DANANG UNIVERSITY OF ECONOMIC – DANANG UNIVERSITY

FINANCE DEPARTMENT
--------------------------

REPORT THE PORTFOLIO OF

SABECO AND VINGROUP

Teacher :M.Sc. Nguyễn Thanh Hương

Class :42K15.3_CLC
Group : Dương Trọng Được
Phạm Văn Vũ
Nguyễn Thị Thanh Hiền
Đinh Thị Thu Quỳnh

Danang, November 21st 2019

 CONTENTS
I. GENERAL ECONOMIC INFLUENCES ...........................................................3

1. Macro factors ....................................................................................................3

1.1 Economic growth .......................................................................................3

1.2 Political risk................................................................................................4

2. Economic situation in Viet Nam .......................................................................4

2.1 The growth of rate ......................................................................................4

2.2 Inflation ......................................................................................................5

2.3 Consumption price index ...........................................................................5

3. Industry analysis ...............................................................................................5

3.1 Food and beverage industry .......................................................................5

3.2 Real estate ..................................................................................................7

II. COMPANY ANALYSIS ..................................................................................9

1. Vingroup - Joint Stock Company .....................................................................9

1.1 Overview ....................................................................................................9

1.2 Development history ..................................................................................9

1.3 Area of opeations .....................................................................................11

1.4 Shareholder Structure ...............................................................................11

1.5 Business activities ....................................................................................11

1.6 Competitors ..............................................................................................12

1.7 Analyzing financial status ........................................................................12

2. SAB Corporation.............................................................................................14

2.1 Overview ..................................................................................................14

2.2 Development history ................................................................................15

2.3 Area of operations ....................................................................................15

2.4 Shareholder Structure ...............................................................................15

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 2.5 Framework of organization ......................................................................16

2.6 Business activities ....................................................................................16

2.7 The competitor .........................................................................................16

2.8 Company’s position .................................................................................16

2.9 Analyzing financial status ........................................................................17

III. RESOLVE THE SITUATION .......................................................................21

1. Collecting the data of two stocks from 1/1/2018 to 31/08/2019.....................21

2. Calculate daily rate of return...........................................................................21

3. Calculate the expected rate of return ..............................................................21

4. Calculate the covariance and correlation ........................................................21

5. Draw the minimum variance frontier and point out the efficient frontier ......22

5.1 Draw the minimum variance frontier .......................................................22

5.2 Point out the efficient frontier ..................................................................23

6. If you had 100 million dong, how would you invest? ....................................23

REFERENCE MATERIAL ......................................................................................25

REFERENCE DATA ................................................................................................25

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I. GENERAL ECONOMIC INFLUENCES
1. Macro factors
1.1 Economic growth
Economic growth in early 2019 was stronger than expected. Real (inflation-adjusted)
gross domestic product (GDP) grew by 3.2 percent in the first quarter of 2019,
according to last week’s announcement by the Bureau of Economic Analysis. This
growth number is preliminary, and will be revised in May.
The stronger growth recorded from January to March was an unexpected
development after an increase of 2.2 percent in the last quarter of 2018. However, the
numbers underlying this topline growth tell a more nuanced story. Growth was fueled
largely by higher state and local government spending, private inventory investment,
and exports. Consumer spending and business investment — large components of
GDP growth — were weak.

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 1.2 Political risk
In 2018-2019, the biggest risk to the world economy remains the U.S.-China trade
war. If there’s one thing Democrats and Republicans agree on, it’s that China’s rise
is a challenge for the U.S. The risks from China include threats to the technology
supply chain, Beijing’s military expansion, and the country’s efforts to undermine
sanctions on North Korea, according to the U.S.-China Economic and Security
Review Commission, an annual report by a bipartisan congressional panel. This has
a great influence on the world economic situation because these are the two most
powerful powers. However, it also creates benefit conditions for developing countries
to attract foreign investment and develop other business areas such as real estate,
services, manufacturing consumer goods…

2. Economic situation in Viet Nam

The difference of economic indicators in early 2019 compared to 2018 is shown in
the table below:

Some major index in the first 10 month in 2019 ( increase/decrease ) in

comparison with the same period in 2018 ( % )
Industrial production index +9,5
Goods retails and consumption service revenue +11,8
GDP +0.4
Total exports +7,4
Total imports +7,8
Foreigners to Viet Nam +13,0
Investment capital from state budget +5,3
Consumer price index +2,48
Basic inflation +1,92
Source: The General Statistics Office of Vietnam

2.1 The growth of rate

Vietnam's gross domestic product expanded by 7.31 percent year-on-year in the third
quarter of 2019, following a marginally revised 6.73 percent growth in the previous
quarter. This was the strongest GDP growth rate since the fourth quarter last year, as

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output expanded faster for industry and construction (10.05% vs 9.14%, respectively)
and services (7.1% vs 6.85% respectively). Meanwhile, agriculture, forestry and
fisheries advanced softer (1.53% vs 2.04% respectively). For the first three quarters
of 2019, the economy grew 6.98%. Vietnam targets an economic growth of between
6.6-6.8% this year. GDP Annual Growth Rate in Vietnam averaged 6.53% from 2000
until 2019, reaching all time high of 8.48% in the fourth quarter of 2007 and a record
low of 3.12% in the first quarter of 2009
In 2019 is the first year the main growth motivation has come from the processing
and manufacturing sector. The share of exports and investment of the domestic
private sector has also increased ... Vietnam maintains the highest growth rate in
ASEAN and is among the best growing economies in Asia. Those are very important
and not easy results. Regarding the vision for 2020 and the years to come, the goal of
maintaining a 6.8% growth rate is very difficult in the context that the world economy
and trade are slowing down and it is predicted that it is likely to reach the threshold
of decline global regression

2.2 Inflation
Inflation in the first quarterly 2019 increased by 1.92% with 2018.
The implementation of strict, flexible and effective monetary policy, coordinated
synchronously with fiscal policy, trade, investment, prices, markets has contributed
significantly to control inflation under the title out. Stable exchange rates, interest
rates tended to decrease in line with inflation, creating favorable conditions for
production and business.

2.3 Consumption price index

Average CPI in 2019 increased by 2.48% compared to 2018 average, below the target
set by the National Assembly. Industry analysis.

3. Industry analysis

3.1 Food and beverage industry

The index about value, price, profitability, strong finance, manage efficient of drinks
industry are summarized in the table below:

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Industry statistics

Valuation

P/E 18,67
P/B 3,65
P/S 1,79
Profitability
Coupon rate 16,43%
EBIT ratio 1343,96%
Profit from operating activities (3187,7%)
Net profit ratio (2033,68%)
Financial strength
Quick payment ratio 1,42
Current payment ratio 2,09
Long-term liability/equity 0,1
Total debt/Equity 0,84
Manage efficient
ROA 7,81%
ROE 13,97%
ROIC 9,99%

- P/E represents the price at which investors are willing to pay for a share of
earnings from stocks. P/E equal 18.67 means high P / E ratio reflects investor
expectation that the income growth from that stock will be higher in the future.
- Quick payment ratio is 1.42>1, this demonstrate ability to pay off debt well in
the short term.
- Current payment ratio= 2.09. A high ratio indicates a good solvency for the
company and is also true in long term (long term liability/ equity=0.1 that is
quite low). This small ratio proves that enterprises are less dependent on
capital mobilization by debt; may imply that the business is subject to low risk.
- Return on asset and return on equity are also high, 7.81% and 13.97%
respectively.
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 - As the result, investor can consider to invest in short term and long term.

3.2 Real estate

 Global and domestic
Today, the real estate industry is one of the most lucrative sectors of the U.S economy
in particular, of global economy in general. It continues to provide opportunities for
interested and motivated individuals. Since many professions within real estate are
based on sales, success depends on effort. This is an industry for hardworking, goal-
oriented people who are always ready to take on more. However, the hard-charging
lifestyle is balanced by some flexibility: Those who succeed in the real estate industry
often set their own hours, are not limited by a fixed salary, and can be their own boss.
Industry statistics

Valuation

P/E 23,03
P/B 2,66
P/S 3,08
Profitability
Coupon rate 31,17%
EBIT ratio 55,64%
Profit from operating activity -49,66%
Net profit ratio 43,40%
Financial strength
Quick payment ratio 2,33
Current payment ratio 3,01
Long-term liability/equity 0,3
Total debt/Equity 3,19
Manage efficient
ROA 5,96%
ROE 17,47%
ROIC 5,7%

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 - P/E equal 23,03 means high P / E ratio reflects investors expectation that the
income growth from that stock will be higher in the future.
- Quick payment ratio is 2,33>1, This reflects the company's ability to pay off
its liabilities with short-term assets that can be converted into cash quickly.
- Current payment ratio= 3,01. A high ratio indicates a good solvency for the
company .
- Long term liability/ equity equal 0,3 and total debt/ equity equal 3,19. This
demonstrate that short term debt is quite high.
- Return on asset and return on equity are also high , 5,96% and 17,41%
respectively.
- As the result, investor can consider to invest in long term

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II. COMPANY ANALYSIS
1. Vingroup - Joint Stock Company
1.1 Overview
- Compay’s English name: Vingroup - Joint Stock Company.
- Transaction Name of business: Vingroup
- Securities Code: VIC
- Website vingroup.net
- Type of busines: Joint stock company
- Field operations: Real estate, tourism, education, health services, agriculture,
technology
- Established August 8, 1993; 26 years ago
- Founders: Pham Nhat Vuong, Le Viet Lam, Pham Thuy Hang, Pham Thu
Huong, Nguyen Huong Lan, Tran Minh Son, Nguyen Thuy Ha.
- Head office No. 7, Bang Lang 1 Street, Vinhomes Riverside, Viet Hung Ward,
Long Bien District, Hanoi
- Products: Vinhomes, Vin City, Happy Town, Vincom, Vin Office, Vinpearl,
Vinpearl Land, Vinpearl Golf, Vinpearl Luxury, Vintata, Vinpearl Hotels &
Resort, Vinpearl Discovery, VinOasis, Vinpearl Safari, VinMart & VinMart+,
VinPro, Adayroi.com , VinFast, VinSmart, VinMec, VinFa, Vin DS,
Vinschool, VinUniversity, VinEco, VinTech, Vincom Retail, Vinpearl Safari,
Vinpearl Air, Vin ID, Vin ID Pay, VinBus, Vin KE, Vincharm, ALMAZ.
- Revenue increased by VND 122,575 billion (2018)
- Real interest: Increase VND 5,815 billion (2018)
- Total assets Increase VND 289,105 billion (2018)
1.2 Development history
- 9/2009, Technocom Group in Vietnam changed its name to Vingroup, moved its
headquarters from Kharkov (Ukraine) to Hanoi.
- 2/2010, Nestle Group of Switzerland acquired Technocom facility in Ukraine and
Mivina brand, the purchase price was agreed to 150 million usa. At the time,
Technocom had three factories in Kharkov: "Mivina-3", "EF-G-FOOD" and
"Pakservis", with 1900 employees and an annual turnover of about $ 100 million.

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- 11/2011, the extraordinary shareholders' meeting 2 Vincom Joint Stock Company
and Vinpearl officially approved the merger plan to establish Vingroup - Joint Stock
Company (Vingroup) with expected charter capital after the merger. is nearly 5,500
billion VND (approximately 265 million USD) and capitalization of about 50,000
billion VND (equivalent to about 2.4 billion USD)
- 1/2012: Merging Vinpearl Joint Stock Company and Vincom Joint Stock Company,
raising the total charter capital to nearly VND 5,500 billion and through the strategy
of building and developing the Group with 4 brand groups:
Vincom (Real estate)
Vinpearl (Tourism - entertainment)
Vincharm (Beauty and health)
Vinmec (high quality health service) and operates as a new legal entity: Vingroup.
January 7, 2012: Inauguration of Vinmec International General Hospital, a hospital
modeled after a hotel hospital.
- 3/2012: Successfully issuing international convertible bonds with a volume of USD
185 million, listed on the Singapore Stock Exchange.
- 6/2012: Successfully issuing additional USD 115 million convertible bonds,
bringing the total issued in 2012 to USD 300 million.
- 12/2012: The deal of issuing 300 million USD of international convertible bonds
was Finance Asia - Asia's leading prestigious magazine in the field of finance and
banking voted "The best transaction in Vietnam in 2012".
- 1/2013: Vingroup became a founding member of the World Economic Forum.
- 4/2013: Officially entered the Vietnamese education market with the brand
Vinschool - The system of schools from preschool to high school.
- 5/2013: Invested in cooperation with Warburg Pincus - the world's leading
investment fund, attracting US $ 200 million in Vincom Retail Joint Stock Company.
- 7/2013: Opening of Vincom Mega Mall Royal City - The largest commercial center
complex in Asia.
- 10/2013: Launched VinKE brand - A system of shopping centers, education and
health advice for children Vingroup officially entered the retail market.
- November 2013: Vingroup issued US $ 200 million of international bonds and
became the first private enterprise to successfully issue international bonds.
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- 11/2013: Launched Vinhomes brand, a line of luxury housing real estate services.
- 1/2015: Establishing VinDS, a company that operates retail chains of sports goods
(Sports World), footwear (ShoeCenter), cosmetics (BeautyZone), fashion (Fashion
MegaStore).
- September 2, 2017: Establishing VINFAST, a company whose registered business
lines are manufacturing motor vehicle bodies, trailers and semi-trailers, producing
spare parts and supporting parts for motor vehicles. and vehicle engines, shipbuilding
and floating structures, building boats, sport and recreational boats, manufacturing
locomotives, trams and wagons.
1.3 Area of opeations
Vingroup is one of Asia's largest multidisciplinary private economic groups with a
market capitalization of nearly US $ 16 billion. The Group operates in 3 core business
areas, including:
+ Technology
+ Industry
+ Trade in Services
1.4 Shareholder Structure
Key staffs:
- Pham Nhat Vuong, Chairman of the Board.
- Nguyen Viet Quang, CEO, General Director, legal representative.
- Nguyen Dieu Linh, Vice Chairman of the Board of Directors, information
provider.
1.5 Business activities
- Real Estate is the best revenue source of VinGroup in quarter 1 / 2019. It accounted
for the largest proportion of VND 8,430 billion (accounting for 38.5% of total
revenue).
- Vingroup's retail and supermarket sales increased sharply in the first quarter, closely
following the real estate transfer. It increased by 70% to VND 7,026 billion,
accounting for 32% of total revenue.
- In addition, revenue from financial activities of Vingroup also increased sharply
from VND 533 billion to VND 3,429 billion, of which mainly came from the

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liquidation of financial investments and transfer of subsidiaries. Interest income of
the company also doubled to 574 billion.
1.6 Competitors
In retail and supermarket sales field, The two strongest competitors are Saigon
CO.OP and BigC.
In real estate field, Vingroup still holds the leading position, however, it is followed
by many major competitors such as Sungroup, Novaland, CEO group…
1.7 Analyzing financial status

Indicators Year 2017 Year 2018 Differences

Net revenue 89,350,048,597,913 121,894,400,421,104 26.70%
Cost of goods
62,796,326,957,038 92,971,050,559,634 32.46%
sold
Gross profit 26,553,721,640,875 28,923,349,861,470 8.19%
Income from
financial 1,636,951,439,612 7,478,549,889,431 78.11%
activities
Financial
3,786,983,558,714 4,908,949,587,074 22.86%
expenses
General and
Administrative 6,852,447,761,955 7,367,839,332,550 7.00%
expenses

Selling expenses 8,150,455,992,627 10,112,288,715,044 19.40%

Profit before tax 9,114,281,478,576 13,853,637,650,408 34.21%

Net profit after

5,654,941,791,226 6,190,881,470,603 8.66%
tax

VIC's net revenue of sales and service in 2017 reached 89.350 billions VND but then
increased dramatically to 121.894 billions VND. Along with the increase in sales,

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there were the growth in its cost of goods sold by 32.46% , so gross profit went up
slightly to 8.19%. Income from financial activities of VIC also went up over 6 times
from 1.63 billions VND to 7.47 billions VND, the reason of which mainly came from
the liquidation of financial investments and transfer of subsidiaries. Therefore, the
profit before tax and increased significantly from 9.114 billions VND to 13.853
billions VND. In short, thanks to incomes from operating and financing activities
increased significantly and expenses increased slowtly , the profit increased in this
period.
Profitability ratios

Indicators Year 2017 Year 2018

Total asset 183,475,625,944,724.00 213,792,056,984,597.00

Equity 48,291,171,155,513.00 52,557,010,177,655.00

ROA 30.82% 20.90%

ROE 11.71% 11.78%

EPS 1.82 1.27

- VIC's ROA in 2017 is 30.82%, it means that for every 100 assets, the company
created 30.82 earnings per share. While the average ROA of the industry is 5.96%,
this proves that VIC had a higher return on its peers. In 2018, ROA ratio decreased
slightly to 20.90%
- VIC's ROE in 2017 was 11,71%, which means that for every 100 of equity
capital, PHR made 11,71 profit after tax for shareholders. Although there was a
slight increased to 11,78% in the following year.
- VIC's EPS in 2017 was 1.82 VND/share and then gone down to 1.27 VND/share.
 Turnover ratios

Indicators Year 2017 Year 2018

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 Total revenue 89,350,048,597,913 121,894,400,421,104
Net sales+
98,285,053,457,704 13,416,865,688,911
VAT(10%)
Cost of goods
62,796,326,957,038 92,971,050,559,634
sold
Total asset 183,475,625,944,724 213,792,056,984,597
Total average
55,617,017,780,000 55,582,164,370,000
inventory

Total receivable 18,720,162,920,000 27,898,756,620,000

Total Assets
0.49 0.57
Turnover
Account
Receivable 5.25 0.48
Turnover
Inventory
1.13 1.67
Turnover

- Total assets turnover in 2017 was 0.49, this means 1 asset generated 0.49
revenue unit. But then this rate increased to 0.57 in 2018. The reason of this
was because the speed of total revenue in 2018 went up dramatically than
one’s total asset. Other while, net sales from good and services dropped the
number of customers debt tend to went up, so account receivable turnover
went down from 5.25 to 0.48.
- Inventory turnover in 2018 increased slightly, compared to 2017 (from 1.13 to
1.67)

2. SAB Corporation
2.1 Overview
Company’s English name: Saigon Beer – Alcohol – Beverage Corporation.
Transaction Name of business: Sabeco
Securities Code: SAB

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Tax Code: 0300583659
Head Office: 6 Hai Ba Trung Street, Q1 District, HCM City.
Telephone: (08) 3829 6342 – 3829 4081 – 3829 4083
Fax: (08) 3829 6856
Website: www.sabeco.com.vn
Chartered Capital: 6.412.811.860.000 VND
2.2 Development history
Saigon Brewery, was established on 05.17.1977 under Decision No. 854 / foodstuff
by the Minister of Food and Food. After that, implementing the State's policy on
reorganizing production and business in the state economic sector, on September 14,
1993, the Minister of Light Industry issued Decision No. 882 / QD-TCCB. the State
enterprise and renamed Saigon Beer company.
On December 28, 2007, the Prime Minister issued Decision No. 1862 / QD-TTg
approving the plan and transforming Saigon Beer - Alcohol - Beverage Corporation
into the Beer Joint Stock Corporation - Alcohol - Saigon beverage.
On September 20, 2016, the Ministry of Industry and Trade issued Document No.
8845 / BCT-CNN approving the proposal to list SABECO shares on the Ho Chi Minh
Stock Exchange. Ho Chi Minh City.
On October 20, 2016, SABECO's General Meeting of Shareholders issued Resolution
No. 62/2016 / NQ-DHDCD approving the listing of SABECO's shares at Ho Chi
Minh Stock Exchange. Ho Chi Minh City.
2.3 Area of operations
Sabeco is a large corporation operating mainly in the beverage field: Beer, wine and
soft drinks in the territory of Vietnam.
2.4 Shareholder Structure
On October 6,2016, the company has 1,227 shareholders of which 01 major
shareholder (State shareholder: Ministry of Industry and Trade) holds 574,519,134
shares, accounting for 89.59%; Domestic shareholders hold 581,056,097 shares,
accounting for 90.61%; Foreign shareholders hold 60,225,089 shares, accounting for
9.39%.

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2.5 Framework of organization
Sabeco is organized under the model of Parent Company - Subsidiary with the
following model:
- Total Company Beer - Alcohol - Beverage Saigon (Parent Company)
- Representative offices, representative offices, branches;
- The Company Ltd. is a member of SABECO 100% investment (3 companies)
- Sabeco Subsidiaries own more than 50% (20 companies)
- Sabeco's associated joint ventures (31 companies)
2.6 Business activities
The Corporation's principal business is to produce and trade beer, wine and soft
drinks. Beer accounted for the largest proportion, accounting for 87% of the
Corporation's total revenue in 2014 and 2015. Alcohol and beverage segment
accounted for a negligible proportion.
- The main beer products of the Corporation include Saigon Beer 333, Beer Bottle
Saigon 355, Saigon Beer Bottle 450, Saigon Beer Bottle 330, Saigon Beer 330.
- Other products: Binh Tay wine; Dong Xuan wine; Chuong Duong Beverages (These
products are used and managed by subsidiaries.)
2.7 The competitor
Currently, with the average income level and rising consumer demand,
Vietnamese consumers are paying more and more attention to the quality of beer
products. They set higher standards, tending to consume higher-end products.
- The product of other competitors such as Saigon Special beer, Heineken,
Tiger, Carlsberg, Budweiser, ...
- The presence of many world's largest brewers from Germany, Belgium, Japan,
Thailand, ...
2.8 Company’s position
The unique taste of Saigon Beer is the crystallization of the products of the rich
southern land and the generous and generous spirit of Saigon people, becoming an
indispensable part of the happy and sad daily life. With 2 types of 610 ml Larue beer
bottles and 33 ml 330 bottles beer bottle in the first takeover, so far, Saigon Beer
has developed 8 product lines: Saigon Lager 450 bottle beer, Saigon Export beer

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 bottle, beer Saigon Special bottle, Saigon Lager 355 beer bottle, 333 Premium beer
bottle, 333 beer can, Saigon Special beer, Saigon Lager can beer fully on the market.
From a modest production of 21.5 million liters in 1977, after 39 years of
development, by 2016, Saigon Beer has reached the consumption level of 1.59 billion
liters, striving to reach 1.66 billion liters in 2017. Up to now, although there have
been many famous beer brands in the world, Saigon Beer is still the Vietnamese brand
leading the Vietnamese beer market and is on its way to conquering. Fastidious
markets such as Germany, USA, Japan, Netherlands, etc.
2.9 Analyzing financial status

Indicators Year 2017 Year 2018 Differences

Net revenue 34.438.171.048.592 36.043.018.331.946 4,45%
Cost of goods
25.327.872.489.662 27.864.413.389.551 9,10%
sold

Gross profit 8.865.518.064.577 8.084.139.172.396 -9,67%

Income from
financial 506.107.630.554 630.350.383.424 19,71%
activities

Financial
25.805.674.678 74.634.952.869 65,42%
expenses

General and
Administrative 935.974.797.536 912.705.312.866 -2,55%
expenses

Selling
2.811.111.874.500 2.731.090.859.491 -2,93%
expenses

Profit before
6.077.091.655.134 5.390.439.641.506 -12,74%
tax

Net profit after

4.948.599.251.864 4.402.749.946.424 -12,40%
tax

 Comments:
SAB’s net revenue of sales and service increased with 1,755 billion in 2018. The

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reason effect on the declined of gross profit that is the increased of cost of goods sold
might the effect of cost management or cost of selling. Income from financial
activities increased by 65,42% while the general and administrative expenses and
selling declined by 2,55% and 2,93% respectively. Therefore, the profit before tax
and net profit after tax has decreased.
+ Profitability:

Indicators Year 2017 Year 2018

Total asset 22.013.689.109.910 22.366.742.792.213

Equity 14.420.526.434.948 16.111.905.568.169

ROA 22,48% 19,68%

ROE 34,32% 27,33%

EPS 1,82 1,27

 Comments:
Total assets and Equity both increased in 2018. ROA, ROE (ROA was 100 VND of
assets, generating 22.48 VND of profit in 2017 and 19.68 VND 2018, ROE was 100
VND of capital generated 34,32 VND in 2017, 27.33 in 2018) While capital and
assets increased, ROA and ROE still decreased, the main reason was the declined of
net revenue and inefficient use of assets and capital lead to EPS declined. Conclusion,
ROA, ROE of SAB’s company still higher than ROA,ROE of industry (7,81%
&13,97%)
+ Solvency:

Indicators Year 2017 Year 2018

Current Assets 13.686.327.476.651 14.690.168.205.219

Current Liabilities 7.401.584.603.555 5.925.696.932.383

Receivables 715.326.353.415 765.630.597.003

Cash 4.268.598.818.042 4.467.391.585.137

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 Inventory 2.003.535.067.335 1.813.754.190.894
Current Ratio 1,849107753 2,479061682
Quick Ratio 0,673359211 0,883106619
Cash Ratio 0,576714183 0,753901463
 Comments:
- The current ratio > 1 and increased over 2 years. Therefore, The company have
ability to pay short-term debts (such as debts and payables) with its short-term
assets, such as cash, accounts receivable, and inventories).
- The Quick Ratio < 1 It is mean that the company's financial situation is in a
weak state, unable to pay off short-term debts immediately. However, 2018
have a mark to rose up which was SAB’s had strategy to improve the activities
of company.
- Cash Ratio < 1 it’s mean that the ability of payments such as debt, current
liabilities by cash decreased and not enough to pay short-term debt.

+ Performance:

Indicators Year 2017 Year 2018

Total Assets Turnover 1,553278525 1,607232349

Account Receivable Turnover 47,80110559 46,95286827

Inventory Turnover 17,06652961 19,8199694

 Comments:
- Total assets turnover in 2017 was 1,553, this means 1 asset generated 1,553
revenue unit. But then this rate increased to 1,607 in 2018. The reason of this
was because the speed of total revenue in 2018 went up dramatically than
one’s total asset. Other while, net sales from good and services dropped the
number of customers debt tend to went up, so account receivable turnover
went down from 47,8 to 46,95.
- Inventory turnover in 2018 increased slightly, compared to 2017 (from
17,0665 to 19,81)

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III. RESOLVE THE SITUATION
1. Collecting the data of two stocks from 1/1/2018 to 31/08/2019
Collecting the data
Using the websites https://vietstock.vn/ to collect the data of two stocks which named
SAB, VIC and that of VNINDEX from 1/1/2018 to 31/08/2019.
+ According to the equation below and the data of historical closed prices:
Belong to two stocks, we estimated the daily rate of return.
2. Calculate daily rate of return
Calculate daily rate of return of each stock and VN-Index using the following
formula:
𝐏(𝐭 + 𝟏) − 𝐏(𝐭)
𝐑(𝐭) =
𝐏(𝐭)
Pt: Price of stock in t,
Pt+1: Price of stock in t+1,
Rt: Rate of return of stock in t.
Data covers the period from 1/1/2018 to 31/08/2019, including 412 days trading
(n=412)
3. Calculate the expected rate of return
Calculate the expected rate of return of the two stocks and the VN-Index using the
following formula:
∑𝟒𝟏𝟐
𝟏 𝐑(𝐭)
𝐄(𝐑) =
𝟒𝟏𝟐
We have the result:

Stocks VIC SAB VNINDEX

0,001312 0,000322 0,000042

Expected return

4. Calculate the covariance and correlation

Calculate the variance of VIC using the following formula:
∑𝟒𝟏𝟐
𝟏 𝐀
𝟐
𝐀 = 𝑹𝑽𝑰𝑪 (𝐭) − 𝐄(𝐑 𝐕𝐈𝐂 ), 𝛔𝟐 =
𝟒𝟏𝟐 − 𝟏
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Investment 42K15.3_CLC
Calculate the variance of SAB using the following formula:

𝟐
∑𝟒𝟏𝟐
𝟏 𝐁
𝟐
𝐁 = 𝑹𝑺𝑨𝑩 (𝐭) − 𝐄(𝐑 𝐒𝐀𝐁 ), 𝛔 =
𝟒𝟏𝟐 − 𝟏
Calculate the Standard Deviation:

𝛔 = √𝛔𝟐
Then, we have the result:

Stocks VIC SAB

0,000400 0,000262
Variance

0,019993398 0,016189348
Standard Deviation

Calculate the covariance using the following formula:

∑𝟒𝟏𝟐
𝟏 (𝐀 ∗ 𝐁)
𝐂𝐨𝐯(𝐑 𝐕𝐈𝐂 , 𝐑 𝐒𝐀𝐁 ) =
𝟒𝟏𝟐 − 𝟏
Calculate the correlation using the following formula:
𝐂𝐨𝐯(𝐑 𝐕𝐈𝐂 , 𝐑 𝐒𝐀𝐁 )
𝛒=
𝛔𝐕𝐈𝐂 ∗ 𝛔𝐒𝐀𝐁
So, the result:

Covariance 0,000051

Correlation 0,157382981

5. Draw the minimum variance frontier and point out the efficient frontier
5.1 Draw the minimum variance frontier
Draw the minimum variance frontier by using Expect return and Standard Deviation
of tangency portfolio. Vertical show expect return and horizontal show Standard
Deviation.

22
Investment 42K15.3_CLC
 5.2 Point out the efficient frontier
Efficient frontier: no other portfolio dominates it, the highest return given a level of
risk and the lowest risk given a level of return.
- Step 1: Find the portfolio have 𝝈𝑴𝒊𝒏 (Indicate in the graph: GMV portfolio)

𝛔𝟐𝐏 = √𝐰𝐕𝐈𝐂
𝟐
∗ 𝛔𝟐𝐕𝐈𝐂 + 𝐰𝐒𝐀𝐁
𝟐
∗ 𝛔𝟐𝐒𝐀𝐁 + 𝟐𝐖𝐕𝐈𝐂 𝐖𝐒𝐀𝐁 𝛔𝐕𝐈𝐂,𝐒𝐀𝐁

- Step 2: Point out the efficient frontier: upper half of minimum variance frontier.
0.001400
0.001200
EXPECTED RETURN

0.001000
EF
0.000800
CAL
0.000600
Risk free rate
0.000400
Tangency portfolio
0.000200
GMV portfolio
0.000000
0.000000 0.005000 0.010000 0.015000 0.020000 0.025000
STANDARD DEVIATION

6. If you had 100 million dong, how would you invest?

 Find the optimal CAL => CAL* have sharp ratio maximum
𝐄( 𝐑 𝐏 ) − 𝐑 𝐅
𝐒=
𝛔𝐏
3.55%
Risk free asset return is 3.55% per year => Daily return: ≈ 0.000099
360

 Tangency portfolio: P*(wvic, wsab) = P*(0.92, 0.08)

 Suppose that “y” is the weight of tangency portfolio; (1-y) is the weight of risk free
asset; C: is the completed portfolio.
We have Utility function:
𝐔 = 𝐄(𝐑 𝐂 ) − 𝟎. 𝟓𝐀𝛔𝟐𝐂
With:
𝐄(𝐑 𝐂 ) = 𝐰𝐩 𝐄(𝐑 𝐩 ) + 𝐰𝐅 𝐑 𝐅
𝛔𝐂 = 𝐲𝛔𝐏
Therefore, we have equation:
𝐔 = 𝐲𝐄(𝐑 𝐩 ) + (𝟏 − 𝐲)𝐑 𝐅 − 𝟎. 𝟓𝐀 (𝐲𝛔𝐏 )𝟐

23
Investment 42K15.3_CLC
Derivative => 𝑦 ≈ 0.563824788
In conclusion, the weight of tangency portfolio is 0.563824788, the weight of risk
free asset is 0.436175212. And if we had 100 million dong, we should invest:

51.87188052
VIC
Amount of money (≈ 92%)
56.38247882
invest in tangency
(≈ 56.38%)
portfolio (million VND) 4.510598306
SAB
(≈ 8%)

Amount of money
43.61752118
invest in risk free asset
(≈ 43.62%)
(million VND)

24
Investment 42K15.3_CLC
 REFERENCE MATERIAL
https://vietstock.vn/
http://cafef.vn/
https://www.gso.gov.vn/default.aspx?tabid=621&ItemID=18668&fbclid=IwAR2O
CIDSNBcWhAiNNc0YooNDnAbk3Fvz498Jvn-o4qwTU-F6xA3-9739O2o
https://www.stockbiz.vn/IndustryOverview.aspx?Code=3500&fbclid=IwAR20lI_dlF
OLvLxAvZpebpzorlKLTMmvJCsOl5MTDNOQUjbdMpOw-6xKhLU
https://www.stockbiz.vn/IndustryOverview.aspx?Code=8630&fbclid=IwAR2KSos4
w2J4IPcmAMe9q6QvMnjIutJ2k6nGclgcKVDK7RYQXcb3VrhT-RU

REFERENCE DATA

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Investment 42K15.3_CLC
 Price Return on A=(R(BCE) - B=(R(SAB) -
Date Price VIC VNindex R(VIC) R(SAB) A^2 B^2 A*B
SAB Vnindex E(R(BCE)) E(R(SAB))
30/08/2019 123500 273000 984,1 - - - - - - - -
29/08/2019 122500 273000 978,6 0,008163 0,000000 0,005590 0,006851 -0,000322 0,000047 0,000000 -0,000002
28/08/2019 122000 272000 977,3 0,004098 0,003676 0,001361 0,002786 0,003354 0,000008 0,000011 0,000009
27/08/2019 122500 270100 976,8 -0,004082 0,007034 0,000481 -0,005394 0,006712 0,000029 0,000045 -0,000036
26/08/2019 124800 273400 982,9 -0,018429 -0,012070 -0,006196 -0,019741 -0,012392 0,000390 0,000154 0,000245
23/08/2019 125000 275600 992,5 -0,001600 -0,007983 -0,009643 -0,002912 -0,008305 0,000008 0,000069 0,000024
22/08/2019 126100 276000 997,3 -0,008723 -0,001449 -0,004823 -0,010035 -0,001771 0,000101 0,000003 0,000018
21/08/2019 122400 277900 994,4 0,030229 -0,006837 0,002896 0,028917 -0,007159 0,000836 0,000051 -0,000207
20/08/2019 121000 276500 984,7 0,011570 0,005063 0,009861 0,010258 0,004741 0,000105 0,000022 0,000049
19/08/2019 121900 276500 981,0 -0,007383 0,000000 0,003710 -0,008695 -0,000322 0,000076 0,000000 0,000003
16/08/2019 122000 276000 980,0 -0,000820 0,001812 0,001051 -0,002132 0,001490 0,000005 0,000002 -0,000003
15/08/2019 121000 285000 979,4 0,008264 -0,031579 0,000633 0,006953 -0,031901 0,000048 0,001018 -0,000222
14/08/2019 118600 277000 968,9 0,020236 0,028881 0,010806 0,018924 0,028559 0,000358 0,000816 0,000540
13/08/2019 118100 277000 966,8 0,004234 0,000000 0,002151 0,002922 -0,000322 0,000009 0,000000 -0,000001
08/12/2019 120000 274400 975,3 -0,015833 0,009475 -0,008695 -0,017145 0,009153 0,000294 0,000084 -0,000157
08/09/2019 120200 275700 974,3 -0,001664 -0,004715 0,000996 -0,002976 -0,005037 0,000009 0,000025 0,000015
08/08/2019 122000 280000 975,2 -0,014754 -0,015357 -0,000923 -0,016066 -0,015679 0,000258 0,000246 0,000252
08/07/2019 118000 280000 965,9 0,033898 0,000000 0,009638 0,032586 -0,000322 0,001062 0,000000 -0,000010
08/06/2019 119800 279200 964,6 -0,015025 0,002865 0,001368 -0,016337 0,002543 0,000267 0,000006 -0,000042
08/05/2019 118000 280200 973,2 0,015254 -0,003569 -0,008776 0,013942 -0,003891 0,000194 0,000015 -0,000054
08/02/2019 122500 280000 991,1 -0,036735 0,000714 -0,018111 -0,038047 0,000392 0,001448 0,000000 -0,000015
08/01/2019 124400 281500 997,4 -0,015273 -0,005329 -0,006306 -0,016585 -0,005651 0,000275 0,000032 0,000094
31/07/2019 122000 279000 991,7 0,019672 0,008961 0,005778 0,018360 0,008639 0,000337 0,000075 0,000159
30/07/2019 122500 281000 986,0 -0,004082 -0,007117 0,005720 -0,005394 -0,007439 0,000029 0,000055 0,000040
29/07/2019 124400 278000 997,9 -0,015273 0,010791 -0,011945 -0,016585 0,010469 0,000275 0,000110 -0,000174
26/07/2019 122100 278900 993,4 0,018837 -0,003227 0,004621 0,017525 -0,003549 0,000307 0,000013 -0,000062
25/07/2019 123200 283000 995,0 -0,008929 -0,014488 -0,001608 -0,010240 -0,014810 0,000105 0,000219 0,000152
24/07/2019 122000 277500 988,4 0,009836 0,019820 0,006617 0,008524 0,019498 0,000073 0,000380 0,000166
23/07/2019 119800 277300 989,5 0,018364 0,000721 -0,001061 0,017052 0,000399 0,000291 0,000000 0,000007
22/07/2019 116500 277200 982,0 0,028326 0,000361 0,007556 0,027014 0,000039 0,000730 0,000000 0,000001
19/07/2019 116000 277100 982,3 0,004310 0,000361 -0,000305 0,002998 0,000039 0,000009 0,000000 0,000000
18/07/2019 114800 284000 976,1 0,010453 -0,024296 0,006444 0,009141 -0,024618 0,000084 0,000606 -0,000225

26
Investment 42K15.3_CLC
 17/07/2019 115500 286000 982,6 -0,006061 -0,006993 -0,006636 -0,007372 -0,007315 0,000054 0,000054 0,000054
16/07/2019 115900 285000 982,1 -0,003451 0,003509 0,000468 -0,004763 0,003187 0,000023 0,000010 -0,000015
15/07/2019 114200 282000 972,5 0,014886 0,010638 0,009851 0,013574 0,010316 0,000184 0,000106 0,000140
07/12/2019 116000 289000 975,4 -0,015517 -0,024221 -0,002942 -0,016829 -0,024544 0,000283 0,000602 0,000413
07/11/2019 116500 286000 978,6 -0,004292 0,010490 -0,003301 -0,005604 0,010167 0,000031 0,000103 -0,000057
07/10/2019 116800 285000 973,7 -0,002568 0,003509 0,005115 -0,003880 0,003187 0,000015 0,000010 -0,000012
07/09/2019 116000 281000 969,1 0,006897 0,014235 0,004747 0,005585 0,013913 0,000031 0,000194 0,000078
07/08/2019 116000 281000 966,4 0,000000 0,000000 0,002794 -0,001312 -0,000322 0,000002 0,000000 0,000000
07/05/2019 116700 280000 975,3 -0,005998 0,003571 -0,009217 -0,007310 0,003249 0,000053 0,000011 -0,000024
07/04/2019 116500 279000 973,0 0,001717 0,003584 0,002364 0,000405 0,003262 0,000000 0,000011 0,000001
07/03/2019 115400 276000 960,4 0,009532 0,010870 0,013172 0,008220 0,010548 0,000068 0,000111 0,000087
07/02/2019 115800 275200 962,0 -0,003454 0,002907 -0,001653 -0,004766 0,002585 0,000023 0,000007 -0,000012
07/01/2019 117200 277900 965,6 -0,011945 -0,009716 -0,003759 -0,013257 -0,010038 0,000176 0,000101 0,000133
28/06/2019 115700 275000 949,9 0,012965 0,010545 0,016496 0,011653 0,010223 0,000136 0,000105 0,000119
27/06/2019 114900 272000 943,1 0,006963 0,011029 0,007242 0,005651 0,010707 0,000032 0,000115 0,000061
26/06/2019 116900 282000 959,1 -0,017109 -0,035461 -0,016703 -0,018421 -0,035783 0,000339 0,001280 0,000659
25/06/2019 116400 281800 960,1 0,004296 0,000710 -0,001042 0,002984 0,000388 0,000009 0,000000 0,000001
24/06/2019 116400 281000 962,9 0,000000 0,002847 -0,002825 -0,001312 0,002525 0,000002 0,000006 -0,000003
21/06/2019 114500 278000 959,2 0,016594 0,010791 0,003805 0,015282 0,010469 0,000234 0,000110 0,000160
20/06/2019 116000 275000 959,2 -0,012931 0,010909 0,000021 -0,014243 0,010587 0,000203 0,000112 -0,000151
19/06/2019 115900 275500 949,7 0,000863 -0,001815 0,009993 -0,000449 -0,002137 0,000000 0,000005 0,000001
18/06/2019 114000 273000 944,0 0,016667 0,009158 0,006017 0,015355 0,008835 0,000236 0,000078 0,000136
17/06/2019 114500 273000 947,0 -0,004367 0,000000 -0,003105 -0,005679 -0,000322 0,000032 0,000000 0,000002
14/06/2019 115500 273000 953,6 -0,008658 0,000000 -0,006984 -0,009970 -0,000322 0,000099 0,000000 0,000003
13/06/2019 115500 274000 950,1 0,000000 -0,003650 0,003715 -0,001312 -0,003972 0,000002 0,000016 0,000005
06/12/2019 116000 274000 954,2 -0,004310 0,000000 -0,004286 -0,005622 -0,000322 0,000032 0,000000 0,000002
06/11/2019 117000 276000 962,1 -0,008547 -0,007246 -0,008211 -0,009859 -0,007568 0,000097 0,000057 0,000075
06/10/2019 117600 281800 962,9 -0,005102 -0,020582 -0,000862 -0,006414 -0,020904 0,000041 0,000437 0,000134
06/07/2019 117000 276400 958,3 0,005128 0,019537 0,004821 0,003816 0,019215 0,000015 0,000369 0,000073
06/06/2019 115900 274000 948,2 0,009491 0,008759 0,010620 0,008179 0,008437 0,000067 0,000071 0,000069

27
Investment 42K15.3_CLC
 06/05/2019 115900 274000 951,4 0,000000 0,000000 -0,003363 -0,001312 -0,000322 0,000002 0,000000 0,000000
06/04/2019 114600 273000 951,2 0,011344 0,003663 0,000263 0,010032 0,003341 0,000101 0,000011 0,000034
06/03/2019 114500 270000 946,5 0,000873 0,011111 0,004955 -0,000439 0,010789 0,000000 0,000116 -0,000005
31/05/2019 114600 267000 959,9 -0,000873 0,011236 -0,013970 -0,002184 0,010914 0,000005 0,000119 -0,000024
30/05/2019 115000 263500 969,3 -0,003478 0,013283 -0,009759 -0,004790 0,012961 0,000023 0,000168 -0,000062
29/05/2019 115200 260300 971,5 -0,001736 0,012294 -0,002264 -0,003048 0,011971 0,000009 0,000143 -0,000036
28/05/2019 114000 260000 972,0 0,010526 0,001154 -0,000473 0,009214 0,000832 0,000085 0,000001 0,000008
27/05/2019 115000 265000 975,1 -0,008696 -0,018868 -0,003220 -0,010008 -0,019190 0,000100 0,000368 0,000192
24/05/2019 115000 261200 970,0 0,000000 0,014548 0,005268 -0,001312 0,014226 0,000002 0,000202 -0,000019
23/05/2019 117000 261100 982,7 -0,017094 0,000383 -0,012903 -0,018406 0,000061 0,000339 0,000000 -0,000001
22/05/2019 117500 263700 983,8 -0,004255 -0,009860 -0,001088 -0,005567 -0,010182 0,000031 0,000104 0,000057
21/05/2019 117500 263700 986,3 0,000000 0,000000 -0,002545 -0,001312 -0,000322 0,000002 0,000000 0,000000
20/05/2019 117500 263000 987,1 0,000000 0,002662 -0,000851 -0,001312 0,002340 0,000002 0,000005 -0,000003
17/05/2019 116900 257000 976,5 0,005133 0,023346 0,010907 0,003821 0,023024 0,000015 0,000530 0,000088
16/05/2019 116900 245000 975,7 0,000000 0,048980 0,000810 -0,001312 0,048658 0,000002 0,002368 -0,000064
15/05/2019 115300 253000 975,6 0,013877 -0,031621 0,000051 0,012565 -0,031943 0,000158 0,001020 -0,000401
14/05/2019 115300 253000 965,3 0,000000 0,000000 0,010670 -0,001312 -0,000322 0,000002 0,000000 0,000000
13/05/2019 112900 248000 958,5 0,021258 0,020161 0,007094 0,019946 0,019839 0,000398 0,000394 0,000396
05/10/2019 112700 248000 952,6 0,001775 0,000000 0,006288 0,000463 -0,000322 0,000000 0,000000 0,000000
05/09/2019 112600 246000 947,0 0,000888 0,008130 0,005850 -0,000424 0,007808 0,000000 0,000061 -0,000003
05/08/2019 112600 242200 951,2 0,000000 0,015690 -0,004426 -0,001312 0,015367 0,000002 0,000236 -0,000020
05/07/2019 112600 241600 957,6 0,000000 0,002483 -0,006621 -0,001312 0,002161 0,000002 0,000005 -0,000003
05/06/2019 112200 240500 958,0 0,003565 0,004574 -0,000428 0,002253 0,004252 0,000005 0,000018 0,000010
05/03/2019 112500 243700 974,1 -0,002667 -0,013131 -0,016599 -0,003979 -0,013453 0,000016 0,000181 0,000054
05/02/2019 113600 243700 978,5 -0,009683 0,000000 -0,004456 -0,010995 -0,000322 0,000121 0,000000 0,000004
26/04/2019 113700 239200 979,6 -0,000880 0,018813 -0,001164 -0,002191 0,018491 0,000005 0,000342 -0,000041
25/04/2019 113600 239000 974,1 0,000880 0,000837 0,005656 -0,000432 0,000515 0,000000 0,000000 0,000000
24/04/2019 113800 240000 976,9 -0,001757 -0,004167 -0,002856 -0,003069 -0,004489 0,000009 0,000020 0,000014
23/04/2019 113000 240500 968,0 0,007080 -0,002079 0,009215 0,005768 -0,002401 0,000033 0,000006 -0,000014
22/04/2019 111900 243000 965,9 0,009830 -0,010288 0,002216 0,008518 -0,010610 0,000073 0,000113 -0,000090

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 19/04/2019 110100 240500 966,2 0,016349 0,010395 -0,000362 0,015037 0,010073 0,000226 0,000101 0,000151
18/04/2019 109000 231000 962,3 0,010092 0,041126 0,004063 0,008780 0,040803 0,000077 0,001665 0,000358
17/04/2019 110000 246800 972,1 -0,009091 -0,064019 -0,010081 -0,010403 -0,064342 0,000108 0,004140 0,000669
16/04/2019 113100 246200 977,2 -0,027409 0,002437 -0,005188 -0,028721 0,002115 0,000825 0,000004 -0,000061
04/12/2019 113200 244200 982,9 -0,000883 0,008190 -0,005830 -0,002195 0,007868 0,000005 0,000062 -0,000017
04/11/2019 115000 247500 986,0 -0,015652 -0,013333 -0,003093 -0,016964 -0,013655 0,000288 0,000186 0,000232
04/10/2019 111800 247000 981,9 0,028623 0,002024 0,004114 0,027311 0,001702 0,000746 0,000003 0,000046
04/09/2019 113000 245100 988,5 -0,010619 0,007752 -0,006647 -0,011931 0,007430 0,000142 0,000055 -0,000089
04/08/2019 115500 249400 997,6 -0,021645 -0,017241 -0,009102 -0,022957 -0,017563 0,000527 0,000308 0,000403
04/05/2019 115100 248000 989,3 0,003475 0,005645 0,008390 0,002163 0,005323 0,000005 0,000028 0,000012
04/04/2019 115100 249800 986,9 0,000000 -0,007206 0,002381 -0,001312 -0,007528 0,000002 0,000057 0,000010
04/03/2019 114900 246900 984,5 0,001741 0,011746 0,002489 0,000429 0,011424 0,000000 0,000130 0,000005
04/02/2019 116300 246000 985,8 -0,012038 0,003659 -0,001369 -0,013350 0,003336 0,000178 0,000011 -0,000045
04/01/2019 116500 249700 988,5 -0,001717 -0,014818 -0,002752 -0,003029 -0,015140 0,000009 0,000229 0,000046
29/03/2019 115900 249700 980,8 0,005177 0,000000 0,007922 0,003865 -0,000322 0,000015 0,000000 -0,000001
28/03/2019 115900 250000 983,0 0,000000 -0,001200 -0,002258 -0,001312 -0,001522 0,000002 0,000002 0,000002
27/03/2019 113900 250800 975,9 0,017559 -0,003190 0,007245 0,016247 -0,003512 0,000264 0,000012 -0,000057
26/03/2019 113700 250800 969,8 0,001759 0,000000 0,006311 0,000447 -0,000322 0,000000 0,000000 0,000000
25/03/2019 115200 248800 970,1 -0,013021 0,008039 -0,000289 -0,014333 0,007717 0,000205 0,000060 -0,000111
22/03/2019 118600 251000 988,7 -0,028668 -0,008765 -0,018853 -0,029980 -0,009087 0,000899 0,000083 0,000272
21/03/2019 117000 249400 981,8 0,013675 0,006415 0,007059 0,012363 0,006093 0,000153 0,000037 0,000075
20/03/2019 120200 249500 1.002,3 -0,026622 -0,000401 -0,020473 -0,027934 -0,000723 0,000780 0,000001 0,000020
19/03/2019 121000 248000 1.006,6 -0,006612 0,006048 -0,004262 -0,007923 0,005726 0,000063 0,000033 -0,000045
18/03/2019 121300 245100 1.011,9 -0,002473 0,011832 -0,005208 -0,003785 0,011510 0,000014 0,000132 -0,000044
15/03/2019 118700 253800 1.004,1 0,021904 -0,034279 0,007708 0,020592 -0,034601 0,000424 0,001197 -0,000713
14/03/2019 118800 253000 1.008,4 -0,000842 0,003162 -0,004284 -0,002154 0,002840 0,000005 0,000008 -0,000006
13/03/2019 117500 255000 1.005,4 0,011064 -0,007843 0,003014 0,009752 -0,008165 0,000095 0,000067 -0,000080
03/12/2019 118600 252000 1.001,3 -0,009275 0,011905 0,004085 -0,010587 0,011583 0,000112 0,000134 -0,000123
03/11/2019 118300 245000 984,6 0,002536 0,028571 0,016982 0,001224 0,028249 0,000001 0,000798 0,000035
03/08/2019 118100 245000 985,3 0,001693 0,000000 -0,000660 0,000382 -0,000322 0,000000 0,000000 0,000000

29
Investment 42K15.3_CLC
 03/07/2019 119200 241100 994,0 -0,009228 0,016176 -0,008833 -0,010540 0,015854 0,000111 0,000251 -0,000167
03/06/2019 117700 243900 994,5 0,012744 -0,011480 -0,000463 0,011432 -0,011802 0,000131 0,000139 -0,000135
03/05/2019 117300 243500 992,5 0,003410 0,001643 0,002056 0,002098 0,001321 0,000004 0,000002 0,000003
03/04/2019 117400 242000 994,0 -0,000852 0,006198 -0,001549 -0,002164 0,005876 0,000005 0,000035 -0,000013
03/01/2019 115100 242000 979,6 0,019983 0,000000 0,014659 0,018671 -0,000322 0,000349 0,000000 -0,000006
28/02/2019 114000 240000 965,5 0,009649 0,008333 0,014666 0,008337 0,008011 0,000070 0,000064 0,000067
27/02/2019 117400 247500 990,3 -0,028961 -0,030303 -0,025044 -0,030273 -0,030625 0,000916 0,000938 0,000927
26/02/2019 115500 247000 987,1 0,016450 0,002024 0,003252 0,015138 0,001702 0,000229 0,000003 0,000026
25/02/2019 116300 247800 994,4 -0,006879 -0,003228 -0,007411 -0,008191 -0,003550 0,000067 0,000013 0,000029
22/02/2019 116300 247000 988,9 0,000000 0,003239 0,005582 -0,001312 0,002917 0,000002 0,000009 -0,000004
21/02/2019 118400 248000 987,6 -0,017736 -0,004032 0,001357 -0,019048 -0,004354 0,000363 0,000019 0,000083
20/02/2019 116500 244000 970,6 0,016309 0,016393 0,017505 0,014997 0,016071 0,000225 0,000258 0,000241
19/02/2019 116000 241000 964,4 0,004310 0,012448 0,006460 0,002998 0,012126 0,000009 0,000147 0,000036
18/02/2019 113700 240000 961,3 0,020229 0,004167 0,003173 0,018917 0,003845 0,000358 0,000015 0,000073
15/02/2019 112000 238400 950,9 0,015179 0,006711 0,010948 0,013867 0,006389 0,000192 0,000041 0,000089
14/02/2019 112900 238000 952,3 -0,007972 0,001681 -0,001523 -0,009284 0,001359 0,000086 0,000002 -0,000013
13/02/2019 109000 236100 945,3 0,035780 0,008047 0,007501 0,034468 0,007725 0,001188 0,000060 0,000266
02/12/2019 109100 237800 937,5 -0,000917 -0,007149 0,008224 -0,002228 -0,007471 0,000005 0,000056 0,000017
02/11/2019 104000 233300 926,1 0,049038 0,019288 0,012353 0,047727 0,018966 0,002278 0,000360 0,000905
02/01/2019 98800 233000 908,7 0,052632 0,001288 0,019182 0,051320 0,000965 0,002634 0,000001 0,000050
31/01/2019 103900 233000 910,7 -0,049086 0,000000 -0,002174 -0,050398 -0,000322 0,002540 0,000000 0,000016
30/01/2019 103900 233000 915,8 0,000000 0,000000 -0,005667 -0,001312 -0,000322 0,000002 0,000000 0,000000
29/01/2019 103900 233000 915,9 0,000000 0,000000 -0,000098 -0,001312 -0,000322 0,000002 0,000000 0,000000
28/01/2019 103700 233000 912,2 0,001929 0,000000 0,004111 0,000617 -0,000322 0,000000 0,000000 0,000000
25/01/2019 102900 233000 908,9 0,007775 0,000000 0,003631 0,006463 -0,000322 0,000042 0,000000 -0,000002
24/01/2019 102800 233000 908,8 0,000973 0,000000 0,000099 -0,000339 -0,000322 0,000000 0,000000 0,000000
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Investment 42K15.3_CLC
 17/01/2019 102000 234500 901,9 0,001961 0,000000 0,000455 0,000649 -0,000322 0,000000 0,000000 0,000000
16/01/2019 102000 239000 908,7 0,000000 -0,018828 -0,007494 -0,001312 -0,019151 0,000002 0,000367 0,000025
15/01/2019 101500 239600 909,7 0,004926 -0,002504 -0,001077 0,003614 -0,002826 0,000013 0,000008 -0,000010
14/01/2019 101400 240000 901,8 0,000986 -0,001667 0,008738 -0,000326 -0,001989 0,000000 0,000004 0,000001
01/11/2019 101400 240000 902,7 0,000000 0,000000 -0,001008 -0,001312 -0,000322 0,000002 0,000000 0,000000
01/10/2019 101400 240000 898,3 0,000000 0,000000 0,004909 -0,001312 -0,000322 0,000002 0,000000 0,000000
01/09/2019 101500 244000 897,0 -0,000985 -0,016393 0,001460 -0,002297 -0,016715 0,000005 0,000279 0,000038
01/08/2019 101000 244000 887,4 0,004950 0,000000 0,010761 0,003639 -0,000322 0,000013 0,000000 -0,000001
01/07/2019 101000 244000 889,6 0,000000 0,000000 -0,002473 -0,001312 -0,000322 0,000002 0,000000 0,000000
01/04/2019 100600 243200 880,9 0,003976 0,003289 0,009922 0,002664 0,002967 0,000007 0,000009 0,000008
01/03/2019 100300 245500 878,2 0,002991 -0,009369 0,003052 0,001679 -0,009691 0,000003 0,000094 -0,000016
01/02/2019 100400 248800 891,8 -0,000996 -0,013264 -0,015172 -0,002308 -0,013586 0,000005 0,000185 0,000031
28/12/2018 95300 267500 892,5 0,053515 -0,069907 -0,000885 0,052203 -0,070229 0,002725 0,004932 -0,003666
27/12/2018 102400 250800 900,8 -0,069336 0,066587 -0,009181 -0,070648 0,066265 0,004991 0,004391 -0,004681
26/12/2018 101900 249000 891,8 0,004907 0,007229 0,010160 0,003595 0,006907 0,000013 0,000048 0,000025
25/12/2018 101900 246900 897,9 0,000000 0,008505 -0,006894 -0,001312 0,008183 0,000002 0,000067 -0,000011
24/12/2018 102000 246900 908,6 -0,000980 0,000000 -0,011689 -0,002292 -0,000322 0,000005 0,000000 0,000001
21/12/2018 102000 247000 912,3 0,000000 -0,000405 -0,004056 -0,001312 -0,000727 0,000002 0,000001 0,000001
20/12/2018 101900 247000 918,2 0,000981 0,000000 -0,006512 -0,000331 -0,000322 0,000000 0,000000 0,000000
19/12/2018 102000 250000 919,2 -0,000980 -0,012000 -0,001088 -0,002292 -0,012322 0,000005 0,000152 0,000028
18/12/2018 102000 250400 927,3 0,000000 -0,001597 -0,008638 -0,001312 -0,001919 0,000002 0,000004 0,000003
17/12/2018 102500 250400 933,7 -0,004878 0,000000 -0,006855 -0,006190 -0,000322 0,000038 0,000000 0,000002
14/12/2018 102700 250400 952,0 -0,001947 0,000000 -0,019316 -0,003259 -0,000322 0,000011 0,000000 0,000001
13/12/2018 102800 250200 960,3 -0,000973 0,000799 -0,008550 -0,002285 0,000477 0,000005 0,000000 -0,000001
12/12/2018 102200 253000 961,3 0,005871 -0,011067 -0,001071 0,004559 -0,011389 0,000021 0,000130 -0,000052
12/11/2018 102200 253000 954,6 0,000000 0,000000 0,007019 -0,001312 -0,000322 0,000002 0,000000 0,000000
12/10/2018 102100 248000 955,9 0,000979 0,020161 -0,001370 -0,000332 0,019839 0,000000 0,000394 -0,000007
12/07/2018 102200 247300 958,6 -0,000978 0,002831 -0,002817 -0,002290 0,002509 0,000005 0,000006 -0,000006
12/06/2018 102100 247000 954,8 0,000979 0,001215 0,003948 -0,000332 0,000893 0,000000 0,000001 0,000000
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31
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 12/04/2018 102000 248000 958,8 0,000980 -0,010081 -0,001773 -0,000331 -0,010403 0,000000 0,000108 0,000003
12/03/2018 101900 251000 951,6 0,000981 -0,011952 0,007619 -0,000331 -0,012274 0,000000 0,000151 0,000004
30/11/2018 101700 250000 926,5 0,001967 0,004000 0,027036 0,000655 0,003678 0,000000 0,000014 0,000002
29/11/2018 102000 250000 926,8 -0,002941 0,000000 -0,000270 -0,004253 -0,000322 0,000018 0,000000 0,000001
28/11/2018 102000 250000 930,2 0,000000 0,000000 -0,003666 -0,001312 -0,000322 0,000002 0,000000 0,000000
27/11/2018 101500 242000 923,1 0,004926 0,033058 0,007670 0,003614 0,032736 0,000013 0,001072 0,000118
26/11/2018 100500 238100 921,0 0,009950 0,016380 0,002269 0,008638 0,016058 0,000075 0,000258 0,000139
23/11/2018 99000 241500 918,0 0,015152 -0,014079 0,003333 0,013840 -0,014401 0,000192 0,000207 -0,000199
22/11/2018 98000 242000 924,4 0,010204 -0,002066 -0,006977 0,008892 -0,002388 0,000079 0,000006 -0,000021
21/11/2018 97300 242000 922,6 0,007194 0,000000 0,002016 0,005882 -0,000322 0,000035 0,000000 -0,000002
20/11/2018 97200 243500 919,0 0,001029 -0,006160 0,003852 -0,000283 -0,006482 0,000000 0,000042 0,000002
19/11/2018 96400 245500 916,1 0,008299 -0,008147 0,003231 0,006987 -0,008469 0,000049 0,000072 -0,000059
16/11/2018 90100 245000 898,2 0,069922 0,002041 0,019896 0,068610 0,001719 0,004707 0,000003 0,000118
15/11/2018 91700 245000 897,2 -0,017448 0,000000 0,001159 -0,018760 -0,000322 0,000352 0,000000 0,000006
14/11/2018 94700 243000 900,9 -0,031679 0,008230 -0,004196 -0,032991 0,007908 0,001088 0,000063 -0,000261
13/11/2018 93300 237600 905,4 0,015005 0,022727 -0,004915 0,013693 0,022405 0,000188 0,000502 0,000307
11/12/2018 95900 233000 918,1 -0,027112 0,019742 -0,013876 -0,028423 0,019420 0,000808 0,000377 -0,000552
11/09/2018 95900 225900 914,3 0,000000 0,031430 0,004189 -0,001312 0,031108 0,000002 0,000968 -0,000041
11/08/2018 96000 225900 926,3 -0,001042 0,000000 -0,012944 -0,002354 -0,000322 0,000006 0,000000 0,000001
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11/06/2018 95800 223300 922,1 0,002088 0,007613 0,000119 0,000776 0,007291 0,000001 0,000053 0,000006
11/05/2018 96000 223000 925,5 -0,002083 0,001345 -0,003760 -0,003395 0,001023 0,000012 0,000001 -0,000003
11/02/2018 96000 222000 924,9 0,000000 0,004505 0,000724 -0,001312 0,004182 0,000002 0,000017 -0,000005
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31/10/2018 97200 222500 914,8 -0,017490 -0,002247 -0,007434 -0,018802 -0,002569 0,000353 0,000007 0,000048
30/10/2018 96600 222200 888,7 0,006211 0,001350 0,029335 0,004899 0,001028 0,000024 0,000001 0,000005
29/10/2018 97200 222000 888,8 -0,006173 0,000901 -0,000146 -0,007485 0,000579 0,000056 0,000000 -0,000004
26/10/2018 96400 221200 900,8 0,008299 0,003617 -0,013321 0,006987 0,003295 0,000049 0,000011 0,000023
25/10/2018 96800 222000 910,2 -0,004132 -0,003604 -0,010273 -0,005444 -0,003926 0,000030 0,000015 0,000021
24/10/2018 98800 222000 922,7 -0,020243 0,000000 -0,013612 -0,021555 -0,000322 0,000465 0,000000 0,000007

32
Investment 42K15.3_CLC
 23/10/2018 99000 222900 939,7 -0,002020 -0,004038 -0,018038 -0,003332 -0,004360 0,000011 0,000019 0,000015
22/10/2018 99100 222000 953,5 -0,001009 0,004054 -0,014504 -0,002321 0,003732 0,000005 0,000014 -0,000009
19/10/2018 99100 220000 958,4 0,000000 0,009091 -0,005061 -0,001312 0,008769 0,000002 0,000077 -0,000012
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17/10/2018 99000 223000 971,6 0,001010 -0,004484 -0,008368 -0,000302 -0,004806 0,000000 0,000023 0,000001
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15/10/2018 95500 223000 951,6 0,032461 -0,004484 0,012326 0,031149 -0,004806 0,000970 0,000023 -0,000150
10/12/2018 96000 222500 970,1 -0,005208 0,002247 -0,019009 -0,006520 0,001925 0,000043 0,000004 -0,000013
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10/01/2018 98500 222200 1.012,9 0,035533 0,012601 0,005835 0,034221 0,012279 0,001171 0,000151 0,000420
28/09/2018 98300 222500 1.017,1 0,002035 -0,001348 -0,004178 0,000723 -0,001670 0,000001 0,000003 -0,000001
27/09/2018 98600 220000 1.015,4 -0,003043 0,011364 0,001733 -0,004354 0,011042 0,000019 0,000122 -0,000048
26/09/2018 99000 218900 1.009,6 -0,004040 0,005025 0,005705 -0,005352 0,004703 0,000029 0,000022 -0,000025
25/09/2018 99500 219000 1.010,7 -0,005025 -0,000457 -0,001118 -0,006337 -0,000779 0,000040 0,000001 0,000005
24/09/2018 99600 218900 1.011,3 -0,001004 0,000457 -0,000544 -0,002316 0,000135 0,000005 0,000000 0,000000
21/09/2018 98600 219000 1.003,0 0,010142 -0,000457 0,008295 0,008830 -0,000779 0,000078 0,000001 -0,000007
20/09/2018 98500 219900 1.004,7 0,001015 -0,004093 -0,001762 -0,000297 -0,004415 0,000000 0,000019 0,000001
19/09/2018 98600 220000 995,5 -0,001014 -0,000455 0,009241 -0,002326 -0,000777 0,000005 0,000001 0,000002
18/09/2018 99600 223000 993,5 -0,010040 -0,013453 0,002063 -0,011352 -0,013775 0,000129 0,000190 0,000156
17/09/2018 99000 222100 987,6 0,006061 0,004052 0,005954 0,004749 0,003730 0,000023 0,000014 0,000018
14/09/2018 101000 222800 991,3 -0,019802 -0,003142 -0,003763 -0,021114 -0,003464 0,000446 0,000012 0,000073
13/09/2018 100300 222000 988,0 0,006979 0,003604 0,003431 0,005667 0,003282 0,000032 0,000011 0,000019
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33
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 09/11/2018 101200 223000 985,1 0,001976 -0,000897 0,001980 0,000664 -0,001219 0,000000 0,000001 -0,000001
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31/08/2018 103400 226000 989,5 -0,012573 -0,009735 -0,013744 -0,013884 -0,010057 0,000193 0,000101 0,000140
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24/08/2018 104000 213000 987,1 0,001923 0,028169 0,004934 0,000611 0,027847 0,000000 0,000775 0,000017
23/08/2018 104600 212500 987,4 -0,005736 0,002353 -0,000314 -0,007048 0,002031 0,000050 0,000004 -0,000014
22/08/2018 103600 213000 982,2 0,009653 -0,002347 0,005305 0,008341 -0,002669 0,000070 0,000007 -0,000022
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17/08/2018 102300 213000 968,9 0,002933 0,000000 0,000764 0,001621 -0,000322 0,000003 0,000000 -0,000001
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15/08/2018 101900 211000 961,4 0,003925 0,004739 0,003027 0,002614 0,004417 0,000007 0,000020 0,000012
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34
Investment 42K15.3_CLC
 30/07/2018 106400 206800 949,7 0,000000 -0,006286 0,007013 -0,001312 -0,006608 0,000002 0,000044 0,000009
27/07/2018 106400 207000 935,5 0,000000 -0,000966 0,015189 -0,001312 -0,001288 0,000002 0,000002 0,000002
26/07/2018 106000 207000 930,2 0,003774 0,000000 0,005762 0,002462 -0,000322 0,000006 0,000000 -0,000001
25/07/2018 104400 207000 927,6 0,015326 0,000000 0,002781 0,014014 -0,000322 0,000196 0,000000 -0,000005
24/07/2018 104500 210000 934,1 -0,000957 -0,014286 -0,006959 -0,002269 -0,014608 0,000005 0,000213 0,000033
23/07/2018 104000 210500 936,7 0,004808 -0,002375 -0,002840 0,003496 -0,002697 0,000012 0,000007 -0,000009
20/07/2018 103600 200000 933,4 0,003861 0,052500 0,003589 0,002549 0,052178 0,000006 0,002723 0,000133
19/07/2018 105000 215000 944,0 -0,013333 -0,069767 -0,011208 -0,014645 -0,070089 0,000214 0,004913 0,001026
18/07/2018 105000 217900 942,4 0,000000 -0,013309 0,001677 -0,001312 -0,013631 0,000002 0,000186 0,000018
17/07/2018 104000 218000 921,3 0,009615 -0,000459 0,022925 0,008304 -0,000781 0,000069 0,000001 -0,000006
16/07/2018 102500 217900 911,1 0,014634 0,000459 0,011151 0,013322 0,000137 0,000177 0,000000 0,000002
13/07/2018 103000 218000 909,7 -0,004854 -0,000459 0,001528 -0,006166 -0,000781 0,000038 0,000001 0,000005
07/12/2018 103000 218100 898,5 0,000000 -0,000459 0,012476 -0,001312 -0,000781 0,000002 0,000001 0,000001
07/11/2018 104500 220000 893,2 -0,014354 -0,008636 0,005990 -0,015666 -0,008958 0,000245 0,000080 0,000140
07/10/2018 103000 220000 911,1 0,014563 0,000000 -0,019712 0,013251 -0,000322 0,000176 0,000000 -0,000004
07/09/2018 105000 220700 915,1 -0,019048 -0,003172 -0,004371 -0,020360 -0,003494 0,000415 0,000012 0,000071
07/06/2018 106200 220000 917,5 -0,011299 0,003182 -0,002605 -0,012611 0,002860 0,000159 0,000008 -0,000036
07/05/2018 106500 220000 899,4 -0,002817 0,000000 0,020136 -0,004129 -0,000322 0,000017 0,000000 0,000001
07/04/2018 105000 226000 915,0 0,014286 -0,026549 -0,017038 0,012974 -0,026871 0,000168 0,000722 -0,000349
07/03/2018 99700 228100 906,0 0,053159 -0,009206 0,009912 0,051848 -0,009529 0,002688 0,000091 -0,000494
07/02/2018 107200 230000 947,2 -0,069963 -0,008261 -0,043436 -0,071275 -0,008583 0,005080 0,000074 0,000612
29/06/2018 107500 225500 960,8 -0,002791 0,019956 -0,014186 -0,004103 0,019634 0,000017 0,000385 -0,000081
28/06/2018 107500 219400 957,4 0,000000 0,027803 0,003583 -0,001312 0,027481 0,000002 0,000755 -0,000036
27/06/2018 125200 222700 968,9 -0,141374 -0,014818 -0,011931 -0,142686 -0,015140 0,020359 0,000229 0,002160
26/06/2018 123600 222700 983,0 0,012945 0,000000 -0,014354 0,011633 -0,000322 0,000135 0,000000 -0,000004
25/06/2018 123700 225300 990,5 -0,000808 -0,011540 -0,007572 -0,002120 -0,011862 0,000004 0,000141 0,000025
22/06/2018 122800 226000 983,2 0,007329 -0,003097 0,007476 0,006017 -0,003419 0,000036 0,000012 -0,000021
21/06/2018 124000 226000 969,4 -0,009677 0,000000 0,014205 -0,010989 -0,000322 0,000121 0,000000 0,000004
20/06/2018 125000 227900 981,0 -0,008000 -0,008337 -0,011774 -0,009312 -0,008659 0,000087 0,000075 0,000081
19/06/2018 123000 225000 962,2 0,016260 0,012889 0,019529 0,014948 0,012567 0,000223 0,000158 0,000188

35
Investment 42K15.3_CLC
 18/06/2018 123400 232000 987,3 -0,003241 -0,030172 -0,025503 -0,004553 -0,030494 0,000021 0,000930 0,000139
15/06/2018 123500 234600 1.016,5 -0,000810 -0,011083 -0,028696 -0,002122 -0,011405 0,000005 0,000130 0,000024
14/06/2018 126000 233100 1.015,7 -0,019841 0,006435 0,000778 -0,021153 0,006113 0,000447 0,000037 -0,000129
13/06/2018 128000 235100 1.030,5 -0,015625 -0,008507 -0,014371 -0,016937 -0,008829 0,000287 0,000078 0,000150
06/12/2018 124400 239000 1.020,8 0,028939 -0,016318 0,009571 0,027627 -0,016640 0,000763 0,000277 -0,000460
06/11/2018 124300 243000 1.039,0 0,000805 -0,016461 -0,017574 -0,000507 -0,016783 0,000000 0,000282 0,000009
06/08/2018 124200 245000 1.039,0 0,000805 -0,008163 0,000010 -0,000507 -0,008485 0,000000 0,000072 0,000004
06/07/2018 124200 248000 1.036,7 0,000000 -0,012097 0,002238 -0,001312 -0,012419 0,000002 0,000154 0,000016
06/06/2018 124100 247000 1.034,5 0,000806 0,004049 0,002117 -0,000506 0,003727 0,000000 0,000014 -0,000002
06/05/2018 121100 247600 1.022,7 0,024773 -0,002423 0,011499 0,023461 -0,002745 0,000550 0,000008 -0,000064
06/04/2018 120000 241600 1.013,8 0,009167 0,024834 0,008838 0,007855 0,024512 0,000062 0,000601 0,000193
06/01/2018 119000 245000 992,9 0,008403 -0,013878 0,021060 0,007091 -0,014200 0,000050 0,000202 -0,000101
31/05/2018 116000 240000 971,3 0,025862 0,020833 0,022260 0,024550 0,020511 0,000603 0,000421 0,000504
30/05/2018 111000 229000 948,5 0,045045 0,048035 0,023985 0,043733 0,047713 0,001913 0,002277 0,002087
29/05/2018 110000 229000 952,2 0,009091 0,000000 -0,003865 0,007779 -0,000322 0,000061 0,000000 -0,000003
28/05/2018 111000 232000 931,8 -0,009009 -0,012931 0,021926 -0,010321 -0,013253 0,000107 0,000176 0,000137
25/05/2018 107000 234000 963,9 0,037383 -0,008547 -0,033354 0,036071 -0,008869 0,001301 0,000079 -0,000320
24/05/2018 104100 242800 985,9 0,027858 -0,036244 -0,022334 0,026546 -0,036566 0,000705 0,001337 -0,000971
23/05/2018 103000 243000 988,9 0,010680 -0,000823 -0,003054 0,009368 -0,001145 0,000088 0,000001 -0,000011
22/05/2018 106400 247900 985,9 -0,031955 -0,019766 0,003073 -0,033267 -0,020088 0,001107 0,000404 0,000668
21/05/2018 114400 251000 1.015,0 -0,069930 -0,012351 -0,028641 -0,071242 -0,012673 0,005075 0,000161 0,000903
18/05/2018 123000 252400 1.040,5 -0,069919 -0,005547 -0,024564 -0,071231 -0,005869 0,005074 0,000034 0,000418
17/05/2018 123000 241500 1.030,6 0,000000 0,045135 0,009606 -0,001312 0,044813 0,000002 0,002008 -0,000059
16/05/2018 130000 252000 1.054,6 -0,053846 -0,041667 -0,022738 -0,055158 -0,041989 0,003042 0,001763 0,002316
15/05/2018 132000 250000 1.073,5 -0,015152 0,008000 -0,017587 -0,016463 0,007678 0,000271 0,000059 -0,000126
14/05/2018 132000 246000 1.067,0 0,000000 0,016260 0,006111 -0,001312 0,015938 0,000002 0,000254 -0,000021
05/11/2018 124000 236000 1.044,9 0,064516 0,042373 0,021180 0,063204 0,042051 0,003995 0,001768 0,002658
05/10/2018 120500 234000 1.028,9 0,029046 0,008547 0,015532 0,027734 0,008225 0,000769 0,000068 0,000228
05/09/2018 122900 234000 1.057,0 -0,019528 0,000000 -0,026585 -0,020840 -0,000322 0,000434 0,000000 0,000007
05/08/2018 123900 234900 1.060,5 -0,008071 -0,003831 -0,003282 -0,009383 -0,004153 0,000088 0,000017 0,000039

36
Investment 42K15.3_CLC
 05/07/2018 124600 234300 1.062,3 -0,005618 0,002561 -0,001704 -0,006930 0,002239 0,000048 0,000005 -0,000016
05/04/2018 124500 219000 1.026,8 0,000803 0,069863 0,034534 -0,000509 0,069541 0,000000 0,004836 -0,000035
05/03/2018 123000 217300 1.026,5 0,012195 0,007823 0,000331 0,010883 0,007501 0,000118 0,000056 0,000082
05/02/2018 125000 213100 1.029,1 -0,016000 0,019709 -0,002546 -0,017312 0,019387 0,000300 0,000376 -0,000336
27/04/2018 126000 213000 1.050,3 -0,007937 0,000469 -0,020166 -0,009248 0,000147 0,000086 0,000000 -0,000001
26/04/2018 127000 219000 1.044,9 -0,007874 -0,027397 0,005168 -0,009186 -0,027719 0,000084 0,000768 0,000255
24/04/2018 127000 217000 1.080,7 0,000000 0,009217 -0,033199 -0,001312 0,008895 0,000002 0,000079 -0,000012
23/04/2018 123200 217500 1.076,8 0,030844 -0,002299 0,003678 0,029532 -0,002621 0,000872 0,000007 -0,000077
20/04/2018 123000 222000 1.119,9 0,001626 -0,020270 -0,038469 0,000314 -0,020592 0,000000 0,000424 -0,000006
19/04/2018 120900 212200 1.094,6 0,017370 0,046183 0,023049 0,016058 0,045861 0,000258 0,002103 0,000736
18/04/2018 129900 228000 1.138,5 -0,069284 -0,069298 -0,038558 -0,070596 -0,069620 0,004984 0,004847 0,004915
17/04/2018 130000 229000 1.153,3 -0,000769 -0,004367 -0,012790 -0,002081 -0,004689 0,000004 0,000022 0,000010
16/04/2018 128700 229500 1.148,5 0,010101 -0,002179 0,004171 0,008789 -0,002501 0,000077 0,000006 -0,000022
13/04/2018 127600 227800 1.157,1 0,008621 0,007463 -0,007475 0,007309 0,007141 0,000053 0,000051 0,000052
04/12/2018 127000 230000 1.173,0 0,004724 -0,009565 -0,013538 0,003413 -0,009887 0,000012 0,000098 -0,000034
04/11/2018 126000 230000 1.167,1 0,007937 0,000000 0,005064 0,006625 -0,000322 0,000044 0,000000 -0,000002
04/10/2018 131000 230000 1.198,1 -0,038168 0,000000 -0,025882 -0,039480 -0,000322 0,001559 0,000000 0,000013
04/09/2018 134900 225000 1.204,3 -0,028910 0,022222 -0,005156 -0,030222 0,021900 0,000913 0,000480 -0,000662
04/06/2018 132400 227200 1.200,0 0,018882 -0,009683 0,003642 0,017570 -0,010005 0,000309 0,000100 -0,000176
04/05/2018 131000 227200 1.193,2 0,010687 0,000000 0,005691 0,009375 -0,000322 0,000088 0,000000 -0,000003
04/04/2018 127500 226000 1.191,5 0,027451 0,005310 0,001368 0,026139 0,004988 0,000683 0,000025 0,000130
04/03/2018 122300 229000 1.188,3 0,042518 -0,013100 0,002735 0,041207 -0,013422 0,001698 0,000180 -0,000553
04/02/2018 123000 238000 1.196,6 -0,005691 -0,037815 -0,006953 -0,007003 -0,038137 0,000049 0,001454 0,000267
30/03/2018 117200 240600 1.174,5 0,049488 -0,010806 0,018860 0,048176 -0,011128 0,002321 0,000124 -0,000536
29/03/2018 115000 239100 1.167,0 0,019130 0,006274 0,006367 0,017819 0,005951 0,000318 0,000035 0,000106
28/03/2018 114500 239100 1.172,2 0,004367 0,000000 -0,004444 0,003055 -0,000322 0,000009 0,000000 -0,000001
27/03/2018 113000 244000 1.171,7 0,013274 -0,020082 0,000435 0,011962 -0,020404 0,000143 0,000416 -0,000244
26/03/2018 113800 244200 1.171,2 -0,007030 -0,000819 0,000435 -0,008342 -0,001141 0,000070 0,000001 0,000010
23/03/2018 109500 235400 1.153,6 0,039269 0,037383 0,015283 0,037958 0,037061 0,001441 0,001374 0,001407
22/03/2018 108000 231000 1.172,4 0,013889 0,019048 -0,016010 0,012577 0,018726 0,000158 0,000351 0,000236

37
Investment 42K15.3_CLC
 21/03/2018 108000 226000 1.169,4 0,000000 0,022124 0,002566 -0,001312 0,021802 0,000002 0,000475 -0,000029
20/03/2018 104200 226000 1.159,4 0,036468 0,000000 0,008599 0,035156 -0,000322 0,001236 0,000000 -0,000011
19/03/2018 104400 225000 1.159,2 -0,001916 0,004444 0,000147 -0,003228 0,004122 0,000010 0,000017 -0,000013
16/03/2018 99700 228500 1.150,2 0,047141 -0,015317 0,007851 0,045830 -0,015639 0,002100 0,000245 -0,000717
15/03/2018 99500 214000 1.138,8 0,002010 0,067757 0,010037 0,000698 0,067435 0,000000 0,004547 0,000047
14/03/2018 102500 214600 1.138,1 -0,029268 -0,002796 0,000589 -0,030580 -0,003118 0,000935 0,000010 0,000095
13/03/2018 102600 217000 1.133,3 -0,000975 -0,011060 0,004218 -0,002287 -0,011382 0,000005 0,000130 0,000026
03/12/2018 103500 220400 1.126,3 -0,008696 -0,015426 0,006233 -0,010008 -0,015749 0,000100 0,000248 0,000158
03/09/2018 103500 220400 1.123,4 0,000000 0,000000 0,002564 -0,001312 -0,000322 0,000002 0,000000 0,000000
03/08/2018 103200 220100 1.124,2 0,002907 0,001363 -0,000658 0,001595 0,001041 0,000003 0,000001 0,000002
03/07/2018 98600 221000 1.112,3 0,046653 -0,004072 0,010690 0,045341 -0,004394 0,002056 0,000019 -0,000199
03/06/2018 98500 220500 1.120,3 0,001015 0,002268 -0,007168 -0,000297 0,001946 0,000000 0,000004 -0,000001
03/05/2018 94000 226000 1.093,5 0,047872 -0,024336 0,024518 0,046560 -0,024658 0,002168 0,000608 -0,001148
03/02/2018 94500 228000 1.121,2 -0,005291 -0,008772 -0,024732 -0,006603 -0,009094 0,000044 0,000083 0,000060
03/01/2018 94000 232000 1.115,8 0,005319 -0,017241 0,004858 0,004007 -0,017563 0,000016 0,000308 -0,000070
28/02/2018 94900 235200 1.121,5 -0,009484 -0,013605 -0,005127 -0,010796 -0,013927 0,000117 0,000194 0,000150
27/02/2018 93500 241500 1.119,6 0,014973 -0,026087 0,001724 0,013661 -0,026409 0,000187 0,000697 -0,000361
26/02/2018 95000 242700 1.114,5 -0,015789 -0,004944 0,004558 -0,017101 -0,005266 0,000292 0,000028 0,000090
23/02/2018 91600 240000 1.102,9 0,037118 0,011250 0,010591 0,035806 0,010928 0,001282 0,000119 0,000391
22/02/2018 90500 237800 1.076,0 0,012155 0,009251 0,024925 0,010843 0,008929 0,000118 0,000080 0,000097
21/02/2018 90000 241000 1.087,2 0,005556 -0,013278 -0,010229 0,004244 -0,013600 0,000018 0,000185 -0,000058
13/02/2018 86100 233900 1.059,7 0,045296 0,030355 0,025875 0,043984 0,030033 0,001935 0,000902 0,001321
02/12/2018 83600 233000 1.041,8 0,029904 0,003863 0,017220 0,028592 0,003541 0,000818 0,000013 0,000101
02/09/2018 78200 225000 1.003,9 0,069054 0,035556 0,037701 0,067742 0,035234 0,004589 0,001241 0,002387
02/08/2018 79000 225000 1.023,3 -0,010127 0,000000 -0,018871 -0,011438 -0,000322 0,000131 0,000000 0,000004
02/07/2018 81000 232800 1.040,6 -0,024691 -0,033505 -0,016626 -0,026003 -0,033827 0,000676 0,001144 0,000880
02/06/2018 81100 232700 1.011,6 -0,001233 0,000430 0,028618 -0,002545 0,000108 0,000006 0,000000 0,000000
02/05/2018 81100 238900 1.048,7 0,000000 -0,025952 -0,035386 -0,001312 -0,026274 0,000002 0,000690 0,000034
02/02/2018 87200 247000 1.105,0 -0,069954 -0,032794 -0,050976 -0,071266 -0,033116 0,005079 0,001097 0,002360
02/01/2018 86600 245000 1.099,7 0,006928 0,008163 0,004883 0,005617 0,007841 0,000032 0,000061 0,000044

38
Investment 42K15.3_CLC
 31/01/2018 86000 247000 1.110,4 0,006977 -0,008097 -0,009628 0,005665 -0,008419 0,000032 0,000071 -0,000048
30/01/2018 85000 246000 1.110,6 0,011765 0,004065 -0,000180 0,010453 0,003743 0,000109 0,000014 0,000039
29/01/2018 85500 245000 1.109,8 -0,005848 0,004082 0,000685 -0,007160 0,003760 0,000051 0,000014 -0,000027
26/01/2018 85500 252100 1.115,6 0,000000 -0,028163 -0,005235 -0,001312 -0,028485 0,000002 0,000811 0,000037
25/01/2018 85100 258000 1.104,6 0,004700 -0,022868 0,010022 0,003388 -0,023190 0,000011 0,000538 -0,000079
22/01/2018 85000 261000 1.087,4 0,001176 -0,011494 0,015771 -0,000135 -0,011816 0,000000 0,000140 0,000002
19/01/2018 84000 255500 1.062,1 0,011905 0,021526 0,023868 0,010593 0,021204 0,000112 0,000450 0,000225
18/01/2018 84400 257800 1.050,3 -0,004739 -0,008922 0,011254 -0,006051 -0,009244 0,000037 0,000085 0,000056
17/01/2018 84000 258000 1.034,7 0,004762 -0,000775 0,015038 0,003450 -0,001097 0,000012 0,000001 -0,000004
16/01/2018 86000 259000 1.063,0 -0,023256 -0,003861 -0,026596 -0,024568 -0,004183 0,000604 0,000017 0,000103
15/01/2018 87200 260500 1.063,5 -0,013761 -0,005758 -0,000480 -0,015073 -0,006080 0,000227 0,000037 0,000092
01/12/2018 85400 260700 1.050,1 0,021077 -0,000767 0,012722 0,019765 -0,001089 0,000391 0,000001 -0,000022
01/11/2018 81000 261000 1.048,2 0,054321 -0,001149 0,001851 0,053009 -0,001471 0,002810 0,000002 -0,000078
01/10/2018 80800 259500 1.038,1 0,002475 0,005780 0,009691 0,001163 0,005458 0,000001 0,000030 0,000006
01/09/2018 80600 261000 1.033,6 0,002481 -0,005747 0,004402 0,001170 -0,006069 0,000001 0,000037 -0,000007
01/08/2018 80300 261000 1.022,9 0,003736 0,000000 0,010421 0,002424 -0,000322 0,000006 0,000000 -0,000001
01/05/2018 80000 264300 1.012,7 0,003750 -0,012486 0,010122 0,002438 -0,012808 0,000006 0,000164 -0,000031
01/04/2018 81000 267500 1.019,8 -0,012346 -0,011963 -0,006962 -0,013658 -0,012285 0,000187 0,000151 0,000168
01/03/2018 80500 265000 1.005,7 0,006211 0,009434 0,014001 0,004899 0,009112 0,000024 0,000083 0,000045
01/02/2018 78200 252300 995,8 0,029412 0,050337 0,009942 0,028100 0,050015 0,000790 0,002501 0,001405

39
Investment 42K15.3_CLC