Month/Year AALI ASII BMRI UNVR

Jan-07 13200 14850 2900 6600

Feb-07 12550 14050 2575 5850
Mar-07 12600 13200 2325 5600
Apr-07 15750 14400 2500 5700
May-07 15100 16400 3075 5650
Jun-07 13750 16900 3250 6300
Jul-07 15350 18750 3125 6700
Aug-07 14300 17850 3525 7550
Sep-07 16800 19250 3250 6800 P1 consists of 0,5 AALI and 0,
Oct-07 22500 25600 3525 6800 P2 consists of 0,5 AALI and 0,
Nov-07 25450 25000 3775 6650 P3 consists of 0,5 AALI and 0,
Dec-07 28000 27300 3550 6650 P4 consists of 0,5 ASII and 0,5
Jan-08 30200 27250 3500 6750 P5 consists of 0,5 ASII and 0,5

Month/Year r.AALI r.ASII r.BMRI r.UNVR Month/Year r.P1

Jan-07 -0.0492 -0.0539 -0.1121 -0.1136 Jan-07 -0.0516
Feb-07 0.0040 -0.0605 -0.0971 -0.0427 Feb-07 -0.0283
Mar-07 0.2500 0.0909 0.0753 0.0179 Mar-07 0.1705
Apr-07 -0.0413 0.1389 0.2300 -0.0088 Apr-07 0.0488
May-07 -0.0894 0.0305 0.0569 0.1150 May-07 -0.0295
Jun-07 0.1164 0.1095 -0.0385 0.0635 Jun-07 0.1129
Jul-07 -0.0684 -0.0480 0.1280 0.1269 Jul-07 -0.0582
Aug-07 0.1748 0.0784 -0.0780 -0.0993 Aug-07 0.1266
Sep-07 0.3393 0.3299 0.0846 0.0000 Sep-07 0.3346
Oct-07 0.1311 -0.0234 0.0709 -0.0221 Oct-07 0.0538
Nov-07 0.1002 0.0920 -0.0596 0.0000 Nov-07 0.0961
Dec-07 0.0786 -0.0018 -0.0141 0.0150 Dec-07 0.0384
Mean of return 0.0788 0.0569 0.0205 0.0043 Mean of return 0.0679
SD of return 0.1282 0.1059 0.0994 0.0700 SD of return 0.1121

Average SD 0.1009 0.0838

Correlation 0.678435 0.338362 0.496271
-0.039195 0.036364
-0.227151
Number od stocks Av. SD
1 0.1009 Av. SD
2 0.0838
3 0.0740 0.1200
4 0.0650
0.1000
5 0.0590
6 0.0550 0.0800
7 0.0520
8 0.0500 0.0600
9 0.0480 0.0400
10 0.0465
0.0200

0.0000
0 2 4 6 8 10 12
 0.0600

0.0400

0.0200
Portofolios #4 to #10 are hypothetical
0.0000
0 2 4 6 8 10 12
P1 consists of 0,5 AALI and 0,5 ASII P6 consists of 0,33 AALI; 0,33 ASII, and 0,33 BMRI
P2 consists of 0,5 AALI and 0,5 BMRI P7 consists of 0,33 AALI; 0,33 ASII, and 0,33 UNVR
P3 consists of 0,5 AALI and 0,5 UNVR P8 consists of 0,33 AALI; 0,33 BMRI, and 0,33 UNV
P4 consists of 0,5 ASII and 0,5 BMRI P9 consists of 0,33 ASII; 0,33 BMRII, and 0,33 UNV
P5 consists of 0,5 ASII and 0,5 UNVR

r.P2 r.P3 r.P4 r.P5 Month/Year r.P6 r.P7 r.P8

-0.0807 -0.0814 -0.0830 -0.0838 Jan-07 -0.0717 -0.0723 -0.0916
-0.0466 -0.0194 -0.0788 -0.0516 Feb-07 -0.0512 -0.0331 -0.0453
0.1626 0.1339 0.0831 0.0544 Mar-07 0.1387 0.1196 0.1144
0.0944 -0.0250 0.1844 0.0651 Apr-07 0.1092 0.0296 0.0600
-0.0162 0.0128 0.0437 0.0728 May-07 -0.0007 0.0187 0.0275
0.0390 0.0899 0.0355 0.0865 Jun-07 0.0625 0.0964 0.0471
0.0298 0.0292 0.0400 0.0394 Jul-07 0.0039 0.0035 0.0622
0.0484 0.0377 0.0002 -0.0105 Aug-07 0.0584 0.0513 -0.0008
0.2120 0.1696 0.2072 0.1649 Sep-07 0.2513 0.2231 0.1413
0.1010 0.0545 0.0237 -0.0227 Oct-07 0.0595 0.0285 0.0600
0.0203 0.0501 0.0162 0.0460 Nov-07 0.0442 0.0641 0.0135
0.0322 0.0468 -0.0080 0.0066 Dec-07 0.0209 0.0306 0.0265
0.0497 0.0416 0.0387 0.0306 Mean of return 0.0521 0.0467 0.0346
0.0831 0.0686 0.0877 0.0674 SD of return 0.0868 0.0758 0.0633

0.0740

SD

Av. SD

8 10 12
8 10 12
ALI; 0,33 ASII, and 0,33 BMRI
ALI; 0,33 ASII, and 0,33 UNVR
ALI; 0,33 BMRI, and 0,33 UNVR
SII; 0,33 BMRII, and 0,33 UNVR

r.P9
-0.0932
-0.0668
0.0613
0.1200
0.0675
0.0448
0.0690
-0.0330
0.1382
0.0085
0.0108
-0.0003
0.0272
0.0701