Based on this 6 portfolios, which one is the highest risk-adjusted expected return? you can use the ratio between return and standard deviation as a proxy for risk-adjusted return.

BHP CBA Weight ER Std Corr Portfolio 1 0.5 0.00614 0.04543 0.12250 0.5 Weight 0.02641 ER 0.06288 Std Corr Portfolio 2 CPU 0.5 0.5 Weight 0.00614 0.01424 ER 0.04543 0.05714 Std 0.33998 Corr Portfolio 3 CBA 0.5 0.00614 0.04543 0.00036 CLS 0.5 0.02388 0.05908 Portofolio return Portofolio Variance Portfolio Std 0.0163 Portofolio return 0.0017 Portofolio Variance 0.0410 Portfolio Std 0.0102 Portofolio return 0.0018 Portofolio Variance 0.0421 Portfolio Std 0.0150 0.0014 0.0373 CPU Weight ER Std Corr Portfolio 4 BHP 0.5 0.02641 0.06288 0.10589 0.5 Weight 0.01424 ER 0.05714 Std Corr Portfolio 5 BHP CLS 0.5 0.5 Weight 0.02641 0.02388 ER 0.06288 0.05908 Std (0.06583) Corr Portfolio 6 CPU CLS 0.5 0.5 0.01424 0.02388 0.05714 0.05908 0.17298 Portofolio return Portofolio Variance Portfolio Std 0.0203 Portofolio return 0.0020 Portofolio Variance 0.0447 Portfolio Std 0.0251 Portofolio return 0.0017 Portofolio Variance 0.0417 Portfolio Std 0.0191 0.0020 0.0445 C! C C Guns C WSD -OT BO ADE ROAD POPU SD BP 2. OUR MOMO 111 LED LOTION PARA 672935 SOY RAS DIAS (0.002 0.014 (LZNI 0.01231 LG 32.3670216 52123 ( 0.00122 . DOLTS) 791 00 GUSTI DON MESTOD TO DI DOLUTS COATS MO 0.0143 (0.125.00 GOSTI MC DONT OTTIM (0.00254 LAGI OS 0.01624 TTT 02 0214 BOT 0.00350 TO LAGLE 10.000 BOGOT OPIA QIP 0.00 . 2010 OSAS SO LOI 10. SCONO D DOMOOT.000 0 0.1126 . . 0.07167 OLD OM DONDA QUASI GLO 0. GO . 10. DO DOPLAT DO GOLD . RO ID OD D14 ma DIE 10.DLL LLIMI D4 DOSSI DID DGS 6.90 0.0 10 BOTH 0.00 BU D.LT QUES mm) DANT (0.0 VELD to ISOD DO 10. SEO 2.140 ES STAR ZG 112. IS 100 1165922021 17 TIL 101.650 11 11/12 16L7149.00 11 1/1 GOL IL PRI EDHE 2007 121121 100 TL 1712113 127 WAT 2007 GULE 70.1800 12.1984 11 12 13 ERE 7110121. 1/7 A 2223 22.10 11 12 EL 11 12977 ET LILA 69 2724 2.4719210 13:31 172 1 BA B. 107 S16151 WCA 2016 ST G221175019 20 (0.005 OGLIM 110 naan EERAI MOD val DOLAN OVOLO DO1111 GMP) DOPIGT 110 . TI) 1.0 0216 0. . D VID EWODOWEGO TUD DO O BUT VO (DAI) 000 OLST 02 G. 0319 ODG01 (OBER 2012 10.04 0.00300 DO BI DOSTL2 LOS 100 COD DOM . TEOD GRACER (00314 0. 9 DIA 11 10.00 NE 007 DO LP CUID LI) 0.1002 (0) 0.16 WALLER 10 a OD WAD SIDE DONT DINIS OTO 1. OD SIMU WE DAN 11 11 DATI ODO 1) 190 2014 TI SO . 120 00 (0) WD 10 17200 BAN BON 1000 BA MOMO 17. 11482 2017 OTRO 01 000 OG.COM BS 0. VEEB PRO BASO CON GAN UD WI OD ol FROM 1.D 10110 WID 000 G O G. 162 G.COM LOT DELMI Wel DO TO OD DE 2 DOTTO LIN BGM Q11 2014 2010 TEK VIR MO BOLAN BLIR 057140 STO DESASTO STO an WE DIM ST CH OV SD GS as su ase Part OU as 0.00 0.00 0.0 TS 05 SB SO DO DOSAS . a. GY DIS 1225 2. OSAS 5714 Gry CAT MED Partner Portretum 2016 Parrum Tawe 2011 Prosted 0.6 Prem a . Porto Gwara 0.0 Pano Pure 0.047 Part OLI mo Portfolio PUTO WW 2. Download monthly historical prices of the companies and the Australian market between Jan 2016 to Dec 2019 from the unit site, and ignore dividend payments in this period to answer the following questions: a. Assign each member of your group one or two combinations of assets and calculate the portfolio expected return and risk for the combinations assigned, assuming equal weighting for all assets in the portfolio. Which combination gives the highest risk-adjusted expected return? You can use the ratio between return and standard deviation as a proxy for risk-adjusted return. (5 marks) Note that you should keep each group member's working and include them in your submission in the Appendix. b. Once all calculations of all possible combinations are performed, as a group determine which combination you would recommend to minimise the portfolio risk, calculate the return for that combination and explain the steps (including calculation steps) taken to make the recommendation. (10 marks) Page 6 of 10 c. Compare your recommendation in 2b with that in 1 and give reasons as to why they are different. (5 marks) d. As equal weighting scheme may not give the optimal portfolio, calculate the optimal weight of the two assets recommended in 2b that would further minimise the risk of the portfolio. What is the expected return and risk of the portfolio based on this optimal weight? (5 marks) one stock prices Jan 2016 Dec 2019 Set 2 stock code CBA AX BHPAS CPU.AX CLS.AX Date Adj Close Adj Close Ady Close Adj Close 1/1/16 61,523148 12.101712 9.19713 97,975388 1/2/16 54,852348 12.275157 8,047487 96,769547 1/3/16 60.194607 13.292175 8,80157995,563698 1/4/16 59,367058 16.801225 9.09856499,887451 1/5/16, 62,211273 15.224533 9.665536 109,93508 1/6/16 59.752708 14881423 8.252604 106,53521 1/7/16 62.146996 15.575624 7.991617112,06236 1/8/16 57.695866 16301743 8,891575 102.66051 1/9/16 59.920208 17.85771 9,445601 101.61587 1/10/16 60,739555 18.576691 9,65611596,305832 1/11/16 65,09288 19.655699 10,617147 93,90081 1/12/16 68,204758 20.1791 11,40428296,210014 1/1/17 67,584038 21.451365 11.79785107,60268 1/21768,130264 20,130787 12,365316112.9301 1/3/1772.786896 19,357763 13,028636 120,08763 1/4/17 74,049278 19.51133 13,658753 127,86468 1/5/17 67.483131 19,659391 13,352962 124,71989 1/6/1770.160423 19.149401 13,102767 133.15096 1/7/1770,93988821.263405 13.037901 121.54618 1/8/17 64,2212322.521933 13.019369 123,97711 1/9/17 65.612587 21.203822 13,397693 129.22484 1/10/17 67,687775 22.255943 14,640778 134,95131 1/11/17 69.25724 22.893263 15,477123139.23502 1/12/1770.050697 24,796843 15,317371 137.25343 1/1/18 68,768959 25.32515 15,693258 142.22679 1/2/18 66,606583 25,576721 16,764534 158,4971 1/3/1864,746254237656168 16,440998 151,00794 1/4/18 64.307518 26.592089 16,146563 166,4895 1/5/1862,051121 28,173006 16,469492 181,62758 1/6/18 65,247696 29,135303 17,504774 188,24376 17/18 66.966858 29.95154 17.276825 192,14311 1/8/1863,78818928.533867 18.255114 222,1456 1/9/18 65.948601 29,753927 19.158117196,54089 1/10/1863,935322 28.430445 18,985262 184,84209 1/11/18 65,782372 27.088502 17,429565 174,42012 1/12/18 66,853653 30.213415 16,507671 182,04977 1/1/19 64.563316 30,743013 17.06465 191.44919 1/2/19 68,29433434273022 16,565289 190,50532 1/3/19 67.066658 35.432949 16,394786 191,6635 1/4/1970,750381 35.159252 17,323481 196,42447 1/5/1974,53855935.497684 16,206148 203,2697 1/6/1978,592552 38,693977 15,7495 212.67694 1/7/1978.136833 38.317944 15,390013227,13898 1/8/1975,051239 34.115753 14.94308238.26741 1/9/1979,038956 34,519997 15,938227 231,16499 1/10/1976,917038 34.888336 15,632292 254,81082 1/11/1979.02917537,101006 17,497507 282,13013 1/12/1978.129562 37,770626 16,559967 274,44687 06.534 .. Done 8 of 8 Comb 1 Co2 ROA CBA ROA RHP RoA CBA ROA CPU -10.54% -12.50 1.439 8,299 4.79% 4,019 -14,629 -3.16% 4. 9.5% 3.86% 1,37% 7.17% 5.8194 2.66 6.10 6,164 9,95% 7419 3,459 -0.919 OSIS -10,84% 9,74% -1.37% 4,79% -3.95% 4,01% -7,16% 3,86% 1.37% 7,17% 4,78% -0,91% 0,81% 6,83% 1.73% -8.87% 3.97% 1.11% -9,47% 2,17% 3,16% 2,32% 1,15% -1,83% -3.14% 2,79% -0,68% SE BALO 1,73% 39 2.249 -1.87% -0.50 110 LIIS 50 4.95% 2.8694 812 2.17% 3.16% 4,40 7,67% 1.15% -1. -1.03% 2.45% 0.99 -7,519 12,419 5.9596 3.42 2.809 4.73% -1.95% -1.79% 2.00 6.29% -3.31% 5.199 4,75% 5.15% 2.63% -4.75% 3,39% -3,05% 2,89% 1.63% 5,66% 4.95% -0,90% -8.19% 4,45% 2.89% 1.63% 1,7594 3.37% 5.78 0,18 4.39% 6,4596 5.39% 5,78% -1,80% 5,49% 5,35% 5,44% -0.58% -3.95% 5,31% -2,68% -2.90 6.66 $315 0.95% 9,00% -0,97% -109 1,1894 1.07% 6,349 1.NO 0.026 ER 0.063 STD CORR 2.75% 11.93% -3.364 2014 0,057 ER STD CORR VARR 0,006 0,045 0,122 0,002 0.045 034 0.002 0.004 0.003 06.537 Done 8 of 8 Comb 3 Comb 4 ROACRA ROA CLS ROA BHP RAACPU -10,84% 1.43% 8299 45290 100 4,7996 -12.50% 9.37% 3.37% 6.2196 -14,62% -3.16% 11,26% 6.239 5.1994 4.66% 4,66 9.54% 4,03% -3626 2.50 4,01% -7,16% 3,86% 1.37% 7,17% 4,789 -0,91% 0,81% 6,83% 1.73% -8.87% 3,97% 1,11% 9.95% 7,41% 3,4590 48194 2.66 6,30% 11 8499 63 6.459 484 6,76% -1.87% -3,84% 0.79% 0,76% -2.599 11.04% 5.92% -5,84% 4.95% 2.86% -0.14% 2,17% 3,16% 4.23% 4.439 1.15% -1,83% 7,67 5,71% -1.03% 2.49% 6,81% -1.99 2.13% 0,99% -7.51% 12.419 10.2390 5.95% -2,79% -0,68% -3.51% 5.15% 2,63% -4,75% 3.39% -3,05% 2,89% 2.80% 15.619 -11.539 -5.95% 2.00 6.29 -1.30% 5,66% 4.95% -0,90% 3,19% -5.29% 4,28% 4,45% 4.72% 11.53% 1,75% 11.48% 4,379 5.16% 27910 0,18% 5.78% -1,80% 5,49% 5.39% 5.44% -0,77% 0.96% 9,00 -6,4590 -2.8296 -10,97% 2.90% 6,66% 5,31% -2.68% 2,75% 1,07% 3.458 4,63% 6.NO 4,90% 29 10.23% 10,72 -2.729 0.004 ER 0.059 STD CORR 0.004 11.93% -5.36% 1.80 0.014 ER ISTD CORR 0,0571 0.006 0.045 0 0.002 0.063 0.106 0.004 0.003 8 of 8 Combs Comb 6 ROA BHP ROACLS ROA CPU ROA CLS 1,43% 8,29% -2,25% 4,66% 4,66% 9,54% 4,03% 5,81% 2,66% 6,30% -6,16% - 12.50% 9.37% 3,37% 6.2196 - 14.696 -3,16% 11.26% 6.21% 2.23% 9.95% 7.41% 3,45% 4,81% 5.36% -1.23% -1.25% 4.52% 10.06% -3.09% 5.19% -8.39% -1.02% -5.23% -2.50% 2.46% 10,06% -3,09% 5,19% -8.39% -1.02% -5,23% -2.50% 2.46% 11,84% 4.95% 6,34% 6,48% -2,46 6,76% -8,72% 2.00% 4,23% 4,43% 3,17% 4.95% 614 6,48% 0,79% 0,76% -2,59% 11.04% 5,92% -5,84% -2.24% -1.87% -0,50% -0,14% -8.72% 2.00% 4,43% 3,17% 7.67% 5,71% -1.03% 2.45% 6,83% -1.93% 3,62% 2,86% 8,32% 2.13% 0,99% -7,51% 12.41% 5.95% 3,42% 2,80% 3,62% 2.00% -4,73% 10,25% 9,09% 3,64% 2,07% 15,61% -11.53% -5.95% -5,64% -1.30% 5,66% -4.73% 10.25% 9.09% 3,64% 2,07% 15,61% -11519 -5.95% -5,64% 4,37% 5.16% -0.49% 5.16 4,28% -4,45% 4,72% 11.53% 1,75% 11,48% 3,38% -0,77% 0,96 9,00% -0,97% -10,97% 1.18% 1,07% 6,34% 1,80% 0.026 0,063 -0,066 0.004 0,61% 2,48% 3,48% 4,63% 6,80% -0.90% -8.19% -5.29% 3.37% -2.93% 0.18% 4.39% -6,45% -2.82% -2.28% -2.90% 0,61% 2.48% 3,48% -2.9892 10,29 10,729 6.80% 4,90% -2.98% 10.23% 10.72% 11.93% 0,014 ER STD CORR 0,024 0,089 0,024 ER 0,059 STD CORR 0.004 0.057 0,173 0,003 0.004 BHP CBA Weight ER Std Corr Portfolio 1 0.5 0.00614 0.04543 0.12250 0.5 Weight 0.02641 ER 0.06288 Std Corr Portfolio 2 CPU 0.5 0.5 Weight 0.00614 0.01424 ER 0.04543 0.05714 Std 0.33998 Corr Portfolio 3 CBA 0.5 0.00614 0.04543 0.00036 CLS 0.5 0.02388 0.05908 Portofolio return Portofolio Variance Portfolio Std 0.0163 Portofolio return 0.0017 Portofolio Variance 0.0410 Portfolio Std 0.0102 Portofolio return 0.0018 Portofolio Variance 0.0421 Portfolio Std 0.0150 0.0014 0.0373 CPU Weight ER Std Corr Portfolio 4 BHP 0.5 0.02641 0.06288 0.10589 0.5 Weight 0.01424 ER 0.05714 Std Corr Portfolio 5 BHP CLS 0.5 0.5 Weight 0.02641 0.02388 ER 0.06288 0.05908 Std (0.06583) Corr Portfolio 6 CPU CLS 0.5 0.5 0.01424 0.02388 0.05714 0.05908 0.17298 Portofolio return Portofolio Variance Portfolio Std 0.0203 Portofolio return 0.0020 Portofolio Variance 0.0447 Portfolio Std 0.0251 Portofolio return 0.0017 Portofolio Variance 0.0417 Portfolio Std 0.0191 0.0020 0.0445 C! C C Guns C WSD -OT BO ADE ROAD POPU SD BP 2. OUR MOMO 111 LED LOTION PARA 672935 SOY RAS DIAS (0.002 0.014 (LZNI 0.01231 LG 32.3670216 52123 ( 0.00122 . DOLTS) 791 00 GUSTI DON MESTOD TO DI DOLUTS COATS MO 0.0143 (0.125.00 GOSTI MC DONT OTTIM (0.00254 LAGI OS 0.01624 TTT 02 0214 BOT 0.00350 TO LAGLE 10.000 BOGOT OPIA QIP 0.00 . 2010 OSAS SO LOI 10. SCONO D DOMOOT.000 0 0.1126 . . 0.07167 OLD OM DONDA QUASI GLO 0. GO . 10. DO DOPLAT DO GOLD . RO ID OD D14 ma DIE 10.DLL LLIMI D4 DOSSI DID DGS 6.90 0.0 10 BOTH 0.00 BU D.LT QUES mm) DANT (0.0 VELD to ISOD DO 10. SEO 2.140 ES STAR ZG 112. IS 100 1165922021 17 TIL 101.650 11 11/12 16L7149.00 11 1/1 GOL IL PRI EDHE 2007 121121 100 TL 1712113 127 WAT 2007 GULE 70.1800 12.1984 11 12 13 ERE 7110121. 1/7 A 2223 22.10 11 12 EL 11 12977 ET LILA 69 2724 2.4719210 13:31 172 1 BA B. 107 S16151 WCA 2016 ST G221175019 20 (0.005 OGLIM 110 naan EERAI MOD val DOLAN OVOLO DO1111 GMP) DOPIGT 110 . TI) 1.0 0216 0. . D VID EWODOWEGO TUD DO O BUT VO (DAI) 000 OLST 02 G. 0319 ODG01 (OBER 2012 10.04 0.00300 DO BI DOSTL2 LOS 100 COD DOM . TEOD GRACER (00314 0. 9 DIA 11 10.00 NE 007 DO LP CUID LI) 0.1002 (0) 0.16 WALLER 10 a OD WAD SIDE DONT DINIS OTO 1. OD SIMU WE DAN 11 11 DATI ODO 1) 190 2014 TI SO . 120 00 (0) WD 10 17200 BAN BON 1000 BA MOMO 17. 11482 2017 OTRO 01 000 OG.COM BS 0. VEEB PRO BASO CON GAN UD WI OD ol FROM 1.D 10110 WID 000 G O G. 162 G.COM LOT DELMI Wel DO TO OD DE 2 DOTTO LIN BGM Q11 2014 2010 TEK VIR MO BOLAN BLIR 057140 STO DESASTO STO an WE DIM ST CH OV SD GS as su ase Part OU as 0.00 0.00 0.0 TS 05 SB SO DO DOSAS . a. GY DIS 1225 2. OSAS 5714 Gry CAT MED Partner Portretum 2016 Parrum Tawe 2011 Prosted 0.6 Prem a . Porto Gwara 0.0 Pano Pure 0.047 Part OLI mo Portfolio PUTO WW 2. Download monthly historical prices of the companies and the Australian market between Jan 2016 to Dec 2019 from the unit site, and ignore dividend payments in this period to answer the following questions: a. Assign each member of your group one or two combinations of assets and calculate the portfolio expected return and risk for the combinations assigned, assuming equal weighting for all assets in the portfolio. Which combination gives the highest risk-adjusted expected return? You can use the ratio between return and standard deviation as a proxy for risk-adjusted return. (5 marks) Note that you should keep each group member's working and include them in your submission in the Appendix. b. Once all calculations of all possible combinations are performed, as a group determine which combination you would recommend to minimise the portfolio risk, calculate the return for that combination and explain the steps (including calculation steps) taken to make the recommendation. (10 marks) Page 6 of 10 c. Compare your recommendation in 2b with that in 1 and give reasons as to why they are different. (5 marks) d. As equal weighting scheme may not give the optimal portfolio, calculate the optimal weight of the two assets recommended in 2b that would further minimise the risk of the portfolio. What is the expected return and risk of the portfolio based on this optimal weight? (5 marks) one stock prices Jan 2016 Dec 2019 Set 2 stock code CBA AX BHPAS CPU.AX CLS.AX Date Adj Close Adj Close Ady Close Adj Close 1/1/16 61,523148 12.101712 9.19713 97,975388 1/2/16 54,852348 12.275157 8,047487 96,769547 1/3/16 60.194607 13.292175 8,80157995,563698 1/4/16 59,367058 16.801225 9.09856499,887451 1/5/16, 62,211273 15.224533 9.665536 109,93508 1/6/16 59.752708 14881423 8.252604 106,53521 1/7/16 62.146996 15.575624 7.991617112,06236 1/8/16 57.695866 16301743 8,891575 102.66051 1/9/16 59.920208 17.85771 9,445601 101.61587 1/10/16 60,739555 18.576691 9,65611596,305832 1/11/16 65,09288 19.655699 10,617147 93,90081 1/12/16 68,204758 20.1791 11,40428296,210014 1/1/17 67,584038 21.451365 11.79785107,60268 1/21768,130264 20,130787 12,365316112.9301 1/3/1772.786896 19,357763 13,028636 120,08763 1/4/17 74,049278 19.51133 13,658753 127,86468 1/5/17 67.483131 19,659391 13,352962 124,71989 1/6/1770.160423 19.149401 13,102767 133.15096 1/7/1770,93988821.263405 13.037901 121.54618 1/8/17 64,2212322.521933 13.019369 123,97711 1/9/17 65.612587 21.203822 13,397693 129.22484 1/10/17 67,687775 22.255943 14,640778 134,95131 1/11/17 69.25724 22.893263 15,477123139.23502 1/12/1770.050697 24,796843 15,317371 137.25343 1/1/18 68,768959 25.32515 15,693258 142.22679 1/2/18 66,606583 25,576721 16,764534 158,4971 1/3/1864,746254237656168 16,440998 151,00794 1/4/18 64.307518 26.592089 16,146563 166,4895 1/5/1862,051121 28,173006 16,469492 181,62758 1/6/18 65,247696 29,135303 17,504774 188,24376 17/18 66.966858 29.95154 17.276825 192,14311 1/8/1863,78818928.533867 18.255114 222,1456 1/9/18 65.948601 29,753927 19.158117196,54089 1/10/1863,935322 28.430445 18,985262 184,84209 1/11/18 65,782372 27.088502 17,429565 174,42012 1/12/18 66,853653 30.213415 16,507671 182,04977 1/1/19 64.563316 30,743013 17.06465 191.44919 1/2/19 68,29433434273022 16,565289 190,50532 1/3/19 67.066658 35.432949 16,394786 191,6635 1/4/1970,750381 35.159252 17,323481 196,42447 1/5/1974,53855935.497684 16,206148 203,2697 1/6/1978,592552 38,693977 15,7495 212.67694 1/7/1978.136833 38.317944 15,390013227,13898 1/8/1975,051239 34.115753 14.94308238.26741 1/9/1979,038956 34,519997 15,938227 231,16499 1/10/1976,917038 34.888336 15,632292 254,81082 1/11/1979.02917537,101006 17,497507 282,13013 1/12/1978.129562 37,770626 16,559967 274,44687 06.534 .. Done 8 of 8 Comb 1 Co2 ROA CBA ROA RHP RoA CBA ROA CPU -10.54% -12.50 1.439 8,299 4.79% 4,019 -14,629 -3.16% 4. 9.5% 3.86% 1,37% 7.17% 5.8194 2.66 6.10 6,164 9,95% 7419 3,459 -0.919 OSIS -10,84% 9,74% -1.37% 4,79% -3.95% 4,01% -7,16% 3,86% 1.37% 7,17% 4,78% -0,91% 0,81% 6,83% 1.73% -8.87% 3.97% 1.11% -9,47% 2,17% 3,16% 2,32% 1,15% -1,83% -3.14% 2,79% -0,68% SE BALO 1,73% 39 2.249 -1.87% -0.50 110 LIIS 50 4.95% 2.8694 812 2.17% 3.16% 4,40 7,67% 1.15% -1. -1.03% 2.45% 0.99 -7,519 12,419 5.9596 3.42 2.809 4.73% -1.95% -1.79% 2.00 6.29% -3.31% 5.199 4,75% 5.15% 2.63% -4.75% 3,39% -3,05% 2,89% 1.63% 5,66% 4.95% -0,90% -8.19% 4,45% 2.89% 1.63% 1,7594 3.37% 5.78 0,18 4.39% 6,4596 5.39% 5,78% -1,80% 5,49% 5,35% 5,44% -0.58% -3.95% 5,31% -2,68% -2.90 6.66 $315 0.95% 9,00% -0,97% -109 1,1894 1.07% 6,349 1.NO 0.026 ER 0.063 STD CORR 2.75% 11.93% -3.364 2014 0,057 ER STD CORR VARR 0,006 0,045 0,122 0,002 0.045 034 0.002 0.004 0.003 06.537 Done 8 of 8 Comb 3 Comb 4 ROACRA ROA CLS ROA BHP RAACPU -10,84% 1.43% 8299 45290 100 4,7996 -12.50% 9.37% 3.37% 6.2196 -14,62% -3.16% 11,26% 6.239 5.1994 4.66% 4,66 9.54% 4,03% -3626 2.50 4,01% -7,16% 3,86% 1.37% 7,17% 4,789 -0,91% 0,81% 6,83% 1.73% -8.87% 3,97% 1,11% 9.95% 7,41% 3,4590 48194 2.66 6,30% 11 8499 63 6.459 484 6,76% -1.87% -3,84% 0.79% 0,76% -2.599 11.04% 5.92% -5,84% 4.95% 2.86% -0.14% 2,17% 3,16% 4.23% 4.439 1.15% -1,83% 7,67 5,71% -1.03% 2.49% 6,81% -1.99 2.13% 0,99% -7.51% 12.419 10.2390 5.95% -2,79% -0,68% -3.51% 5.15% 2,63% -4,75% 3.39% -3,05% 2,89% 2.80% 15.619 -11.539 -5.95% 2.00 6.29 -1.30% 5,66% 4.95% -0,90% 3,19% -5.29% 4,28% 4,45% 4.72% 11.53% 1,75% 11.48% 4,379 5.16% 27910 0,18% 5.78% -1,80% 5,49% 5.39% 5.44% -0,77% 0.96% 9,00 -6,4590 -2.8296 -10,97% 2.90% 6,66% 5,31% -2.68% 2,75% 1,07% 3.458 4,63% 6.NO 4,90% 29 10.23% 10,72 -2.729 0.004 ER 0.059 STD CORR 0.004 11.93% -5.36% 1.80 0.014 ER ISTD CORR 0,0571 0.006 0.045 0 0.002 0.063 0.106 0.004 0.003 8 of 8 Combs Comb 6 ROA BHP ROACLS ROA CPU ROA CLS 1,43% 8,29% -2,25% 4,66% 4,66% 9,54% 4,03% 5,81% 2,66% 6,30% -6,16% - 12.50% 9.37% 3,37% 6.2196 - 14.696 -3,16% 11.26% 6.21% 2.23% 9.95% 7.41% 3,45% 4,81% 5.36% -1.23% -1.25% 4.52% 10.06% -3.09% 5.19% -8.39% -1.02% -5.23% -2.50% 2.46% 10,06% -3,09% 5,19% -8.39% -1.02% -5,23% -2.50% 2.46% 11,84% 4.95% 6,34% 6,48% -2,46 6,76% -8,72% 2.00% 4,23% 4,43% 3,17% 4.95% 614 6,48% 0,79% 0,76% -2,59% 11.04% 5,92% -5,84% -2.24% -1.87% -0,50% -0,14% -8.72% 2.00% 4,43% 3,17% 7.67% 5,71% -1.03% 2.45% 6,83% -1.93% 3,62% 2,86% 8,32% 2.13% 0,99% -7,51% 12.41% 5.95% 3,42% 2,80% 3,62% 2.00% -4,73% 10,25% 9,09% 3,64% 2,07% 15,61% -11.53% -5.95% -5,64% -1.30% 5,66% -4.73% 10.25% 9.09% 3,64% 2,07% 15,61% -11519 -5.95% -5,64% 4,37% 5.16% -0.49% 5.16 4,28% -4,45% 4,72% 11.53% 1,75% 11,48% 3,38% -0,77% 0,96 9,00% -0,97% -10,97% 1.18% 1,07% 6,34% 1,80% 0.026 0,063 -0,066 0.004 0,61% 2,48% 3,48% 4,63% 6,80% -0.90% -8.19% -5.29% 3.37% -2.93% 0.18% 4.39% -6,45% -2.82% -2.28% -2.90% 0,61% 2.48% 3,48% -2.9892 10,29 10,729 6.80% 4,90% -2.98% 10.23% 10.72% 11.93% 0,014 ER STD CORR 0,024 0,089 0,024 ER 0,059 STD CORR 0.004 0.057 0,173 0,003 0.004