You are a global equity manager assigned to select stocks from a universe of large stocks throughout the world. You will be evaluated by comparing your returns to the return on the MSCI World Market Portfolio. You are free to hold stocks from various countries in whatever proportions you deem fit. The following table gives the results of your performance and the MSCI index: What is your total portfolio return? Round off your answer to two digits after the decimal point. State your answer as a percentage ?, i.e. 1.23 Based on the data in the table in the previous question, what is the return on the benchmark portfolio?

\begin{tabular}{|l|l|l|l|l|} \hline & \begin{tabular}{l} Weight in MSCI \\ index \end{tabular} & \begin{tabular}{l} Your \\ weight \end{tabular} & \begin{tabular}{l} Return of stock index for that \\ country \end{tabular} & \begin{tabular}{l} Your return in that \\ country \end{tabular} \\ \hline UK & 0.15 & 0.25 & 20% & 12% \\ \hline Germany & 0.10 & 0.20 & 15% & 15% \\ \hline US & 0.50 & 0.45 & 10% & 14% \\ \hline Japan & 0.25 & 0.10 & 5% & 12% \\ \hline \end{tabular}