Question 3 required

Thank you

The spreadsheet Group Report Data.xlsx contains monthly returns on eleven Australian industry portfolios from January 2016 to February 2021. The industry abbreviations are in the table below. Investor utility is represented by: U - E(R) - "AO. There are two investors with different risk aversion coefficients (A). Angela has a risk aversion coefficient of 5 and Boris has a risk aversion coefficient of 2. Investors are able to short-sell each industry throughout the report. Investors are unable to borrow or lend at the risk-free rate except for part 5 of the report. The expected returns per month to be used throughout the report are in the following table. Do not use historical average returns as expected returns. You need to use the historical returns to estimate the covariance matrix. Industry Abbreviation Expected Return (per month) Consumer Discretionary COND 0.96% Consumer Staples CONS 0.83% Energy ENGY 1.09% Health Care HC 0.86% Industrials INDU 0.92% Information Technology IT 1.00% Materials MATL 0.87% Telecom TELE 0.90% Utilities UTIL 0.80% Financials FIN 0.90% Real Estate RE 0.96% Requirements Your report needs to address the following points: 1. Calculate the expected utility for both investors if they invested solely in each industry. Which industry does each investor prefer? What are the reasons for their preference? (15 marks) 2. Consider the MATL and HC industries. What is the optimal portfolio for both Boris and Angela that contains these two industries? Discuss what happens to each investor's utility and portfolio risk for this portfolio compared to holding these two industries individually. Will you always reach this conclusion or is specific to these two portfolios? (15 marks) 3. Calculate the optimal portfolio for both investors that consists of the following five industries: MATL, CONS, TELE, RE and HC. How does this portfolio compare to the one industry and two industry portfolios in terms of diversification benefits to each investor? (15 marks) 4. Calculate the optimal portfolio for both investors that consists of all eleven industries. Compare this to the other portfolios you have already estimated in terms of diversification benefits. What do you observe? Contrast the differences in what you observe between the two investors. (15 marks) 5. Now consider the case where both Boris and Angela can invest in a risk-free asset. The risk- free rate is 0.5% per month. Estimate the optimal combined portfolio for each investor using the five industries in part 3 and then estimate the optimal combined portfolio for each investor using all eleven industries. How does the existence of the risk-free rate affect your conclusion regarding diversification benefits? Are diversification benefits increased or reduced if the investors can borrow or lend at the risk-free rate? (20 marks) 6. Your report should conclude with a summary of your findings regarding differences in the benefits of diversification across investors, industries and portfolio size. (10 marks) 10 marks will be awarded for the clarity of your discussion, the structure of your report and how you present your findings. All tables and charts need to be displayed in your written report. Your report will need to present the weights for each portfolio as well as the returns, standard deviation and utility for each portfolio. Please use 12pt font with 2cm margins and include all references in a bibliography. Written reports should be submitted via Turnitin on Moodle. Please set the initial weights to be equal weights when conducting your optimisation (i.e. weights- 9.09%). Excel spreadsheets need to be submitted via the link on Moodle. We will not be grading the spreadsheet but they can assist us in understanding your approach if you make any mistakes in your calculations. Please review the excel recording from week 3 as that will be extremely helpful for using Excel to complete the report. A discussion forum will be set up on Moodle in case you have any questions on the report. E F H J K L M HC IT UTIL FIN RE 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 B Date COND 29/01/2016 -0.0265 29/02/2016 -0.0157 31/03/2016 0.0513 29/04/2016 -0.0171 31/05/2016 0.0564 30/06/2016 -0.0018 29/07/2016 0.0890 31/08/2016 -0.0046 30/09/2016 0.0028 31/10/2016 -0.0613 30/11/2016 -0.0033 30/12/2016 0.0421 31/01/2017 -0.0430 28/02/2017 0.0151 31/03/2017 0.0473 28/04/2017 0.0070 31/05/2017 -0.0032 30/06/2017 0.0087 31/07/2017 -0.0063 31/08/2017 -0.0154 29/09/2017 -0.0006 31/10/2017 0.0544 30/11/2017 0.0087 29/12/2017 0.0368 31/01/2018 -0.0020 28/02/2018 -0.0119 30/03/2018 -0.0226 30/04/2018 0.0295 31/05/2018 0.0527 29/06/2018 0.0209 31/07/2018 0.0175 31/08/2018 0.0359 28/09/2018 -0.0383 31/10/2018 -0.0834 30/11/2018 -0.0453 31/12/2018 -0.0194 31/01/2019 0.0428 28/02/2019 0.0669 29/03/2019 0.0139 30/04/2019 0.0546 31/05/2019 0.0204 28/06/2019 -0.0151 31/07/2019 0.0475 30/08/2019 0.0064 30/09/2019 0.0333 31/10/2019 0.0055 29/11/2019 0.0422 31/12/2019 -0.0221 31/01/2020 0.0427 28/02/2020 -0.0874 31/03/2020 -0.2642 30/04/2020 0.1644 29/05/2020 0.0690 30/06/2020 0.0506 31/07/2020 0.0288 31/08/2020 0.0971 30/09/2020 -0.0242 30/10/2020 0.0107 30/11/2020 0.0843 31/12/2020 0.0139 29/01/2021 0.0478 26/02/2021 -0.0262 CONS -0.0018 -0.0484 0.0300 0.0105 -0.0089 -0.0402 0.0855 0.0186 0.0162 -0.0383 0.0056 0.0173 -0.0104 0.0602 0.0547 -0.0253 -0.0044 -0.0243 0.0097 0.0517 -0.0187 0.0534 0.0324 0.0167 0.0021 0.0210 -0.0135 0.0574 0.0000 0.0594 -0.0088 0.0264 -0.0267 -0.0490 -0.0292 0.0120 0.0273 -0.0139 0.0368 0.0733 -0.0416 0.0292 0.0959 0.0010 0.0174 -0.0224 0.0810 -0.0775 0.0781 -0.0740 -0.0355 0.0259 -0.0049 0.0475 0.0323 -0.0031 -0.0658 0.0456 -0.0066 0.0221 0.0202 -0.0450 D ENGY -0.0649 0.0028 0.0616 0.0747 -0.0161 -0.0081 0.0023 0.0236 0.0009 -0.0198 0.0329 0.0608 0.0072 -0.0213 0.0433 -0.0055 0.0152 -0.0684 0.0062 0.0518 0.0112 0.0641 0.0433 0.0652 -0.0028 -0.0375 -0.0249 0.1072 0.0041 0.0774 0.0118 -0.0122 0.0427 -0.1028 -0.1068 -0.0220 0.1146 0.0784 -0.0415 0.0155 -0.0380 0.0217 0.0149 -0.0562 0.0446 0.0031 0.0729 -0.0138 0.0057 -0.1742 -0.3764 0.2521 0.0474 -0.0212 -0.0626 0.0342 -0.1074 -0.0097 0.2824 -0.0069 0.0096 0.0250 -0.0258 0.0064 0.0035 0.0334 0.0939 -0.0248 0.0700 -0.0317 -0.0033 -0.0805 -0.0163 0.0086 0.0456 0.0390 0.0560 0.0340 -0.0238 0.0608 -0.0750 0.0025 0.0227 0.0548 0.0296 -0.0048 0.0311 0.0696 -0.0332 0.0719 0.0545 0.0250 0.0223 0.1042 -0.0730 -0.0725 -0.0397 0.0272 0.0391 INDU -0.0269 0.0584 0.0227 0.0151 0.0256 -0.0099 0.0717 -0.0427 -0.0025 -0.0411 0.0135 0.0243 -0.0441 0.0341 0.0435 0.0409 0.0469 -0.0025 -0.0274 0.0457 -0.0111 0.0418 0.0221 -0.0095 -0.0201 -0.0037 -0.0114 0.0308 0.0124 0.0064 0.0316 0.0326 -0.0215 -0.0529 -0.0060 -0.0029 0.0338 0.0644 0.0198 0.0315 0.0025 0.0555 0.0335 -0.0250 -0.0013 0.0289 0.0397 -0.0305 0.0186 -0.0841 -0.2301 0.1282 0.0381 -0.0157 -0.0380 0.0462 -0.0032 -0.0348 0.1198 -0.0218 -0.0307 -0.0184 -0.0491 -0.0546 0.0563 0.0258 0.0705 -0.0760 0.0389 0.0458 0.0146 -0.0659 0.0010 0.0403 -0.0418 0.0185 0.0363 0.0352 0.0022 0.0188 -0.0049 0.0099 0.0060 0.0844 0.0450 0.0294 0.0249 0.0166 -0.0219 0.0276 0.0203 0.0590 -0.0112 0.1221 -0.0065 -0.1137 0.0099 -0.0408 0.0882 0.0748 0.0255 0.0735 -0.0312 0.0105 0.0511 0.0067 0.0011 -0.0319 0.1055 -0.0389 0.1024 -0.1631 -0.1758 0.2184 0.1431 0.0370 0.0484 0.1515 -0.0639 0.0858 0.0414 0.0857 0.0020 -0.0802 MATL -0.0912 0.0912 0.0605 0.1430 -0.0301 0.0059 0.0779 0.0001 0.0568 0.0116 0.0225 0.0383 0.0477 -0.0319 0.0022 -0.0025 -0.0024 0.0063 0.0348 0.0452 -0.0138 0.0444 0.0201 0.0611 0.0046 0.0037 -0.0424 0.0744 0.0197 0.0165 -0.0025 -0.0486 0.0406 -0.0518 -0.0475 0.0513 0.0697 0.0640 0.0340 -0.0205 0.0311 0.0617 0.0117 -0.0734 0.0295 -0.0176 0.0444 0.0182 0.0163 -0.1169 -0.1325 0.1437 0.0839 0.0217 0.0591 0.0116 -0.0286 -0.0105 0.0766 0.0877 -0.0100 0.0706 TELE 0.0070 -0.0547 0.0471 0.0046 0.0496 -0.0128 0.0423 -0.0650 -0.0395 -0.0433 -0.0041 0.0052 -0.0168 -0.0314 0.0028 -0.0948 0.0338 -0.0166 -0.0421 -0.0720 -0.0446 0.0235 -0.0158 0.0546 0.0077 -0.0620 -0.0620 0.0194 -0.1005 -0.0549 0.0759 0.1302 0.0297 -0.0398 -0.0412 -0.0326 0.0809 0.0338 0.0551 0.0178 0.0711 0.0302 0.0204 -0.0460 -0.0425 -0.0081 0.0945 -0.0761 0.0872 -0.0744 -0.1062 0.0095 0.0642 -0.0256 0.0530 -0.0853 -0.0359 -0.0344 0.1290 -0.0280 0.0448 0.0150 0.0073 0.0123 0.0130 -0.0032 0.0354 0.0563 0.0704 -0.0568 -0.0324 -0.0303 0.0366 0.0868 0.0108 0.0307 0.0628 0.0308 0.0100 -0.0269 -0.0528 0.0322 -0.0364 0.0496 0.0298 -0.0448 -0.0435 -0.0159 -0.0075 0.0216 0.0103 0.0591 -0.0143 0.0061 -0.0310 -0.0403 -0.0176 0.0277 0.0592 0.0403 0.0132 -0.0049 -0.0062 0.0308 0.0185 -0.0224 0.0201 0.0123 -0.0053 0.0078 0.0098 -0.0396 -0.0674 0.0323 0.0305 0.0085 -0.0023 -0.0480 -0.0332 -0.0149 0.0147 -0.0538 -0.0009 -0.0802 -0.0737 -0.0532 0.0589 0.0169 0.0470 -0.0418 0.0589 -0.0165 -0.0065 0.0074 0.0600 0.0551 -0.0205 0.0413 0.0389 0.0191 -0.0771 0.0167 0.0125 -0.0212 0.0111 0.0326 0.0000 0.0042 -0.0074 0.0064 -0.0585 0.0011 -0.0006 0.0399 0.0204 0.0005 -0.0222 -0.0602 0.0141 -0.0313 -0.0025 0.0907 -0.0262 0.0440 0.0262 0.0342 0.0177 -0.0258 0.0423 -0.0288 -0.0201 -0.0156 0.0474 -0.0492 -0.2770 0.0289 0.0535 0.0434 -0.0102 0.0135 -0.0613 0.0627 0.1612 -0.0050 0.0226 0.0515 0.0022 0.0276 0.0278 0.0207 0.0278 0.0291 0.0545 -0.0230 -0.0399 -0.0737 0.0069 0.0671 -0.0460 0.0433 0.0095 0.0249 -0.0075 -0.0413 -0.0017 0.0137 0.0119 0.0132 0.0474 0.0038 -0.0323 -0.0187 -0.0013 0.0410 0.0301 0.0256 0.0099 0.0261 -0.0186 -0.0380 -0.0259 0.0107 0.0585 0.0219 0.0541 -0.0167 0.0258 0.0324 0.0319 0.0240 -0.0229 0.0177 0.0233 -0.0448 0.0600 -0.0449 -0.3558 0.1412 0.0706 -0.0145 -0.0010 0.0761 -0.0134 0.0029 0.1323 0.0012 -0.0428 -0.0146 35 36 37 38 0.0133 40 41 42 44 45 46 47 49 50 51 52 53 54 55 56 57 58 59 60 0.0131 0.0314 0.0354 0.0442 0.0596 0.0343 -0.0215 0.0727 0.0881 -0.0266 0.1201 -0.0395 -0.0564 0.0487 -0.0510 0.0339 -0.0384 0.0402 0.0082 0.0096 0.0289 -0.0469 -0.0170 -0.0282 61 62 63 64 The spreadsheet Group Report Data.xlsx contains monthly returns on eleven Australian industry portfolios from January 2016 to February 2021. The industry abbreviations are in the table below. Investor utility is represented by: U - E(R) - "AO. There are two investors with different risk aversion coefficients (A). Angela has a risk aversion coefficient of 5 and Boris has a risk aversion coefficient of 2. Investors are able to short-sell each industry throughout the report. Investors are unable to borrow or lend at the risk-free rate except for part 5 of the report. The expected returns per month to be used throughout the report are in the following table. Do not use historical average returns as expected returns. You need to use the historical returns to estimate the covariance matrix. Industry Abbreviation Expected Return (per month) Consumer Discretionary COND 0.96% Consumer Staples CONS 0.83% Energy ENGY 1.09% Health Care HC 0.86% Industrials INDU 0.92% Information Technology IT 1.00% Materials MATL 0.87% Telecom TELE 0.90% Utilities UTIL 0.80% Financials FIN 0.90% Real Estate RE 0.96% Requirements Your report needs to address the following points: 1. Calculate the expected utility for both investors if they invested solely in each industry. Which industry does each investor prefer? What are the reasons for their preference? (15 marks) 2. Consider the MATL and HC industries. What is the optimal portfolio for both Boris and Angela that contains these two industries? Discuss what happens to each investor's utility and portfolio risk for this portfolio compared to holding these two industries individually. Will you always reach this conclusion or is specific to these two portfolios? (15 marks) 3. Calculate the optimal portfolio for both investors that consists of the following five industries: MATL, CONS, TELE, RE and HC. How does this portfolio compare to the one industry and two industry portfolios in terms of diversification benefits to each investor? (15 marks) 4. Calculate the optimal portfolio for both investors that consists of all eleven industries. Compare this to the other portfolios you have already estimated in terms of diversification benefits. What do you observe? Contrast the differences in what you observe between the two investors. (15 marks) 5. Now consider the case where both Boris and Angela can invest in a risk-free asset. The risk- free rate is 0.5% per month. Estimate the optimal combined portfolio for each investor using the five industries in part 3 and then estimate the optimal combined portfolio for each investor using all eleven industries. How does the existence of the risk-free rate affect your conclusion regarding diversification benefits? Are diversification benefits increased or reduced if the investors can borrow or lend at the risk-free rate? (20 marks) 6. Your report should conclude with a summary of your findings regarding differences in the benefits of diversification across investors, industries and portfolio size. (10 marks) 10 marks will be awarded for the clarity of your discussion, the structure of your report and how you present your findings. All tables and charts need to be displayed in your written report. Your report will need to present the weights for each portfolio as well as the returns, standard deviation and utility for each portfolio. Please use 12pt font with 2cm margins and include all references in a bibliography. Written reports should be submitted via Turnitin on Moodle. Please set the initial weights to be equal weights when conducting your optimisation (i.e. weights- 9.09%). Excel spreadsheets need to be submitted via the link on Moodle. We will not be grading the spreadsheet but they can assist us in understanding your approach if you make any mistakes in your calculations. Please review the excel recording from week 3 as that will be extremely helpful for using Excel to complete the report. A discussion forum will be set up on Moodle in case you have any questions on the report. E F H J K L M HC IT UTIL FIN RE 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 B Date COND 29/01/2016 -0.0265 29/02/2016 -0.0157 31/03/2016 0.0513 29/04/2016 -0.0171 31/05/2016 0.0564 30/06/2016 -0.0018 29/07/2016 0.0890 31/08/2016 -0.0046 30/09/2016 0.0028 31/10/2016 -0.0613 30/11/2016 -0.0033 30/12/2016 0.0421 31/01/2017 -0.0430 28/02/2017 0.0151 31/03/2017 0.0473 28/04/2017 0.0070 31/05/2017 -0.0032 30/06/2017 0.0087 31/07/2017 -0.0063 31/08/2017 -0.0154 29/09/2017 -0.0006 31/10/2017 0.0544 30/11/2017 0.0087 29/12/2017 0.0368 31/01/2018 -0.0020 28/02/2018 -0.0119 30/03/2018 -0.0226 30/04/2018 0.0295 31/05/2018 0.0527 29/06/2018 0.0209 31/07/2018 0.0175 31/08/2018 0.0359 28/09/2018 -0.0383 31/10/2018 -0.0834 30/11/2018 -0.0453 31/12/2018 -0.0194 31/01/2019 0.0428 28/02/2019 0.0669 29/03/2019 0.0139 30/04/2019 0.0546 31/05/2019 0.0204 28/06/2019 -0.0151 31/07/2019 0.0475 30/08/2019 0.0064 30/09/2019 0.0333 31/10/2019 0.0055 29/11/2019 0.0422 31/12/2019 -0.0221 31/01/2020 0.0427 28/02/2020 -0.0874 31/03/2020 -0.2642 30/04/2020 0.1644 29/05/2020 0.0690 30/06/2020 0.0506 31/07/2020 0.0288 31/08/2020 0.0971 30/09/2020 -0.0242 30/10/2020 0.0107 30/11/2020 0.0843 31/12/2020 0.0139 29/01/2021 0.0478 26/02/2021 -0.0262 CONS -0.0018 -0.0484 0.0300 0.0105 -0.0089 -0.0402 0.0855 0.0186 0.0162 -0.0383 0.0056 0.0173 -0.0104 0.0602 0.0547 -0.0253 -0.0044 -0.0243 0.0097 0.0517 -0.0187 0.0534 0.0324 0.0167 0.0021 0.0210 -0.0135 0.0574 0.0000 0.0594 -0.0088 0.0264 -0.0267 -0.0490 -0.0292 0.0120 0.0273 -0.0139 0.0368 0.0733 -0.0416 0.0292 0.0959 0.0010 0.0174 -0.0224 0.0810 -0.0775 0.0781 -0.0740 -0.0355 0.0259 -0.0049 0.0475 0.0323 -0.0031 -0.0658 0.0456 -0.0066 0.0221 0.0202 -0.0450 D ENGY -0.0649 0.0028 0.0616 0.0747 -0.0161 -0.0081 0.0023 0.0236 0.0009 -0.0198 0.0329 0.0608 0.0072 -0.0213 0.0433 -0.0055 0.0152 -0.0684 0.0062 0.0518 0.0112 0.0641 0.0433 0.0652 -0.0028 -0.0375 -0.0249 0.1072 0.0041 0.0774 0.0118 -0.0122 0.0427 -0.1028 -0.1068 -0.0220 0.1146 0.0784 -0.0415 0.0155 -0.0380 0.0217 0.0149 -0.0562 0.0446 0.0031 0.0729 -0.0138 0.0057 -0.1742 -0.3764 0.2521 0.0474 -0.0212 -0.0626 0.0342 -0.1074 -0.0097 0.2824 -0.0069 0.0096 0.0250 -0.0258 0.0064 0.0035 0.0334 0.0939 -0.0248 0.0700 -0.0317 -0.0033 -0.0805 -0.0163 0.0086 0.0456 0.0390 0.0560 0.0340 -0.0238 0.0608 -0.0750 0.0025 0.0227 0.0548 0.0296 -0.0048 0.0311 0.0696 -0.0332 0.0719 0.0545 0.0250 0.0223 0.1042 -0.0730 -0.0725 -0.0397 0.0272 0.0391 INDU -0.0269 0.0584 0.0227 0.0151 0.0256 -0.0099 0.0717 -0.0427 -0.0025 -0.0411 0.0135 0.0243 -0.0441 0.0341 0.0435 0.0409 0.0469 -0.0025 -0.0274 0.0457 -0.0111 0.0418 0.0221 -0.0095 -0.0201 -0.0037 -0.0114 0.0308 0.0124 0.0064 0.0316 0.0326 -0.0215 -0.0529 -0.0060 -0.0029 0.0338 0.0644 0.0198 0.0315 0.0025 0.0555 0.0335 -0.0250 -0.0013 0.0289 0.0397 -0.0305 0.0186 -0.0841 -0.2301 0.1282 0.0381 -0.0157 -0.0380 0.0462 -0.0032 -0.0348 0.1198 -0.0218 -0.0307 -0.0184 -0.0491 -0.0546 0.0563 0.0258 0.0705 -0.0760 0.0389 0.0458 0.0146 -0.0659 0.0010 0.0403 -0.0418 0.0185 0.0363 0.0352 0.0022 0.0188 -0.0049 0.0099 0.0060 0.0844 0.0450 0.0294 0.0249 0.0166 -0.0219 0.0276 0.0203 0.0590 -0.0112 0.1221 -0.0065 -0.1137 0.0099 -0.0408 0.0882 0.0748 0.0255 0.0735 -0.0312 0.0105 0.0511 0.0067 0.0011 -0.0319 0.1055 -0.0389 0.1024 -0.1631 -0.1758 0.2184 0.1431 0.0370 0.0484 0.1515 -0.0639 0.0858 0.0414 0.0857 0.0020 -0.0802 MATL -0.0912 0.0912 0.0605 0.1430 -0.0301 0.0059 0.0779 0.0001 0.0568 0.0116 0.0225 0.0383 0.0477 -0.0319 0.0022 -0.0025 -0.0024 0.0063 0.0348 0.0452 -0.0138 0.0444 0.0201 0.0611 0.0046 0.0037 -0.0424 0.0744 0.0197 0.0165 -0.0025 -0.0486 0.0406 -0.0518 -0.0475 0.0513 0.0697 0.0640 0.0340 -0.0205 0.0311 0.0617 0.0117 -0.0734 0.0295 -0.0176 0.0444 0.0182 0.0163 -0.1169 -0.1325 0.1437 0.0839 0.0217 0.0591 0.0116 -0.0286 -0.0105 0.0766 0.0877 -0.0100 0.0706 TELE 0.0070 -0.0547 0.0471 0.0046 0.0496 -0.0128 0.0423 -0.0650 -0.0395 -0.0433 -0.0041 0.0052 -0.0168 -0.0314 0.0028 -0.0948 0.0338 -0.0166 -0.0421 -0.0720 -0.0446 0.0235 -0.0158 0.0546 0.0077 -0.0620 -0.0620 0.0194 -0.1005 -0.0549 0.0759 0.1302 0.0297 -0.0398 -0.0412 -0.0326 0.0809 0.0338 0.0551 0.0178 0.0711 0.0302 0.0204 -0.0460 -0.0425 -0.0081 0.0945 -0.0761 0.0872 -0.0744 -0.1062 0.0095 0.0642 -0.0256 0.0530 -0.0853 -0.0359 -0.0344 0.1290 -0.0280 0.0448 0.0150 0.0073 0.0123 0.0130 -0.0032 0.0354 0.0563 0.0704 -0.0568 -0.0324 -0.0303 0.0366 0.0868 0.0108 0.0307 0.0628 0.0308 0.0100 -0.0269 -0.0528 0.0322 -0.0364 0.0496 0.0298 -0.0448 -0.0435 -0.0159 -0.0075 0.0216 0.0103 0.0591 -0.0143 0.0061 -0.0310 -0.0403 -0.0176 0.0277 0.0592 0.0403 0.0132 -0.0049 -0.0062 0.0308 0.0185 -0.0224 0.0201 0.0123 -0.0053 0.0078 0.0098 -0.0396 -0.0674 0.0323 0.0305 0.0085 -0.0023 -0.0480 -0.0332 -0.0149 0.0147 -0.0538 -0.0009 -0.0802 -0.0737 -0.0532 0.0589 0.0169 0.0470 -0.0418 0.0589 -0.0165 -0.0065 0.0074 0.0600 0.0551 -0.0205 0.0413 0.0389 0.0191 -0.0771 0.0167 0.0125 -0.0212 0.0111 0.0326 0.0000 0.0042 -0.0074 0.0064 -0.0585 0.0011 -0.0006 0.0399 0.0204 0.0005 -0.0222 -0.0602 0.0141 -0.0313 -0.0025 0.0907 -0.0262 0.0440 0.0262 0.0342 0.0177 -0.0258 0.0423 -0.0288 -0.0201 -0.0156 0.0474 -0.0492 -0.2770 0.0289 0.0535 0.0434 -0.0102 0.0135 -0.0613 0.0627 0.1612 -0.0050 0.0226 0.0515 0.0022 0.0276 0.0278 0.0207 0.0278 0.0291 0.0545 -0.0230 -0.0399 -0.0737 0.0069 0.0671 -0.0460 0.0433 0.0095 0.0249 -0.0075 -0.0413 -0.0017 0.0137 0.0119 0.0132 0.0474 0.0038 -0.0323 -0.0187 -0.0013 0.0410 0.0301 0.0256 0.0099 0.0261 -0.0186 -0.0380 -0.0259 0.0107 0.0585 0.0219 0.0541 -0.0167 0.0258 0.0324 0.0319 0.0240 -0.0229 0.0177 0.0233 -0.0448 0.0600 -0.0449 -0.3558 0.1412 0.0706 -0.0145 -0.0010 0.0761 -0.0134 0.0029 0.1323 0.0012 -0.0428 -0.0146 35 36 37 38 0.0133 40 41 42 44 45 46 47 49 50 51 52 53 54 55 56 57 58 59 60 0.0131 0.0314 0.0354 0.0442 0.0596 0.0343 -0.0215 0.0727 0.0881 -0.0266 0.1201 -0.0395 -0.0564 0.0487 -0.0510 0.0339 -0.0384 0.0402 0.0082 0.0096 0.0289 -0.0469 -0.0170 -0.0282 61 62 63 64