There are two investment portfolio questions in the attachment.

Australian Equities Name S&P/ASX 200 1/29/1993 2/26/1993 3/31/1993 4/30/1993 5/31/1993 6/30/1993 7/30/1993 8/31/1993 9/30/1993 10/29/1993 11/30/1993 12/31/1993 1/31/1994 2/28/1994 3/31/1994 4/29/1994 5/31/1994 6/30/1994 7/29/1994 8/31/1994 9/30/1994 10/31/1994 11/30/1994 12/30/1994 1/31/1995 2/28/1995 3/31/1995 4/28/1995 5/31/1995 6/30/1995 7/31/1995 8/31/1995 9/29/1995 10/31/1995 11/30/1995 12/29/1995 1/31/1996 2/29/1996 3/29/1996 4/30/1996 5/31/1996 6/28/1996 7/31/1996 8/30/1996 9/30/1996 10/31/1996 11/29/1996 12/31/1996 S&P/ASX MIDCAP 50 1536.5 1620.2 1674.5 1685.2 1737.4 1734.6 1837.1 1961.6 1919.8 2070.6 1953.7 2113.6 2244.4 2112 1980.1 2004.2 2021.2 1931.1 2003.5 2063.9 1967.7 1980.9 1833.8 1857.4 1784.7 1881.1 1867.1 2006.5 1981.4 1981 2083.3 2094.3 2091.3 2029.7 2113.2 2154.9 2227.8 2228.2 2164 2248.7 2198 2171.8 2114.1 2196.1 2218.6 2286.2 2325.9 2367.8 1323.6 1380.4 1510.7 1600.3 1736.7 1759.7 1944.3 1965.3 1935.2 2093.6 2009.4 2221.8 2333.7 2177.4 2088.6 2045.1 2043.2 1939.9 2009.8 2053.1 1995.9 1963.4 1803.6 1818.9 1722.1 1774.9 1763.3 1929.3 1877.3 1877.2 1940.6 1993.6 2031.5 1978.5 2084.2 2151 2297.1 2316.8 2286.8 2392.9 2359.3 2317.8 2256.9 2374.9 2398.5 2444.1 2461.8 2501.8 1/31/1997 2/28/1997 3/31/1997 4/30/1997 5/30/1997 6/30/1997 7/31/1997 8/29/1997 9/30/1997 10/31/1997 11/28/1997 12/31/1997 1/30/1998 2/27/1998 3/31/1998 4/30/1998 5/29/1998 6/30/1998 7/31/1998 8/31/1998 9/30/1998 10/30/1998 11/30/1998 12/31/1998 1/29/1999 2/26/1999 3/31/1999 4/30/1999 5/31/1999 6/30/1999 7/30/1999 8/31/1999 9/30/1999 10/29/1999 11/30/1999 12/31/1999 1/31/2000 2/29/2000 3/31/2000 4/28/2000 5/31/2000 6/30/2000 7/31/2000 8/31/2000 9/29/2000 10/31/2000 11/30/2000 12/29/2000 1/31/2001 2/28/2001 2370.7 2386 2360.5 2424.1 2544.9 2664.7 2673.7 2526.8 2703.1 2415 2424.1 2567.4 2600.8 2626.9 2686 2709 2655.3 2620.1 2661.3 2430.1 2511.3 2563 2685.6 2717.6 2781.7 2768.4 2867 3027.8 2831.9 2903.7 2951 2875.7 2817 2821.4 2970.3 3117.7 3080.2 3124.6 3133.3 3115.8 3081 3311.2 3251.1 3297.8 3298.8 3254.6 3274.6 3206.2 3341.7 3326.5 2474 2499.1 2431 2479.4 2582.6 2674.2 2724.1 2542.7 2634.8 2256.2 2202.7 2319.5 2398.6 2395.7 2403.9 2420 2351.9 2172.5 2209.2 2034.9 2166.2 2237.8 2309.5 2325.3 2375.8 2374.6 2423.6 2486 2344.7 2389.6 2487.9 2540.9 2499.3 2422.6 2513.8 2536.8 2396.5 2366.8 2352.6 2182.4 2126.7 2264.5 2291.2 2287.5 2197.1 2214.6 2277.9 2282 2324.5 2316.5 3/30/2001 4/30/2001 5/31/2001 6/29/2001 7/31/2001 8/31/2001 9/28/2001 10/31/2001 11/30/2001 12/31/2001 1/31/2002 2/28/2002 3/29/2002 4/30/2002 5/31/2002 6/28/2002 7/31/2002 8/30/2002 9/30/2002 10/31/2002 11/29/2002 12/31/2002 1/31/2003 2/28/2003 3/31/2003 4/30/2003 5/30/2003 6/30/2003 7/31/2003 8/29/2003 9/30/2003 10/31/2003 11/28/2003 12/31/2003 1/30/2004 2/27/2004 3/31/2004 4/30/2004 5/31/2004 6/30/2004 7/30/2004 8/31/2004 9/30/2004 10/29/2004 11/30/2004 12/31/2004 1/31/2005 2/28/2005 3/31/2005 4/29/2005 3147.2 3329.4 3379.1 3490.3 3324.5 3275.6 3049.5 3249.6 3337.5 3422.3 3464.2 3414.3 3414.8 3350 3373.6 3216 3086.2 3120.1 2970.9 3042.9 3061.4 3007.1 2956.9 2800.9 2885.2 3007.5 3011 3026.9 3122.3 3199.7 3169.5 3272 3186.4 3299.8 3272 3360.6 3415.3 3400.8 3460.2 3532.9 3536.1 3552.7 3665 3778.6 3931.3 4050.6 4107.3 4172.8 4109.8 3983.2 2247.6 2282.7 2289.1 2395 2390.1 2419.4 2315.3 2434.1 2510.1 2534.6 2615.5 2602.7 2642.6 2614.1 2702.4 2599 2494.6 2629.6 2516.1 2485.2 2484.1 2554.1 2569.6 2456.1 2479.2 2589.5 2654.9 2663.7 2758.4 2800.1 2860.4 3000.5 2945.4 2981.8 2930.2 3030.8 3089 3089.2 3133.4 3199 3308.9 3392.8 3515.3 3732.7 3868.9 4076.8 4124.3 4012.2 3990.1 3843.7 5/31/2005 6/30/2005 7/29/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/30/2005 1/31/2006 2/28/2006 3/31/2006 4/28/2006 5/31/2006 6/30/2006 7/31/2006 8/31/2006 9/29/2006 10/31/2006 11/30/2006 12/29/2006 1/31/2007 2/28/2007 3/30/2007 4/30/2007 5/31/2007 6/29/2007 7/31/2007 8/31/2007 9/28/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/30/2008 6/30/2008 7/31/2008 8/29/2008 9/30/2008 10/31/2008 11/28/2008 12/31/2008 1/30/2009 2/27/2009 3/31/2009 4/30/2009 5/29/2009 6/30/2009 4106.4 4277.5 4388.8 4446.8 4641.2 4459.7 4634.8 4763.4 4929.6 4921.3 5129.7 5258.8 5001.7 5073.9 4986 5115.4 5154.1 5384.4 5482.1 5669.9 5773.4 5832.5 5995 6166 6313.5 6274.9 6144.2 6247.2 6567.8 6754.1 6533.1 6339.8 5650.3 5572.1 5355.7 5595.4 5654.7 5215.3 4977.4 5135.6 4600.5 4018 3742.5 3722.3 3540.7 3344.5 3582.1 3780.5 3818 3954.9 3945.7 4123.5 4270.9 4446.5 4626.3 4446.2 4689.4 4812.6 4827.6 4787.9 5102.1 5188.5 5016.2 5050.1 5003.6 5046.9 5183.7 5365.4 5595 5830.8 5901.4 6034.7 6209.4 6378.4 6652.1 6490.5 6299.2 6316.8 6669.2 6815.3 6646.9 6594.6 5815.7 5901.8 5487.9 5510.6 5554.8 5102.8 4907.8 5118.1 4589.7 3609.5 3309.7 3413.7 3156.2 2909.2 3092.1 3353.2 3438.4 3555.3 7/31/2009 8/31/2009 9/30/2009 10/30/2009 11/30/2009 12/31/2009 1/29/2010 2/26/2010 3/31/2010 4/30/2010 5/31/2010 6/30/2010 7/30/2010 8/31/2010 9/30/2010 10/29/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/29/2011 5/31/2011 6/30/2011 7/29/2011 8/31/2011 9/30/2011 10/31/2011 11/30/2011 12/30/2011 1/31/2012 2/29/2012 3/30/2012 4/30/2012 5/31/2012 6/29/2012 7/31/2012 8/31/2012 9/28/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013 2/28/2013 3/29/2013 4/30/2013 5/31/2013 6/28/2013 7/31/2013 8/30/2013 4244 4479.1 4743.6 4643.2 4701.3 4870.6 4569.6 4637.7 4875.5 4807.4 4429.7 4301.5 4493.5 4404.2 4582.9 4661.6 4584.4 4745.2 4753.9 4831.7 4837.9 4823.2 4708.3 4608 4424.6 4296.5 4008.6 4298.1 4119.8 4056.6 4262.7 4298.5 4335.2 4396.6 4076.3 4094.6 4269.1 4316.1 4387 4517 4506 4648.9 4878.8 5104.1 4966.5 5191.2 4926.6 4802.6 5052 5135 3900.7 4152.1 4389.2 4233.4 4248.5 4461.6 4140 4138.7 4336.2 4328 4027.1 3832.9 4016.7 3998.4 4175.9 4232.5 4238.2 4467.5 4391.6 4465 4446.5 4352.6 4357 4206 4157.1 3939 3531.9 3865.4 3685.7 3578.9 3802 3925.7 3917.5 3926.5 3655.8 3514.6 3539.8 3537.2 3589.3 3725.7 3768.6 3863 4098.3 4232.6 4154.2 4213.3 4072.2 3881.1 3995.3 4105.9 9/30/2013 10/31/2013 11/29/2013 12/31/2013 1/31/2014 2/28/2014 3/31/2014 4/30/2014 5/30/2014 6/30/2014 7/31/2014 8/29/2014 9/30/2014 10/31/2014 11/28/2014 12/31/2014 1/30/2015 2/27/2015 3/31/2015 4/30/2015 5/29/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/30/2015 11/30/2015 12/31/2015 1/29/2016 2/29/2016 3/31/2016 4/29/2016 5/31/2016 6/30/2016 7/29/2016 5218.9 5425.5 5320 5352.2 5190 5404.8 5394.8 5489.1 5492.5 5395.7 5632.9 5625.9 5292.8 5526.6 5313 5411 5588.3 5928.8 5891.5 5790 5777.2 5459 5699.2 5207 5021.6 5239.4 5166.5 5295.9 5005.5 4880.9 5082.8 5252.2 5378.6 5233.4 5562.4 4228.5 4317.2 4247.8 4349.5 4219.1 4486.5 4482.1 4555.8 4585.3 4515.8 4721.2 4738.3 4433.4 4628.1 4583.9 4747.5 4911.3 5187.9 5269.8 5181.2 5294.2 4831.5 5103.9 4835.2 4720.7 5054.7 5018.2 5107.3 4924.4 4967 5200.4 5318.7 5615.4 5479.5 5935.1 US large equities Australian government bonds S&P 500 (in AU dollars) AU government bonds 3 YEAR (YTM, per annum in 649.46 7.342 637.5 6.829 638.73 6.541 621.85 6.194 650.19 6.529 682.81 6.103 650.32 5.803 691.06 5.639 717.07 5.82 702.3 5.655 702.41 6.031 687.24 5.815 679.07 5.582 655.4 6.254 635.94 7.082 632.01 7.38 618.36 7.383 608.06 8.385 620.15 8.291 638.7 8.387 625.26 9.174 636.49 9.508 590.37 9.951 592.1 10.089 621.4 10.209 661 9.308 682.64 9.179 707.25 8.936 741.07 7.829 768.52 8.218 760.31 8.465 746.32 7.975 774.28 7.706 764.47 7.948 814.23 7.349 828.01 7.382 854.02 7.325 837.55 7.928 825.22 8.4 831.99 8.188 838.02 8.355 852.08 8.298 828.06 7.416 824.02 7.157 868.66 6.933 889.34 6.61 929.53 6.549 932.62 6.405 1031.4 1018.93 965.91 1025.21 1114.33 1181.53 1280.82 1224.7 1308.15 1297.53 1396.24 1489.38 1430.31 1540.33 1661.38 1705.19 1741.55 1831 1845.41 1672.85 1717.2 1765.6 1850.56 2004.09 2036.85 1994.32 2037.01 2014.59 2006.64 2073.82 2034.75 2072.34 1965.46 2138.79 2184.92 2245.4 2186.45 2224.86 2468.86 2489.12 2490.11 2422.64 2471.21 2626.58 2652.56 2758.59 2501.06 2376.12 2487.54 2365.54 6.539 6.89 7.142 6.759 6.157 5.843 5.495 5.375 5.082 5.264 5.601 5.482 5.295 5.283 5.067 5.148 4.8 5.206 5.103 5.76 4.648 4.401 4.623 4.634 4.693 5.123 4.987 4.987 5.418 5.548 5.439 5.654 5.588 6.053 6.134 6.394 6.756 6.466 6.334 6.373 6.127 5.967 6.233 6.363 6.204 6.086 5.694 5.243 4.792 4.769 2376.4 2446.35 2477.52 2409.75 2387.79 2155.09 2109.29 2100.25 2190.77 2242.84 2230.5 2144.22 2149.9 2005.68 1885.21 1763.2 1674.96 1663.01 1500.49 1595.9 1667.85 1562.46 1459.74 1386.13 1403.59 1465.77 1478.68 1453.06 1528.02 1557.38 1471.47 1480.79 1462.42 1475.77 1486.26 1483.96 1475.13 1533.25 1570.47 1637.71 1573.2 1563.74 1538.75 1513.09 1512.86 1546 1524.32 1516.17 1526.19 1481.63 4.676 4.991 5.2 5.579 5.681 4.979 4.465 4.168 4.667 4.994 5.28 5.273 5.69 5.376 5.776 5.614 5.352 5.218 4.931 4.848 4.965 4.509 4.516 4.326 4.599 4.613 4.391 4.419 4.742 4.972 4.968 5.53 5.814 5.352 5.527 5.316 5.109 5.48 5.292 5.33 5.376 5.274 5.227 5.115 4.912 5.047 5.235 5.505 5.556 5.208 1572.21 1562.89 1623.83 1624.62 1609.14 1615.49 1688.14 1701.73 1692.23 1723.97 1815.92 1727.34 1685.26 1709.66 1666.01 1707.34 1790.07 1780.61 1774.21 1799.41 1856.77 1785.42 1758.81 1780.94 1849.38 1771.97 1698.48 1811.82 1725.26 1671.84 1674.74 1672.28 1544.76 1422.51 1448.98 1470.34 1468.72 1333.8 1347.48 1489.57 1478.65 1468.34 1376.29 1295.56 1298.77 1150.67 1148.33 1187.99 1148.28 1137.15 5.135 5.083 5.112 4.975 5.278 5.345 5.275 5.196 5.274 5.253 5.329 5.643 5.684 5.77 5.957 5.783 5.736 6.018 5.931 6.095 6.093 5.925 6.193 6.112 6.241 6.441 6.396 6.205 6.443 6.696 6.482 6.896 6.628 6.693 6.203 6.374 6.729 6.71 6.165 5.646 5.085 4.476 3.554 3.032 2.634 3.23 3.384 3.433 3.95 4.563 1187.82 1210.62 1197.76 1146.74 1196.97 1239.92 1208.14 1233.41 1274.09 1274.84 1298.86 1220.27 1216.89 1178.95 1178.61 1207.16 1230.96 1226.91 1289.97 1303.4 1282.03 1246.05 1262.45 1233.57 1176.48 1138.16 1164.14 1181.28 1213.82 1226.69 1234.94 1263.99 1359.59 1342.77 1350.94 1328.85 1310.7 1361.06 1385.4 1361.84 1357.46 1373.72 1436.27 1479.5 1505.17 1539.01 1700.93 1754.81 1878.31 1833.44 4.792 4.935 4.826 5.04 4.612 4.67 4.513 4.551 5.271 5.297 4.703 4.432 4.562 4.239 4.78 4.922 5.055 5.23 5.086 5.125 4.986 5.078 4.865 4.756 4.36 3.797 3.555 3.879 3.082 3.129 3.164 3.628 3.489 3.02 2.158 2.442 2.589 2.499 2.353 2.551 2.618 2.69 2.826 2.663 2.855 2.552 2.584 2.74 2.527 2.681 1798.36 1854.94 1976.03 2066.03 2043.07 2077.98 2020.13 2033.29 2066.81 2076.82 2076.71 2141.97 2253.87 2295.88 2422.44 2515.91 2561.78 2688.64 2706.78 2644.02 2753.16 2684.26 2864.89 2781.83 2734.12 2914.52 2871.15 2809.29 2743.01 2705.21 2677.6 2706.29 2894.54 2818.81 2859.88 2.768 2.785 2.891 2.797 2.613 2.648 2.808 3.021 2.851 2.703 2.71 2.655 2.732 2.561 2.391 2.145 1.954 1.822 1.736 1.918 1.882 2.02 1.873 1.746 1.808 1.809 2.118 2.032 1.845 1.73 1.9 1.857 1.681 1.596 1.533 alian government bonds AU government bonds 7 YEAR (YTM, per annum in 8.441 7.725 7.529 7.243 7.389 7.05 6.674 6.414 6.597 6.253 6.593 6.428 6.267 6.96 7.849 8.287 8.561 9.447 9.334 9.19 10.086 10.339 10.416 10.075 10.364 9.753 9.69 9.489 8.528 8.809 9.233 8.798 8.393 8.589 8.013 7.963 7.874 8.45 8.82 8.61 8.75 8.77 8.129 7.878 7.6 7.219 7.05 7.213 7.324 7.573 7.872 7.659 7.244 6.836 6.22 6.326 5.927 5.774 6.023 5.877 5.721 5.831 5.611 5.734 5.247 5.499 5.417 5.87 4.947 4.768 4.934 4.922 4.933 5.428 5.332 5.361 5.833 6.15 6.014 6.177 6.128 6.504 6.536 6.816 7.086 6.66 6.405 6.465 6.234 6.085 6.251 6.29 6.215 6.157 5.753 5.423 5.187 5.097 5.076 5.519 5.767 5.927 5.993 5.405 5.246 4.921 5.378 5.791 5.88 5.809 6.183 5.92 6.15 5.931 5.792 5.622 5.227 5.38 5.5 4.975 4.993 4.827 5.089 5.058 4.718 4.815 5.19 5.326 5.249 5.693 5.942 5.583 5.809 5.539 5.444 5.885 5.785 5.805 5.79 5.495 5.395 5.31 5.14 5.265 5.35 5.541 5.63 5.314 5.139 5.094 5.104 5.004 5.346 5.468 5.366 5.206 5.346 5.285 5.399 5.694 5.704 5.767 5.854 5.709 5.587 5.791 5.717 5.98 6.019 5.791 6.025 5.98 6.1 6.336 6.202 6.067 6.324 6.268 6.066 6.384 6.142 6.28 6.087 6.28 6.561 6.476 6.208 5.7 5.273 4.893 4.157 3.613 3.543 4.009 4.075 4.391 5.104 5.404 5.538 5.346 5.299 5.468 5.171 5.522 5.267 5.319 5.644 5.615 5.19 4.899 4.987 4.594 4.927 5.105 5.288 5.419 5.37 5.468 5.385 5.374 5.149 4.962 4.619 4.143 3.927 4.244 3.53 3.41 3.459 3.83 3.782 3.373 2.601 2.779 2.776 2.747 2.623 2.797 2.861 3.044 3.227 3.076 3.208 2.924 3.098 3.406 3.322 3.505 3.551 3.525 3.742 3.691 3.487 3.531 3.583 3.643 3.385 3.252 3.224 3.076 3.213 3.013 2.752 2.44 2.141 2.126 1.994 2.271 2.462 2.696 2.45 2.322 2.372 2.316 2.557 2.489 2.279 2.111 2.223 2.3 2.079 1.84 1.733 AU 13-week treasury notes AU 13 week treasury notes (per annum, in percentage term) 5.5848 5.527776 4.974984 4.936752 4.994088 4.96542 4.687944 4.553748 4.659204 4.553748 4.601688 4.64004 4.572924 4.611276 4.630452 4.611276 4.678368 5.270784 5.327952 5.489748 5.84106 6.493224 7.122804 7.897752 8.027928 7.636932 7.599624 7.692876 7.225824 7.253904 7.207104 7.244544 7.235184 7.225824 7.094688 7.029072 7.113432 7.207104 7.16028 7.113432 7.150908 7.150908 6.71916 6.578004 6.559176 6.342348 6.125088 5.717748 5.499252 5.736732 5.774676 5.651304 5.204064 5.108664 4.764564 4.754988 4.553748 4.745412 4.81242 4.869816 4.850688 4.821984 4.81242 4.745412 4.83156 4.888944 4.83156 4.850688 4.745412 4.601688 4.601688 4.476984 4.553748 4.572924 4.572924 4.53456 4.582512 4.5921 4.5921 4.64004 4.668792 4.764564 4.898508 4.927188 5.261256 5.518272 5.53728 5.698776 5.84106 5.708268 5.755704 6.181812 6.2196 6.106176 6.058884 5.926344 5.651304 5.404116 4.984536 4.659204 4.697532 4.735836 4.802856 4.72626 4.361736 4.159764 4.101996 4.063464 4.0634604 4.1308848 4.2559908 4.400166 4.6112808 4.8124212 4.7166864 4.6975296 4.6592052 4.620864 4.601688 4.601688 4.592106 4.5825168 4.5825168 4.601694 4.601694 4.4673828 4.5345588 4.649622 4.6975296 4.7549904 5.0704872 5.1945252 5.2612572 5.2612572 5.2040616 5.2040616 5.2040616 5.1754524 5.1849888 5.1849888 5.1659136 5.1659136 5.1754524 5.1563748 5.1659136 5.3565168 5.5372836 5.4707208 5.4136332 5.404116 5.404116 5.3945976 5.3945976 5.404116 5.404116 5.404116 5.404116 5.3945976 5.3945976 5.480232 5.6512992 5.7177528 5.8126176 5.9168736 5.935818 6.0210312 6.1250892 6.1439976 6.181806 6.134544 6.191256 6.238494 6.134544 6.191256 6.2196012 6.361218 6.3706524 6.4932288 6.6439044 6.6533148 6.7003536 7.01031 7.0946916 7.0946916 7.1134344 7.1321736 7.0853196 6.7473732 6.5026524 5.1468348 4.20789 3.6290256 3.144288 2.5988208 2.7451944 2.7354432 2.852412 2.9108496 2.930322 3.0470832 3.1151364 3.5516124 3.6386988 3.774696 3.901956 3.8247348 4.0851372 4.3088772 4.4289792 4.4337804 4.462584 4.4169744 4.5273636 4.541754 4.6855548 4.6831596 4.675974 4.675974 4.6544136 4.6687872 4.7286576 4.6783692 4.6184712 4.3136832 4.3208928 4.3401156 4.1429208 3.9767112 3.9925 4.1 4.1775 3.925 3.3925 3.1975 3.2925 3.39 3.35 3.0675 3.075 2.9625 2.93 2.88 2.93 2.84 2.65 2.81 2.79 2.61 2.58 2.58 2.58 2.60 2.61 2.61 2.625 2.655 2.68 2.6875 2.6975 2.65 2.56 2.67 2.53 2.51 2.30 2.15 1.89 1.83 1.84 1.95 1.96 1.95 1.91 1.97 1.98 1.95 1.94 1.96 1.93 1.70 1.66 1.61 1.56 US 13-week treasury notes US 5-year government bond per annum, in percentage term per annum, in percentage term 5.57 5.21 5.24 5.14 5.37 5.05 5.16 4.8 4.79 4.83 5.15 5.21 5.02 5.6 6.23 6.64 6.77 6.97 6.73 6.81 7.28 7.48 7.79 7.83 7.54 7.06 7.08 6.88 6.08 5.98 6.16 6.07 6.01 5.81 5.53 5.38 5.25 5.73 6.1 6.4 6.64 6.47 6.57 6.73 6.46 6.1 5.84 6.21 2.9 2.95 2.89 2.91 3.06 3.03 3.03 3.01 2.92 3.03 3.14 3.01 2.96 3.36 3.48 3.87 4.16 4.15 4.27 4.56 4.67 5.03 5.56 5.53 5.83 5.76 5.7 5.69 5.63 5.44 5.42 5.29 5.24 5.32 5.32 4.96 4.91 4.89 5 5.01 5.04 5.04 5.18 5.15 4.91 5.03 5 5.07 5.02 5.09 5.21 5.14 4.82 5.06 5.11 5.1 4.93 5.07 5.08 5.22 5.06 5.18 5.02 4.87 4.89 4.97 4.97 4.77 4.26 4.23 4.42 4.37 4.37 4.55 4.37 4.43 4.53 4.65 4.62 4.84 4.74 4.97 5.15 5.17 5.53 5.62 5.72 5.66 5.48 5.71 6.03 6.13 6.05 6.19 6.03 5.73 4.86 4.73 6.26 6.39 6.77 6.57 6.51 6.4 5.9 6.22 6 5.72 5.83 5.71 5.39 5.59 5.64 5.65 5.56 5.47 5.52 4.91 4.23 4.24 4.51 4.56 4.55 5.21 5.12 5.24 5.6 5.67 5.82 5.88 5.78 5.97 6.11 6.36 6.71 6.61 6.32 6.56 6.54 6.18 6.16 5.98 5.85 5.83 5.42 4.99 4.85 4.7 4.2 3.86 3.55 3.57 3.46 3.3 2.35 2.01 1.75 1.71 1.73 1.76 1.76 1.74 1.71 1.67 1.68 1.66 1.54 1.42 1.2 1.2 1.16 1.18 1.12 1.11 1.09 0.89 0.94 0.96 0.93 0.94 0.91 0.93 0.9 0.94 0.93 0.96 1.06 1.31 1.42 1.57 1.68 1.87 2.2 2.18 2.48 2.72 2.73 2.84 4.62 4.97 4.94 4.97 4.57 4.46 3.93 3.66 4.08 4.38 4.42 4.27 4.91 4.53 4.37 4.09 3.53 3.22 2.63 2.81 3.28 2.78 3.02 2.69 2.78 2.85 2.3 2.46 3.38 3.46 2.85 3.27 3.38 3.25 3.17 3.01 2.8 3.63 3.81 3.81 3.71 3.33 3.38 3.3 3.72 3.63 3.71 4 4.18 3.9 2.93 3.06 3.34 3.44 3.47 3.89 3.86 3.99 4.37 4.51 4.52 4.65 4.74 4.87 4.97 4.92 4.77 4.95 4.9 4.89 4.99 5.01 4.9 4.79 4.6 4.68 4.82 3.91 3.72 3.84 3.08 3.29 1.92 1.81 1.36 1.41 1.85 1.87 1.65 1.69 0.9 0.44 0.01 0.11 0.24 0.26 0.21 0.14 0.14 0.19 3.76 3.72 4.12 3.87 4.18 4.45 4.42 4.35 4.47 4.61 4.82 4.92 5.04 5.1 4.91 4.7 4.59 4.57 4.45 4.7 4.82 4.52 4.54 4.51 4.86 4.92 4.6 4.25 4.23 4.16 3.41 3.45 2.82 2.5 2.46 3.03 3.41 3.34 3.25 3.1 2.98 2.8 1.93 1.55 1.85 1.99 1.67 2.02 2.34 2.54 0.18 0.15 0.14 0.05 0.06 0.06 0.08 0.13 0.16 0.16 0.16 0.18 0.15 0.14 0.16 0.12 0.17 0.12 0.15 0.15 0.09 0.04 0.06 0.03 0.1 0.02 0.02 0.01 0.01 0.02 0.06 0.08 0.07 0.1 0.07 0.09 0.11 0.09 0.1 0.11 0.08 0.05 0.07 0.11 0.07 0.05 0.04 0.04 0.04 0.03 2.53 2.39 2.31 2.31 2.01 2.69 2.34 2.3 2.55 2.43 2.1 1.79 1.6 1.33 1.27 1.17 1.47 2.01 1.95 2.13 2.24 1.97 1.68 1.76 1.35 0.96 0.96 0.99 0.96 0.83 0.71 0.87 1.04 0.82 0.67 0.72 0.6 0.59 0.62 0.72 0.61 0.72 0.88 0.77 0.77 0.68 1.05 1.41 1.38 1.62 0.02 0.04 0.06 0.07 0.02 0.05 0.05 0.03 0.04 0.04 0.03 0.03 0.02 0.01 0.02 0.04 0.02 0.02 0.03 0.01 0.01 0.01 0.08 0.08 0.08 0.08 0.22 0.16 0.32 0.33 0.21 0.22 0.34 0.26 0.27 1.39 1.31 1.37 1.75 1.49 1.51 1.73 1.69 1.54 1.62 1.76 1.63 1.78 1.62 1.49 1.65 1.18 1.5 1.37 1.43 1.49 1.63 1.54 1.54 1.37 1.52 1.65 1.76 1.33 1.22 1.21 1.28 1.37 1.01 1.03 Date consumer pQuarterly Yearly change 31/03/1981 27.8 30/06/1981 28.4 30/09/1981 29.0 31/12/1981 30.2 31/03/1982 30.8 30/06/1982 31.5 30/09/1982 32.6 31/12/1982 33.6 31/03/1983 34.3 30/06/1983 35.0 30/09/1983 35.6 31/12/1983 36.5 31/03/1984 36.3 30/06/1984 36.4 30/09/1984 36.9 31/12/1984 37.4 31/03/1985 37.9 30/06/1985 38.8 30/09/1985 39.7 31/12/1985 40.5 31/03/1986 41.4 30/06/1986 42.1 30/09/1986 43.2 31/12/1986 44.4 31/03/1987 45.3 30/06/1987 46.0 30/09/1987 46.8 31/12/1987 47.6 31/03/1988 48.4 30/06/1988 49.3 30/09/1988 50.2 31/12/1988 51.2 31/03/1989 51.7 30/06/1989 53.0 30/09/1989 54.2 31/12/1989 55.2 31/03/1990 56.2 30/06/1990 57.1 30/09/1990 57.5 31/12/1990 59.0 31/03/1991 58.9 30/06/1991 59.0 30/09/1991 59.3 31/12/1991 59.9 31/03/1992 59.9 30/06/1992 59.7 30/09/1992 59.8 31/12/1992 60.1 31/03/1993 60.6 2.16% 2.11% 4.14% 1.99% 2.27% 3.49% 3.07% 2.08% 2.04% 1.71% 2.53% -0.55% 0.28% 1.37% 1.36% 1.34% 2.37% 2.32% 2.02% 2.22% 1.69% 2.61% 2.78% 2.03% 1.55% 1.74% 1.71% 1.68% 1.86% 1.83% 1.99% 0.98% 2.51% 2.26% 1.85% 1.81% 1.60% 0.70% 2.61% -0.17% 0.17% 0.51% 1.01% 0.00% -0.33% 0.17% 0.50% 0.83% 10.79% 10.92% 12.41% 11.26% 11.36% 11.11% 9.20% 8.63% 5.83% 4.00% 3.65% 2.47% 4.41% 6.59% 7.59% 8.29% 9.23% 8.51% 8.82% 9.63% 9.42% 9.26% 8.33% 7.21% 6.84% 7.17% 7.26% 7.56% 6.82% 7.51% 7.97% 7.81% 8.70% 7.74% 6.09% 6.88% 4.80% 3.33% 3.13% 1.53% 1.70% 1.19% 0.84% 0.33% 1.17% 30/06/1993 60.8 30/09/1993 61.1 31/12/1993 61.2 31/03/1994 61.5 30/06/1994 61.9 30/09/1994 62.3 31/12/1994 62.8 31/03/1995 63.8 30/06/1995 64.7 30/09/1995 65.5 31/12/1995 66.0 31/03/1996 66.2 30/06/1996 66.7 30/09/1996 66.9 31/12/1996 67.0 31/03/1997 67.1 30/06/1997 66.9 30/09/1997 66.6 31/12/1997 66.8 31/03/1998 67.0 30/06/1998 67.4 30/09/1998 67.5 31/12/1998 67.8 31/03/1999 67.8 30/06/1999 68.1 30/09/1999 68.7 31/12/1999 69.1 31/03/2000 69.7 30/06/2000 70.2 30/09/2000 72.9 31/12/2000 73.1 31/03/2001 73.9 30/06/2001 74.5 30/09/2001 74.7 31/12/2001 75.4 31/03/2002 76.1 30/06/2002 76.6 30/09/2002 77.1 31/12/2002 77.6 31/03/2003 78.6 30/06/2003 78.6 30/09/2003 79.1 31/12/2003 79.5 31/03/2004 80.2 30/06/2004 80.6 30/09/2004 80.9 31/12/2004 81.5 31/03/2005 82.1 30/06/2005 82.6 30/09/2005 83.4 0.33% 0.49% 0.16% 0.49% 0.65% 0.65% 0.80% 1.59% 1.41% 1.24% 0.76% 0.30% 0.76% 0.30% 0.15% 0.15% -0.30% -0.45% 0.30% 0.30% 0.60% 0.15% 0.44% 0.00% 0.44% 0.88% 0.58% 0.87% 0.72% 3.85% 0.27% 1.09% 0.81% 0.27% 0.94% 0.93% 0.66% 0.65% 0.65% 1.29% 0.00% 0.64% 0.51% 0.88% 0.50% 0.37% 0.74% 0.74% 0.61% 0.97% 1.84% 2.17% 1.83% 1.49% 1.81% 1.96% 2.61% 3.74% 4.52% 5.14% 5.10% 3.76% 3.09% 2.14% 1.52% 1.36% 0.30% -0.45% -0.30% -0.15% 0.75% 1.35% 1.50% 1.19% 1.04% 1.78% 1.92% 2.80% 3.08% 6.11% 5.79% 6.03% 6.13% 2.47% 3.15% 2.98% 2.82% 3.21% 2.92% 3.29% 2.61% 2.59% 2.45% 2.04% 2.54% 2.28% 2.52% 2.37% 2.48% 3.09% 31/12/2005 83.8 31/03/2006 84.5 30/06/2006 85.9 30/09/2006 86.7 31/12/2006 86.6 31/03/2007 86.6 30/06/2007 87.7 30/09/2007 88.3 31/12/2007 89.1 31/03/2008 90.3 30/06/2008 91.6 30/09/2008 92.7 31/12/2008 92.4 31/03/2009 92.5 30/06/2009 92.9 30/09/2009 93.8 31/12/2009 94.3 31/03/2010 95.2 30/06/2010 95.8 30/09/2010 96.5 31/12/2010 96.9 31/03/2011 98.3 30/06/2011 99.2 30/09/2011 99.8 31/12/2011 99.8 31/03/2012 99.9 30/06/2012 100.4 30/09/2012 101.8 31/12/2012 102.0 31/03/2013 102.4 30/06/2013 102.8 30/09/2013 104.0 31/12/2013 104.8 31/03/2014 105.4 30/06/2014 105.9 30/09/2014 106.4 31/12/2014 106.6 31/03/2015 106.8 30/06/2015 107.5 Sep-2015 108.0 Dec-2015 108.4 Mar-2016 108.2 Jun-2016 108.6 0.48% 0.84% 1.66% 0.93% -0.12% 0.00% 1.27% 0.68% 0.91% 1.35% 1.44% 1.20% -0.32% 0.11% 0.43% 0.97% 0.53% 0.95% 0.63% 0.73% 0.41% 1.44% 0.92% 0.60% 0.00% 0.10% 0.50% 1.39% 0.20% 0.39% 0.39% 1.17% 0.77% 0.57% 0.47% 0.47% 0.19% 0.19% 0.66% 1.12% 1.59% 2.06% 2.53% 2.82% 2.92% 4.00% 3.96% 3.34% 2.49% 2.10% 1.85% 2.89% 4.27% 4.45% 4.98% 3.70% 2.44% 1.42% 1.19% 2.06% 2.92% 3.12% 2.88% 2.76% 3.26% 3.55% 3.42% 2.99% 1.63% 1.21% 2.00% 2.20% 2.50% 2.39% 2.16% 2.75% 2.93% 3.02% 2.31% 1.72% 1.33% 1.51% 1.69% 1.88% 2.06% 2.24% Name Code 1/31/2001 2/28/2001 3/30/2001 4/30/2001 5/31/2001 6/29/2001 7/31/2001 8/31/2001 9/28/2001 10/31/2001 11/30/2001 12/31/2001 1/31/2002 2/28/2002 3/29/2002 4/30/2002 5/31/2002 6/28/2002 7/31/2002 8/30/2002 9/30/2002 10/31/2002 11/29/2002 12/31/2002 1/31/2003 2/28/2003 3/31/2003 4/30/2003 5/30/2003 6/30/2003 7/31/2003 8/29/2003 9/30/2003 10/31/2003 11/28/2003 12/31/2003 1/30/2004 2/27/2004 3/31/2004 4/30/2004 5/31/2004 6/30/2004 7/30/2004 8/31/2004 9/30/2004 10/29/2004 11/30/2004 12/31/2004 Price 8.0615 9.0028 8.3827 9.2038 9.623 9.1766 8.5672 8.2316 7.578 7.8871 8.8701 9.2738 9.8743 10.4131 10.0686 9.5387 9.5387 9.0971 8.9052 8.5128 8.4567 9.0547 9.4565 9.4846 8.3352 8.5501 8.6716 8.4473 8.0362 8.0736 9.1575 10.2134 9.8677 10.9516 10.5311 11.3908 10.5498 11.4562 11.4562 10.718 11.2974 11.7085 12.3159 12.2692 13.4186 12.942 14.4371 14.3343 BHP Woolworths PE ratio Dividend yiMarket Val Price PE ratio Dividend yiMarket Value 42.8 2.69 33589.12 7.839 29.8 2.93 8387.8 91.2 2.41 37511.3 8.47 28 2.95 9063.23 84.9 2.59 34927.39 8.3 27.4 3.01 8899.18 93.2 2.36 38520.47 8.98 29.7 2.78 9628.32 97.4 2.27 40274.68 9.6 31.7 2.6 10324.55 93.2 2.37 38404.76 11 36.4 2.27 11390.07 87 2.54 35908.51 11.05 36.5 2.26 11442.28 13.7 2.64 34501.79 10.727 26.7 2.52 11107.94 12.6 2.87 31762.37 11.85 29.5 2.28 12275.58 13.1 2.76 33058.04 11.34 28.2 2.38 11779.09 14.8 2.52 37178.26 11.09 27.6 2.43 11519.8 15.4 2.41 38870.04 11.24 28 2.4 11676.27 16.4 2.27 41387.33 11.844 29.5 2.28 12313.14 30.2 3.29 43645.46 12.12 30.2 2.23 12650.3 29.2 3.4 42201.75 12.48 27 2.4 13058.64 27.7 3.59 39980.61 13.13 28.4 2.28 13742.12 27.7 3.59 40157.22 13 28.1 2.31 13639.71 26.4 3.77 38298.09 13.15 28.4 2.28 13797.09 19 4.07 35435.03 12.13 26.2 2.47 12765 17.2 2.72 33835.7 12 25.9 2.5 12639.56 17.1 2.73 33612.85 12.3 24.5 2.68 12976.7 18.3 2.55 35989.89 12.31 24.5 2.68 13027.89 19.1 2.45 37586.96 11.32 22.5 2.92 11982.77 19.2 2.44 37698.39 11.4 22.7 2.89 12069.12 16.8 2.77 33333.9 11.94 23.8 2.76 12642.14 19.1 2.68 34193.41 11.57 23.1 3.11 12250.71 19.3 2.64 34679.22 12.23 24.5 2.94 12959.31 18.8 2.71 33782.35 12.92 49.2 2.79 13112.92 17.9 2.85 32138.07 12.25 46.6 2.94 12506.33 18 2.83 32373.77 12.52 47.7 2.88 12782.08 20.4 2.5 36720.25 11.8 44.9 3.05 12052.36 23.8 2.23 40954.32 11.76 20.2 3.32 12016.37 23 2.31 39567.94 11.72 20.2 3.33 12008.67 25.5 2.08 43914.4 11.12 19.1 3.51 11409.24 24.5 2.17 42228.29 11.34 19.5 3.44 11538.68 26.5 2 45764.89 11.8 20.3 3.31 11993.7 24.5 2.16 42386.06 11.74 20.2 3.32 11934.41 29.9 2.82 46027.69 11.73 18.3 3.58 11925.58 29.9 2.82 46027.69 11.85 18.5 3.54 12048.92 28 3.02 43061.82 11.8 18.4 3.56 11998.23 29.5 2.86 45389.5 11.71 18.3 3.59 11966.8 30.6 2.76 47099.57 11.4 17.8 3.68 11650 32.1 2.63 49542.92 11.71 18.3 3.59 12064.1 16.2 2.74 49354.95 12.65 18.8 3.56 13119.32 17.7 2.51 53978.48 13.62 20.2 3.3 14156.11 17.1 2.6 52061.39 13.38 19.9 3.36 13958 19.1 2.33 58075.71 15 22.3 3 15649.67 18.9 2.35 54959.68 15.01 22.3 3 15670.16 1/31/2005 2/28/2005 3/31/2005 4/29/2005 5/31/2005 6/30/2005 7/29/2005 8/31/2005 9/30/2005 10/31/2005 11/30/2005 12/30/2005 1/31/2006 2/28/2006 3/31/2006 4/28/2006 5/31/2006 6/30/2006 7/31/2006 8/31/2006 9/29/2006 10/31/2006 11/30/2006 12/29/2006 1/31/2007 2/28/2007 3/30/2007 4/30/2007 5/31/2007 6/29/2007 7/31/2007 8/31/2007 9/28/2007 10/31/2007 11/30/2007 12/31/2007 1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/30/2008 6/30/2008 7/31/2008 8/29/2008 9/30/2008 10/31/2008 11/28/2008 12/31/2008 1/30/2009 2/27/2009 15.2033 17.8852 16.6984 14.9884 15.5865 16.9601 18.0908 19.1187 20.7913 19.3896 20.4362 21.2585 24.1086 22.6602 26.1643 27.3791 26.3793 27.0988 25.9494 25.884 23.9497 25.4915 24.5104 23.6413 24.3328 25.3514 27.9304 27.5753 29.4629 32.7335 34.5743 35.9012 41.6293 43.0777 40.1623 37.5085 34.621 36.9852 33.4623 39.4988 40.6482 40.8351 37.1066 38.6859 28.9677 26.155 28.9677 28.4444 28.5004 26.9399 20.1 17.7 16.5 14.9 15.4 16.8 17.9 14.7 15.9 14.9 15.7 16.3 18.5 13.4 15.5 16.2 15.6 16 15.3 11.9 11 11.7 11.3 10.9 11.2 10.2 11.2 11.1 11.8 13.1 13.9 14.2 16.5 17 15.9 14.8 13.7 15.2 13.7 16.2 16.7 16.8 15.2 14.4 10.8 9.8 10.8 10.6 10.6 12.4 2.21 1.59 1.7 1.89 1.82 1.67 1.57 1.78 1.63 1.75 1.66 1.6 1.41 1.77 1.53 1.47 1.52 1.48 1.55 1.73 1.87 1.76 1.83 1.9 1.84 1.84 1.67 1.7 1.59 1.43 1.35 1.55 1.33 1.29 1.38 1.48 1.6 1.66 1.83 1.55 1.51 1.5 1.65 1.9 2.54 2.82 2.54 2.59 2.58 3.88 58291.61 68574.19 64024.08 57467.62 59760.55 65109.61 69450.19 73396.25 79817.56 74436.56 78454.31 81674.06 92623.75 87059.25 100522 102377.6 98639 101376 97076.25 96831.56 89595.38 95363.38 91692.81 88441.81 91028.63 94838.94 104487.2 99037.88 105817.2 117563.4 124174.9 128940.6 149513.3 154715.3 144244.3 134713 124342.7 132833.6 120181.2 141861.4 145989.4 146660.6 133269.9 138941.6 104038.4 93936.63 104038.4 102159 102360.4 96755.75 14.59 15.56 16.05 15.29 16.07 16.51 16.4 16.25 16.63 16.33 17.01 16.85 17.25 18.4 18.83 18.66 18.6 20.15 19.04 20.7 20.26 20.69 22 23.9 23.75 27.2 27.19 28.3 27.51 27 27.29 29.92 29.71 33.45 33.85 33.99 28.8 28.99 29 28.7 27.72 24.45 25.2 28.36 27.2 27.8 26.8 26.67 27.7 26.14 21.6 21.9 22.6 21.6 22.7 23.3 23.1 22.9 22 21.6 22.5 22.3 22.8 22.1 22.7 22.4 22.4 24.2 22.9 24.9 24.4 22.8 24.2 26.3 26.1 27.3 27.3 28.4 27.6 27.1 27.4 30 27.3 30.7 31.1 31.2 26.5 23.4 23.4 23.1 22.3 19.7 20.3 21 20.2 20.6 19.9 19.8 20.5 19.4 3.08 3.08 2.99 3.14 2.99 2.91 2.93 2.95 3.07 3.12 3 3.03 2.96 2.99 2.92 2.95 2.96 2.73 2.89 2.85 2.91 2.85 2.68 2.47 2.48 2.43 2.43 2.33 2.4 2.44 2.42 2.21 2.49 2.21 2.19 2.18 2.57 2.86 2.86 2.89 2.99 3.39 3.29 3.24 3.38 3.31 3.43 3.45 3.32 3.67 15234.32 16247.15 16777.97 15985.77 17057.97 17525.32 17415.15 17276.2 17694.09 17669.66 19794.71 19610.06 20076.25 21415.46 21920.59 21725 21983.53 23815.62 22504.51 24488.18 24003.77 24897.75 26476.23 28772.57 28594.3 32748 32759.25 34096.89 33212.51 32597.15 32949.22 36159.27 35982.66 40599.13 41088.64 41283.25 34979.77 35210.57 35223.83 34859.62 33739.51 29759.48 30672.35 34518.55 33215.98 34036.97 32819.16 32680.27 33942.41 32037.13 3/31/2009 4/30/2009 5/29/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/30/2009 11/30/2009 12/31/2009 1/29/2010 2/26/2010 3/31/2010 4/30/2010 5/31/2010 6/30/2010 7/30/2010 8/31/2010 9/30/2010 10/29/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/29/2011 5/31/2011 6/30/2011 7/29/2011 8/31/2011 9/30/2011 10/31/2011 11/30/2011 12/30/2011 1/31/2012 2/29/2012 3/30/2012 4/30/2012 5/31/2012 6/29/2012 7/31/2012 8/31/2012 9/28/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013 2/28/2013 3/29/2013 4/30/2013 29.818 31.0888 32.3877 32.4438 35.3686 34.3874 35.2565 34.9948 38.5924 40.2931 36.817 38.4055 40.7323 38.0785 35.733 35.1817 37.4898 34.621 36.3591 39.1718 39.938 42.2834 41.349 43.0871 43.5076 42.8254 41.4518 40.9285 38.7045 37.1347 32.7241 35.3219 32.6307 32.1635 35.0228 33.7333 32.341 33.2194 29.8741 29.3882 29.8367 29.7059 30.8739 32.0046 32.1354 34.6678 35.0228 34.6397 30.6123 30.5562 13.7 14.3 14.9 15 16.3 28.2 28.9 28.7 31.6 33 30.2 22.1 23.5 21.9 20.6 20.3 21.6 19.9 14.4 15.5 15.8 16.7 16.4 12.6 12.8 12.6 12.2 12 11.3 9.3 8.2 8.8 8.1 8 8.7 8.8 8.5 8.7 7.8 7.7 7.8 11.3 11.8 12.2 12.2 13.2 13.3 21 18.6 18.5 3.51 3.36 3.23 3.22 2.96 3.09 3.01 3.03 2.75 2.64 2.88 2.76 2.61 2.79 2.97 3.02 2.83 3.07 2.44 2.27 2.23 2.1 2.15 2.05 2.03 2.06 2.13 2.16 2.38 2.48 2.94 2.73 2.95 2.99 2.75 2.85 2.98 2.9 3.22 3.28 3.32 3.34 3.35 3.23 3.22 2.98 2.95 2.98 3.38 3.38 107092.4 111656.8 116321.7 116523 127027.6 123503.7 126624.9 125685.1 138606 144714.1 132229.5 137934.8 146291.5 136760.3 128336.4 126356.4 134645.9 124342.7 130585 140686.8 143438.8 151862.6 148506.5 154748.8 156259.1 147076.6 142359.1 140562 133020.1 127624.8 112466.6 121394.5 112145.4 110546.3 120374.1 115941.9 111156.4 114175.4 102677.6 101007.6 102549.1 102099.5 106114.1 110000.3 110449.9 119153.6 120374.1 119057.2 105214.9 105022.2 25.01 26.72 25.35 26.36 27.25 28.02 29.25 28.63 28.05 28 25.86 26.84 28 27.1 26.65 27.02 25.79 27.76 28.84 28.35 26.8 26.97 26.7 26.88 26.88 26.51 27.41 27.75 26.94 25.22 24.86 23.81 24.62 25.1 24.79 25.31 25.98 25.94 26.44 26.8 28.57 29.62 28.76 29.41 29.28 29.33 31.24 34.93 33.79 36.41 18.5 19.8 18.8 19.5 20.2 18.6 19.4 19 18.6 18.6 17.2 16.2 16.9 16.3 16.1 16.3 15.6 16.7 17.6 17.3 16.3 16.4 16.3 15.8 15.8 15.6 16.1 16.3 15.8 14.4 14.2 13.6 14.1 14.4 14.2 14.5 16.4 16.3 16.6 16.9 18 19.9 19.3 19.8 19.7 19.7 21 20.8 20.1 21.6 3.84 3.59 3.79 3.64 3.52 3.71 3.56 3.63 3.71 3.71 4.02 4.06 3.89 4.02 4.09 4.03 4.23 4.14 3.99 4.06 4.29 4.26 4.31 4.43 4.43 4.49 4.34 4.29 4.42 4.84 4.91 5.12 4.96 4.86 4.92 4.82 4.7 4.7 4.61 4.55 4.27 4.12 4.24 4.15 4.17 4.16 3.91 3.97 4.11 3.81 30652.69 32749.43 31153.13 32397.5 33532.65 34480.16 36148.32 35480.42 34765.29 34719.49 32066.35 33281.56 34720.02 33604.01 33064.19 33296.43 31752.45 34177.91 35647.35 34368.32 32494.26 32711.48 32384.13 32602.44 32602.49 32154.36 33342.08 33757.84 32772.46 30680.08 30332.48 29155.55 30160 30794.95 30414.71 31052.7 31874.72 31825.63 32537.71 33015.73 35196.43 36497.84 35496.99 36477.12 36345.29 36445.99 38821.65 43407.23 41995.45 45252.69 5/31/2013 6/28/2013 7/31/2013 8/30/2013 9/30/2013 10/31/2013 11/29/2013 12/31/2013 1/31/2014 2/28/2014 3/31/2014 4/30/2014 5/30/2014 6/30/2014 7/31/2014 8/29/2014 9/30/2014 10/31/2014 11/28/2014 12/31/2014 1/30/2015 2/27/2015 3/31/2015 4/30/2015 5/29/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/30/2015 11/30/2015 12/31/2015 1/29/2016 2/29/2016 3/31/2016 4/29/2016 5/31/2016 6/30/2016 7/29/2016 32.5933 29.3134 32.369 33.4063 33.3969 35.191 34.9388 35.4994 34.1725 35.8638 34.079 35.2751 34.5836 33.5464 36.1442 34.2659 31.6495 31.7336 28.8929 27.4445 27.3417 31.4439 28.9957 29.8741 29.59 27.05 26.45 25.18 22.22 23.02 18.09 17.86 15.35 15.57 16.86 20.68 19.08 18.65 19.52 19.8 17.8 19.6 18 18 19 18.8 19.1 18.4 13.2 12.6 13 12.7 12.4 13.3 12.9 11.9 11.9 10.9 10.3 10.3 16.1 14.8 15.3 15.2 13.9 13.5 58 51.2 53.1 41.7 41.2 35.4 NA NA NA NA NA NA 3.17 3.82 3.46 3.36 3.61 3.43 3.45 3.4 3.53 3.36 3.54 3.42 3.49 3.65 3.38 3.57 4.55 4.53 4.98 5.24 5.26 4.58 4.96 4.82 4.86 6.49 6.64 6.97 4.91 4.74 6.03 6.11 7.11 7.01 6.47 5.28 5.72 5.85 5.59 112023.6 100750.6 111252.9 114817.8 114785.7 120952.1 120085 122012 117451.4 123264.6 117130.2 121241.2 118864.6 115299.6 124228.1 117772.6 108779.9 109068.9 99305.38 94327.25 93973.94 108073.3 99658.63 102677.6 95033.63 86875.94 84948.94 80870.06 71363.5 73932.88 58099.3 57360.59 49299.29 50005.85 54148.91 66417.5 61278.86 59897.81 62692.02 33 32.81 33.32 35.67 35 34.9 33.69 33.85 34.07 36.07 35.72 37.32 37.53 35.22 36.95 36.16 34.24 36 31.12 30.68 31.78 30.71 29.49 29.48 28 26.96 28.6 26.4 24.84 24.11 23.67 24.5 24.28 22.9 22.1 22.11 22.12 20.89 23.41 19.6 19.5 19.8 19.6 19.2 19.2 18.5 18.6 18.7 19.1 18.9 19.7 19.8 18.6 19.5 18.4 17.4 18.3 15.8 15.6 16.2 16 15.3 15.3 14.6 14 14.9 15.5 14.5 14.1 13.9 14.3 14.2 NA NA NA NA NA NA 4.21 4.23 4.17 3.73 3.8 3.81 3.95 3.93 3.9 3.77 3.81 3.64 3.62 3.86 3.68 3.79 4 3.81 4.4 4.47 4.31 4.53 4.71 4.72 4.96 5.16 4.86 5.27 5.6 5.77 5.87 5.67 5.72 5.07 5.25 5.25 5.24 5.55 4.96 41106.15 41018.63 41657.41 44596.14 43790.41 43775.14 42261.29 42468.29 42744.99 45254.45 44817.16 46824.9 47192.02 44370.66 46550.67 45556.69 43139.32 45468.14 39305.39 38753.15 40143.06 38791.49 37250.44 37339.8 35465.21 34147.94 36225.19 33438.62 31462.71 30642.29 30083.07 31137.95 30858.34 29104.45 28087.71 28273.36 28286.14 26713.27 29935.75 Market Value Strategic Asset Allocation The client is a large define contribution superannuation fund. The fund provides eligible employees with a convenient way to save on a regular and long-term basis for retirement. As with other superannuation funds, the fund offers investors with three basic investment options - growth, balanced and capital stable. Below are the details of these investment options: Growth - Invest 65-80% in growth assets, and the rest in defensive assets. Aim for high returns over the long run. Balanced - Invest 50-65% in growth assets, and the rest in defensive assets. Aim for reasonable returns but less than the growth fund to reduce risk of losses in bad years. Capital stable - Invest 60-80% in defensive assets, and the rest in growth assets. Aim to reduce risk of losses over the long run. The investment guidelines are based upon an investment horizon of greater than five years. Accordingly, the decision on asset allocation will reflect the long-term investment risk/return objectives for each investment option. Since the investment is long-term, the influence of financial crisis and business cycle is supposed to be less important. Short-term liquidity requirements are anticipated to be non-existent. The client recognizes that some risk must be assumed in order to achieve the investment objectives of the plans. However, they would like to minimise the chances of negative returns in any one year. The client also states that the portfolios should be monitored and reviewed yearly. Asset class guidelines: The client has specified five asset classes for investment: (1) Australian equities; (2) US large equities; (3) Australian government bonds; (4) US government bonds; and (5) Australian short-term money market instruments. Interest-generating investments, such as bonds and short-term money market instruments, have historically provided little opportunity for real long-term capital growth due to their susceptibility to inflation. Equity investments, on the other hand, have significantly higher expected returns but have the disadvantage of much greater variability of returns. Individual Client Andrew Utley, aged 40, is a managing director at XYZ Company and earns an annual salary of $150,000 before taxes. His wife, Mary, stays home to care for their newborn twins. Andrew recently inherited $350,000 (after wealth-transfer taxes) in cash from his father's estate. In addition, the Utleys have accumulated the following assets (current market value): $20,000 in cash; $200,000 in other financial assets/investments. 1 The Utleys have recently bought their dream house and have already made $100,000 down payment (the rest are borrowed from a bank over a 25 yeas loan term). Their annual living expenses, including home loan payments, are $70,000. After-tax salary increases will offset any future increases in their living expenses. The Utleys plan to invest their inheritance ($350,000) in a superannuation fund for their retirement. Also, they are planning to contribute all the remaining income (after expenses) to the superannuation fund on an annual basis. During your discussion with the Utleys, they express concern about achieving their goals for their retirement. They tell you: They want to have at least $1M dollars (in today's dollar) in 25 years when Andrew retires; They believe that adopting a long-term approach to investing offers the best strategy for taking advantage of the higher return potential of growth assets. They believe that timing the market is a gamble, and will result in high transaction costs; They will not have any additional children and do not have any additional long-term goals or needs. However, the $200,000 invested in other financial asset/investments will be used to cover their children's future education costs; Ideally, they want to have an emergency fund to cover a least 3 to 6 months' worth of living expenses. Assume the long-term average inflation rate is 2.5% per annum. Andrew's salary and all capital gains and investment income are taxed at 35% and no tax-sheltering strategies are available. Data: You are provided with: 1. Historical monthly price/return indices (January 1993 to June 2016); 2. Historical monthly price and accounting information for BHP and Woolworth; 3. Information about superannuation funds: a. Australian Securities & Investments Commission http://www.asic.gov.au/fido/fido.nsf 2 Required Information: Part 1: Strategy Asset Allocation (SAA) For this part, assume all investments are at benchmark. Do not take into consideration the impact of any active investments. For simplicity, do not consider taxes and transaction costs on any income generated. 1. Analyse the performance of each asset class and examine the relationships among them. Discuss the role each asset class plays in an investment portfolio. 2. Use arithmetic means as the expected returns for the asset classes going forward (and any other relevant historical statistics), come up with three appropriate SAA portfolios (growth, balanced and capital stable). Discuss your asset allocation decisions in detail. 3. Apply the asset allocation to the provided historical data and calculate the performance of your portfolios. You must at least provide the following: a. Average portfolio returns (\"arithmetic\" for both monthly and yearly) and Sharpe ratios over the sample period; b. Average returns (yearly) of trailing 3 and 5 years at the end of every year; c. Graph and compare the performance of your portfolios over time; d. Standard deviation (both monthly and yearly) of your portfolios over the sample period; e. Probability of a negative return (and returns less than 1.5 and 3 percent) in any one year over the sample period. 4. Make detailed comments on the performance (i.e., risk, returns, time-series performance...etc) of your portfolios. How do investors benefit from investing in these portfolios? What are the investment objectives each portfolio aims to achieve? Part 2: Individual Investor For this part, your need to create an Investment Policy Statement for the Utleys and recommend an investment portfolio (choose one portfolio from the three SAA portfolios you have created in Part 1 above) that satisfies their investment objectives. 1. Formulate the return objective for the Utleys. Calculate the pretax return that is required to achieve their primary investment objective; 2. Formulate the risk objective for the Utleys; 3. Formulate the following investment constraints for the Utleys: a. Time horizon 3 b. Liquidity requirement c. Tax concerns d. Legal and regulatory factors e. Unique needs and preferences 4. Based on the investment objectives you have identified, give investment advice and choose an appropriate investment portfolio (based on the three portfolios you have created in Part 1 above) for the Utleys. Justify your choice. 4