Advanced Theory and Methodology of Tactical Asset Allocation by Wai Lee

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m Speed of Mean Reversion Parameter: k

Months 0.98 0.96 0.94 0.92 0.90 0.88 0.86 0.84 0.82 0.80
12 0.30 0.41 0.48 0.54 0.59 0.63 0.66 0.69 0.72 0.74
24 0.40 0.54 0.62 0.68 0.73 0.76 0.79 0.81 0.83 0.85
36 0.48 0.62 0.70 0.76 0.80 0.82 0.85 0.86 0.88 0.89
48 0.53 0.67 0.75 0.80 0.84 0.86 0.88 0.89 0.91 0.92
60 0.58 0.72 0.79 0.84 0.86 0.89 0.90 0.91 0.92 0.93
72 0.61 0.75 0.82 0.86 0.88 0.90 0.92 0.93 0.93 0.94
84 0.65 0.78 0.84 0.88 0.90 0.92 0.93 0.94 0.94 0.95
96 0.67 0.80 0.86 0.89 0.91 0.92 0.94 0.94 0.95 0.96
108 0.70 0.82 0.87 0.90 0.92 0.93 0.94 0.95 0.96 0.96
120 0.72 0.83 0.88 0.91 0.93 0.94 0.95 0.95 0.96 0.96
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Days 0.98 0.96 0.94 0.92 0.90 0.88 0.86 0.84 0.82 0.80
50 0.54 0.68 0.76 0.81 0.84 0.87 0.88 0.90 0.91 0.92
100 0.68 0.81 0.86 0.89 0.91 0.93 0.94 0.95 0.95 0.96
150 0.76 0.86 0.90 0.93 0.94 0.95 0.96 0.96 0.97 0.97
200 0.80 0.89 0.93 0.94 0.95 0.96 0.97 0.97 0.98 0.98
250 0.84 0.91 0.94 0.95 0.96 0.97 0.97 0.98 0.98 0.98
300 0.86 0.92 0.95 0.96 0.97 0.97 0.98 0.98 0.98 0.99
350 0.88 0.93 0.96 0.97 0.97 0.98 0.98 0.98 0.99 0.99
400 0.89 0.94 0.96 0.97 0.98 0.98 0.98 0.99 0.99 0.99
450 0.90 0.95 0.97 0.97 0.98 0.98 0.99 0.99 0.99 0.99
500 0.91 0.95 0.97 0.98 0.98 0.98 0.99 0.99 0.99 0.99
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Months 0.98 0.96 0.94 0.92 0.90 0.88 0.86 0.84 0.82 0.80
12 0.41 0.55 0.65 0.72 0.78 0.83 0.86 0.89 0.91 0.93
24 0.54 0.70 0.80 0.86 0.90 0.93 0.95 0.97 0.98 0.99
36 0.62 0.79 0.87 0.92 0.95 0.97 0.98 0.99 0.99 1.00
48 0.69 0.85 0.92 0.95 0.97 0.98 0.99 1.00 1.00 1.00
60 0.74 0.88 0.94 0.97 0.98 0.99 1.00 1.00 1.00 1.00
72 0.78 0.91 0.96 0.98 0.99 1.00 1.00 1.00 1.00 1.00
84 0.81 0.93 0.97 0.99 0.99 1.00 1.00 1.00 1.00 1.00
96 0.84 0.94 0.98 0.99 1.00 1.00 1.00 1.00 1.00 1.00
108 0.86 0.96 0.98 0.99 1.00 1.00 1.00 1.00 1.00 1.00
120 0.88 0.96 0.99 0.99 1.00 1.00 1.00 1.00 1.00 1.00
DS ,66,A5 VwAWwWAv 6 ,A5 2.
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Days 0.98 0.96 0.94 0.92 0.90 0.88 0.86 0.84 0.82 0.80
50 0.70 0.85 0.92 0.96 0.97 0.99 0.99 1.00 1.00 1.00
100 0.85 0.95 0.98 0.99 1.00 1.00 1.00 1.00 1.00 1.00
150 0.91 0.98 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00
200 0.95 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
250 0.96 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
300 0.97 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
350 0.98 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
400 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
450 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
500 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
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Tracking Information Deviation
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Unbiased 0.77% 1.13% 0.68 56.4% 0 8%
Bias = + µy 0.87% 1.21% 0.72 56.8% 2.9% 8%
Bias = + 0.5 µy 0.82% 1.15% 0.71 56.7% 1.4% 8%
Bias = - 0.5 µy 0.71% 1.15% 0.62 55.8% -1.6% 8%
Bias = - µy 0.66% 1.21% 0.55 55.0% -3.1% 8%
Filter: m = 36 0.65% 1.11% 0.58 55.5% 0 7.9%
Filter: m = 72 0.71% 1.13% 0.63 55.9% 0 8%
Filter: m = 108 0.73% 1.13% 0.64 56.0% 0 8%
Filter: m = 144 0.74% 1.13% 0.65 56.1% 0 8%
k = 0.90
Unbiased 0.77% 1.13% 0.68 56.4% 0 8%
Bias = + µy 0.87% 1.21% 0.72 56.8% 2.9% 8%
Bias = + 0.5 µy 0.82% 1.15% 0.71 56.7% 1.4% 8%
Bias = - 0.5 µy 0.71% 1.15% 0.62 55.8% -1.6% 8%
Bias = - µy 0.66% 1.21% 0.55 55.0% -3.1% 8%
Filter: m = 36 0.58% 1.07% 0.54 55.1% 0 7.6%
Filter: m = 72 0.67% 1.12% 0.62 55.6% 0 7.9%
Filter: m = 108 0.70% 1.13% 0.62 55.9% 0 8%
Filter: m = 144 0.72% 1.13% 0.64 56.0% 0 8%
k = 0.95
Unbiased 0.77% 1.13% 0.68 56.4% 0 8%
Bias = + µy 0.87% 1.21% 0.72 56.8% 2.9% 8%
Bias = + 0.5 µy 0.82% 1.15% 0.71 56.7% 1.4% 8%
Bias = - 0.5 µy 0.71% 1.15% 0.62 55.8% -1.6% 8%
Bias = - µy 0.66% 1.21% 0.55 55.0% -3.1% 8%
Filter: m = 36 0.43% 0.94% 0.45 54.2% 0 6.7%
Filter: m = 72 0.57% 1.06% 0.54 55.0% 0 7.5%
Filter: m = 108 0.63% 1.09% 0.58 55.4% 0 7.8%
Filter: m = 144 0.67% 1.11% 0.60 55.6% 0 7.9%
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eH OA,+ S AWw BB+,55WV,,55 6A+5
6}hi SG *T@Ah@U!?} ,hhLh ,Ui?| 6hL?|ih
0.8%
0.7%
0.6%
0.5%
Alpha
0.4%
0.3%
0.2%
0.1%
0.0%
0.00% 0.20% 0.40% 0.60% 0.80% 1.00%
Tracking Error
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|i !i) UL?UiT|t Mi?_ |i uh@4iLh! 4Lhi @TTi@*?} W?t|i@_ Lu Lh!?}
|hL} |i @*}iMh@ ihic i ULLti |L _hiU|*) @TT*) tL4i i** it|@M*ti_
hit*|t Lu 4@|h T@h||L? |L| ThLLu 5?Ui |i w@}h@?}i 4*|T*ihc bc t
@ tU@*@hc | ** Mi i@tih |L ti i^@|L? ESf ?t|i@_ Lu i^@|L? ES uLh
|i |4i Mi?} Bi?ih@**) tTi@!?}c b _iTi?_t L? |i |@h}i| *ii* Lu @*T@c
_i?L|i_ @t kc @?_ |i u?U|L?@* uLh4 Lu |i |*|) u?U|L?
t tL? @MLic |i ?ihti Lu |i UL@h@?Ui 4@|h Lu @*T@ T*@)t @
Uh|U@* hL*i ? _i|ih4??} |i LT|4@* @}}hitti?itt Lu i@U T@hti Mi|
Ai t@4i t |hi ? @ t|@?_@h_ 4i@?@h@?Ui LT|43@|L? ThLM*i4 ? U
|i ?ihti Lu UL@h@?Ui 4@|h Lu @tti| hi|h?t t @? 4TLh|@?| _i|ih4?@?|
Lu LT|4@* TLh|uL*L i}|t AihiuLhic tL4i hit*|t Lu 5|ii?t EbbH @hi
@*tL @*_ ? Lh 6 ThLM*i4 TT*)?} i^@|L? EH Lu 5|ii?t EbbHc |i
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t |i ULiUi?| L? |i @*T@ Lu T@hti Mi| ? @ 4*|T*i hi}hittL? Lu

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t |i t^@hi_ 4*|T*i hi}hittL? ULiUi?| Lu |i t@4i hi}hittL? 6Lh
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Lu i@U i*i4i?| ? " c ' E -2c 4i@thit |i @h@?Ui Lu |i @*T@ Lu
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T@hti Mi|t AiU?U@**)c | t i^@* |L |i @h@?Ui Lu |i ihhLh |ih4 ? |i
4*|T*i hi}hittL?
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? U @*T@t Lu @** T@hti Mi|t @hi ?_iTi?_i?| At t LMLt*) @?
?hi@*t|U U@tic M| ?iih|i*ittc | t @? ?|ihit|?} U@ti uLh @h|U*@|?}
|i UL?UiT|t W? tU U@ti Lu 4|@**) ?_iTi?_i?| @*T@tc @** ULhhi*@|L?
ULiUi?|t @?_ UL@h@?Uit Lu @*T@t @hi 3ihL AihiuLhic @** Lg_@}L?@*
i*i4i?|t Lu " @hi 3ihL W? @__|L?c @** -2 @hi 3ihL @t i** TT*)?}
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u@U|Lh uLh T@hti Mi| t ThLTLh|L?@* |L |i h@|L Lu |t @*T@ |L |i t^@hi
Lu |t |h@U!?} ihhLh W? L|ih Lh_tc | t ThLTLh|L?@* |L |i ?uLh4@|L?
h@|Lc M| ?ihti*) ThLTLh|L?@* |L |i |h@U!?} ihhLh
W? |i }i?ih@* @?_ hi@*t|U U@ti | _iTi?_i?| @*T@tc |i tL*|L? t
UL?t_ih@M*) 4Lhi UL4T*U@|i_ TT*)?} i^@|L? ESf @}@?c |i LT|4@*
Se wA,+AWV, WA,++,AAW5 D
@}}hitti?itt u@U|Lh uLh T@hti Mi| t }i? M)
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|ih4t hii@*t |i u@U| |@| | t ?_ii_ @? **4?@|?} i ThittL? | |i
!i) UL?UiT|t Mi?_ LT|43@|L? i4Mi__i_
t i T*@?i_ ThiLt*)c |i _i?L4?@|Lh t |i @h@?Ui Lu |i @*T@ Lu
Mi| U U@??L| Mi i T*@?i_ M) |i @*T@t Lu @** L|ih Mi|t W? @ 4*|T*i
hi}hittL?c |i ULiUi?|t @hi |i *i@t|t^@hi it|4@|it |@| 4?43i |i
hit_@* @h@?Ui AihiuLhic |i _i?L4?@|Lh t |i ?L?_iht@M*i T@h| Lu
Mi| <t @h@?Ui *|ih?@|i*)c i 4@) ?|ihThi| | @t |i _Lt)?Uh@|Uc tTi
UUc Lh ?i_}i@M*i @U|i ht! Lu 4@!?} Mi| ? |i L*i @tti| @**LU@|L?
t|h@|i})
ì ?L |h? |L ?|ihThi|@|L? Lu |i ?4ih@|Lh W? @?) t4T*i hi}hittL?c
|i hi}hittL? *?i @t |L T@tt |hL} |i TL?| Lu |i 4i@?t AihiuLhic
|i T@h| Lu |i *ii* Lu |i _iTi?_i?| @h@M*i U U@??L| Mi @UUL?|i_
uLh M) |i *ii*t Lu |i ?_iTi?_i?| @h@M*it t }hLTi_ |L}i|ih ?|L |i
?|ihUiT| |ih4 uhL4 |i hi}hittL? AiU?U@**)c |i ?4ih@|Lh Lu |i @MLi
i ThittL? t i^@* |L |i ?|ihUiT| |ih4 ? |i 4*|T*i hi}hittL? Lu k L?
|i L|ih k c ihi 9'
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| _iTi?_i?| @*T@t t UL?UiT|@**) |i t@4ic i UiT| |@| | tit |i
hi}hittL?@_t|i_ uLh4 W| tit |i T@h|t Lu |i @*T@ @?_ @h@?Ui Lu |i
Mi| |@| U@??L| Mi @UUL?|i_ uLh M) |i L|ih Mi|t A@| tc |i 6 uLh
@ T@h|U*@h Mi| t ThLTLh|L?@* |L |t _Lt)?Uh@|U ?uLh4@|L? h@|Lc M|
?ihti*) ThLTLh|L?@* |L |t _Lt)?Uh@|U |h@U!?} ihhLh
W? tLh|c ? |i 6 uh@4iLh!c | t |i ?L?tMt|||@M*i ?uLh4@|L?
UL?|i?| @?_ UL?|hM|L? |L |i |L|@* @tti| @**LU@|L? t|h@|i}) Lu @ T@h|U*@h
Mi| |@| _i|ih4?it |t i}| ? |i t|h@|i}) Ai t@4i ?|ihThi|@|L? @?_
UL?U*tL? U@? Mi _h@? ? |i U@ti Lu @ 4*|T*i t}?@*t ThLM*i4 uLh |i t@4i
T@hti Mi| Ai t}?@* |@| @t |i }it| ?L?tMt|||@M*i ?uLh4@|L?
UL?|i?| t @tt}?i_ | |i }it| i}|
D2 OA,+ S AWw BB+,55WV,,55 6A+5
SD @ti 5|_it

W? |t tiU|L?c i @TT*) |i 6 uh@4iLh! _ii*LTi_ @MLi L? tiih@*
_gihi?| @tti| @**LU@|L? ttit
SD @ti G 5|LU!L?_@t tti| **LU@|L?

AL **t|h@|i L |i @MLi uh@4iLh! U@? Mi ti_ |L @Uii |i }it|
TLttM*i ?uLh4@|L? h@|Lc i UL?t_ih @ |hii@) @tti| @**LU@|L? @4L?}
t|LU!c ML?_c @?_ U@t 5L4i uLh@h_*LL!?} @tt4T|L?t 4t| Mi tM4||i_
@t ?T|t ? Lh_ih |L 4T*i4i?| |i uh@4iLh! _ii*LTi_ @MLi ì ti |i
uL**L?} uLh@h_*LL!?} @tt4T|L?t uLh t|LU!ML?_ E5c t|LU!U@t E5c
@?_ ML?_U@t E @t @? i @4T*iG
5|LU!L?_ 5|LU!@t L?_@t

*T@ f2DI ffI f2fI
Ah@U!?} ,hhLh fe2I f2bI fI
W?uLh4@|L? +@|L fSf fD fSf
Lhhi*@|L? 4@|h Lu |i @*T@t Lu |iti |hii T@hti Mi|t t @tt4i_

|L Mi
5 6
f fS f
7 fS f ffD 8
f ffD f
+iU@** |@| |i @MLi TihuLh4@?Ui 4i@thit @hi M@ti_ L? |h@_?} |i
h@ t}?@*tc Lhc | @** @}}hitti?itt u@U|Lht Mi?} ti| |L L?i W? Th@U
|Uic |iti TihuLh4@?Ui @tt4T|L?t 4t| Mi 4@_i M@ti_ L? |i 4@?@}ih<t
L? @ttitt4i?|c i|ih | t|LhU@* |h@U! hiULh_c Lh M@ti_ L? |i 4L_i*
| U t}?@*t @?_ i TiU|i_ hi|h?t L? i@U @tti| U*@tt @hi uLh4i_ 6Lh
?t|@?Uic u |i 4@?@}iht ti @? iUL?L4i|hU 4L_i* |L }i?ih@|i i TiU|i_ hi
|h?tc |i UL?_|L?@* i TiU|i_ @*itc @h@?Uitc @?_ UL@h@?Uit U@? i@t*)
Mi LM|@?i_c @?_ ti_ @t uLh@h_*LL!?} @tt4T|L?t @ti_ L? |i @MLi
?T|t @?_ |i @?@*)|U@* i ThittL?t _ihi_ ? |i ThiLt tiU|L?c |i
hit*|?} LT|4@* @}}hitti?itt u@U|Lht @hi tL? ? 6}hi S2
Ai 4@ 44 @||@?@M*i Lih@** ?uLh4@|L? h@|L uLh |i L*i @tti|
@**LU@|L? TLh|uL*Lc }i? |i ^@*|) Lu ?uLh4@|L?c t UL4T|i_ @t f.Dc
SD 5, 5AN#W,5 D
6}hi S2G 6 Lu *|T*i i|t
8 3.5
7 3.0
Aggressiveness Factors
6
2.5
Target Alpha (%)

5
2.0
4
1.5
3
1.0
2
1 0.5
0 0.0
0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 4.0
Target Tracking Error
SB SC BC Target Alpha
De OA,+ S AWw BB+,55WV,,55 6A+5
tUi?|*) }ih |@? |i ?uLh4@|L? h@|L Lu @?) ?__@* T@hti t|h@|
i}) MLt*)c |i 4ThLi4i?| ? Lih@** ?uLh4@|L? h@|L t _i |L |i
_ihtU@|L? Lu Lih@** |h@U!?} ihhLh i? @TThLTh@|i @}}hitti?itt u@U
|Lht @hi @tt}?i_ |L i@U T@hti t|h@|i}) 6Lh i @4T*ic @| @ |@h}i| @*T@
Lu Ic |i LT|4@* @}}hitti?itt u@U|Lht uLh 5c 5c @?_ @hi .Sc fDfc
@?_ 2Dec hitTiU|i*)c | @ 4?44 |h@U!?} ihhLh Lu eI
t tL? ? 6}hi S2c t @tt}?i_ | |i }it| @}}hitti?itt
u@U|Lhc uL**Li_ M) 5 @?_ 5 Ai hi@tL??} t @t uL**Lt *|L} 5 @t
@ }ih @*T@ |@? c ML| 5 @?_ @i |i t@4i ?uLh4@|L? h@|L
A@| 4i@?tc uLh |i t@4i @4L?| Lu |h@U!?} ihhLhc ML| t|h@|i}it _i*ih
|i t@4i @4L?| Lu @*T@ 6Lh i @4T*ic i U@? @tt}? @? @}}hitti?itt
u@U|Lh Lu ff |L 5c @?_ @? @}}hitti?itt u@U|Lh Lu 2D E' f2DI%f2fI
|L tU |@| ML| t|h@|i}it @hi i TiU|i_ |L _i*ih |i t@4i @4L?|
Lu @*T@ Ef2DI | |i t@4i @4L?| Lu |h@U!?} ihhLh Efe2I W? L|ih
Lh_tc 5 @?_ @hi ?L| _gihi?| uhL4 i@U L|ih i? _}i_ ?__@**)
OLiihc |i u@U| |@| |i LT|43ih @tt}?t @ }ih @}}hitti?itt u@U
|Lh |L |@? |L 5 MiUL4it U*i@h L?Ui i *LL! @| |i ULhhi*@|L? 4@|h
Lu @*T@t @t i** L|Ui |@| @t |i *Lit| ULhhi*@|L?t | |i L|ih
|L t|h@|i}itc 4T*)?} |@| @T@h| uhL4 _i*ih?} |i }it| ?uLh4@|L?
h@|Lc | @*tL ThL_it 4Lhi _ihtU@|L? Mi?i|t |L |i Lih@** @tti| @**LU@
|L? TLh|uL*L t @ hit*|c | hiUiit |i }it| @}}hitti?itt u@U|Lh uhL4
|i LT|43ih W? |i U@ti Lu 5 ihtt 5c @*|L} 5 @t *Lih ULhhi
*@|L?t | |i L|iht |@? 5c | t t|** _L4?@|i_ M) 5 MiU@ti Lu |t
tMt|@?|@**) *Lih ?uLh4@|L? h@|L
?Ui |i LT|4@* @}}hitti?itt u@U|Lht @hi _i|ih4?i_ @t @MLic |i LT
|4@* |h@_?} h@?}it Lu i@U @tti| U*@tt U@? @*tL Mi ti| ? @UULh_@?Ui |
|i L*@|*|it Lu |i ULhhitTL?_?} t}?@*t 6Lh i @4T*ic |i |h@_?} h@?}i
uLh t|LU! ** _iTi?_ L? |i @}}hitti?itt u@U|Lht uLh |i 5 @?_ 5 Mi|tc
@t i** @t |i h@?}it Lu |i t}?@*t uLh |iti Mi|t MLt*)c |iti |h@_?}
h@?}it 4@) ?L| Mi ui@tM*i uLh @** Mi?U4@h! TLh|uL*Lt 6Lh @ Mi?U4@h!
TLh|uL*L Luc t@)c Sf%D%D ? t|LU!c ML?_c @?_ U@tc |i Mi?U4@h! UL?t|h@?|
L? U@t U@? i@t*) MiUL4i M?_?} tU |@| |i 4?44 TLt|L? L? U@t
t 3ihL hc _iTi?_?} L? |i i TiU|i_ hi|h?t 4L_i* Lu |i @tti| @**LU@|L?
4@?@}ihc |i t}?@*t U@? Mi L*@|*i i?L} tU |@| |i Mi?U4@h! UL?
t|h@?|t @hi hi@Ui_ W? |t @)c i|ih |i *Lih ML?_ Lh |i TTih ML?_
Lu |i |h@_?} h@?}i t UL?t|h@?i_ M) |i Mi?U4@h! TLt|L? ? |@| @tti|
U*@tt Ai ThLM*i4 ** @i |L Mi tL*i_ ?4ihU@**)
SD 5, 5AN#W,5 DD
SD2 @ti 2G T|4@* Lu @?@}iht

Ai t@4i 6 uh@4iLh! U@? @*tL Mi @TT*i_ M) ?it|4i?| @_tLhtc UL?
t*|@?|tc Lh @tti| @**LU@|L? U*i?|t |L TU! |i LT|4@* 4 Lu @tti| @**LU@|L?
4@?@}ihtc ThL_i_ |@| |i LMiU|i t |L 4@ 43i |i Lih@** ?uLh4@|L?
h@|L `| @TThLTh@|i i TiU|i_ TihuLh4@?Ui 4i@thitc t|LhU@* |h@U!
hiULh_c @?_ ULhhi*@|L?t Lu TihuLh4@?Ui @4L?} 4@?@}ihtc |i @_tLh **
Mi @M*i |L _i|ih4?i |i LT|4@* hi*@|i 4 Lu 4@?@}iht tU |@| |i
4@ 44 ?uLh4@|L? h@|L t _i*ihi_ 6Lh ?t|@?Uic UL?t_ih |hii @tti|
@**LU@|L? 4@?@}iht ? |i ?ihtic _i?L|i_ @t c c @?_ & Bi? |ih
i TiU|i_ TihuLh4@?Ui U@h@U|iht|Utc |i LT|4@* @}}hitti?itt u@U|Lht uLh
|hii _gihi?| 4@?@}iht @hic t@)c _i|ih4?i_ @t 8 c 8 c @?_ 8& c hitTiU|i*)
Ai LT|4@* ThLTLh|L?t Lu u?_t |L Mi 4@?@}i_ M) i@U 4@?@}ih @hi |tc
hitTiU|i*)c 8 n88n8& c 8 n88n8& c @?_ 8 n88&n8&
SD @ti G *|T*i 5}?@*t

W? |t U@ti t|_)c i t|_) @ UL4TLt|i t}?@* Lu |i }uhiî?U) t}?@*
@?_ |i *Luhiî?U) t}?@* uLh t|LU!ML?_ |@U|U@* _iUtL? Ai O6 @?_
w6 t}?@*t @hi ti_ @t i @4T*it ? @T|ih 2 @?_ @T|ih e t i @i
_ii*LTi_ |i Mi||ih 6 uh@4iLh!c i L*_ @TT*) |i @?@*)|U@* hit*|t
@MLi |L **t|h@|i L _gihi?| UL4M?@|L?t Lu |i |L t}?@*t ?|L |i
UL4TLt|i t}?@* U@? @giU| |i ?uLh4@|L? h@|L Lu |i t|h@|i})
6Lh |i i@ti Lu hiuihi?Uic i hiTLh| |i TihuLh4@?Ui Lu |i |L t}?@*t
uhL4 a@?@h) bH. |L @hU bbb Mi*L
w6 O6
*T@ f2I fHfI
Ah@U!?} ,hhLh ffI ffI
W?uLh4@|L? +@|L f2 fHf
Ai ULhhi*@|L? Mi|ii? |i @*T@t Lu w6 @?_ O6 t fD2 Nt?} |iti @t

?T|t |L i^@|L? ESc |i LT|4@* UL4M?@|L? Lu |i |L t}?@*t uLh @
ffI |@h}i| @*T@c uLh i @4T*ic t _i|ih4?i_ @t Ef2fc c }?} |i
4@ 44 @||@?@M*i ?uLh4@|L? h@|L Lu fH At t @? ?|ihit|?} i
@4T*i ì? |i w6 @?_ O6 t}?@*t @hi @TT*i_ ?__@**)c ML| _i*ih
TLt|i ?uLh4@|L? h@|Ltc @*|L} |ih @*T@t @hi ULhhi*@|i_ | @ ULiu
Ui?| Lu fD2 AihiuLhic ML| t}?@*t @i TLt|i ?uLh4@|L? uLh u|hi
DS OA,+ S AWw BB+,55WV,,55 6A+5
ht! Thi44 ? |i L|ih @?_c |i LT|4@* UL4M?@|L? Lu |i t}?@*t uLh
4@ 43?} ?uLh4@|L? h@|L t}}it|t |@| L?i tL*_ Mi| f2f ?| Lu w6
@?_ ?| Lu O6
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Lu |ih 4L_i*t W| U@??L| Mi _i?i_ |@| Mi?} @M*i |L |h@U! 4@?) _gihi?|
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0.9
0.8
Information Ratio
0.7
0.6
0.5
0.4
-1 -0.8 -0.6 -0.4 -0.2 0 0.2 0.4 0.6 0.8 1
Agg Factor of LF Signal
DH OA,+ S AWw BB+,55WV,,55 6A+5
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u@U|c u |i 4@?@}ih t t@|ti_ | @Ui?} bfI Lu |i 4@ 44 @Ui
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?ihti Lu |i*i t 4Lhi |@? i?L}-
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Lh i|t
1
Information Ratio
0.8
0.6
0.4
0.2
1 2 3 4 5 6 7 8 9 10 11 12
Number of Signals
Corr = 0 Corr = 0.25 Corr = 0.5

Sf OA,+ S AWw BB+,55WV,,55 6A+5
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wrzdugv hdfk rwkhu vxfk wkdw wkh dyhudjh suhplxp lq wkh odvw wzr ghfdghv lv forvh wr }hur1
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0.4
0.3
0.2
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Number of Signals
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SD 5, 5AN#W,5 SD
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0.5
0.4
0.3
0.2
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