 4.77% 5.27% 5.00%
-0.11 5.30% 4.88% 389 -11.2% 4.77% 5.27% 5.02%
-0.11 5.30% 4.89% 390 -11.1% 4.78% 5.27% 5.01%
-0.11 5.30% 4.89% 391 -11.0% 4.78% 5.27% 4.99%
-0.11 5.30% 4.90% 392 -10.9% 4.78% 5.28% 4.98%
-0.11 5.30% 4.90% 393 -10.8% 4.79% 5.28% 4.97%
-0.11 5.31% 4.91% 394 -10.7% 4.79% 5.28% 4.96%
-0.11 5.31% 4.91% 395 -10.6% 4.79% 5.28% 4.95%
-0.11 5.31% 4.92% 396 -10.5% 4.79% 5.28% 4.93%
-0.10 5.31% 4.92% 397 -10.4% 4.80% 5.28% 4.92%
-0.10 5.31% 4.93% 398 -10.3% 4.80% 5.28% 4.91%
-0.10 5.31% 4.93% 399 -10.2% 4.80% 5.28% 4.90%
-0.10 5.32% 4.93% 400 -10.1% 4.81% 5.28% 4.88%
-0.10 5.32% 4.94% 401 -10.0% 4.81% 5.29% 4.87%
-0.10 5.32% 4.94% 402 -9.9% 4.82% 5.29% 4.86%
-0.10 5.32% 4.95% 403 -9.8% 4.82% 5.29% 4.84%
-0.10 5.32% 4.96% 404 -9.7% 4.82% 5.29% 4.83%
-0.10 5.33% 4.96% 405 -9.6% 4.83% 5.29% 4.82%
-0.10 5.33% 4.97% 406 -9.5% 4.83% 5.29% 4.80%
-0.09 5.33% 4.97% 407 -9.4% 4.83% 5.29% 4.79%
-0.09 5.33% 4.98% 408 -9.3% 4.84% 5.30% 4.77%
-0.09 5.33% 4.98% 409 -9.2% 4.84% 5.30% 4.76%
-0.09 5.34% 4.99% 410 -9.1% 4.85% 5.30% 4.74%
-0.09 5.34% 4.99% 411 -9.0% 4.85% 5.30% 4.73%
-0.09 5.34% 5.00% 412 -8.9% 4.85% 5.30% 4.71%
-0.09 5.34% 5.01% 413 -8.8% 4.86% 5.30% 4.70%
-0.09 5.34% 5.01% 414 -8.7% 4.86% 5.30% 4.68%
-0.09 5.35% 5.02% 415 -8.6% 4.87% 5.31% 4.66%
-0.09 5.35% 5.02% 416 -8.5% 4.87% 5.31% 4.65%
-0.08 5.35% 5.03% 417 -8.4% 4.87% 5.31% 4.63%
-0.08 5.35% 5.04% 418 -8.3% 4.88% 5.31% 4.61%
-0.08 5.36% 5.04% 419 -8.2% 4.88% 5.31% 4.60%
-0.08 5.36% 5.05% 420 -8.1% 4.89% 5.32% 4.58%
-0.08 5.36% 5.06% 421 -8.0% 4.89% 5.32% 4.56%
-0.08 5.37% 5.06% 422 -7.9% 4.90% 5.32% 4.54%
-0.08 5.37% 5.07% 423 -7.8% 4.90% 5.32% 4.52%
-0.08 5.37% 5.08% 424 -7.7% 4.91% 5.32% 4.50%
-0.08 5.37% 5.08% 425 -7.6% 4.91% 5.33% 4.49%
-0.08 5.38% 5.09% 426 -7.5% 4.92% 5.33% 4.47%
-0.07 5.38% 5.10% 427 -7.4% 4.92% 5.33% 4.45%
-0.07 5.38% 5.11% 428 -7.3% 4.93% 5.33% 4.43%
-0.07 5.39% 5.11% 429 -7.2% 4.93% 5.33% 4.41%
-0.07 5.39% 5.12% 430 -7.1% 4.94% 5.34% 4.39%
-0.07 5.39% 5.13% 431 -7.0% 4.94% 5.34% 4.36%
-0.07 5.40% 5.14% 432 -6.9% 4.95% 5.34% 4.34%
-0.07 5.40% 5.15% 433 -6.8% 4.96% 5.34% 4.32%
-0.07 5.41% 5.16% 434 -6.7% 4.96% 5.35% 4.30%
-0.07 5.41% 5.16% 435 -6.6% 4.97% 5.35% 4.28%
-0.07 5.41% 5.17% 436 -6.5% 4.97% 5.35% 4.25%
-0.06 5.42% 5.18% 437 -6.4% 4.98% 5.36% 4.23%
-0.06 5.42% 5.19% 438 -6.3% 4.99% 5.36% 4.20%
-0.06 5.43% 5.20% 439 -6.2% 4.99% 5.36% 4.18%
-0.06 5.43% 5.21% 440 -6.1% 5.00% 5.37% 4.16%
-0.06 5.44% 5.22% 441 -6.0% 5.01% 5.37% 4.13%
-0.06 5.44% 5.23% 442 -5.9% 5.01% 5.37% 4.10%
-0.06 5.45% 5.24% 443 -5.8% 5.02% 5.38% 4.08%
-0.06 5.45% 5.25% 444 -5.7% 5.03% 5.38% 4.06%
-0.06 5.46% 5.26% 445 -5.6% 5.03% 5.38% 4.02%
-0.06 5.46% 5.27% 446 -5.5% 5.04% 5.39% 4.01%
-0.05 5.47% 5.28% 447 -5.4% 5.05% 5.39% 3.96%
-0.05 5.47% 5.29% 448 -5.3% 5.06% 5.39% 3.95%
-0.05 5.48% 5.30% 449 -5.2% 5.06% 5.40% 3.92%
-0.05 5.48% 5.32% 450 -5.1% 5.07% 5.40% 3.89%
-0.05 5.49% 5.33% 451 -5.0% 5.08% 5.41% 3.86%
-0.05 5.50% 5.34% 452 -4.9% 5.09% 5.41% 3.83%
-0.05 5.50% 5.35% 453 -4.8% 5.10% 5.42% 3.79%
-0.05 5.51% 5.36% 454 -4.7% 5.11% 5.42% 3.76%
-0.05 5.52% 5.38% 455 -4.6% 5.11% 5.43% 3.73%
-0.05 5.52% 5.39% 456 -4.5% 5.12% 5.43% 3.69%
-0.04 5.53% 5.40% 457 -4.4% 5.13% 5.44% 3.66%
-0.04 5.54% 5.42% 458 -4.3% 5.14% 5.44% 3.62%
-0.04 5.55% 5.43% 459 -4.2% 5.15% 5.45% 3.58%
-0.04 5.56% 5.45% 460 -4.1% 5.16% 5.45% 3.55%
-0.04 5.57% 5.46% 461 -4.0% 5.17% 5.46% 3.51%
-0.04 5.57% 5.48% 462 -3.9% 5.18% 5.47% 3.47%
-0.04 5.58% 5.49% 463 -3.8% 5.19% 5.47% 3.43%
-0.04 5.59% 5.51% 464 -3.7% 5.20% 5.48% 3.38%
-0.04 5.60% 5.52% 465 -3.6% 5.22% 5.49% 3.34%
-0.04 5.61% 5.54% 466 -3.5% 5.23% 5.49% 3.30%
-0.03 5.62% 5.56% 467 -3.4% 5.24% 5.50% 3.25%
-0.03 5.64% 5.58% 468 -3.3% 5.25% 5.51% 3.21%
-0.03 5.65% 5.59% 469 -3.2% 5.26% 5.52% 3.16%
-0.03 5.66% 5.61% 470 -3.1% 5.28% 5.52% 3.11%
-0.03 5.67% 5.63% 471 -3.0% 5.29% 5.53% 3.06%
-0.03 5.68% 5.65% 472 -2.9% 5.30% 5.54% 3.01%
-0.03 5.70% 5.67% 473 -2.8% 5.32% 5.55% 2.96%
-0.03 5.71% 5.69% 474 -2.7% 5.33% 5.56% 2.90%
-0.03 5.73% 5.71% 475 -2.6% 5.35% 5.57% 2.85%
-0.03 5.74% 5.74% 476 -2.5% 5.36% 5.58% 2.79%
-0.02 5.76% 5.76% 477 -2.4% 5.38% 5.59% 2.73%
-0.02 5.78% 5.78% 478 -2.3% 5.39% 5.61% 2.67%
-0.02 5.79% 5.81% 479 -2.2% 5.41% 5.62% 2.60%
-0.02 5.81% 5.83% 480 -2.1% 5.43% 5.63% 2.54%
-0.02 5.83% 5.86% 481 -2.0% 5.45% 5.64% 2.47%
-0.02 5.85% 5.88% 482 -1.9% 5.46% 5.66% 2.40%
-0.02 5.87% 5.91% 483 -1.8% 5.48% 5.67% 2.33%
-0.02 5.89% 5.94% 484 -1.7% 5.50% 5.69% 2.26%
-0.02 5.91% 5.97% 485 -1.6% 5.52% 5.70% 2.18%
-0.02 5.94% 6.00% 486 -1.5% 5.54% 5.72% 2.10%
-0.01 5.96% 6.03% 487 -1.4% 5.56% 5.74% 2.02%
-0.01 5.99% 6.06% 488 -1.3% 5.59% 5.76% 1.94%
-0.01 6.02% 6.10% 489 -1.2% 5.61% 5.78% 1.85%
-0.01 6.05% 6.13% 490 -1.1% 5.63% 5.80% 1.76%
-0.01 6.08% 6.17% 491 -1.0% 5.66% 5.82% 1.66%
-0.01 6.11% 6.21% 492 -0.9% 5.68% 5.84% 1.57%
-0.01 6.14% 6.25% 493 -0.8% 5.71% 5.86% 1.46%
-0.01 6.18% 6.29% 494 -0.7% 5.74% 5.89% 1.36%
-0.01 6.22% 6.33% 495 -0.6% 5.77% 5.92% 1.25%
-0.01 6.26% 6.38% 496 -0.5% 5.80% 5.95% 1.13%
0.00 6.30% 6.42% 497 -0.4% 5.83% 5.98% 1.01%
0.00 6.35% 6.47% 498 -0.3% 5.86% 6.01% 0.89%
0.00 6.39% 6.52% 499 -0.2% 5.90% 6.04% 0.73%
0.00 6.45% 6.57% 500 -0.1% 5.93% 6.08% 0.61%
0.00 6.50% 6.63% 501 0.0% 5.97% 6.12% 0.49%
0.00 6.56% 6.69% 502 0.1% 6.01% 6.16% 0.33%
0.00 6.62% 6.75% 503 0.2% 6.05% 6.20% 0.15%
0.00 6.68% 6.81% 504 0.3% 6.10% 6.25% -
0.00 6.75% 6.88% 505 0.4% 6.14% 6.29% -
0.00 6.83% 6.95% 506 0.5% 6.19% 6.35% -
0.01 6.91% 7.03% 507 0.6% 6.24% 6.40% -
0.01 7.00% 7.11% 508 0.7% 6.29% 6.46% -
0.01 7.09% 7.19% 509 0.8% 6.34% 6.52% -
0.01 7.19% 7.28% 510 0.9% 6.40% 6.59% -
0.01 7.29% 7.37% 511 1.0% 6.46% 6.67% -
0.01 7.41% 7.48% 512 1.1% 6.53% 6.75% -
0.01 7.54% 7.58% 513 1.2% 6.60% 6.83% -
0.01 7.67% 7.70% 514 1.3% 6.67% 6.93% -
0.01 7.82% 7.82% 515 1.4% 6.75% 7.03% -
0.01 7.98% 7.95% 516 1.5% 6.83% 7.14% -
0.02 8.16% 8.09% 517 1.6% 6.92% 7.27% -
0.02 8.35% 8.25% 518 1.7% 7.02% 7.40% -
0.02 8.57% 8.41% 519 1.8% 7.13% 7.55% -
0.02 8.80% 8.59% 520 1.9% 7.24% 7.71% -
0.02 9.06% 8.79% 521 2.0% 7.36% 7.89% -
522 2.1% 7.50% 8.09% -
523 2.2% 7.65% 8.31% -
524 2.3% 7.81% 8.56% -
525 2.4% 7.98% 8.84% -
526 2.5% 8.18% 9.16% -
527 2.6% 8.40% 9.51% -
528 2.7% 8.60% 9.84% -
529 2.8% 8.63% 9.90% -
530 2.9% 8.67% 9.96% -
531 3.0% 8.71% 10.03% -
532 3.1% 8.75% 10.10% -
533 3.2% 8.80% 10.18% -
534 3.3% 8.84% 10.27% -
535 3.4% 8.85% 10.28% -
536 3.5% 8.85% 10.28% -
537 3.6% 8.85% 10.28% -
538 3.7% 8.85% 10.28% -
539 3.8% 8.85% 10.28% -
540 3.9% 8.85% 10.28% -
541 4.0% 8.85% 10.28% -
542 4.1% 8.85% 10.28% -
543 4.2% 8.85% 10.28% -
544 4.3% 8.85% 10.28% -
545 4.4% 8.85% 10.28% -
546 4.5% 8.85% 10.28% -
547 4.6% 8.85% 10.28% -
548 4.7% 8.85% 10.28% -
549 4.8% 8.85% 10.28% -
550 4.9% 8.85% 10.28% -
551 5.0% 8.85% 10.28% -
 No Short Sales
Solver in Action
0.05 Std dev #VALUE! Exp Return #VALUE! Sum
0.00% 100.00% 0.00% 0.00% 0.00% 100.00%
Maximise Theta (Sharpe Ratio) #VALUE!

DATA TABLE (Without Short Sales) Watch this cell!

eds to be referenced in VBA otherwise efficient frontier calculations will not work
Fernz Ubix Indpt News Lion Nathan Sanford
67.40% 20.89% - 1.66% 4.67%
67.40% 20.89% Ray: The reason
- 1.66% 4.67%
67.40% 20.89% Indpt News -is 1.66% 4.67%
67.40% 20.89% not featured- on 1.66% 4.67%
the efficient
67.40% 20.89% frontier is - 1.66% 4.67%
67.40% 20.89% because it is- 1.66% 4.67%
67.40% 20.91% dominated
Carter Holt,
- by
1.65% 4.67%
67.40% 20.91% which has a- 1.65% 4.67%
67.40% 20.91% better return - for 1.65% 4.67%
a lesser amount
67.40% 20.91% of risk. - 1.65% 4.67%
67.40% 20.91% - 1.65% 4.67%
67.40% 20.91% See raw data - to 1.65% 4.67%
verify
67.39% 20.95% - 1.62% 4.67%
67.39% 20.95% - 1.62% 4.67%
67.39% 20.95% - 1.62% 4.67%
67.39% 20.95% - 1.62% 4.67%
67.39% 20.95% - 1.62% 4.67%
67.39% 20.95% - 1.62% 4.67%
67.39% 20.95% - 1.62% 4.67%
67.38% 20.98% - 1.58% 4.68%
67.38% 20.98% - 1.58% 4.68%
67.38% 20.98% - 1.58% 4.68%
67.38% 20.98% - 1.58% 4.68%
67.38% 20.98% - 1.58% 4.68%
67.38% 20.98% - 1.58% 4.68%
67.36% 21.00% - 1.55% 4.68%
67.36% 21.00% - 1.55% 4.68%
67.36% 21.00% - 1.55% 4.68%
67.36% 21.00% - 1.55% 4.68%
67.36% 21.00% - 1.55% 4.68%
67.36% 21.00% - 1.55% 4.68%
67.36% 21.00% - 1.55% 4.68%
67.36% 21.03% - 1.53% 4.69%
67.36% 21.03% - 1.53% 4.69%
67.36% 21.03% - 1.53% 4.69%
67.36% 21.03% - 1.53% 4.69%
67.36% 21.03% - 1.53% 4.69%
67.34% 21.06% - 1.49% 4.68%
67.34% 21.06% - 1.49% 4.68%
67.34% 21.06% - 1.49% 4.68%
67.34% 21.06% - 1.49% 4.68%
67.34% 21.06% - 1.49% 4.68%
67.34% 21.06% - 1.49% 4.68%
67.34% 21.08% - 1.47% 4.69%
67.34% 21.08% - 1.47% 4.69%
67.34% 21.08% - 1.47% 4.69%
67.34% 21.08% - 1.47% 4.69%
67.32% 21.10% - 1.43% 4.69%
67.32% 21.10% - 1.43% 4.69%
67.32% 21.10% - 1.43% 4.69%
67.32% 21.10% - 1.43% 4.69%
67.32% 21.10% - 1.43% 4.69%
67.32% 21.10% - 1.43% 4.69%
67.32% 21.13% - 1.42% 4.70%
67.32% 21.13% - 1.42% 4.70%
67.32% 21.13% - 1.42% 4.70%
67.32% 21.13% - 1.42% 4.70%
67.30% 21.15% - 1.38% 4.70%
67.30% 21.15% - 1.38% 4.70%
67.30% 21.15% - 1.38% 4.70%
67.30% 21.15% - 1.38% 4.70%
67.30% 21.15% - 1.38% 4.70%
67.30% 21.17% - 1.36% 4.71%
67.30% 21.17% - 1.36% 4.71%
67.30% 21.17% - 1.36% 4.71%
67.30% 21.17% - 1.36% 4.71%
67.28% 21.20% - 1.32% 4.70%
67.28% 21.20% - 1.32% 4.70%
67.28% 21.20% - 1.32% 4.70%
67.28% 21.20% - 1.32% 4.70%
67.28% 21.20% - 1.32% 4.70%
67.28% 21.20% - 1.32% 4.70%
67.28% 21.23% - 1.30% 4.71%
67.28% 21.23% - 1.30% 4.71%
67.28% 21.23% - 1.30% 4.71%
67.26% 21.24% - 1.27% 4.71%
67.26% 21.24% - 1.27% 4.71%
67.26% 21.24% - 1.27% 4.71%
67.26% 21.24% - 1.27% 4.71%
67.26% 21.26% - 1.26% 4.72%
67.26% 21.26% - 1.26% 4.72%
67.26% 21.26% - 1.26% 4.72%
67.26% 21.26% - 1.26% 4.72%
67.25% 21.29% - 1.23% 4.72%
67.25% 21.29% - 1.23% 4.72%
67.25% 21.29% - 1.23% 4.72%
67.25% 21.29% - 1.23% 4.72%
67.25% 21.29% - 1.23% 4.72%
67.25% 21.29% - 1.23% 4.72%
67.24% 21.33% - 1.19% 4.73%
67.24% 21.33% - 1.19% 4.73%
67.24% 21.33% - 1.19% 4.73%
67.24% 21.33% - 1.19% 4.73%
67.23% 21.35% - 1.15% 4.72%
67.23% 21.35% - 1.15% 4.72%
67.23% 21.35% - 1.15% 4.72%
67.23% 21.35% - 1.15% 4.72%
67.22% 21.37% - 1.14% 4.73%
67.22% 21.37% - 1.14% 4.73%
67.22% 21.37% - 1.14% 4.73%
67.22% 21.37% - 1.14% 4.73%
67.21% 21.40% - 1.11% 4.73%
67.21% 21.40% - 1.11% 4.73%
67.21% 21.40% - 1.11% 4.73%
67.21% 21.40% - 1.11% 4.73%
67.21% 21.40% - 1.11% 4.73%
67.20% 21.43% - 1.08% 4.74%
67.20% 21.43% - 1.08% 4.74%
67.20% 21.43% - 1.08% 4.74%
67.20% 21.43% - 1.08% 4.74%
67.19% 21.45% - 1.04% 4.74%
67.19% 21.45% - 1.04% 4.74%
67.19% 21.45% - 1.04% 4.74%
67.19% 21.45% - 1.04% 4.74%
67.19% 21.45% - 1.04% 4.74%
67.18% 21.48% - 1.02% 4.75%
67.18% 21.48% - 1.02% 4.75%
67.18% 21.48% - 1.02% 4.75%
67.17% 21.50% - 0.98% 4.74%
67.17% 21.50% - 0.98% 4.74%
67.17% 21.50% - 0.98% 4.74%
67.17% 21.50% - 0.98% 4.74%
67.17% 21.52% - 0.97% 4.75%
67.17% 21.52% - 0.97% 4.75%
67.17% 21.52% - 0.97% 4.75%
67.15% 21.55% - 0.93% 4.75%
67.15% 21.55% - 0.93% 4.75%
67.15% 21.55% - 0.93% 4.75%
67.15% 21.55% - 0.93% 4.75%
67.15% 21.55% - 0.93% 4.75%
67.15% 21.58% - 0.90% 4.76%
67.15% 21.58% - 0.90% 4.76%
67.13% 21.59% - 0.87% 4.75%
67.13% 21.59% - 0.87% 4.75%
67.13% 21.60% - 0.87% 4.76%
67.13% 21.60% - 0.87% 4.76%
67.13% 21.60% - 0.87% 4.76%
67.13% 21.60% - 0.87% 4.76%
67.12% 21.64% - 0.84% 4.77%
67.12% 21.64% - 0.84% 4.77%
67.12% 21.64% - 0.84% 4.77%
67.10% 21.66% - 0.80% 4.76%
67.10% 21.66% - 0.80% 4.76%
67.10% 21.66% - 0.80% 4.76%
67.11% 21.68% - 0.79% 4.77%
67.11% 21.68% - 0.79% 4.77%
67.11% 21.68% - 0.79% 4.77%
67.09% 21.71% - 0.75% 4.78%
67.09% 21.71% - 0.75% 4.78%
67.09% 21.71% - 0.75% 4.78%
67.09% 21.71% - 0.75% 4.78%
67.08% 21.74% - 0.72% 4.78%
67.08% 21.74% - 0.72% 4.78%
67.08% 21.74% - 0.72% 4.78%
67.07% 21.76% - 0.68% 4.78%
67.07% 21.76% - 0.68% 4.78%
67.07% 21.76% - 0.68% 4.78%
67.07% 21.76% - 0.68% 4.78%
67.07% 21.79% - 0.67% 4.79%
67.07% 21.79% - 0.67% 4.79%
67.05% 21.80% - 0.63% 4.78%
67.05% 21.80% - 0.63% 4.78%
67.05% 21.80% - 0.63% 4.78%
67.05% 21.83% - 0.62% 4.80%
67.05% 21.83% - 0.62% 4.80%
67.04% 21.85% - 0.58% 4.79%
67.04% 21.85% - 0.58% 4.79%
67.04% 21.85% - 0.58% 4.79%
67.04% 21.85% - 0.58% 4.79%
67.03% 21.88% - 0.56% 4.80%
67.03% 21.88% - 0.56% 4.80%
67.01% 21.90% - 0.53% 4.80%
67.01% 21.90% - 0.53% 4.80%
67.01% 21.90% - 0.53% 4.80%
67.01% 21.92% - 0.52% 4.81%
67.01% 21.92% - 0.52% 4.81%
67.00% 21.94% - 0.48% 4.81%
67.00% 21.94% - 0.48% 4.81%
67.00% 21.94% - 0.48% 4.81%
67.00% 21.97% - 0.46% 4.81%
67.00% 21.97% - 0.46% 4.81%
67.00% 21.97% - 0.46% 4.81%
66.98% 22.00% - 0.42% 4.81%
66.98% 22.00% - 0.42% 4.81%
66.98% 22.00% - 0.42% 4.81%
66.98% 22.00% - 0.42% 4.81%
66.97% 22.03% - 0.39% 4.82%
66.97% 22.03% - 0.39% 4.82%
66.96% 22.05% - 0.35% 4.82%
66.96% 22.05% - 0.35% 4.82%
66.96% 22.06% - 0.35% 4.83%
66.96% 22.06% - 0.35% 4.83%
66.95% 22.09% - 0.31% 4.83%
66.95% 22.09% - 0.31% 4.83%
66.95% 22.09% - 0.31% 4.83%
66.94% 22.12% - 0.29% 4.83%
66.94% 22.12% - 0.29% 4.83%
66.94% 22.12% - 0.29% 4.83%
66.92% 22.15% - 0.25% 4.84%
66.92% 22.15% - 0.25% 4.84%
66.92% 22.15% - 0.25% 4.84%
66.91% 22.18% - 0.22% 4.84%
66.91% 22.18% - 0.22% 4.84%
66.91% 22.18% - 0.22% 4.84%
66.90% 22.21% - 0.18% 4.84%
66.90% 22.21% - 0.18% 4.84%
66.90% 22.21% - 0.18% 4.84%
66.89% 22.24% - 0.15% 4.85%
66.89% 22.24% - 0.15% 4.85%
66.89% 22.24% - 0.15% 4.85%
66.88% 22.28% - 0.11% 4.85%
66.88% 22.28% - 0.11% 4.85%
66.88% 22.28% - 0.11% 4.85%
66.87% 22.31% - 0.08% 4.86%
66.87% 22.31% - 0.08% 4.86%
66.85% 22.33% - 0.04% 4.86%
66.85% 22.33% - 0.04% 4.86%
66.85% 22.35% - 0.03% 4.87%
66.85% 22.35% - 0.03% 4.87%
66.84% 22.37% - - 4.87%
66.84% 22.37% - - 4.87%
66.84% 22.37% - - 4.87%
66.83% 22.40% - - 4.87%
66.83% 22.40% - - 4.87%
66.81% 22.43% - - 4.87%
66.81% 22.43% - - 4.87%
66.81% 22.43% - - 4.87%
66.79% 22.46% - - 4.87%
66.79% 22.46% - - 4.87%
66.79% 22.46% - - 4.87%
66.76% 22.51% - - 4.87%
66.76% 22.51% - - 4.87%
66.76% 22.51% - - 4.87%
66.72% 22.55% - - 4.87%
66.72% 22.55% - - 4.87%
66.72% 22.55% - - 4.87%
66.69% 22.59% - - 4.87%
66.69% 22.59% - - 4.87%
66.69% 22.59% - - 4.87%
66.66% 22.63% - - 4.88%
66.66% 22.63% - - 4.88%
66.66% 22.63% - - 4.88%
66.63% 22.67% - - 4.88%
66.63% 22.67% - - 4.88%
66.57% 22.70% - - 4.87%
66.57% 22.70% - - 4.87%
66.57% 22.72% - - 4.88%
66.57% 22.72% - - 4.88%
66.55% 22.75% - - 4.88%
66.55% 22.75% - - 4.88%
66.52% 22.78% - - 4.88%
66.52% 22.78% - - 4.88%
66.52% 22.78% - - 4.88%
66.46% 22.83% - - 4.88%
66.46% 22.83% - - 4.88%
66.46% 22.85% - - 4.89%
66.46% 22.85% - - 4.89%
66.44% 22.88% - - 4.89%
66.44% 22.88% - - 4.89%
66.41% 22.92% - - 4.88%
66.41% 22.92% - - 4.88%
66.41% 22.92% - - 4.88%
66.35% 22.97% - - 4.88%
66.35% 22.97% - - 4.88%
66.35% 22.99% - - 4.89%
66.35% 22.99% - - 4.89%
66.33% 23.02% - - 4.90%
66.29% 23.04% - - 4.88%
66.29% 23.05% - - 4.89%
66.29% 23.05% - - 4.89%
66.27% 23.09% - - 4.90%
66.27% 23.09% - - 4.90%
66.24% 23.13% - - 4.90%
66.24% 23.13% - - 4.90%
66.20% 23.17% - - 4.90%
66.20% 23.17% - - 4.90%
66.20% 23.17% - - 4.90%
66.14% 23.22% - - 4.89%
66.14% 23.22% - - 4.89%
66.14% 23.24% - - 4.90%
66.14% 23.24% - - 4.90%
66.08% 23.29% - - 4.89%
66.08% 23.29% - - 4.89%
66.08% 23.31% - - 4.91%
66.08% 23.31% - - 4.91%
66.02% 23.37% - - 4.90%
66.02% 23.37% - - 4.90%
66.02% 23.39% - - 4.91%
66.02% 23.39% - - 4.91%
65.96% 23.44% - - 4.90%
65.96% 23.44% - - 4.90%
65.96% 23.47% - - 4.91%
65.92% 23.50% - - 4.91%
65.92% 23.50% - - 4.91%
65.91% 23.54% - - 4.92%
65.86% 23.56% - - 4.90%
65.86% 23.57% - - 4.91%
65.84% 23.60% - - 4.92%
65.84% 23.60% - - 4.92%
65.79% 23.64% - - 4.91%
65.79% 23.64% - - 4.91%
65.79% 23.67% - - 4.92%
65.76% 23.71% - - 4.92%
65.76% 23.71% - - 4.92%
65.70% 23.75% - - 4.91%
65.70% 23.75% - - 4.91%
65.69% 23.78% - - 4.93%
65.67% 23.82% - - 4.92%
65.67% 23.82% - - 4.92%
65.61% 23.87% - - 4.92%
65.60% 23.88% - - 4.93%
65.59% 23.91% - - 4.93%
65.59% 23.91% - - 4.93%
65.53% 23.96% - - 4.92%
65.53% 23.97% - - 4.93%
65.51% 24.00% - - 4.93%
65.51% 24.00% - - 4.93%
65.45% 24.06% - - 4.92%
65.45% 24.07% - - 4.94%
65.43% 24.10% - - 4.94%
65.43% 24.10% - - 4.94%
65.37% 24.16% - - 4.93%
65.37% 24.17% - - 4.94%
65.35% 24.20% - - 4.94%
65.35% 24.20% - - 4.94%
65.29% 24.26% - - 4.93%
65.28% 24.28% - - 4.94%
65.26% 24.31% - - 4.95%
65.26% 24.31% - - 4.95%
65.20% 24.37% - - 4.94%
65.19% 24.39% - - 4.95%
65.17% 24.42% - - 4.95%
65.13% 24.46% - - 4.95%
65.13% 24.46% - - 4.95%
65.08% 24.51% - - 4.94%
65.07% 24.53% - - 4.96%
65.06% 24.56% - - 4.96%
65.02% 24.60% - - 4.95%
65.02% 24.60% - - 4.95%
64.96% 24.66% - - 4.95%
64.95% 24.68% - - 4.96%
64.93% 24.71% - - 4.96%
64.90% 24.75% - - 4.96%
64.90% 24.75% - - 4.96%
64.83% 24.81% - - 4.95%
64.82% 24.83% - - 4.97%
64.77% 24.88% - - 4.96%
64.77% 24.90% - - 4.97%
64.72% 24.94% - - 4.96%
64.72% 24.96% - - 4.97%
64.66% 25.01% - - 4.97%
64.66% 25.03% - - 4.98%
64.61% 25.08% - - 4.97%
64.60% 25.10% - - 4.98%
64.55% 25.15% - - 4.97%
64.55% 25.17% - - 4.98%
64.49% 25.22% - - 4.97%
64.49% 25.24% - - 4.99%
64.43% 25.29% - - 4.98%
64.43% 25.31% - - 4.99%
64.37% 25.36% - - 4.98%
64.37% 25.39% - - 4.99%
64.31% 25.44% - - 4.98%
64.30% 25.47% - - 4.99%
64.24% 25.52% - - 4.98%
64.24% 25.54% - - 5.00%
64.18% 25.60% - - 4.99%
64.18% 25.62% - - 5.00%
64.11% 25.68% - - 4.99%
64.11% 25.71% - - 5.00%
64.04% 25.76% - - 4.99%
64.04% 25.79% - - 5.01%
63.97% 25.85% - - 5.00%
63.97% 25.88% - - 5.01%
63.90% 25.94% - - 5.00%
63.90% 25.96% - - 5.01%
63.83% 26.02% - - 5.00%
63.78% 26.07% - - 5.01%
63.78% 26.10% - - 5.02%
63.72% 26.16% - - 5.01%
63.67% 26.21% - - 5.02%
63.66% 26.24% - - 5.03%
63.60% 26.30% - - 5.01%
63.55% 26.35% - - 5.02%
63.54% 26.39% - - 5.04%
63.48% 26.45% - - 5.02%
63.42% 26.51% - - 5.03%
63.42% 26.54% - - 5.04%
63.35% 26.61% - - 5.03%
63.30% 26.66% - - 5.04%
63.26% 26.71% - - 5.04%
63.21% 26.77% - - 5.04%
63.17% 26.82% - - 5.04%
63.12% 26.88% - - 5.04%
63.07% 26.93% - - 5.04%
63.03% 26.99% - - 5.05%
62.98% 27.05% - - 5.05%
62.93% 27.11% - - 5.05%
62.88% 27.17% - - 5.05%
62.83% 27.23% - - 5.06%
62.78% 27.29% - - 5.06%
62.73% 27.35% - - 5.06%
62.68% 27.41% - - 5.06%
62.63% 27.48% - - 5.07%
62.57% 27.54% - - 5.07%
62.52% 27.61% - - 5.07%
62.47% 27.68% - - 5.07%
62.41% 27.74% - - 5.08%
62.35% 27.81% - - 5.08%
62.30% 27.88% - - 5.08%
62.24% 27.95% - - 5.08%
62.18% 28.02% - - 5.09%
62.12% 28.10% - - 5.09%
62.06% 28.17% - - 5.09%
62.00% 28.25% - - 5.10%
61.93% 28.32% - - 5.10%
61.87% 28.40% - - 5.10%
61.81% 28.48% - - 5.10%
61.74% 28.56% - - 5.11%
61.67% 28.64% - - 5.11%
61.61% 28.72% - - 5.11%
61.54% 28.81% - - 5.12%
61.47% 28.89% - - 5.12%
61.40% 28.98% - - 5.12%
61.32% 29.07% - - 5.13%
61.25% 29.15% - - 5.13%
61.17% 29.25% - - 5.13%
61.10% 29.34% - - 5.14%
61.02% 29.43% - - 5.14%
60.94% 29.53% - - 5.14%
60.86% 29.63% - - 5.15%
60.78% 29.73% - - 5.15%
60.70% 29.83% - - 5.16%
60.61% 29.93% - - 5.16%
60.53% 30.04% - - 5.16%
60.44% 30.14% - - 5.17%
60.35% 30.25% - - 5.17%
60.26% 30.36% - - 5.18%
60.16% 30.48% - - 5.18%
60.07% 30.59% - - 5.18%
59.97% 30.71% - - 5.19%
59.88% 30.83% - - 5.19%
59.77% 30.95% - - 5.20%
59.64% 31.07% - - 5.23%
59.58% 31.20% - - 5.21%
59.43% 31.33% - - 5.24%
59.37% 31.46% - - 5.22%
59.21% 31.59% - - 5.25%
59.10% 31.73% - - 5.25%
58.98% 31.87% - - 5.26%
58.86% 32.01% - - 5.26%
58.74% 32.16% - - 5.27%
58.62% 32.31% - - 5.28%
58.49% 32.47% - - 5.28%
58.36% 32.62% - - 5.29%
58.23% 32.78% - - 5.30%
58.09% 32.95% - - 5.30%
57.95% 33.12% - - 5.31%
57.81% 33.29% - - 5.32%
57.67% 33.46% - - 5.32%
57.52% 33.64% - - 5.33%
57.37% 33.83% - - 5.34%
57.21% 34.02% - - 5.35%
57.05% 34.21% - - 5.35%
56.89% 34.41% - - 5.36%
56.72% 34.61% - - 5.37%
56.54% 34.82% - - 5.38%
56.37% 35.04% - - 5.39%
56.19% 35.26% - - 5.40%
56.00% 35.48% - - 5.41%
55.81% 35.72% - - 5.42%
55.61% 35.96% - - 5.43%
55.41% 36.20% - - 5.44%
55.20% 36.45% - - 5.45%
54.98% 36.71% - - 5.46%
54.76% 36.98% - - 5.47%
54.53% 37.26% - - 5.48%
54.30% 37.54% - - 5.49%
54.06% 37.83% - - 5.50%
53.81% 38.14% - - 5.52%
53.55% 38.45% - - 5.53%
53.29% 38.77% - - 5.54%
53.01% 39.10% - - 5.56%
52.73% 39.44% - - 5.57%
52.43% 39.80% - - 5.58%
52.13% 40.17% - - 5.60%
51.82% 40.55% - - 5.61%
51.49% 40.94% - - 5.63%
51.16% 41.35% - - 5.65%
50.81% 41.77% - - 5.67%
50.45% 42.21% - - 5.68%
50.07% 42.66% - - 5.70%
49.68% 43.14% - - 5.72%
49.27% 43.63% - - 5.74%
48.85% 44.14% - - 5.76%
48.41% 44.67% - - 5.78%
47.95% 45.23% - - 5.81%
47.47% 45.81% - - 5.83%
46.99% 46.41% - - 5.87%
46.46% 47.05% - - 5.88%
45.89% 47.71% - - 5.91%
45.32% 48.41% - - 5.94%
44.75% 49.12% - - 5.98%
44.09% 49.90% - - 6.00%
43.32% 50.68% - - 6.01%
42.49% 51.50% - - 6.01%
41.62% 52.36% - - 6.02%
40.70% 53.27% - - 6.02%
39.74% 54.24% - - 6.03%
38.71% 55.26% - - 6.03%
37.62% 56.34% - - 6.04%
36.47% 57.48% - - 6.05%
35.24% 58.70% - - 6.05%
33.94% 60.00% - - 6.06%
32.54% 61.39% - - 6.07%
31.05% 62.87% - - 6.08%
29.44% 64.47% - - 6.09%
27.72% 66.18% - - 6.10%
25.86% 68.03% - - 6.11%
23.85% 70.03% - - 6.12%
21.66% 72.20% - - 6.14%
19.29% 74.56% - - 6.15%
16.69% 77.15% - - 6.17%
13.83% 79.98% - - 6.18%
10.69% 83.11% - - 6.20%
7.20% 86.58% - - 6.23%
3.31% 90.44% - - 6.25%
- 93.92% - - 6.08%
- 94.79% - - 5.21%
- 95.69% - - 4.31%
- 96.64% - - 3.36%
- 97.64% - - 2.36%
- 98.69% - - 1.31%
- 99.79% - - 0.21%
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
- 100.00% - - -
 Data for plotting Risk Free Rate to Best Portfolio line DATA TABLE (With Short Sales)
Display TRUE Display
Stdev 0 0.068 0.109 For Efficient Frontier Graph
Return 1.00% 0.062 0.094 Constant Std dev
Scaling coefficient 0.6

NSS CML Data for plotting CML lines

Stdev 0 6.67% 10.00%
Return 1.00% 6.46% 9.19%
SS CML
Stdev
Return
Scaling coefficient 0.5

This sheet used internally for graphing. DO

NOT EDIT VALUES

Data for plotting Best Simulated Portfolio Composition

Best Min Var NSS Optimum
Carter Holt 7.85% 11.36% 0.00%
Fernz 14.11% 59.74% 37.62%
Ubix 50.10% 19.54% 56.34%
Indpt News 3.46% 1.58% 0.00%
Lion Nathan 4.53% 2.41% 0.00%
Sanford 19.94% 5.36% 6.04%
BLE (With Short Sales) DATA TABLE (No Short Sales)
FALSE Display TRUE
cient Frontier Graph For Efficient Frontier Graph
Return Constant Std dev Return
-50.0% 5.2% 4.4%
-49.9% 5.2% 4.4%
-49.8% 5.2% 4.4%
-49.7% 5.2% 4.4%
-49.6% 5.2% 4.4%
-49.5% 5.2% 4.4%
-49.4% 5.2% 4.4%
-49.3% 5.2% 4.4%
-49.2% 5.2% 4.4%
-49.1% 5.2% 4.4%
-49.0% 5.2% 4.4%
-48.9% 5.2% 4.4%
-48.8% 5.2% 4.4%
-48.7% 5.2% 4.4%
-48.6% 5.2% 4.4%
-48.5% 5.2% 4.4%
-48.4% 5.2% 4.4%
-48.3% 5.2% 4.4%
-48.2% 5.2% 4.4%
-48.1% 5.2% 4.4%
-48.0% 5.2% 4.4%
-47.9% 5.2% 4.4%
-47.8% 5.2% 4.4%
-47.7% 5.2% 4.4%
-47.6% 5.2% 4.4%
-47.5% 5.2% 4.4%
-47.4% 5.2% 4.4%
-47.3% 5.2% 4.4%
-47.2% 5.2% 4.4%
-47.1% 5.2% 4.4%
-47.0% 5.2% 4.4%
-46.9% 5.2% 4.4%
-46.8% 5.2% 4.4%
-46.7% 5.2% 4.4%
-46.6% 5.2% 4.4%
-46.5% 5.2% 4.4%
-46.4% 5.2% 4.4%
-46.3% 5.2% 4.4%
-46.2% 5.2% 4.4%
-46.1% 5.2% 4.4%
-46.0% 5.2% 4.4%
-45.9% 5.2% 4.4%
-45.8% 5.2% 4.4%
-45.7% 5.2% 4.4%
-45.6% 5.2% 4.4%
-45.5% 5.2% 4.4%
-45.4% 5.2% 4.4%
-45.3% 5.2% 4.4%
-45.2% 5.2% 4.4%
-45.1% 5.2% 4.4%
-45.0% 5.2% 4.4%
-44.9% 5.2% 4.4%
-44.8% 5.2% 4.4%
-44.7% 5.2% 4.4%
-44.6% 5.2% 4.4%
-44.5% 5.2% 4.4%
-44.4% 5.2% 4.4%
-44.3% 5.2% 4.4%
-44.2% 5.2% 4.4%
-44.1% 5.2% 4.4%
-44.0% 5.2% 4.4%
-43.9% 5.2% 4.4%
-43.8% 5.2% 4.4%
-43.7% 5.2% 4.4%
-43.6% 5.2% 4.4%
-43.5% 5.2% 4.4%
-43.4% 5.2% 4.4%
-43.3% 5.2% 4.4%
-43.2% 5.2% 4.4%
-43.1% 5.2% 4.4%
-43.0% 5.2% 4.4%
-42.9% 5.2% 4.4%
-42.8% 5.2% 4.4%
-42.7% 5.2% 4.4%
-42.6% 5.2% 4.4%
-42.5% 5.2% 4.4%
-42.4% 5.2% 4.4%
-42.3% 5.2% 4.4%
-42.2% 5.2% 4.4%
-42.1% 5.2% 4.4%
-42.0% 5.2% 4.4%
-41.9% 5.2% 4.4%
-41.8% 5.2% 4.4%
-41.7% 5.2% 4.4%
-41.6% 5.2% 4.4%
-41.5% 5.2% 4.4%
-41.4% 5.2% 4.4%
-41.3% 5.2% 4.4%
-41.2% 5.2% 4.4%
-41.1% 5.2% 4.4%
-41.0% 5.2% 4.4%
-40.9% 5.2% 4.4%
-40.8% 5.2% 4.4%
-40.7% 5.2% 4.4%
-40.6% 5.2% 4.4%
-40.5% 5.2% 4.4%
-40.4% 5.2% 4.4%
-40.3% 5.2% 4.4%
-40.2% 5.2% 4.4%
-40.1% 5.2% 4.4%
-40.0% 5.2% 4.4%
-39.9% 5.2% 4.5%
-39.8% 5.2% 4.5%
-39.7% 5.2% 4.5%
-39.6% 5.2% 4.5%
-39.5% 5.2% 4.5%
-39.4% 5.2% 4.5%
-39.3% 5.2% 4.5%
-39.2% 5.2% 4.5%
-39.1% 5.2% 4.5%
-39.0% 5.2% 4.5%
-38.9% 5.2% 4.5%
-38.8% 5.2% 4.5%
-38.7% 5.2% 4.5%
-38.6% 5.2% 4.5%
-38.5% 5.2% 4.5%
-38.4% 5.2% 4.5%
-38.3% 5.2% 4.5%
-38.2% 5.2% 4.5%
-38.1% 5.2% 4.5%
-38.0% 5.2% 4.5%
-37.9% 5.2% 4.5%
-37.8% 5.2% 4.5%
-37.7% 5.2% 4.5%
-37.6% 5.2% 4.5%
-37.5% 5.2% 4.5%
-37.4% 5.2% 4.5%
-37.3% 5.2% 4.5%
-37.2% 5.2% 4.5%
-37.1% 5.2% 4.5%
-37.0% 5.2% 4.5%
-36.9% 5.2% 4.5%
-36.8% 5.2% 4.5%
-36.7% 5.2% 4.5%
-36.6% 5.2% 4.5%
-36.5% 5.2% 4.5%
-36.4% 5.2% 4.5%
-36.3% 5.2% 4.5%
-36.2% 5.2% 4.5%
-36.1% 5.2% 4.5%
-36.0% 5.2% 4.5%
-35.9% 5.2% 4.5%
-35.8% 5.2% 4.5%
-35.7% 5.2% 4.5%
-35.6% 5.2% 4.5%
-35.5% 5.2% 4.5%
-35.4% 5.2% 4.5%
-35.3% 5.2% 4.5%
-35.2% 5.2% 4.5%
-35.1% 5.2% 4.5%
-35.0% 5.2% 4.5%
-34.9% 5.2% 4.5%
-34.8% 5.2% 4.5%
-34.7% 5.2% 4.5%
-34.6% 5.2% 4.5%
-34.5% 5.2% 4.5%
-34.4% 5.2% 4.5%
-34.3% 5.2% 4.5%
-34.2% 5.2% 4.5%
-34.1% 5.2% 4.5%
-34.0% 5.2% 4.5%
-33.9% 5.2% 4.5%
-33.8% 5.2% 4.5%
-33.7% 5.2% 4.5%
-33.6% 5.2% 4.5%
-33.5% 5.2% 4.5%
-33.4% 5.2% 4.5%
-33.3% 5.2% 4.5%
-33.2% 5.2% 4.5%
-33.1% 5.2% 4.5%
-33.0% 5.2% 4.5%
-32.9% 5.2% 4.5%
-32.8% 5.2% 4.5%
-32.7% 5.2% 4.5%
-32.6% 5.2% 4.5%
-32.5% 5.2% 4.5%
-32.4% 5.2% 4.5%
-32.3% 5.2% 4.5%
-32.2% 5.2% 4.5%
-32.1% 5.2% 4.5%
-32.0% 5.2% 4.5%
-31.9% 5.2% 4.5%
-31.8% 5.2% 4.5%
-31.7% 5.2% 4.5%
-31.6% 5.2% 4.5%
-31.5% 5.2% 4.5%
-31.4% 5.2% 4.5%
-31.3% 5.2% 4.5%
-31.2% 5.2% 4.5%
-31.1% 5.2% 4.5%
-31.0% 5.2% 4.5%
-30.9% 5.2% 4.5%
-30.8% 5.2% 4.5%
-30.7% 5.2% 4.5%
-30.6% 5.2% 4.5%
-30.5% 5.2% 4.5%
-30.4% 5.2% 4.5%
-30.3% 5.2% 4.5%
-30.2% 5.2% 4.5%
-30.1% 5.2% 4.5%
-30.0% 5.2% 4.5%
-29.9% 5.2% 4.5%
-29.8% 5.2% 4.5%
-29.7% 5.2% 4.5%
-29.6% 5.2% 4.5%
-29.5% 5.2% 4.5%
-29.4% 5.2% 4.5%
-29.3% 5.2% 4.5%
-29.2% 5.2% 4.5%
-29.1% 5.2% 4.5%
-29.0% 5.2% 4.5%
-28.9% 5.2% 4.5%
-28.8% 5.2% 4.5%
-28.7% 5.2% 4.5%
-28.6% 5.2% 4.5%
-28.5% 5.2% 4.5%
-28.4% 5.2% 4.5%
-28.3% 5.2% 4.5%
-28.2% 5.2% 4.5%
-28.1% 5.2% 4.5%
-28.0% 5.2% 4.5%
-27.9% 5.2% 4.5%
-27.8% 5.2% 4.5%
-27.7% 5.2% 4.5%
-27.6% 5.2% 4.5%
-27.5% 5.2% 4.5%
-27.4% 5.2% 4.5%
-27.3% 5.2% 4.5%
-27.2% 5.2% 4.5%
-27.1% 5.2% 4.5%
-27.0% 5.2% 4.5%
-26.9% 5.2% 4.5%
-26.8% 5.2% 4.5%
-26.7% 5.2% 4.5%
-26.6% 5.2% 4.5%
-26.5% 5.2% 4.5%
-26.4% 5.2% 4.5%
-26.3% 5.2% 4.5%
-26.2% 5.2% 4.5%
-26.1% 5.2% 4.5%
-26.0% 5.2% 4.5%
-25.9% 5.2% 4.5%
-25.8% 5.2% 4.5%
-25.7% 5.2% 4.5%
-25.6% 5.2% 4.6%
-25.5% 5.2% 4.6%
-25.4% 5.2% 4.6%
-25.3% 5.2% 4.6%
-25.2% 5.2% 4.6%
-25.1% 5.2% 4.6%
-25.0% 5.2% 4.6%
-24.9% 5.2% 4.6%
-24.8% 5.2% 4.6%
-24.7% 5.2% 4.6%
-24.6% 5.2% 4.6%
-24.5% 5.2% 4.6%
-24.4% 5.2% 4.6%
-24.3% 5.2% 4.6%
-24.2% 5.2% 4.6%
-24.1% 5.2% 4.6%
-24.0% 5.2% 4.6%
-23.9% 5.2% 4.6%
-23.8% 5.2% 4.6%
-23.7% 5.2% 4.6%
-23.6% 5.2% 4.6%
-23.5% 5.2% 4.6%
-23.4% 5.2% 4.6%
-23.3% 5.2% 4.6%
-23.2% 5.2% 4.6%
-23.1% 5.2% 4.6%
-23.0% 5.2% 4.6%
-22.9% 5.2% 4.6%
-22.8% 5.2% 4.6%
-22.7% 5.2% 4.6%
-22.6% 5.2% 4.6%
-22.5% 5.2% 4.6%
-22.4% 5.2% 4.6%
-22.3% 5.2% 4.6%
-22.2% 5.2% 4.6%
-22.1% 5.2% 4.6%
-22.0% 5.2% 4.6%
-21.9% 5.2% 4.6%
-21.8% 5.2% 4.6%
-21.7% 5.2% 4.6%
-21.6% 5.2% 4.6%
-21.5% 5.2% 4.6%
-21.4% 5.2% 4.6%
-21.3% 5.2% 4.6%
-21.2% 5.2% 4.6%
-21.1% 5.2% 4.6%
-21.0% 5.2% 4.6%
-20.9% 5.2% 4.6%
-20.8% 5.2% 4.6%
-20.7% 5.2% 4.6%
-20.6% 5.2% 4.6%
-20.5% 5.2% 4.6%
-20.4% 5.2% 4.6%
-20.3% 5.2% 4.6%
-20.2% 5.2% 4.6%
-20.1% 5.2% 4.6%
-20.0% 5.2% 4.6%
-19.9% 5.2% 4.6%
-19.8% 5.2% 4.6%
-19.7% 5.2% 4.6%
-19.6% 5.2% 4.6%
-19.5% 5.2% 4.6%
-19.4% 5.2% 4.6%
-19.3% 5.2% 4.6%
-19.2% 5.2% 4.6%
-19.1% 5.2% 4.6%
-19.0% 5.2% 4.6%
-18.9% 5.2% 4.6%
-18.8% 5.2% 4.6%
-18.7% 5.2% 4.6%
-18.6% 5.2% 4.6%
-18.5% 5.2% 4.6%
-18.4% 5.2% 4.6%
-18.3% 5.2% 4.6%
-18.2% 5.2% 4.6%
-18.1% 5.2% 4.6%
-18.0% 5.2% 4.6%
-17.9% 5.2% 4.6%
-17.8% 5.2% 4.6%
-17.7% 5.2% 4.6%
-17.6% 5.2% 4.6%
-17.5% 5.2% 4.6%
-17.4% 5.2% 4.6%
-17.3% 5.2% 4.6%
-17.2% 5.2% 4.6%
-17.1% 5.2% 4.6%
-17.0% 5.2% 4.6%
-16.9% 5.2% 4.6%
-16.8% 5.2% 4.7%
-16.7% 5.2% 4.7%
-16.6% 5.2% 4.7%
-16.5% 5.2% 4.7%
-16.4% 5.2% 4.7%
-16.3% 5.2% 4.7%
-16.2% 5.2% 4.7%
-16.1% 5.2% 4.7%
-16.0% 5.2% 4.7%
-15.9% 5.2% 4.7%
-15.8% 5.2% 4.7%
-15.7% 5.2% 4.7%
-15.6% 5.2% 4.7%
-15.5% 5.2% 4.7%
-15.4% 5.2% 4.7%
-15.3% 5.2% 4.7%
-15.2% 5.2% 4.7%
-15.1% 5.2% 4.7%
-15.0% 5.2% 4.7%
-14.9% 5.2% 4.7%
-14.8% 5.2% 4.7%
-14.7% 5.2% 4.7%
-14.6% 5.2% 4.7%
-14.5% 5.2% 4.7%
-14.4% 5.2% 4.7%
-14.3% 5.2% 4.7%
-14.2% 5.3% 4.7%
-14.1% 5.3% 4.7%
-14.0% 5.3% 4.7%
-13.9% 5.3% 4.7%
-13.8% 5.3% 4.7%
-13.7% 5.3% 4.7%
-13.6% 5.3% 4.7%
-13.5% 5.3% 4.7%
-13.4% 5.3% 4.7%
-13.3% 5.3% 4.7%
-13.2% 5.3% 4.7%
-13.1% 5.3% 4.7%
-13.0% 5.3% 4.7%
-12.9% 5.3% 4.7%
-12.8% 5.3% 4.7%
-12.7% 5.3% 4.7%
-12.6% 5.3% 4.7%
-12.5% 5.3% 4.7%
-12.4% 5.3% 4.7%
-12.3% 5.3% 4.7%
-12.2% 5.3% 4.7%
-12.1% 5.3% 4.7%
-12.0% 5.3% 4.8%
-11.9% 5.3% 4.8%
-11.8% 5.3% 4.8%
-11.7% 5.3% 4.8%
-11.6% 5.3% 4.8%
-11.5% 5.3% 4.8%
-11.4% 5.3% 4.8%
-11.3% 5.3% 4.8%
-11.2% 5.3% 4.8%
-11.1% 5.3% 4.8%
-11.0% 5.3% 4.8%
-10.9% 5.3% 4.8%
-10.8% 5.3% 4.8%
-10.7% 5.3% 4.8%
-10.6% 5.3% 4.8%
-10.5% 5.3% 4.8%
-10.4% 5.3% 4.8%
-10.3% 5.3% 4.8%
-10.2% 5.3% 4.8%
-10.1% 5.3% 4.8%
-10.0% 5.3% 4.8%
-9.9% 5.3% 4.8%
-9.8% 5.3% 4.8%
-9.7% 5.3% 4.8%
-9.6% 5.3% 4.8%
-9.5% 5.3% 4.8%
-9.4% 5.3% 4.8%
-9.3% 5.3% 4.8%
-9.2% 5.3% 4.8%
-9.1% 5.3% 4.8%
-9.0% 5.3% 4.8%
-8.9% 5.3% 4.9%
-8.8% 5.3% 4.9%
-8.7% 5.3% 4.9%
-8.6% 5.3% 4.9%
-8.5% 5.3% 4.9%
-8.4% 5.3% 4.9%
-8.3% 5.3% 4.9%
-8.2% 5.3% 4.9%
-8.1% 5.3% 4.9%
-8.0% 5.3% 4.9%
-7.9% 5.3% 4.9%
-7.8% 5.3% 4.9%
-7.7% 5.3% 4.9%
-7.6% 5.3% 4.9%
-7.5% 5.3% 4.9%
-7.4% 5.3% 4.9%
-7.3% 5.3% 4.9%
-7.2% 5.3% 4.9%
-7.1% 5.3% 4.9%
-7.0% 5.3% 4.9%
-6.9% 5.3% 4.9%
-6.8% 5.3% 5.0%
-6.7% 5.3% 5.0%
-6.6% 5.4% 5.0%
-6.5% 5.4% 5.0%
-6.4% 5.4% 5.0%
-6.3% 5.4% 5.0%
-6.2% 5.4% 5.0%
-6.1% 5.4% 5.0%
-6.0% 5.4% 5.0%
-5.9% 5.4% 5.0%
-5.8% 5.4% 5.0%
-5.7% 5.4% 5.0%
-5.6% 5.4% 5.0%
-5.5% 5.4% 5.0%
-5.4% 5.4% 5.0%
-5.3% 5.4% 5.1%
-5.2% 5.4% 5.1%
-5.1% 5.4% 5.1%
-5.0% 5.4% 5.1%
-4.9% 5.4% 5.1%
-4.8% 5.4% 5.1%
-4.7% 5.4% 5.1%
-4.6% 5.4% 5.1%
-4.5% 5.4% 5.1%
-4.4% 5.4% 5.1%
-4.3% 5.4% 5.1%
-4.2% 5.4% 5.2%
-4.1% 5.5% 5.2%
-4.0% 5.5% 5.2%
-3.9% 5.5% 5.2%
-3.8% 5.5% 5.2%
-3.7% 5.5% 5.2%
-3.6% 5.5% 5.2%
-3.5% 5.5% 5.2%
-3.4% 5.5% 5.2%
-3.3% 5.5% 5.3%
-3.2% 5.5% 5.3%
-3.1% 5.5% 5.3%
-3.0% 5.5% 5.3%
-2.9% 5.5% 5.3%
-2.8% 5.6% 5.3%
-2.7% 5.6% 5.3%
-2.6% 5.6% 5.3%
-2.5% 5.6% 5.4%
-2.4% 5.6% 5.4%
-2.3% 5.6% 5.4%
-2.2% 5.6% 5.4%
-2.1% 5.6% 5.4%
-2.0% 5.6% 5.4%
-1.9% 5.7% 5.5%
-1.8% 5.7% 5.5%
-1.7% 5.7% 5.5%
-1.6% 5.7% 5.5%
-1.5% 5.7% 5.5%
-1.4% 5.7% 5.6%
-1.3% 5.8% 5.6%
-1.2% 5.8% 5.6%
-1.1% 5.8% 5.6%
-1.0% 5.8% 5.7%
-0.9% 5.8% 5.7%
-0.8% 5.9% 5.7%
-0.7% 5.9% 5.7%
-0.6% 5.9% 5.8%
-0.5% 5.9% 5.8%
-0.4% 6.0% 5.8%
-0.3% 6.0% 5.9%
-0.2% 6.0% 5.9%
-0.1% 6.1% 5.9%
0.0% 6.1% 6.0%
0.1% 6.2% 6.0%
0.2% 6.2% 6.1%
0.3% 6.2% 6.1%
0.4% 6.3% 6.1%
0.5% 6.3% 6.2%
0.6% 6.4% 6.2%
0.7% 6.5% 6.3%
0.8% 6.5% 6.3%
0.9% 6.6% 6.4%
1.0% 6.7% 6.5%
1.1% 6.7% 6.5%
1.2% 6.8% 6.6%
1.3% 6.9% 6.7%
1.4% 7.0% 6.7%
1.5% 7.1% 6.8%
1.6% 7.3% 6.9%
1.7% 7.4% 7.0%
1.8% 7.5% 7.1%
1.9% 7.7% 7.2%
2.0% 7.9% 7.4%
2.1% 8.1% 7.5%
2.2% 8.3% 7.6%
2.3% 8.6% 7.8%
2.4% 8.8% 8.0%
2.5% 9.2% 8.2%
2.6% 9.5% 8.4%
2.7% 9.8% 8.6%
2.8% 9.9% 8.6%
2.9% 10.0% 8.7%
3.0% 10.0% 8.7%
3.1% 10.1% 8.8%
3.2% 10.2% 8.8%
3.3% 10.3% 8.8%
3.4% 10.3% 8.8%
3.5% 10.3% 8.8%
3.6% 10.3% 8.8%
3.7% 10.3% 8.8%
3.8% 10.3% 8.8%
3.9% 10.3% 8.8%
4.0% 10.3% 8.8%
4.1% 10.3% 8.8%
4.2% 10.3% 8.8%
4.3% 10.3% 8.8%
4.4% 10.3% 8.8%
4.5% 10.3% 8.8%
4.6% 10.3% 8.8%
4.7% 10.3% 8.8%
4.8% 10.3% 8.8%
4.9% 10.3% 8.8%
5.0% 10.3% 8.8%