You are presented with the following information regarding three portfolios. The Treasury Bill return is 5% per annum.

Portfolio	Mean Return	Standard Deviation	Skewness	Kurtosis
X	7.8%	15.1%	0	0.7
Y	10.2%	20.5%	0.9	-1.8
Z	12.9%	29.3%	-1.5	6.2

1. Using the Coefficient of Variation [CV] which portfolio would be your preferred choice? [4 Marks]

2. Using the Sharpe Ratio which portfolio would be your preferred choice? [4 Marks]

3. Interpret the above skewness results for each portfolio. [6 Marks]

4. Interpret the above kurtosis results for each portfolio. [6 Marks]

[TOTAL: 20 MARKS]