Suppose you are acting as a financial adviser for a client. The client wishes to build a portfolio of securities and has sought your service. The client is interested in investing in the following Real Estate sector companies' shares, and you have the following information (sourced from https://au.finance.yahoo.com/) about these shares:

Company (ASX Code)	Closing Price/Share: 1 Jul 2020	Closing Price/Share: 1 Jul 2022	Closing Price/Share: 1 Nov 2022	Dividend Payments/Share (in cents) between 1 Jul 2020 and 1 Jul 2022
Abacus Property Group (ABP)	$2.65	$2.63	$2.810	30 Jun 2022: 9.25c 30 Dec 2021: 8.75c 23 Aug 2021: 0.50c 29 Jun 2021: 8.50c 14 Jan 2021: 8.50c
Axiom Properties Limited (AXI)	$0.04	$0.06	$0.071	07 Dec 2021: 4.00c 23 Mar 2021: 1.50c
Winton Land Limited (WTN)	$3.76	$3.43	$2.600	None

The client will purchase 1000 shares of ABP, 10,000 shares of AXI, and 500 shares of WTN at respective closing prices of 1 Nov 2022.

Then answer the following.

Suppose an investor bought some shares of each of these companies on 1 Jul 2020 for the respective closing prices. The investor then sold these shares on 1 Jul 2022 for the respective closing prices. The investor also received any dividends paid between these dates for each of the companies. What is the holding period return for each of these companies considering the stated purchase and sale prices and dividends? [3 Companies x 1.5 marks = 4.5 marks]

Assume that the holding period returns for these companies' shares, as determined in (a), are also the expected returns of these shares (i.e., assets) for the foreseeable future. With such an assumption, determine the expected return of your client's portfolio. [3 marks]

Suppose the risk-free rate of return is 2.20%, and the expected rate of return from the market is 17%. For the expected return of the portfolio determined in (b), determine the beta of the portfolio.
[3 marks]

You may have noted that your client wishes to invest in companies all belonging to the same industry (i.e., real estate sector). Do you think such type of diversification with all investments in the same industry sector is a good idea to reduce risks? Why or why not? What type of risks may affect your client's investment? Explain