3. Download the kiwisaver fund information discolsure data of December 2020 from the following website: https://fma.govt.nz/news-and-resources/reports-and-papers/compare-kiwisaver-data/. Evaluate the performance of the NZ kiwisaver funds of 2020 by analysing the data. Address the following questions.

(data excel sheet is found in table at bottom of the screen link in the table, click under 'december 2020'

(a) How many funds disclosed their information of December 2020? (5 marks)

(b) Generate one column to calculate fund's excess return using the difference between the fund's last year return (%) net charges and tax and the market index return. Delete those funds with missing information of either last year return (%) net charges and tax or the market index return (5 marks).

(c) Using the information from (b), how any funds successfully beat the market and how many funds failed to beat the market after tax and fee are considered in 2020? (10 marks)

(d) Overall, did the kiwisaver fund beat the market in 2020? Explain your argument. (20 marks)

(e) Different funds charged different annual fees in 2020. Were the higher fees justified by a better performance in 2020? (Hint: to run the regression of excess returns on total annual fund fees.)(20 marks)

Submit your spreadsheet with your evaluation report on line