You are the manager of an investment fund. Your job is to advise clients on what portfolio best suits their needs, given their characteristics. You have four different client types.

i. the retired donald, who at age of 74, has finally retired and is looking to enjoy life.

ii. a 22 year old woman "vanessa", who has just begun a long and hopefully successful career as an engineer.

iii. a couple (eddy and cathy), both 41 years of age and have two young children. both earn high incomes and wish to retire at the age of 60.

iv. 64 year old Jerome, who is hoping to retire from his job at the money printer over the next 12 months

you can choose to offer any one of the following four portfolios to each of your clienyts.

Portfolio	Assets Allocation
Alpha	85% shares , 10 % property , 5 % fixed interest ( Cash )
Beta	60% shares , 20% property , 20% fixed interest ( Cash )
Gamma	15% shares , 45% property , 40 % fixed interest ( Cash )
Delta	5% shares , 35 % property , 60 % fixed interest ( Cash )

Q1. complete table 1 below by calculating the historical returns for each portfolio, as well as the expected return, denoted by E(R), and the risk (standard deviation) denoted by , for each of the four asset classes as well as the four portfolios.

Table 1

Year	Shares	Property	Fixed Interest / Cash	Alpha	Beta	Gamma	Delta
2005	17.90%	9.80%	3.00%
2006	29.60%	33%	7.00%
2007	23.10%	13.50%	5.80%
2008	-38.40%	-53.00%	14.90%
2009	41.60%	8.90%	1.70%
2010	5.10%	0.60%	6.00%
2011	5.60%	8.90%	1.70%
2012	5.30%	-9.00%	6.00%
2013	21.40%	10.50%	11.40%
2014	20.80%	31.00%	7.70%
2015	9.70%	8.10%	2.00%
2016	7.00%	28.00%	3.80%
2017	5.80%	15.30%	3.70%
2018	13.60%	14.20%	2.70%
2019	14.50%	6.70%	1.20%
2020	15.20%	5.90%	0.50%
E(R)

Q2. Due to the stock market boom following the COVID-19 pandemic, 74 year old donald was advised by a friend that he will be better off holding 95% shares and little cash, as 'cash is trash' and provides little return. is the friend's advice sound for a retiree like donald? why or why not?

Q3. For each of the four client types, recommend the most suitable portfolio option and justify your selection. Use a graph to show the historical returns of each portfolio (all portfolios on one graph) to assist your recommendation.