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y ‘Scanned wih CamScanner -—\(Vaz on _ ap 0.44 Ya ao 4Vas oe - Pot = 0.354 - —— Ye 20 : —__Itve = oe ~ A04y — 0.93) te AQ {_ Borcch on ceekident_q. vatietim, Shee & is prjenbl Covag = ~¥m) (ve-fg) ~ 6 =~ 0 Pry 2 CoOvit Steet 2 fag - Covaga oO = O } Sh oe WAG XH OF | fac = Covac = alo = O.9It L CA & Tt x 20.49 : Oadl Shek ove indeyendeuk “or uacureelated Coubucting pot five with skock A ond_Q In oltuensitying Sime level of vir . [Likewise cmvelokion behween Shel, A and Shee | fs Wate Paribue convelahon behseen Shey 4 |_Gnet_ 8 . Ao there is lon chfuersifica on | benefit i g : $ _@ eiual, bo 0.91%, Thie eres thor ten |} we bn Potttlio 4. Wa =O Wet oe Rekion ge pas thon ee cn, a bel _{—_—_—_— Ly cyfo. ge Weipt 4 O.C2y 09h AxXd.Cv0.o xO = Wa X Ta -t Wy x fe SOL xX Aly 4+ OF x Qy = ALO Y p tr Spa MW? ont 4 ogt eat 24 Wa Covag © =f 3).249 + 12.496 40 24a = 6.61G%. ty Port His 2 WA = 0.57 We 2 Os" . Tp Wax VA + We x ve EOLA + OCXMY = QEOL » ‘Scanned wih CamScanner Wa We COVAS 3 Joc*e taste O19 x 20.49" 0. OX ANOS =} JSr ove 4 104.96 + lose = Vdueg = 18.693 % 1 There Ss_veey Littte —dlitforence Sn - the reform _behween {Portftlis 4 ond ports 2, Hames, the Shudarct ouiation op partfilio 2 is man tnan cable qe tre _partfitin 4. This shone that part}4lfe Dis __Worag much risky than = H-o}% -_0 , - We1g® 4 4.0% —- Axo. j = 49.99 - 0.2R6 4.994 "bur gy 20 witlims 420,650 dood Ye — ee i= one susie avd 3 | pies OE 2 inveateck Jn ghth, B Vpa)=Wax Ya + Wox¥_ | = 0.28¢ x 2o%. + O.HINX Qoy, = QL.43 Risk _q puatfflin QB the, lurert where a» _tehven o' jocrt fflio 2. “$5 the, higheak - However to X 2 cigs’ cals emai ‘Scanned with ComScanner RPSL free. rote Crp) = | Shope. perfrensonce = hi patitia Retoin < fittborntt a pate 2 _Shindarel -dlesishin hs is preter eh ot Mio a. tio 2 Partie & exile Spz ga.c- % [Sp doc |8p.2 2i.u3- 8 6.644 1963 S-94S zA192 | =0.999 = 2. 2U8 Hers ae pee formance, ineosuve. Oe path 3 js htyoat - This mean Gb ik a bebter. TN formance = Th! patfIio rerun - fice. PatHlico Reh. e Fak Goto Goh (Bp) = Wy Bx + wWy By Bes = Wa Ba + Waxes SOex@ + OCyy =A. Beas WaxPa + WexBe zOgye +0.0x 1-8 = 1-9 | Bpa .O9yd + 0.2962 = 1.286 ‘Scanned wih CamScanner o_pertetmance Hak Be 1 } R SSAC -8 | TPp = 93 5-8 | TPs = 2hus -2 = HTN de NR _b23¢ : ~ ER es = lo.quz fo is Ou. hiytsb io Shins Navger bes Risk free robe CB YF) : sat ythm of patpflis 4 (Crp) = AAC, tS hndard devia! i file Sp) = 6.614% Ox €. 614 Foc Wp. Xx tee t C r 2 ead oe Cl-o.6) x8 7% = S.B0tZ% 1 -We,) * rf lo Tose Scanned wth CamScanner Sires | Caleulafin trey viead ete gp nbn CORE] | rf Fa (va vt) + Polfi—t) “ey. + Qasr 2) + a (do- g + 34 4 14 vie rE " C4 ye qe pc gh Bend tba | Shue ave _Ouervolve fy ley Han the. beh, do, béfn_fhe i aa -Shu_b at be SD) Factor itr | a ot Stefi wt fy, Fedushisd Paduction |. OS | 8 __ ti) Risk foe nC Ef) = 28 7. Reka vf + Bi Fi + Boo + BaF SPY EN IKh + OGKR + 0.3X3 = Qty. 11) Here, RRR fs GreaMae than exper rebyin, do ‘Scanned wih CemScanner Musk be zero yen pruge be padtive . Pile 2 — . Pluhenn ‘ = Calesla: { L _—_ fro .| Ya Te. Vim (YA: pra, Ye. Rab im pal] VA EET FE- ECTOI I] Etim) — 0. flow, 60%] 10x] 5% [acyl sy] doce [ii | qos — 0-1 | 20] 40 J20 [ax [er fearfor fags | ot 0.4: [30[ao | zo mos 4e.4 | 30 (4e-4 le lay] 3sy, BZ] 25 [ aasm 189 | Yf_X prOabilthy v Za =. La) = ¢ vax Pra. = 19Y, 7 Olrg) = Svan Pr. = 30V, : FF. Elvm) = Erm x Prb. = 19 Y, = { [Based th expechal rehra, Shiounenumure dena, ‘Scanned wih CamScanner |Cvg= om - 9-434 ~ 0.494 4 Et) ton xfla) 4 ea Ba ~ EOyxi9y torr sey | 2—— = QEyY, _——| = ache Wary oat UE X Co" 4 2 v9.18: Cavag 7 + te 62x 9.434% 0 AC & op 0.Fe ox Car) QUAN ESE AEE a u = 3.31% SL Warking aste [ Cavoviance (Cova) - F Pah. x (vq Eva) ¢(re-era) = -13¢° Chee { er -he [air = 66. wel od £2 W130 12 Coup. Ge Varian 4 eott Ko | pik: CVs beipi ir, 281 - 0.128. typ) EES Since tv bu vedueed lawer ex than bab, Porth waltclversifiy: thenvise Beln Qe Sek A (Ba) = Cov mea eg oe m 84 (Bele chs & (Re) = Coven 2 gc hh | a [Was Sgr - Covad - 162 C130) Sara ogr- Qlwvag — S-4Bu7 te> 2(-130) = 3860 = O.61¢ sey Was L—- Waa L- O.g16 2 0.384" ‘Scanned wih CamScanner = fS.073 = iw! = 146+ « ja Le C . Van anen . . | Coeficiente 9p. mnininiom Vetienss ipa $lio___-__}— CVp = ee — bese > 0.040 variah -_ hog lywer cxet ident qe a1 sb free. vets yp) = 8% “ iy anne &Ceurh\o = Blon = 0-204 _Lotial_op_spoestanst BESS a0 = Leight % marbel pat llrs (Wm Je Pa so = 0. 80 ! 4 se Ip Pepected velo 4+ marti & Ym) = T9397, - |S beter —deutortion red: (6m) = ° 3-43 — = Wer kin) t CW) AoE SOiPoy 19¥. + 6.20 XY weer tepay / = ——etibetter ieince, if ic able > minhune ths. pat lt visk —4 S&p_= Cre) = rb es Se. [Port bf eonsredeted in ontic)| Minin Variance Spe QPF i 2 6.632 WSe PST My ~~ Wai 3.312, : \ LANE Nps Qe - - py.gya| Te = ao tay on TORE ; 01033 ‘Scanned wih CamScanner —+— finder test ties yd ts a ts ta A _——| Part lin__bete (Bp) = Wa Ba + We x Po — le Cee S 8 rth 9 CX A OsK(o NTR) 2! a -:0.299 — Portfflin bets (Bp) = loa xBe WO x Fe F 0 .G1e x | + 01284 X C-1.09) _ 70.0323 _ r Mrininwye Verionce me — eA |

: 98-94 B = 0.26 0-033 ‘Scanned wih CamScanner ; Hee Ball Ba fe —— se eal 1g-s) +O) (3s © _—— =o ly = 46 $1 _ aie wey: ae ; —T Giyectecd rehwon _9- 0 Hy Shook, A and 8 2s —>—— ‘ 12 : Sondusivial paduchin ons 4 OF" piven 1%? os {| wor Le — 2 Vise. fre vet Wp) 5 SY = vp BiFit fa Fat! Bs Fa t'Pa X Fy es + J ALG Dey tPA A VL = 20.6 Yo y Hi) Axoeccted rem (20% ) is lem Mnan the’ * Res uived sale gq veh (406%) , bo J ‘Scanned wih CamScanner

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