analysis markowitz template

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Coefficient Correaltion EUR GBP CAD AUD JPY CHF NOK EUR 1 0.727 0.435 0.247 0.046 0.769 0.775 GBP 0.727 1 0.488 0.287 0.302 0.639 0.571 CAD 0.435 0.488 1 0.639 0.049 0.318 0.565 AUD 0.247 0.287 0.639 1 0.114 0.231 0.522 JPY 0.046 0.302 0.049 0.114 1 0.231 0.167 CHF 0.769 0.639 0.318 0.231 0.200 1 0.574 NOK 0.775 0.571 0.565 0.522 0.167 0.574 1 SEK 0.736 0.517 0.466 0.478 0.094 0.533 0.772

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Portfolio Optimization with Markowitz Model.

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Page 1: Analysis Markowitz Template

Coefficient Correaltion EUR GBP CAD AUD JPY CHF NOK SEKEUR 1 0.727 0.435 0.247 0.046 0.769 0.775 0.736GBP 0.727 1 0.488 0.287 0.302 0.639 0.571 0.517CAD 0.435 0.488 1 0.639 0.049 0.318 0.565 0.466AUD 0.247 0.287 0.639 1 0.114 0.231 0.522 0.478JPY 0.046 0.302 0.049 0.114 1 0.231 0.167 0.094CHF 0.769 0.639 0.318 0.231 0.200 1 0.574 0.533NOK 0.775 0.571 0.565 0.522 0.167 0.574 1 0.772SEK 0.736 0.517 0.466 0.478 0.094 0.533 0.772 1

Page 2: Analysis Markowitz Template

Average monthly MID rates @ +/- 0%www.oanda.com/currency/historical-rates/

End Date EUR GBP CAD AUD JPY CHF NOK12/31/2014 1.2726% 0.9946% 1.9708% 5.0944% 3.1762% 1.2447% 7.1327%11/30/2014 1.5714% 1.8328% 0.8557% 1.1214% 7.3076% 1.1329% 4.0843%10/31/2014 1.8719% 1.4847% 2.0187% 3.5002% 0.7371% 1.9027% 3.1597%

9/30/2014 3.2387% 2.4231% 0.6590% 2.6433% 4.1391% 2.8813% 2.2171%8/31/2014 1.6667% 2.2382% 1.8838% 0.9111% 1.2494% 1.4165% 0.1615%7/31/2014 0.3672% -1.0649% -0.9971% -0.2810% -0.3920% 0.0893% 2.6254%6/30/2014 1.0444% -0.3369% -0.6057% -0.6606% 0.1964% 0.8670% 1.5758%5/31/2014 0.4694% -0.6860% -0.9454% 0.1304% -0.6438% 0.5662% -0.6938%4/30/2014 0.1383% -0.5987% -0.9900% -2.6924% 0.2347% 0.3067% -0.3449%3/31/2014 -1.3099% -0.5129% 0.4793% -1.2621% 0.1371% -1.6862% -2.2476%2/28/2014 -0.0818% -0.4611% 1.4682% -1.0013% -1.8453% -0.8086% -0.1317%1/31/2014 0.4519% -0.5894% 2.4441% 1.3926% 0.5605% 0.9279% 0.0391%

12/31/2013 -1.4575% -1.7216% 1.5173% 3.8828% 3.5632% -2.0048% 1.1588%11/30/2013 1.0363% 0.0161% 1.2073% 1.9410% 2.1575% 1.0629% 2.0407%10/31/2013 -2.1350% -1.5994% -0.1350% -2.7392% -1.3417% -2.2828% -0.5097%

9/30/2013 -0.1865% -2.2143% -0.2405% -2.2701% 1.3185% -0.1620% 0.5325%8/31/2013 -1.8434% -2.0030% -0.2208% 1.3102% -1.9050% -2.0939% -1.4193%7/31/2013 0.7773% 1.9020% 0.9498% 2.9914% 2.2031% 1.0580% 2.8619%6/30/2013 -1.4542% -1.0103% 1.2263% 5.2856% -3.2517% -2.0415% 0.8591%5/31/2013 0.2343% -0.0153% 0.0393% 4.4629% 3.1602% 1.9315% 0.4695%4/30/2013 -0.2984% -1.4182% -0.5272% -0.4237% 3.2524% -0.8465% 0.3621%3/31/2013 3.1313% 2.9033% 1.6877% -0.0723% 1.7623% 2.7729% 4.0261%2/28/2013 -0.7702% 2.9736% 1.5526% 1.5948% 4.6323% -0.5300% -0.2266%1/31/2013 -1.2975% 0.8708% 0.1515% -0.3242% 6.3367% 0.2820% -1.0462%

12/31/2012 -2.1293% -0.9899% -0.7018% -0.5822% 3.4380% -1.8942% -1.8168%11/30/2012 1.1154% 0.7075% 1.1357% -1.0188% 2.4582% 0.7397% 0.2346%10/31/2012 -0.9125% 0.0644% 0.7149% 1.0398% 0.9207% -0.8187% -0.6610%

9/30/2012 -3.6409% -2.3873% -1.4592% 0.8177% -0.6101% -3.0312% -2.8443%8/31/2012 -0.6154% -0.6708% -2.0310% -1.8217% -0.4806% -0.6046% -2.4016%7/31/2012 1.8426% -0.3730% -1.3423% -3.2367% -0.2272% 1.8474% 0.7143%6/30/2012 2.4134% 2.6156% 1.9435% 0.3699% -0.6395% 2.3830% 2.0202%5/31/2012 2.5945% 0.3200% 1.4996% 3.5825% -2.0631% 2.5310% 2.6192%4/30/2012 0.3303% -1.1076% 0.0503% 1.9637% -1.2012% -0.0110% 0.9427%3/31/2012 0.0529% -0.1580% -0.4710% 1.5220% 5.1410% -0.0438% -0.4648%2/29/2012 -2.4755% -1.8605% -1.7333% -3.1253% 1.8581% -2.7787% -3.9476%1/31/2012 2.2544% 0.6083% -0.8011% -2.4610% -1.1305% 0.8698% 1.3231%

12/31/2011 3.0571% 1.4720% -0.0781% -0.1517% 0.4128% 2.7474% 2.6320%11/30/2011 0.8081% -0.4883% 0.2152% -0.0707% 1.1746% 0.9805% 1.1368%10/31/2011 0.7590% 0.4589% 2.4248% 1.7479% -0.2863% 3.6135% 1.2928%

9/30/2011 3.9449% 3.4539% 1.7018% 2.1102% -0.2984% 10.9233% 2.7522%8/31/2011 -0.2718% -1.3723% 2.6142% 2.5848% -2.9834% -5.2766% 0.0312%

Page 3: Analysis Markowitz Template

7/31/2011 0.5321% 0.5193% -2.2888% -1.5690% -1.2554% -1.9622% -0.1010%6/30/2011 -0.3011% 0.7851% 1.2204% 0.8769% -0.8015% -3.7982% -0.4387%5/31/2011 0.6785% -0.0490% 0.8869% -1.1940% -2.6294% -2.8454% 1.1388%4/30/2011 -3.0104% -1.1314% -1.9138% -4.3751% 2.0336% -2.1533% -3.2950%3/31/2011 -2.5382% -0.2740% -1.1032% -0.2017% -1.1863% -3.2716% -2.5387%2/28/2011 -2.1629% -2.2530% -0.6236% -1.0872% 0.1212% -0.4920% -2.0782%1/31/2011 -1.0176% -0.9365% -1.4863% -0.6244% -1.0315% -1.6675% -2.1895%

EUR GBP CAD AUD JPY CHF NOKAverage Monthly Return 0.001614 7.51054076E-05 0.00288 0.00409 0.007808 0.000411 0.004322

0.16% 0.01% 0.29% 0.41% 0.78% 0.04% 0.43%Standard Deviation 0.017559 0.014866295655 0.013292 0.022405 0.023794 0.02554 0.021447

1.76% 1.49% 1.33% 2.24% 2.38% 2.55% 2.14%

Page 4: Analysis Markowitz Template

SEK3.0330%2.4819%1.5102%3.3284%1.2139%1.9271%1.7337%0.2747%2.1532%

-1.3216%0.3195%

-1.0402%-0.4758%2.6144%

-1.4815%-0.3873%-1.3873%0.6136%

-0.2606%1.7401%0.7312%1.1495%

-1.9554%-1.7086%-1.4952%1.0134%0.6273%

-1.1844%-4.0294%-1.8449%1.1745%4.1838% Sample Variance/Covariance Matrix

-0.0045% EUR GBP CAD AUD JPY CHF0.8335% EUR 0.00031 0.00019 0.00010 0.00010 0.00002 0.00034

-2.8091% GBP 0.00019 0.00022 0.00010 0.00010 0.00011 0.00024 0.2849% CAD 0.00010 0.00010 0.00018 0.00019 0.00002 0.00011 1.7226% AUD 0.00010 0.00010 0.00019 0.00050 0.00006 0.00013 0.9770% JPY 0.00002 0.00011 0.00002 0.00006 0.00057 0.00012 0.7789% CHF 0.00034 0.00024 0.00011 0.00013 0.00012 0.00065 3.2998% NOK 0.00029 0.00018 0.00016 0.00025 0.00009 0.00031 0.3135% SEK 0.00024 0.00014 0.00012 0.00020 0.00004 0.00025

Page 5: Analysis Markowitz Template

0.8839%1.1435%0.7573%

-2.2354%-1.4883%-3.6153%-2.5324%

SEK0.24%0.24%

0.0185821.86%

Page 6: Analysis Markowitz Template

Sample Variance/Covariance MatrixNOK SEK

0.00029 0.00024 0.00018 0.00014 0.00016 0.00012 0.00025 0.00020 0.00009 0.00004 0.00031 0.00025 0.00046 0.00031 0.00031 0.00035

Page 7: Analysis Markowitz Template

SBI

End Date SBI Rate1/1/2011 0.0649942/1/2011 0.067054 0.0317053/1/2011 0.067189 0.0020064/1/2011 0.0718 0.0686325/1/2011 0.073601 0.0250856/1/2011 0.073632 0.0004167/1/2011 0.073 -0.0085798/1/2011 0.068 -0.0684939/1/2011 0.0637 -0.063235

### 0.059 -0.073783### 0.0535 -0.09322### 0.0525 -0.018692

1/1/2012 0.05 -0.0476192/1/2012 0.0384 -0.2323/1/2012 0.0383 -0.0026044/1/2012 0.04 0.0443865/1/2012 0.043 0.0756/1/2012 0.0445 0.0348847/1/2012 0.045 0.0112368/1/2012 0.0465 0.0333339/1/2012 0.0475 0.021505

### 0.048 0.010526### 0.048 0### 0.0485 0.010417

1/1/2013 0.0487 0.0041242/1/2013 0.0487 03/1/2013 0.0488 0.0020534/1/2013 0.05 0.024595/1/2013 0.051 0.026/1/2013 0.0535 0.049027/1/2013 0.0585 0.0934588/1/2013 0.0586 0.0017099/1/2013 0.0695 0.186007

### 0.0697 0.002878### 0.0724 0.038737### 0.0724 0

1/1/2014 0.0721 -0.0041442/1/2014 0.0721 03/1/2014 0.0718 -0.0041614/1/2014 0.0718 05/1/2014 0.0718 06/1/2014 0.0715 -0.0041787/1/2014 0.0715 08/1/2014 0.0704 -0.015385

Page 8: Analysis Markowitz Template

9/1/2014 0.0704 0### 0.0693 -0.015625### 0.0693 0### 0.0697 0.005772

6.00%

0.50% 0.310%

Page 9: Analysis Markowitz Template

Date JPY USD CHF EUR GBP AUD CAD31-Dec-14 0.010129971 0.000322 0.0029 0.002669 0.004259 0.011279 0.00542230-Dec-14 0.000409552 0.000161 -0.003976 -0.004067 -0.00376 -0.000455 -0.00156429-Dec-14 -0.00442771 -0.002647 -0.00194 -0.001497 0.000891 -0.001177 -0.00337824-Dec-14 -0.00069725 0.000883 -0.003523 -0.0037 -0.004026 -0.000472 0.00071123-Dec-14 -0.00418857 0.001689 0.001228 0.000995 -0.001227 -0.000764 0.00092322-Dec-14 -0.00891163 -0.0052 -0.008034 -0.008806 -0.006663 -0.00866 -0.00802819-Dec-14 -0.00835066 -0.005173 -0.012225 -0.009768 -0.000194 -0.000416 -0.00015418-Dec-14 -0.0289243 -0.012186 -0.025997 -0.025843 -0.021479 -0.021196 -0.01286517-Dec-14 -0.00388884 -0.013953 -0.008191 -0.008448 -0.008498 -0.014913 -0.01187416-Dec-14 0.031106469 0.023891 0.022881 0.02274 0.019361 0.023826 0.01730315-Dec-14 0.015739953 0.013433 0.017901 0.017845 0.012531 0.008039 0.0100612-Dec-14 0.0010443 0.007782 0.005123 0.003417 0.007874 -0.002127 0.00096811-Dec-14 0.014227764 0 0.005905 0.007154 0.003607 0.009187 -0.00069810-Dec-14 0.007117831 -0.000891 0.003893 0.003695 0.000962 0.001109 0.002596

9-Dec-14 0.006136469 -0.000405 0.001589 0.001261 0.003895 -0.006958 -0.0049298-Dec-14 -0.00871299 0.004554 -0.002276 -0.002303 -0.000835 -0.004375 0.0003435-Dec-14 -0.00212229 -0.001786 0.004222 0.003523 -0.003852 -0.003212 -0.0040224-Dec-14 -0.00247909 0.001871 -0.003762 -0.00428 0.004816 0.000507 0.0044353-Dec-14 -0.00583395 0.001548 -0.005253 -0.004556 -0.003834 -0.007545 -0.0043072-Dec-14 0.004946369 0.000978 0.002949 0.002587 0.008674 0.005425 0.0107521-Dec-14 -0.00105595 0.005576 0.002769 0.004123 -0.001842 -0.002984 -0.003181

28-Nov-14 -0.00373364 0.001396 -0.001723 -0.002047 -0.002534 -0.004331 -0.00518527-Nov-14 0.003907134 0.001563 0.004379 0.004335 0.006697 0.005317 0.00175126-Nov-14 0.001498726 -0.000493 0.003189 0.002924 0.000906 -0.00805 0.00145225-Nov-14 0.001378844 0.00363 0.006894 0.006991 0.005584 -0.006986 -0.00184124-Nov-14 -0.0053669 -0.003207 -0.017472 -0.016976 -0.00629 0.002624 0.00341821-Nov-14 0.004978874 0 0.000782 0.001435 0.002142 0.003879 0.00384320-Nov-14 -0.00552465 0.003052 0.004413 0.004494 0.006391 -0.005665 0.00092719-Nov-14 -0.00701098 -0.001811 0.002455 0.002312 -0.00398 -0.006214 -0.00533518-Nov-14 -0.01065752 -0.003855 -0.010423 -0.010639 -0.007341 -0.010546 -0.00412317-Nov-14 0.000143785 -0.001065 0.007132 0.006831 0.00027 0.007881 0.00788514-Nov-14 -0.00126872 0.00123 0.002526 0.002318 -0.004166 -0.001289 -0.00501713-Nov-14 -0.00296277 -0.001147 -0.002231 -0.00315 -0.010682 0.002699 0.00172212-Nov-14 -0.0018569 0.003453 0.005741 0.005993 0.007729 0.008969 0.00601611-Nov-14 -0.00313559 0.00206 -0.00131 -0.001671 -0.001251 -0.001405 -0.00291810-Nov-14 0.008065013 -0.000905 0.008063 0.007243 0.003067 0.011452 0.009607

7-Nov-14 -0.00570932 -0.002463 -0.011802 -0.01085 -0.010147 -0.005018 -0.0056086-Nov-14 -0.00293766 0.007195 0.002808 0.001703 0.004615 -0.010545 0.0076375-Nov-14 -0.00296082 -0.003133 0.002375 0.00113 -0.001726 0.002484 -0.0071514-Nov-14 -0.0061807 0.002065 0.003836 0.004234 0.00316 -0.001031 -0.0033223-Nov-14 -0.02755981 0.001904 -0.007848 -0.007798 0.000588 -0.009617 -0.006701

31-Oct-14 -0.01076976 -0.006823 -0.00838 -0.00879 -0.00645 -0.001228 -0.00717830-Oct-14 -0.00699457 0.000164 -0.008734 -0.008553 -0.009073 -0.009425 -0.0020729-Oct-14 -0.00287369 0.000411 0.002364 0.002221 0.000535 0.005349 0.00695428-Oct-14 0.010846152 0.009633 0.011229 0.010905 0.011577 0.010669 0.008013

Page 10: Analysis Markowitz Template

27-Oct-14 -0.00199088 -0.001906 0.001199 0.001169 0.002265 0.005449 -0.00190624-Oct-14 -0.00346861 0.002576 0.0042 0.004204 0.001452 0.000124 0.00476723-Oct-14 -0.00268784 0.000665 -0.005523 -0.006024 -0.003683 -0.001341 -0.0014722-Oct-14 0.001626459 0.002752 -0.003424 -0.003085 0.000148 0.000992 0.00851321-Oct-14 -0.00072675 -0.003986 -0.000716 -0.001568 -0.000585 -0.002172 -0.00583920-Oct-14 -0.02252711 -0.014809 -0.018033 -0.01781 -0.01355 -0.01419 -0.01659317-Oct-14 -0.00135844 0.001229 -0.001001 -0.000604 0.0073 -0.001225 0.00247216-Oct-14 0.007936376 -0.001799 0.013576 0.013167 0.004134 0.009097 0.00462215-Oct-14 0.00429371 0.002788 -0.003035 -0.00434 -0.008376 -0.009561 -0.00920414-Oct-14 -0.00215802 -0.000574 0.002272 0.002141 -0.003641 0.007434 -0.00052713-Oct-14 0.006303799 -0.00041 0.00064 -0.001353 -0.000693 -0.003655 -0.00058810-Oct-14 0.003995294 0.001395 -0.00013 -0.000494 -0.001328 -0.007715 -0.007103

9-Oct-14 -0.00264014 -0.004166 0.002373 0.002369 0.001903 0.001897 0.0020238-Oct-14 0.012855364 0.004184 0.007856 0.007332 0.006661 0.011542 0.0053527-Oct-14 0.002451673 -0.001802 0.004214 0.005536 0.00176 0.003595 0.004096-Oct-14 -0.00146231 0.005599 -0.007392 -0.005566 -0.003727 -0.005565 -0.0010163-Oct-14 -0.00012416 0.000659 0.001447 0.002678 -0.003973 0.000199 -0.0061462-Oct-14 0.006163717 -0.004266 -0.003741 -0.002883 -0.003432 0.008425 0.006321-Oct-14 -0.00749927 -0.001965 -0.007501 -0.007865 -0.005286 -0.007405 -0.007927

30-Sep-14 0.007962783 0.007591 0.008388 0.008268 0.008119 0.008812 0.00945329-Sep-14 0.005534798 0.009411 0.005113 0.004222 0.004678 0.001482 0.00466126-Sep-14 0.007601457 0.005022 0.002796 0.002584 0.004342 -0.001403 0.00122625-Sep-14 -0.00781014 -0.002422 -0.009063 -0.008592 -0.007019 -0.004624 -0.00282924-Sep-14 0.000550005 -0.000918 -0.000922 -0.000722 -2.7E-05 -0.003159 -0.00316623-Sep-14 0.001992968 0.001253 0.00098 0.001175 0.003671 -0.0043 -0.00772122-Sep-14 0.00231022 -0.001085 -0.005599 -0.00584 -0.010475 -0.003482 1.097E-0519-Sep-14 -0.00952975 -0.003741 0.002913 -2.75E-05 0.010318 -0.005079 0.00089118-Sep-14 -0.00310462 0.010245 0.001447 0.003501 0.010275 -0.002114 0.00707417-Sep-14 -0.00088304 0.00042 0.002028 0.000884 0.002298 0.003966 0.00689216-Sep-14 0.004463354 0.002358 0.0015 0.001198 0.001896 0.006136 0.00671315-Sep-14 0.003857198 0.003719 0.006356 0.006941 0.004305 -0.003247 -0.00038812-Sep-14 -0.0048922 0 0.001175 0.000933 0.002688 -0.012627 -0.00855811-Sep-14 0.000347501 0.004159 0.000301 0.00241 0.008486 0.005353 0.00635510-Sep-14 0.000213962 0.002382 0.005281 0.005648 0.004001 -0.007941 0.002656

9-Sep-14 -0.00719637 0.00273 -0.002253 -0.00207 -0.005088 -0.007543 -0.0058538-Sep-14 -0.00170409 -0.004078 -0.003543 -0.00296 -0.009723 -0.001097 -0.005085-Sep-14 -0.00290135 0.00085 -0.014337 -0.015064 -0.007937 -0.000648 0.0023754-Sep-14 0.000691466 -0.001783 -0.000265 -0.000907 -0.002294 0.00624 0.0012413-Sep-14 -0.00053093 0.004005 0.00477 0.005117 -0.00326 -0.000197 0.0004582-Sep-14 -0.00297281 0.00205 0.001339 0.00197 0.001777 -0.000153 0.0008531-Sep-14 -0.00506047 -0.000597 -0.004997 -0.005107 -8.11E-05 -0.002358 -0.00216

29-Aug-14 0.003723525 0.002996 0.001024 0.000755 0.002418 0.002614 0.00225728-Aug-14 0.00022483 -0.002221 0.002362 0.001302 0.000553 0.0026 0.00550427-Aug-14 -0.00213443 -0.000598 -0.003917 -0.003431 -0.003248 0.001338 0.00320626-Aug-14 0.002876476 8.537E-05 0.001616 4.591E-05 0.002171 -0.002062 -0.0016125-Aug-14 0.001964784 0.005148 -6.06E-05 -0.00072 0.003933 0.005092 0.00354422-Aug-14 -0.00498588 -0.005377 -0.002212 -0.003164 -0.005552 0.001179 -0.00164121-Aug-14 -0.00820993 0.000854 -0.004396 -0.003989 -0.001379 -0.005105 -0.002844

Page 11: Analysis Markowitz Template

20-Aug-14 -0.00077629 0.00214 -0.00073 -0.001125 -0.004121 -0.001032 -0.00239619-Aug-14 -0.00313397 8.561E-05 -0.00421 -0.002713 -0.000213 0.002507 -0.0005518-Aug-14 0.000833237 -0.001026 0.003395 0.001627 0.001488 -0.001292 0.00062715-Aug-14 0.002917144 0.002229 0.003338 0.002193 0.002409 0.00454 0.00360714-Aug-14 -0.00404934 -0.00137 -0.001369 -0.001633 -0.008558 0.000459 -0.00018113-Aug-14 0.000561154 0.000514 0.000179 -0.000309 0.002062 0.001917 0.00115512-Aug-14 -0.0057578 -0.004349 -0.005994 -0.006209 -0.004348 -0.005529 -0.00088911-Aug-14 -0.01227464 -0.007951 -0.006747 -0.005276 -0.009781 -0.005322 -0.010628

8-Aug-14 0.009599791 0.004759 0.004866 0.002883 0.001753 0.001457 0.0020057-Aug-14 0.004478268 0.000851 0.003392 0.002648 -0.000103 -0.000712 0.00546-Aug-14 0.002151044 0.00196 -0.001234 -0.001997 0.002526 -0.000349 -0.0028835-Aug-14 -0.00026444 -0.001192 -0.00147 -0.001341 0.001183 -0.001462 -0.0001974-Aug-14 0.004327465 0.013459 0.00905 0.009997 0.003706 0.003565 -0.0031381-Aug-14 0 0 0 0 0 0 025-Jul-14 0.00308189 0.005203 0.00531 0.005801 0.002458 0.000363 0.00477224-Jul-14 0.001585948 0.00287 0.00259 0.002497 0.000875 0.005908 0.0020323-Jul-14 -0.00222489 -0.002862 -0.007446 -0.007614 -0.003506 0.003089 -0.0018422-Jul-14 -0.00594038 -0.003973 -0.004523 -0.00438 -0.004905 -0.005348 -0.00434421-Jul-14 -0.01042966 -0.01102 -0.010972 -0.010253 -0.010819 -0.007273 -0.00930618-Jul-14 0.005236042 0.003257 0.003091 0.002477 0.000419 0.002721 0.00152117-Jul-14 -0.00960696 -0.011605 -0.013204 -0.013934 -0.011547 -0.009701 -0.00911916-Jul-14 0.006707764 0.008199 0.003308 0.004054 0.011656 0.002511 0.00463915-Jul-14 0.004919216 0.007053 0.007847 0.008385 0.004817 0.006358 0.00780414-Jul-14 -0.00068185 0 0.000555 0.000259 -0.000409 0.001283 -0.00894311-Jul-14 0.008788574 0.006754 0.004161 0.003395 0.004902 0.004985 0.00798410-Jul-14 -0.00981082 -0.012484 -0.009437 -0.00958 -0.011101 -0.01054 -0.009795

8-Jul-14 -0.00434311 -0.007805 -0.005744 -0.006418 -0.008525 -0.004572 -0.0094777-Jul-14 -0.00860631 -0.008413 -0.010743 -0.009978 -0.009427 -0.008731 -0.0112914-Jul-14 -0.00864139 -0.006353 -0.010691 -0.009593 -0.006036 -0.008623 -0.0028013-Jul-14 0.006524937 0.009195 0.007548 0.007312 0.009696 0.001084 0.0065432-Jul-14 0.003259772 0.004747 0.003841 0.003904 0.007272 0.008205 0.0072011-Jul-14 -0.0159342 -0.014287 -0.010064 -0.011181 -0.009655 -0.012971 -0.013824

30-Jun-14 -0.00887703 -0.011072 -0.008687 -0.009041 -0.011476 -0.012025 -0.0099627-Jun-14 0.003405667 0.000992 0.000773 0.000114 0.003556 0.003071 0.00442226-Jun-14 0.006360379 0.005321 0.006902 0.007314 0.006176 0.009678 0.00794725-Jun-14 0.002297493 0.00225 0.003146 0.002807 -0.000308 -0.004776 1.207E-0524-Jun-14 0.003555628 0.002423 0.002866 0.002237 0.001893 0.001051 0.00316323-Jun-14 -0.00118763 0.000334 -0.0019 -0.001097 -0.000788 0.003737 0.00816420-Jun-14 0.0054593 0.00428 0.007544 0.006385 0.007478 0.005181 0.00558719-Jun-14 -0.00331461 -0.005176 -0.002184 -0.002127 -0.003534 0.000787 -0.00183318-Jun-14 0.008202962 0.009694 0.008913 0.008539 0.00966 0.007214 0.00839317-Jun-14 0.002868061 0.004148 0.005761 0.006002 0.003258 0.001475 0.00410316-Jun-14 0.00201324 0.002801 0.001299 0.001322 0.005112 0.000305 0.00317913-Jun-14 0.000136971 -0.002709 -0.001372 -0.001309 0.005931 0.001328 -0.00224912-Jun-14 0.002905982 0.000847 0.001955 0.002028 0.004102 0.001433 0.00410911-Jun-14 0.000430059 -0.000254 -0.004139 -0.005106 -0.004381 0.001195 0.00016910-Jun-14 0.003364613 0.001357 -0.002943 -0.002902 0.001655 0.002046 0.004148

9-Jun-14 -0.00483314 -0.002791 -0.005077 -0.003886 -0.003147 -0.000332 -0.003795

Page 12: Analysis Markowitz Template

6-Jun-14 -0.002155 -0.004295 0.002409 0.000395 -0.000194 0.001066 -0.0021075-Jun-14 0.006049995 0.005419 0.005531 0.004164 0.006383 0.006027 0.0042254-Jun-14 -0.0023857 0.000339 0.001677 0.001292 -0.000889 0.003415 -0.0029513-Jun-14 0.002375722 0.005622 0.002765 0.003854 0.005862 0.002862 0.0019262-Jun-14 0.006159307 0.01111 0.012748 0.01282 0.012135 0.005948 0.008968

30-May-14 0.003424292 -0.000172 -0.00084 -0.002372 -0.004988 0.006091 0.00182228-May-14 -0.00118711 -0.001719 -0.002334 -0.000767 -0.003143 0.000719 -0.00048826-May-14 0.004439847 0.006315 0.00463 0.004142 0.004379 0.00577 0.0089623-May-14 0.001990375 0.003908 0.00262 0.001741 0.002448 0.001299 0.00474122-May-14 -0.00201585 0.000695 -0.001432 -0.001206 0.003516 0.003511 0.00105821-May-14 0.008648123 0.005769 0.006107 0.005258 0.007267 -0.001523 0.0024920-May-14 0.007583789 0.007929 0.007256 0.008335 0.007239 0.002007 0.00709519-May-14 -0.00575584 -0.005607 -0.006727 -0.006517 -0.003354 -0.005394 -0.00487416-May-14 8.89561E-05 -0.006268 -0.007384 -0.005467 -0.009162 -0.008175 -0.00270314-May-14 -0.00304633 -0.003297 -0.005202 -0.006919 -0.005364 -0.000846 -0.00411213-May-14 -0.003253 -0.000954 -0.001463 -0.000663 0.000498 -0.001381 -0.00108912-May-14 -0.00463208 -0.002335 -0.009692 -0.008391 -0.006371 -0.001801 -0.009159

9-May-14 -0.00426975 -0.005248 -0.010561 -0.010684 -0.006894 -0.006306 0.0015078-May-14 0.006184838 0.008415 0.006458 0.007477 0.006811 0.011331 0.0074387-May-14 0.006026116 0.00139 0.004995 0.004891 0.007086 0.006885 0.0075516-May-14 -0.0015204 0 -0.000114 0.000213 -0.000296 0.003241 0.001465-May-14 0.001955008 -0.002254 0.000475 -0.001102 -0.002372 -0.004731 -0.0032972-May-14 0.000875573 0.000434 0.004982 0.004239 0.003939 0.000546 -0.00052730-Apr-14 -0.00404795 -0.004918 -0.009476 -0.008866 -0.004265 -0.001094 0.00171529-Apr-14 -0.00184809 0.001815 0.004603 0.004496 0.003336 -0.002819 0.00268928-Apr-14 0.000229133 -0.002845 -0.003238 -0.003672 -0.003907 -0.000861 -0.00374925-Apr-14 -0.00074688 -0.000603 0.000757 0.000154 0.000554 -0.003292 6.699E-0524-Apr-14 0.002475725 0.001553 0.002401 0.00206 -0.001274 -0.000491 0.00164423-Apr-14 0.010436585 0.009055 0.01031 0.01081 0.011369 0.004314 0.00732122-Apr-14 0.004852279 0.004899 0.003083 0.003735 0.005019 0.008452 0.00608121-Apr-14 -0.00597044 0.001051 -0.00229 -0.001046 -0.001149 -0.004821 -0.00112817-Apr-14 0.001040642 -0.001749 -0.001296 0.000203 0.004852 0.000817 -0.00269116-Apr-14 -0.00297765 0.00035 0.000123 9.811E-05 0.000589 -0.004021 -0.0015715-Apr-14 -0.00431104 -0.000874 -0.004905 -0.00322 -0.001147 -0.000342 0.00099114-Apr-14 2.39533E-05 -0.000524 -0.001436 -0.003761 -0.003651 6.841E-05 -0.0056611-Apr-14 0.012447713 0.009522 0.013269 0.012768 0.0079 0.007044 0.0054610-Apr-14 0.012865318 0.002918 0.012383 0.010615 0.014085 0.017092 0.010329

8-Apr-14 0.006392062 0.002393 0.006625 0.005463 0.004841 0.000991 0.0021197-Apr-14 0.003604273 -0.002476 -0.00197 -0.003345 -0.003197 0.002965 0.0033464-Apr-14 -0.00010061 0 -0.00544 -0.003419 -0.004111 0.001306 -0.0003983-Apr-14 -0.00015112 0.000619 -0.004059 -0.00235 0.001911 -0.000186 0.0011642-Apr-14 -0.00241797 0.002839 0.004597 0.00477 0.001005 -0.001009 0.0049651-Apr-14 -0.02261669 -0.011663 -0.009146 -0.009434 -0.009134 -0.013846 -0.015898

28-Mar-14 -0.0054172 -0.002973 -0.004996 -0.00612 -0.000599 0.002371 0.00453627-Mar-14 0.006907752 0.00263 0.000703 0.00067 0.005482 0.011165 0.00890926-Mar-14 0.003265823 0.004491 0.00142 0.002928 0.00677 0.006578 0.00750425-Mar-14 0.000854307 -0.002372 0.00046 0.000631 -0.001221 0.005431 0.00070424-Mar-14 -0.0059575 -0.004112 -0.004057 -0.003534 -0.006489 -0.003227 -0.003259

Page 13: Analysis Markowitz Template

21-Mar-14 0.002985399 0.002104 0.000628 -0.000654 0.000979 0.00755 0.00249920-Mar-14 -0.00257465 0.008309 -0.001465 0.000856 0.004364 -0.002758 -0.00231519-Mar-14 0.007252199 0.002748 0.002343 0.002426 0.000429 0.005847 -0.0038418-Mar-14 -0.00201547 0.000887 0.001117 0.002865 0.001455 0.007375 0.00470317-Mar-14 -0.01007386 -0.013046 -0.010613 -0.010413 -0.012452 -0.013711 -0.01381214-Mar-14 0.012337475 0.002986 0.00184 0.000351 0.002655 -0.000434 0.00452413-Mar-14 -0.00121706 -0.003936 -8.06E-06 -0.000665 -0.003934 0.007511 -0.00343312-Mar-14 0.007140763 0.004216 0.005535 0.003565 0.003335 -0.004017 0.00501811-Mar-14 -0.00807925 -0.005677 -0.007379 -0.007038 -0.011023 -0.006767 -0.00589910-Mar-14 0.00375976 0.004739 0.007263 0.006696 0.004347 -0.000516 -0.00629

7-Mar-14 -0.01811662 -0.013761 -0.003952 -0.004206 -0.012813 -0.005939 -0.0097596-Mar-14 -0.00599444 -0.002245 -0.00331 -0.002716 0.000982 0.00628 0.0023665-Mar-14 -0.01071737 -0.005753 -0.009562 -0.005391 -0.004525 -0.005303 -0.005184-Mar-14 0.002911381 0.004398 -0.000547 0.00064 -0.001781 0.007774 0.0007773-Mar-14 0.000718078 -0.003266 0.006538 0.002118 0.000705 -0.00949 0.00292

28-Feb-14 0.001429879 -0.003512 -0.001439 -0.002493 -0.003273 -0.000104 -0.0027627-Feb-14 -0.00017448 0.000514 -0.002349 -0.002946 0.00076 -0.007481 -0.00320626-Feb-14 0.006278071 0.004217 0.005687 0.004767 0.005176 0.003316 0.00180825-Feb-14 -0.00935155 -0.009209 -0.010716 -0.009425 -0.00766 -0.001957 -0.00289324-Feb-14 -0.00625386 -0.005427 -0.0038 -0.004233 -0.007008 -0.009032 -0.00685621-Feb-14 -0.00304251 0.001699 -0.00033 -0.000231 0.001401 0.005011 -0.00163520-Feb-14 -0.00370891 -0.006582 -0.006134 -0.007954 -0.00798 -0.012261 -0.01859519-Feb-14 -0.00120551 0.002029 0.007223 0.006417 0.0002 -0.004501 0.00262318-Feb-14 0.006314068 0.009389 0.007746 0.008212 0.004101 0.010232 0.01012617-Feb-14 -0.00983537 -0.014303 -0.011367 -0.011238 -0.005245 -0.008506 -0.01479514-Feb-14 -0.01283379 -0.015489 -0.009317 -0.010643 -0.01315 -0.008268 -0.01064113-Feb-14 -0.00064672 -0.003467 -0.0038 -0.005005 0.00647 -0.016298 -0.00345912-Feb-14 -0.0094505 -0.004846 -0.008722 -0.00743 -0.00288 0.001795 0.00093511-Feb-14 0.002761746 0.000658 0.004735 0.003816 0.001023 0.005352 -0.00318510-Feb-14 -0.00467532 -0.000821 0.001349 0.001531 0.004627 0.001196 0.003219

7-Feb-14 -0.00400353 0.001398 0.005009 0.005764 0.001983 -0.002184 -1.27E-056-Feb-14 -0.00214728 -0.001068 -0.001894 -0.000146 -0.002015 0.007991 0.0017325-Feb-14 -0.00626048 -0.006205 -0.007032 -0.005761 -0.004806 0.007737 -0.0055244-Feb-14 0.010066902 -0.000245 0.004909 0.002164 -0.007246 0.001016 0.0015023-Feb-14 0.001269318 0.002045 -0.010765 -0.010288 -0.006066 0.005141 0.007812

30-Jan-14 0.014430848 0.005924 0.010071 0.004964 0.00432 -0.003214 0.0033729-Jan-14 -0.0144535 -0.009212 -0.012569 -0.010078 -0.009365 -0.004068 -0.0127328-Jan-14 0.003452671 0.005657 0.003915 0.004849 0.011144 0.012708 0.00154227-Jan-14 0.012982686 0.001725 0.006432 0.001651 -0.006618 -0.005876 0.00502624-Jan-14 0.010522581 0.000329 0.015237 0.010588 0.004285 -0.00393 0.002423-Jan-14 -0.00022844 0.001975 0.000222 0.00072 0.007387 -0.004016 -0.0126122-Jan-14 0.004724521 0.002227 0.002888 0.003156 0.0054 0.005569 0.00076521-Jan-14 -0.00485101 0.000991 0.00121 0.002284 0.001542 0.004807 -1.45E-0520-Jan-14 0.001675906 -0.001402 -0.007647 -0.007269 0.003854 -0.002704 -0.00158517-Jan-14 0.005906591 0.000825 0.003972 0.000752 -0.00162 0.000598 0.00137516-Jan-14 -0.00103671 0.003312 -5.36E-05 0.001365 0.000382 -0.01028 0.00611415-Jan-14 -0.00754446 0.00249 -0.001995 -7.83E-05 -0.002313 -0.008833 -0.00513-Jan-14 0.002322199 -0.012298 -0.006434 -0.00696 -0.010979 0.002344 -0.016158

Page 14: Analysis Markowitz Template

10-Jan-14 -0.00471406 -0.005382 0.00065 -0.003184 -0.004142 -0.002517 -0.0064829-Jan-14 0.001870206 0.00278 -0.001616 -0.00112 0.006509 -0.00279 -0.0016138-Jan-14 -0.00801827 -0.002691 -0.006753 -0.002764 -0.00345 -0.004526 -0.0139677-Jan-14 0.003381646 0.002617 0.004438 0.005938 0.005315 0.000821 -0.0019856-Jan-14 0.000381146 0.000327 -0.007337 -0.005166 -0.004358 0.004257 0.0040013-Jan-14 0.007492977 -0.001307 -0.010036 -0.009217 -0.010191 -0.001764 -0.0037512-Jan-14 0.000913752 0.004348 2.258E-05 0.001912 0.01044 0.004515 0.006192

31-Dec-13 -0.00252611 -0.006601 -0.001799 -0.002771 -0.005999 0.002227 -0.00016630-Dec-13 -0.00351275 0.000816 0.003396 0.003004 0.00362 -0.003309 -0.00623427-Dec-13 -0.00181149 0.003684 0.00403 0.005993 0.008715 -0.000301 0.00171224-Dec-13 -0.00520861 -0.002531 -0.001082 -0.002126 -0.002622 -0.003591 -0.0010323-Dec-13 0.003107778 8.167E-05 0.003261 0.002976 -0.000957 0.005086 0.0027120-Dec-13 -0.00014827 0.004429 0.001635 0.003326 0.004368 0.008403 0.00946519-Dec-13 -0.00540049 0.003292 -0.0093 -0.005231 0.008437 -0.003861 -0.00732318-Dec-13 0.00437026 0.003883 0.00592 0.004102 0.001762 0.000631 0.00113817-Dec-13 -0.00220918 -8.26E-05 0.002055 0.001188 0.00108 -0.001932 0.00010716-Dec-13 0.009244584 0.001987 0.003462 0.002097 -0.000984 0.003229 0.00723613-Dec-13 -0.00475282 0.004657 0.000593 0.001636 0.003336 -0.005079 0.00021812-Dec-13 0.003954076 0.001666 0.003528 0.004468 -0.002599 -0.009794 0.00294911-Dec-13 0.005522699 0.001669 0.003194 0.001558 0.000727 0.0047 0.00454410-Dec-13 -9.9463E-05 0.002426 0.005807 0.005866 0.009759 0.001269 0.004085

9-Dec-13 -0.01121295 -0.000334 0.004488 0.002773 -0.000124 0.006282 -0.0001476-Dec-13 -0.00057698 -0.004826 0.001939 0.001255 -0.007373 -0.002452 -0.0032385-Dec-13 0.006916408 0.004849 0.006683 0.004072 0.003744 0.002742 0.0019754-Dec-13 0.016904291 0.010989 0.016748 0.015435 0.013491 0.007637 0.0113613-Dec-13 -0.01686128 -0.00971 -0.014827 -0.015095 -0.014531 -0.017971 -0.0121212-Dec-13 -0.00063911 -0.002588 -0.002426 -0.003324 0.001769 0.008084 -0.004287

29-Nov-13 -0.00061134 0.00394 0.007552 0.007494 0.008073 -0.002062 0.0030528-Nov-13 0.003069497 0.009904 0.009126 0.010351 0.015541 0.011244 0.00603227-Nov-13 0.005323968 0.00408 0.007721 0.006305 0.006597 -0.004611 0.00208126-Nov-13 0.005495504 0.003668 0.001024 0.002853 -0.000416 0.006952 0.00558325-Nov-13 -0.00336429 0.001367 0.007818 0.006904 0.003687 -0.007253 -0.00081622-Nov-13 -0.00913153 -0.000939 0.002506 0.002445 0.005427 -0.007702 -0.00739721-Nov-13 0.003388703 0.007394 -0.001009 -0.002082 0.005834 -0.004694 0.00854620-Nov-13 -0.00096273 0.001895 0.003925 0.004567 0.001984 0.006007 -0.00154119-Nov-13 0.003955388 -0.001548 0.002347 0.000376 -0.00161 -0.001928 -0.00146118-Nov-13 0.005765452 0.005709 0.008241 0.008211 0.008714 0.009908 0.0088915-Nov-13 -0.00684304 0.001299 -0.001211 0.000556 0.003237 -0.000673 0.00092514-Nov-13 -0.00742312 -0.008416 -0.006744 -0.006868 0.000411 -0.002881 -0.00599813-Nov-13 0.00570474 0.0057 0.010308 0.009641 0.001072 0.00317 0.00502112-Nov-13 0.002690869 0.00801 0.009333 0.010614 0.004797 0.002311 0.00738311-Nov-13 -0.00095165 0.00719 0.001667 0.002983 0.002096 -0.000691 0.004786

8-Nov-13 0.005093683 0.001317 -0.004465 -0.006197 0.003026 -0.000581 -0.0015077-Nov-13 -0.00310135 -0.00219 -0.000278 0.000732 -0.001039 -0.004187 0.0012076-Nov-13 0.004792246 0.002195 0.000335 0.000485 0.009396 0.002622 -0.0016764-Nov-13 -0.00285745 0.003083 -0.001045 -0.001019 -0.002677 0.005358 0.0045651-Nov-13 0.013246542 0.010682 0.001052 -0.002386 0.01043 0.007061 0.015041

31-Oct-13 0.00429076 0.006541 0.007431 0.006178 0.006478 0.009835 0.00525

Page 15: Analysis Markowitz Template

30-Oct-13 0.002034257 0.007674 0.003372 0.00453 0.004138 0.000751 0.00575229-Oct-13 0.00381812 0.005264 0.000998 0.00297 -0.000571 -0.002367 0.00478328-Oct-13 -0.01350573 -0.011129 -0.011346 -0.009657 -0.011498 -0.010256 -0.01274825-Oct-13 -0.00990889 -0.011182 -0.011794 -0.010967 -0.011427 -0.016765 -0.01559624-Oct-13 0.006795126 0.000888 0.003972 0.000961 -0.002101 -0.007997 -0.00789123-Oct-13 -0.00402288 -0.007319 0.002287 0.001362 -2.02E-05 0.002457 -0.00509422-Oct-13 -0.00441543 -0.001057 -0.001173 -0.001641 -0.003161 -0.002298 -0.00212821-Oct-13 0.004696684 0.003979 0.004202 0.004896 0.00488 0.008578 0.00383518-Oct-13 0.002463414 -0.003788 0.00641 0.004812 0.006782 0.004464 -0.00083917-Oct-13 0.000754498 0.003093 0.004192 0.0051 0.002746 0.006148 0.00858416-Oct-13 -0.0130022 -0.013856 -0.017099 -0.015167 -0.013977 -0.010988 -0.01232811-Oct-13 -0.01398004 -0.005805 -0.004272 -0.00334 -0.002905 0.000149 -0.00442910-Oct-13 -0.00413541 0.000173 -0.006569 -0.004432 -0.008354 -0.000251 -0.003815

9-Oct-13 -0.00485602 0.000173 -0.001925 2.555E-05 -0.000292 0.000704 -0.004318-Oct-13 0.003981381 0.00052 0.000795 0.000299 0.00314 -0.000278 -0.0015617-Oct-13 -0.00100076 -0.002077 -0.008478 -0.006323 -0.009913 -0.002229 7.594E-064-Oct-13 0.005427282 0.001821 0.004332 0.002998 -0.002408 0.00619 0.0014283-Oct-13 0.000115478 -0.002853 0.004233 0.004303 0.000905 -0.000938 -0.0005292-Oct-13 0.005233505 -0.002156 -0.002984 -0.002525 -0.003234 0.001957 -0.0038011-Oct-13 -0.00926378 -0.001722 -0.002713 0.000314 6.899E-05 0.002092 -0.003172

30-Sep-13 0.01613002 0.007024 0.012696 0.008069 0.014776 0.002225 0.00741427-Sep-13 -0.0019759 -0.003543 -0.003214 -0.005941 -0.005494 -0.004821 -0.00305926-Sep-13 -0.00188434 0.000346 0.002819 0.003089 0.005006 -0.003115 -0.00130225-Sep-13 0.003761017 0.002948 0.000149 0.001613 0.000538 0.000815 0.00124624-Sep-13 0.012680087 0.008745 0.010291 0.006281 0.009375 0.006819 0.00953423-Sep-13 0.009184698 0.007311 0.005986 0.006681 0.006214 0.004434 0.00559220-Sep-13 -0.00458284 0.006561 0.008382 0.00716 0.000447 0.000322 0.00098719-Sep-13 -0.00822959 -0.018622 -0.003183 -0.005649 -0.00368 -0.001194 -0.01080218-Sep-13 0.003026839 0.00358 0.004173 0.00486 0.003674 0.008003 0.0061617-Sep-13 -0.00084003 0.002451 -0.001168 -2.36E-05 -0.00088 -0.001418 2.48E-0516-Sep-13 0.011233939 0.002457 0.011831 0.009064 0.012487 0.012054 0.00508413-Sep-13 -0.01125377 -0.008613 -0.011312 -0.011184 -0.010368 -0.009311 -0.00957212-Sep-13 0.013891576 0.004896 0.010299 0.007921 0.01052 0.001486 0.00748311-Sep-13 0.015280239 0.023077 0.020341 0.024157 0.025355 0.02617 0.02500210-Sep-13 -0.00126388 -0.000715 0.005822 0.005928 0.003119 0.006952 0.003045

9-Sep-13 0.000730125 -0.001071 0.004199 0.002084 0.000882 0.005052 0.0064136-Sep-13 0.006736851 0.006742 -0.000407 0.001934 0.006514 0.002134 0.0067915-Sep-13 0.000580752 0.002885 0.002777 0.004785 0.005818 0.012033 0.0081554-Sep-13 0.009193719 0.010015 0.007629 0.008487 0.010956 0.022446 0.0116453-Sep-13 -0.00366329 0.005585 0.003448 0.004555 0.005942 0.008396 0.0026772-Sep-13 -0.0036826 -0.000183 -0.002807 -0.003504 0.001621 0.001937 0.000482

30-Aug-13 -0.00608351 -0.001097 -0.008452 -0.007055 -0.001838 -0.00383 -0.00499529-Aug-13 -0.00736576 -0.001279 -0.007722 -0.006423 -0.002176 -0.000945 -0.00194528-Aug-13 0.019108208 0.006156 0.011479 0.007962 0.004569 0.003693 0.00928627-Aug-13 0.007350549 0.003874 0.003589 0.003088 0.003782 -0.00174 0.00291126-Aug-13 0.002340678 -0.000645 0.002183 0.001747 -0.001897 0.000351 0.00135223-Aug-13 -0.00255216 0.00491 0.004801 0.005929 0.004103 0.009555 0.00199622-Aug-13 -0.00327656 0.006715 -0.001672 0.000111 0.002763 0.001802 -0.001438

Page 16: Analysis Markowitz Template

21-Aug-13 0.026197941 0.020849 0.029817 0.027817 0.021958 0.014779 0.01712320-Aug-13 0.002403086 0.005071 0.00621 0.004809 0.005616 -0.011312 -0.00030419-Aug-13 0.004076422 0.005677 0.006277 0.004662 0.005742 0.014632 0.00406716-Aug-13 0.011768073 0.007172 0.013467 0.011186 0.014046 0.004214 0.00889415-Aug-13 0.005377586 0.002039 0.002854 0.004533 0.007359 0.011074 0.00489214-Aug-13 -0.00854629 0.000486 -0.006378 -0.002408 -0.000355 -0.00297 -0.00357513-Aug-13 -0.00583536 0.000486 -0.001998 -0.000719 -0.001581 -0.007186 -0.00126112-Aug-13 0.028936862 -9.72E-05 0.014024 0.008041 0.024639 0.032469 0.005929

6-Aug-13 0 0 0 0 0 0 02-Aug-13 -0.01166823 0 -0.010085 -0.0049 -0.002968 -0.005366 -0.0058941-Aug-13 -0.00142385 0.000973 0.002483 0.001771 -0.003823 -0.008987 0.00155731-Jul-13 0.001273355 9.73E-05 0.002952 0.000963 -0.006001 -0.012027 -0.00276630-Jul-13 -0.00391213 0.000682 -0.0041 -0.002068 -0.003771 -0.011994 0.00053329-Jul-13 0.014879838 0.000487 0.002701 0.00128 0.000586 0.001294 0.00194926-Jul-13 0.010240572 0.000195 0.00864 0.006181 0.005319 0.013434 0.00340625-Jul-13 -0.00415651 9.745E-05 -0.001127 -9.37E-05 -0.002603 -0.012754 -0.0002324-Jul-13 0.002661206 0.003913 0.003428 0.004333 0.003291 0.002506 0.00550823-Jul-13 0.020133415 0.015296 0.019316 0.018611 0.020676 0.02219 0.01844722-Jul-13 0.003805491 -0.000199 0.004372 0.003197 0.004004 0.003988 0.00129519-Jul-13 -0.00549219 0.001094 -0.000922 0.000981 0.002379 -0.000866 0.00495418-Jul-13 -0.00111583 0.001892 0.001842 -0.000243 0.00769 -0.001953 -0.00069617-Jul-13 0.002808597 0.000399 0.00661 0.005295 0.000597 0.007154 0.00496216-Jul-13 -0.00331755 0.001197 -0.000444 0.00135 0.000932 0.008515 -0.00350515-Jul-13 0.001974524 0.004409 0.00537 0.003294 0.00021 -0.003418 0.00267312-Jul-13 0.002875546 0.0001 0.00184 2.373E-05 0.005129 -0.008659 0.00400511-Jul-13 0.019555329 0.000903 0.027598 0.025829 0.017678 0.013054 0.01317210-Jul-13 0.000565781 0.001004 -0.008085 -0.005227 -0.004421 0.005298 0.003655

9-Jul-13 0.001723652 0 0.000704 0.002101 0.003898 0.005523 0.0012358-Jul-13 -0.0071391 0.001508 -0.007493 -0.004311 -0.009541 -0.007978 -0.0024245-Jul-13 -0.00612881 0 -0.009409 -0.007355 -0.01415 0.006339 -0.0019044-Jul-13 0.007875656 0.000402 0.003512 0.001985 0.007333 -0.007791 0.0028363-Jul-13 -0.00935794 0.000101 -0.005517 -0.006024 -0.003188 -0.00604 -0.0020272-Jul-13 -0.00200368 0.000604 -0.000465 0.003018 4E-05 0.004419 0.0001191-Jul-13 -0.00312393 0.000504 -0.000923 -0.003094 -0.002932 -0.007114 -0.002447

28-Jun-13 -0.01266898 -0.000805 -0.002818 0.001999 -0.005368 -0.009054 -0.00547627-Jun-13 -0.00056097 -0.000201 -0.003667 -0.003565 -0.005389 0.007738 0.00651726-Jun-13 -0.00060338 -0.000905 -0.005153 -0.004295 -0.00259 -0.001172 -9.83E-0525-Jun-13 0.007045128 0.001712 0.004511 0.003354 0.005554 0.007043 8.665E-0524-Jun-13 -0.01570032 -0.002912 -0.016111 -0.01405 -0.011645 -0.006857 -0.01463921-Jun-13 -0.00194438 0.003324 0.006787 0.001248 0.007286 -7.55E-05 -0.00549420-Jun-13 -0.01110603 0.001715 -0.006482 -0.006848 -0.009183 -0.019642 -0.00378319-Jun-13 -0.00641436 -0.000807 0.002663 0.001698 -0.005895 -0.00364 -0.00369318-Jun-13 0.002841256 0.003745 0.003688 0.005591 0.003492 -0.007116 0.00011217-Jun-13 0.003556993 -0.000506 -0.000346 -0.002117 6.377E-05 0.001574 0.00100714-Jun-13 -0.00314714 -0.000101 -0.005955 -0.000251 0.001493 0.014394 0.00452413-Jun-13 0.022096531 0.003145 0.01091 0.006501 0.005264 0.00061 4.134E-0612-Jun-13 0.026997515 0.003564 0.013557 0.007916 0.008721 0.01092 0.00499911-Jun-13 -0.00626575 0.00153 0.003398 0.005134 0.003233 -0.000596 0.000982

Page 17: Analysis Markowitz Template

10-Jun-13 -0.01436005 0.001634 -0.007463 -0.001732 -0.002312 -0.006482 0.0100317-Jun-13 0.03562686 -0.001733 0.020441 0.011008 0.017107 -0.015313 0.0044355-Jun-13 -0.00429415 0.000204 0.000793 0.001852 -0.000284 -0.009359 -0.0049254-Jun-13 0.009663786 -0.000612 0.008178 0.003846 0.006052 0.010505 0.0068713-Jun-13 0.004409376 0.000918 -0.00222 -0.001962 0.000226 -0.004041 -0.005687

31-May-13 0.001206963 -0.000917 0.006265 0.005441 0.005323 0.000106 0.0040730-May-13 0.009884492 0.000102 0.014259 0.007961 0.007092 0.009937 0.00551229-May-13 -0.00406772 0 -0.007292 -0.003565 -0.003851 -0.006436 -0.00522928-May-13 -0.00602639 0.001838 -0.003439 0.00017 -0.000672 0.001313 -0.00053527-May-13 0.014836592 0.002047 0.010839 0.002663 0.004767 -0.002923 0.00209724-May-13 0.008356753 -0.000205 0.008036 0.005675 0.003387 0.003736 0.00467623-May-13 -0.00475274 0.000922 -0.008499 -0.005388 -0.007465 -0.014815 -0.00987822-May-13 8.82355E-05 0 -0.00133 0.003223 -0.005316 0.000306 -0.000221-May-13 0.002616603 0.000512 0.003509 0.004407 0.004004 0.00256 0.00217520-May-13 -0.00522107 -0.000307 -0.004989 -0.00279 -0.004373 0.000302 -0.00701117-May-13 -0.0005267 0.001333 0.000554 0.000515 0.002517 -0.01252 -0.0042616-May-13 0.001334239 0.000205 0.001448 -0.003624 0.000862 0.001318 0.003615-May-13 -0.00522822 0.001335 -0.01306 -0.005742 -0.005201 -0.007693 -0.00770314-May-13 0.002833066 -0.000513 0.006149 0.003068 -0.002467 -0.000713 0.00161613-May-13 -0.00937437 0.000205 -0.01033 -0.005545 -0.006012 -0.010102 -0.00449110-May-13 -0.01787375 0.000411 -0.009074 -0.003028 -0.001494 -0.009071 -0.002072

8-May-13 -0.00128112 -0.000719 -0.002682 0.000238 -0.005158 -0.005989 0.0011717-May-13 0.001792001 0.000925 -0.002534 -0.002663 -0.001547 -0.003267 0.0014746-May-13 -0.01186048 -0.000821 -0.001524 0.002963 0.002653 -0.000284 0.0033-May-13 -0.00531602 0.001234 -0.006216 -0.006628 -0.000764 0.003088 -0.0022432-May-13 -0.00071403 -0.000206 0.001848 0.00089 0.001634 -0.0111 -0.0012921-May-13 0.007513858 0.000823 0.009653 0.006214 0.003796 0.003247 0.00634930-Apr-13 -0.00536153 0.000103 0.004206 0.003204 -0.002443 0.003693 0.00371329-Apr-13 0.014165393 0 0.001594 0.001345 0.00388 -0.001646 0.00348726-Apr-13 0.006793393 0.000515 0.002955 -0.000402 0.00926 0.002359 0.00424525-Apr-13 -0.00278621 -0.001131 -0.000353 0.003057 0.005032 0.005499 0.00253824-Apr-13 -0.00388332 -0.000103 -0.011618 -0.004627 -0.002721 0.000679 -0.00026123-Apr-13 0.011310925 0.001544 -0.002035 -0.000519 0.003945 -0.00574 -0.00020722-Apr-13 -0.01335763 0.000412 -0.000176 0.000871 -0.003316 -0.002208 0.00021219-Apr-13 -0.00534104 -0.00144 -0.000802 0.000667 0.001437 0.000798 -0.00011218-Apr-13 0.003015262 0.001339 -0.008005 -0.008656 -0.005377 -0.003788 -0.00203617-Apr-13 -0.01333138 -0.001337 0.007693 0.009041 0.003827 0.001415 -0.00041216-Apr-13 0.014445579 0.001339 -0.001739 -0.003139 -0.003095 -0.009728 -0.00555615-Apr-13 0.011533211 0 0.000776 -0.001368 -0.003929 -0.009203 -0.00624912-Apr-13 0.00338956 0.002271 0.006585 0.007071 0.007243 0.005618 0.00724211-Apr-13 -0.00614443 -0.000413 -0.00198 -0.002821 -0.000738 -0.000317 -1.94E-0510-Apr-13 -0.00121576 -0.005235 -0.004487 -0.003142 -0.001066 0.002148 -0.004167

9-Apr-13 -0.01202799 -0.001333 0.000764 0.003663 -0.005824 0.003666 -0.001288-Apr-13 -0.01271163 0.000308 0.006673 0.005648 0.007992 -0.002086 -0.0030385-Apr-13 -0.04194788 0.00041 0.00579 0.006801 0.006497 -0.006135 0.0012574-Apr-13 0.007448209 0.000616 0.005378 0.003779 0.0038 0.002631 0.0015033-Apr-13 -0.00537068 0.000616 -0.0045 -0.004401 -0.009501 0.000797 0.001252-Apr-13 0.008811356 0.000205 0.007084 0.00674 0.003168 0.004973 0.002232

Page 18: Analysis Markowitz Template

1-Apr-13 0.004949833 0.001646 0.003685 0.001766 0.005087 -0.000427 0.00011328-Mar-13 0.00485805 -0.000617 -0.006055 -0.006524 -0.002265 -0.005573 7.163E-0527-Mar-13 -0.00558108 -0.002052 -0.001782 -0.002828 -0.002938 -0.000335 0.00206926-Mar-13 0.007046468 0.001748 -0.007595 -0.010175 -0.00272 0.00299 0.00341525-Mar-13 -0.00015935 -0.00154 0.005255 0.00708 0.002635 0.000189 -0.0004622-Mar-13 0.012658384 0.001748 -0.000163 -0.001114 0.005891 0.006085 0.00272621-Mar-13 -0.01027148 0.000309 0.003385 0.006132 0.001599 0.000892 0.00234920-Mar-13 0.009194326 0.001855 0.000691 -0.004903 0.001488 0.000743 -0.00331119-Mar-13 -0.01209524 -0.001338 -0.004242 0.002996 -0.000972 0.001366 0.00120418-Mar-13 0.016525657 0.001856 0.004778 -0.006615 0.002058 0.000691 -0.00033815-Mar-13 -0.00255002 -0.000309 0.005763 0.00366 0.009787 -7.06E-05 0.00457214-Mar-13 0.00093349 0.000516 -0.005209 -0.005119 0.00085 0.005512 -0.00065413-Mar-13 0.004429022 0.001032 0.006432 0.004186 0.002646 0.010488 0.00318911-Mar-13 -0.00993813 0 -0.008042 -0.007332 -0.00577 -0.002732 0.002468

8-Mar-13 -0.01366787 -0.000928 0.003985 0.007268 -6.16E-05 4.231E-05 0.0005777-Mar-13 -0.00872411 0.001136 -0.007357 -0.004573 -0.008848 -0.00348 -0.0046846-Mar-13 0.001202649 -0.001958 -0.001533 0.000603 -0.000603 0.006307 -0.0014265-Mar-13 0.000216042 0.000103 0.001971 0.001183 0.006028 0.003692 0.002834-Mar-13 -0.00509541 0.002687 -0.004288 -0.002221 -0.006538 -0.003639 0.0028821-Mar-13 -0.00151235 0.001138 -0.006505 -0.004117 0.001402 -0.00266 -0.005519

28-Feb-13 -0.00861731 -0.001755 0.00222 0.005742 0.001811 0.003031 0.00156227-Feb-13 0.006259415 -0.002164 -0.00329 -0.004797 -0.005879 -0.008476 -0.00327926-Feb-13 0.015971867 -0.000824 -0.000773 -0.008439 0.002613 0.000743 -0.00193725-Feb-13 -0.00998793 0 -0.00257 -0.001626 -0.009694 -0.003595 -0.00654822-Feb-13 0.005966758 0.001031 -0.000642 -0.004701 0.003133 0.007142 0.00088121-Feb-13 -0.00201941 -0.000103 -0.007539 -0.010092 -0.013699 -0.010874 -0.00556220-Feb-13 0.003501648 -0.000927 0.002545 0.00439 -0.002059 0.002554 -0.00161819-Feb-13 0.006413611 0.003409 0.003192 0.003638 0.001823 0.00634 -0.00051418-Feb-13 -0.01390852 -0.000413 -0.002309 -0.001429 -0.001414 -0.007027 -0.00650615-Feb-13 0.0087119 0.001966 -0.003628 -0.005477 -0.000325 0.002012 0.00280914-Feb-13 -0.00011898 0.002178 0.002621 0.002546 -0.006265 0.003248 0.00268313-Feb-13 0.011333955 0.001038 0.004346 0.004402 0.001684 0.008938 0.00457612-Feb-13 -0.02110783 -0.002485 -0.005399 -9.76E-05 -0.011637 -0.007133 -0.00406211-Feb-13 0.008369439 -0.002788 -0.002994 -0.005466 0.002568 -0.000651 -0.009154

8-Feb-13 -0.00428146 -0.004113 -0.012036 -0.012105 0.000213 -0.006289 -0.00557-Feb-13 0.007626473 0.004026 -0.000386 -0.00141 0.003295 0.000106 0.0041276-Feb-13 -0.01703907 -0.001134 0.003379 0.005937 -0.006811 -0.009553 0.0009135-Feb-13 0.005629144 0.002481 0.000221 -0.007192 0.005477 0.003964 0.0014774-Feb-13 -0.01215497 -0.002784 -0.000698 -0.001391 -0.012683 -0.000917 -0.0025781-Feb-13 -0.0098731 0.000206 0.000137 0.003416 0.004101 -0.001949 0.004818

31-Jan-13 0.001701564 0.000826 0.013871 0.006312 0.003778 -0.003185 0.00016830-Jan-13 -0.00033485 0.001033 0.005862 0.003896 0.004412 0.003429 0.00484229-Jan-13 0.003668649 0.001034 0.003201 0.000736 -0.00252 0.002904 0.00356528-Jan-13 -0.00390797 0.0028 0.004256 0.009672 0.001272 0.000114 -0.00247825-Jan-13 -0.01871362 0.00083 0.001045 0.004172 -0.002111 -0.006964 -0.00939923-Jan-13 0.007942047 -0.000519 0.003079 0.000268 -0.000928 0.000626 -0.00026522-Jan-13 -0.0008433 -0.004132 -0.003543 -0.005068 -0.00614 -0.003469 -0.00553721-Jan-13 0.000199281 -0.000516 0.001895 -0.004027 -0.007116 -0.000797 -0.004905

Page 19: Analysis Markowitz Template

18-Jan-13 -0.01426369 -0.000516 -0.006012 0.004368 -0.002455 -0.002368 -0.00132617-Jan-13 -0.00288296 0 0.001018 0.001205 -0.003954 -0.002277 -0.00156916-Jan-13 0.008614962 -0.005133 -0.013196 -0.012899 -0.006399 -0.003857 -0.00614915-Jan-13 0.007641935 0.007239 -0.004908 0.007128 0.003562 0.007339 0.00775614-Jan-13 -0.00589681 0.001035 0.00377 0.01165 0.001068 -0.001143 0.00089111-Jan-13 -0.01500788 -0.005661 0.005751 0.009807 0.002656 -0.00308 -0.00233710-Jan-13 -0.00936133 -0.002567 -0.004136 -0.004438 -0.004553 0.002049 -0.002514

9-Jan-13 0.001426034 0 -0.004598 -0.004604 -0.004441 -0.000185 -0.0015738-Jan-13 0.005355355 0.000205 0.005736 0.006213 0.004068 0.001823 0.0016757-Jan-13 0.002053212 0.006512 0.008972 0.008369 0.005259 0.01047 0.0086534-Jan-13 -0.00365177 0.000517 -0.006979 -0.006839 -0.007722 -0.003687 -0.0019583-Jan-13 -0.00555184 -0.001549 -0.01412 -0.012973 -0.009857 -0.000545 -0.0010432-Jan-13 -0.00518989 0.001551 0.00507 0.004078 0.016036 0.011735 0.009059

28-Dec-12 -0.00796823 -0.001549 -0.001382 -0.000266 -0.003067 -0.001209 -0.00300227-Dec-12 -0.00958587 -0.002266 0.001398 0.001406 -0.001586 -0.002418 -0.00422826-Dec-12 -0.01170506 0.002065 0.000965 0.001345 -0.005734 -0.0056 0.00070321-Dec-12 0.005358145 0.002795 0.000984 0.000747 0.002548 0.000446 0.00177720-Dec-12 0.001621709 0.00114 0.000211 -0.000262 0.00117 -0.00295 -0.00148719-Dec-12 -0.00275897 0.000622 0.005666 0.005066 0.003338 -0.003459 -0.00222418-Dec-12 0.000318846 -0.000207 0.001657 0.001581 0.002736 0.001455 0.00238817-Dec-12 -0.00356425 0 0.00456 0.004812 0.002664 0.00057 -0.00211914-Dec-12 -0.00367224 0.000207 0.003891 0.00204 -0.000446 -0.00112 0.0008613-Dec-12 -0.01033368 -0.000207 0.005609 0.004059 0.000661 0.001212 0.00121412-Dec-12 -0.00243347 -0.000311 0.00153 0.00548 0.002275 0.005609 0.0006611-Dec-12 0.000931564 -0.000518 0.001618 0.00196 0.002627 -0.000895 -0.00027310-Dec-12 0.002793929 0.002909 -0.00073 -0.002113 0.00091 0.002275 0.006973

7-Dec-12 0.000762913 0.001248 -0.00466 -0.005503 -0.001115 0.00164 0.0018016-Dec-12 -0.00505101 0.000833 0.00056 -0.002828 0.000117 0.001215 0.0014915-Dec-12 0.001579491 0 -5.69E-05 0.004368 0.001089 0.005138 0.0027684-Dec-12 0.004328495 0.000729 -0.000993 0.001457 0.003724 0.001402 -0.0020863-Dec-12 0.000484374 -0.000729 0.000937 0.002151 -0.001102 -0.001783 -0.000172

30-Nov-12 -0.00524591 -0.00052 0.002887 0.003187 0.001444 -0.004241 -0.00136829-Nov-12 -0.00241443 0.000208 0.002253 0.001795 -3.51E-05 0.001543 0.00282928-Nov-12 0.001748888 0.000521 -0.003347 -0.003255 -0.000576 -0.002624 -0.0012927-Nov-12 0.001786223 -0.00156 -5.84E-05 0.000403 -0.000969 0.000626 -0.00187226-Nov-12 -0.00055262 -0.001039 0.00488 0.004387 0.00385 0.0055 0.00419523-Nov-12 0.000985692 -0.001141 0.002329 0.002125 -0.002175 -0.000949 -0.00284322-Nov-12 -0.00678082 -0.000415 0.00294 0.00239 0.002159 0.000457 0.00044121-Nov-12 -0.00815634 0.000519 0.001951 0.002277 0.001651 -0.001987 0.00015920-Nov-12 -0.00023933 -0.000104 0.00208 0.000996 -0.000857 0.00318 0.00372519-Nov-12 -0.02111232 0.000104 0.001686 0.003918 0.002308 -0.007427 0.00124114-Nov-12 -0.00109469 0.000104 0.005079 0.003299 0.001142 0.003673 -0.00098913-Nov-12 0.001334196 0.000208 -0.002163 -0.003094 -0.002149 -0.00056 -0.00119212-Nov-12 0.000267406 0.000208 -0.00259 -0.001481 -0.004674 0.002085 0.001509

9-Nov-12 0.004006856 -0.000519 -5.74E-05 -0.001582 -0.000427 -0.002346 -0.0040688-Nov-12 0.004353033 0.000831 -0.000171 -0.001196 0.001491 0.001443 -0.0023347-Nov-12 0.000679986 -0.000311 -0.001091 3.858E-05 -0.000562 0.00393 0.0025116-Nov-12 0.004378831 0.000519 -0.003551 -0.002954 -0.002665 0.001002 -0.00133

Page 20: Analysis Markowitz Template

5-Nov-12 -0.00328064 0 -0.00846 -0.008124 -0.005617 -0.00327 0.0027042-Nov-12 -0.00350799 0 -0.001123 -0.002545 -0.000744 0.002766 0.0030561-Nov-12 -0.00439332 0.001352 0.00146 0.001397 0.004311 -4.86E-05 0.000456

31-Oct-12 0.005810689 0.001041 0.005231 0.004872 0.003788 0.005009 0.00274430-Oct-12 -0.00298356 0 -0.000118 -0.001083 -0.002831 -0.00121 -0.0023529-Oct-12 0.002951605 -0.000936 -0.005416 -0.005354 0.001371 -0.002042 -0.00662825-Oct-12 -0.00185462 -0.000104 0.000382 -0.000294 0.005851 0.004983 -0.00177324-Oct-12 0.000250417 0 -0.004897 -0.005248 -0.003869 -0.000281 0.00081223-Oct-12 -0.00480738 0.002293 0.002151 0.003596 0.002099 0.002821 0.00324522-Oct-12 0.000956439 0.000313 -0.002674 -0.002361 -0.002768 -0.005776 -0.00803719-Oct-12 -0.00145612 0.000522 -0.000652 -0.002034 -0.003478 -0.000331 -0.00694818-Oct-12 -0.00465883 0 0.000114 0.000687 -3.56E-05 0.006582 0.009117-Oct-12 -0.00024704 0 0.010335 0.010799 0.003951 0.005798 -0.00446116-Oct-12 -0.00476476 -0.000834 0.003349 0.003895 0.001042 0.00447 -0.00185115-Oct-12 -0.00203276 -0.001249 -0.003281 -0.004337 -0.002058 -0.009217 -0.00450812-Oct-12 -0.0043025 0.000208 0.006307 0.007173 0.003113 0.002208 0.00475211-Oct-12 0.002827522 0.000521 0.002542 0.000714 0.001585 0.007048 -0.00207310-Oct-12 0.000807 -0.000208 -0.007953 -0.010449 -0.003637 -0.00411 -0.005301

9-Oct-12 0.005387794 0.001043 -0.002382 -0.000578 -0.003085 0.008028 0.0043688-Oct-12 -0.00272276 0 -0.001344 -0.001193 -0.005376 -0.009903 0.0024115-Oct-12 0.002052003 0.000522 0.008103 0.007956 0.006926 0.007753 0.007364-Oct-12 -0.00580323 -0.000521 -0.000785 0.000444 -0.003124 -0.00391 -0.0028563-Oct-12 -0.00029374 0.00073 0.001191 0.001127 0.000482 -0.01267 -0.0023182-Oct-12 -0.00308271 -0.001042 0.004569 0.005813 -2.13E-05 0.00152 0.001861-Oct-12 -0.00437133 0.000521 -0.007914 -0.009224 -0.007817 -0.011711 -0.005116

28-Sep-12 0.001535759 -0.000209 0.003853 0.00449 0.003959 0.007439 0.00428527-Sep-12 0.001952665 0.001044 -0.000499 -0.000859 0.000335 0.003994 -0.00190826-Sep-12 0.001083009 0 -0.002779 -0.003236 -0.001971 -0.007853 -0.00229825-Sep-12 0.005310671 0.002092 0.002318 0.002325 0.003331 0.004914 0.00302524-Sep-12 0.002522011 0.000209 -0.002796 -0.002565 -0.000877 -0.005501 -0.00414621-Sep-12 0.003467053 0.001992 -0.002143 -0.002204 0.002148 0.002894 0.00266320-Sep-12 0.002221389 -0.000838 -0.001109 -0.0016 -0.001667 0.002905 -0.00129619-Sep-12 0.005540561 0.005688 0.003897 0.000774 0.00507 0.000455 0.00434718-Sep-12 -0.00048749 0.00455 0.003792 0.002758 0.006156 0.000334 0.00141217-Sep-12 -0.02079962 -0.012849 -0.003944 -0.003482 -0.009703 -0.016959 -0.01672414-Sep-12 0.001219581 -0.001044 0.001314 0.006113 0.002739 0.006977 0.00784213-Sep-12 0.00199156 0.000522 0.002715 0.004842 0.002888 0.00186 -0.00281312-Sep-12 0.003227613 -0.001147 0.006398 0.005698 0.003037 0.011053 0.00322211-Sep-12 0.000814295 0.000626 -3.45E-06 -0.000868 0.00078 -0.003022 0.00196910-Sep-12 0.007506627 -0.001042 0.00846 0.011657 0.003724 0.006331 0.003598

7-Sep-12 -0.00623342 0.000104 0.002107 0.001573 0.001521 0.00847 0.0085496-Sep-12 0.001061621 0.000417 0.002675 0.006482 0.003006 0.001593 -0.0041645-Sep-12 0.000332302 0.001044 -0.005857 -0.005502 -0.000819 -0.00228 0.000524-Sep-12 -0.00237407 -0.00073 0.003459 0.003325 0.001571 -0.001479 0.0002413-Sep-12 0.005946032 0.002615 0.006873 0.006823 0.006805 -0.001554 0.008456

31-Aug-12 4.06604E-05 -0.001358 -0.003133 -0.003152 -0.003881 -0.00523 -0.00356230-Aug-12 0.001644311 0.002094 0.000425 0.000418 0.002981 -0.00128 -9E-0529-Aug-12 0.001116514 0.001888 0.008632 0.008553 0.005669 0.003528 0.005634

Page 21: Analysis Markowitz Template

28-Aug-12 0.005103143 0.002102 -0.000386 -0.000184 -0.000718 -0.001468 0.00170327-Aug-12 -0.00024707 0.001157 -0.003331 -0.003427 -0.002785 -0.004041 0.00337424-Aug-12 -0.00069271 0.000948 0.00319 0.00315 -0.000977 -0.006043 -0.00238323-Aug-12 0.007890853 -0.000316 0.019414 0.0194 0.013425 0.001535 -0.00202716-Aug-12 -0.00438648 0.000421 -0.001993 -0.002049 0.000965 0.002669 0.00432115-Aug-12 -0.00432947 0.000421 -0.001259 -0.001289 -0.000377 -0.004079 0.0005714-Aug-12 -0.0011284 0.001055 0.005127 0.005298 0.001599 -0.003305 -0.00070813-Aug-12 0.004676125 0.000317 0.000311 -9.83E-05 0.003359 0.001339 0.00187810-Aug-12 -0.00179061 -0.000633 -0.007335 -0.007325 -0.003536 -0.004203 0.001689

9-Aug-12 0.000918084 0.000844 -0.000702 -0.000617 0.004464 0.004959 0.003368-Aug-12 -0.0029959 0.000317 0.000403 0.000202 0.002404 -0.002708 0.0031797-Aug-12 0.002623579 0.001163 0.001799 0.001367 -0.001306 0.002738 0.0023116-Aug-12 -0.00538367 -0.00253 0.015352 0.015992 0.004771 0.006664 0.0024523-Aug-12 0.005371179 0.000633 -0.004921 -0.005051 -0.001042 -0.000236 -0.0009582-Aug-12 -0.00535559 0.001162 -0.003433 -0.003074 -0.007273 0.000463 6.571E-051-Aug-12 0.00026204 -0.001792 0.000149 -4.12E-05 -0.005191 -0.00492 -0.00437931-Jul-12 0.002814948 0 -0.001634 -0.001508 0.000191 0.005876 0.00394430-Jul-12 -0.00158448 0 0 4.29E-05 0.002457 0.003729 0.00362527-Jul-12 -0.00231463 -0.000843 0.01151 0.011505 0.012297 0.008813 0.00659926-Jul-12 0.000632974 0.000316 0.005834 0.005868 -0.001687 0.008767 0.00602225-Jul-12 0.001241129 0.000211 -0.004757 -0.004663 -0.000722 -0.00523 -0.00340624-Jul-12 -0.00091661 -0.000527 0.000483 0.000342 -0.004537 -0.003184 -0.00337423-Jul-12 0.006832957 0.001583 -0.009689 -0.009651 -0.006038 -0.008377 -0.00552720-Jul-12 0.00026843 0.000845 -0.001902 -0.001847 0.00388 0.004082 0.0023419-Jul-12 0.007174238 0.00074 0.000836 0.000504 0.00074 0.008305 0.00316718-Jul-12 -0.00349401 -0.001161 -0.002188 -0.0019 -0.001668 -9.38E-05 0.00017417-Jul-12 0.002431846 -0.000422 0.005041 0.00506 0.00548 0.007168 0.0012616-Jul-12 0.002688668 -0.000211 0.003017 0.003025 0.009025 0.006938 0.00426413-Jul-12 0.003981829 0.001902 -0.001407 -0.001291 -0.003046 -0.003311 0.00278112-Jul-12 -0.00179398 0.000211 -0.002197 -0.002317 -0.001239 -0.001181 0.00105311-Jul-12 0.003813001 0.0018 -0.000644 -0.000562 0.003194 0.004867 0.00095810-Jul-12 0.001285 0.00053 0.00089 0.000816 0.001563 -0.002019 -0.001029

9-Jul-12 0.008196112 0.003722 -0.003014 -0.003251 0.001846 -0.001653 0.0003216-Jul-12 0.002131877 0.002132 -0.009993 -0.009868 -0.002213 0.002425 0.000355-Jul-12 -0.00101401 0.001922 -0.003094 -0.003054 -0.003569 -0.001388 0.0020264-Jul-12 -0.00749548 -0.006682 -0.006057 -0.00625 -0.008144 -0.004233 -0.0043813-Jul-12 0.004767904 0.002872 0.000179 5.31E-05 0.005316 0.00749 0.0061342-Jul-12 -0.0150518 -0.008333 0.004912 0.005322 -0.000776 0.008754 0.004602

29-Jun-12 0.00309489 0 -0.003322 -0.003316 -0.00254 -0.006424 -0.00828328-Jun-12 -0.00066449 0.000528 0.000166 -3.29E-05 -0.002985 0.005747 0.00082627-Jun-12 0.004739536 0.000528 -0.00145 -0.001356 0.003928 0.0031 0.00389626-Jun-12 0.006086795 -0.001055 -0.002359 -0.002287 -0.00092 -0.000199 -0.00246725-Jun-12 -0.00069113 0.000739 -0.000999 -0.001015 -0.001323 -0.002832 0.00187322-Jun-12 -0.0072986 0 -0.00826 -0.008325 -0.004203 -0.010186 -0.00594721-Jun-12 -0.00831617 0.001057 0.000279 0.000383 -0.001651 -0.000465 -0.00154320-Jun-12 0.004181331 0.002649 0.007732 0.007894 0.004724 0.007845 0.00708319-Jun-12 0.003665462 0 -0.005619 -0.006071 -0.000698 0.002078 -0.00225318-Jun-12 -0.00347279 -0.003169 0.000814 0.001019 0.006414 0.00534 -0.000815

Page 22: Analysis Markowitz Template

15-Jun-12 0.002398069 0 0.005905 0.005771 0.002385 0.008032 0.00513414-Jun-12 0.0039556 0.001375 0.006917 0.007065 -0.000943 0.001641 0.00049413-Jun-12 -0.00064138 0.000741 -0.000135 1E-04 0.004454 0.004588 0.00355912-Jun-12 0.002842919 0.00159 -0.008623 -0.009186 -0.002558 -0.006009 -0.00730511-Jun-12 -0.00262415 0 0.00862 0.009108 0.004517 0.013307 0.009698

8-Jun-12 0.005085867 0.006187 0.002025 0.001902 0.006251 -0.005269 0.0020837-Jun-12 -0.01661218 -0.009509 -0.003131 -0.003127 -0.004786 0.002321 -0.0023726-Jun-12 -0.00518241 0.000211 -0.002996 -0.003183 0.001025 0.007845 0.0026345-Jun-12 -0.00230464 0 0.010899 0.011134 0.002735 0.012949 0.0062734-Jun-12 0.018353705 0.013929 0.018324 0.018201 0.013137 0.010272 0.0061051-Jun-12 -0.02071574 -0.024255 -0.026518 -0.026538 -0.03109 -0.027313 -0.030014

31-May-12 0.008545837 -0.000522 -0.007923 -0.007905 -0.009393 -0.008448 -0.00445230-May-12 0.0103404 0.010026 0.005569 0.004824 0.006803 0.004778 0.00875629-May-12 0.004174157 0.005305 0.000226 0.000434 0.003417 0.00415 0.00647728-May-12 0.015973981 0.012352 0.017849 0.016398 0.014618 0.021796 0.01448425-May-12 0.000344745 0.003233 -0.001244 0.000876 0.001503 0.005027 0.00200424-May-12 0.004699817 0.000539 -0.00775 -0.007788 -0.004282 -0.002733 -0.00350123-May-12 -0.0043205 0.001079 -0.008006 -0.008078 -0.002375 -0.012424 -0.00387522-May-12 -0.00333897 -0.000324 -0.000788 -0.000871 -0.001208 0.00491 0.00301421-May-12 0.014227537 -0.001293 0.004071 0.004278 -0.010201 -0.008986 -0.0135716-May-12 -0.00512391 0.001619 -0.006487 -0.006541 -0.005849 -0.002158 -0.00330915-May-12 0.007345873 0.004881 0.00075 0.00067 0.006632 0.000269 0.00253414-May-12 0.002157281 0.004357 0.001607 0.001555 0.000555 -0.000534 0.00797111-May-12 -0.00867841 -0.007246 -0.0095 -0.009541 -0.008259 -0.012546 -0.01035710-May-12 0.004217654 0.002385 0.000344 0.000608 0.002977 0.00636 0.002131

9-May-12 0.001471261 0.000542 -0.003691 -0.003987 -0.002055 -0.009481 -0.0063578-May-12 -0.00204163 -0.000542 0.003596 0.003803 0.002711 0.003997 0.0035827-May-12 0.004961963 0.000759 -0.012724 -0.013038 -0.003415 -0.013459 -0.0091694-May-12 0.00227392 0.002392 0.00345 0.003231 0.002829 0.000446 0.0005063-May-12 0.000326135 0.000326 -0.00563 -0.005724 -0.002509 -0.00462 -0.0002222-May-12 -0.00393254 0 -0.001773 -0.001173 -6.17E-05 -0.00686 0.0017191-May-12 0.003938874 0.000326 0.000756 0.000398 -0.002717 -0.002671 -0.00620130-Apr-12 0.009812606 0 0.003655 0.00353 0.006213 0.007081 0.00494827-Apr-12 0.003882469 0 -0.002255 -0.002237 0.000833 0.00159 -0.00264926-Apr-12 0.001844741 -0.000435 0.001487 0.001578 0.00111 0.004361 0.0041425-Apr-12 -0.00369218 0.000109 0.00352 0.003302 0.000827 0.003084 0.00320624-Apr-12 0.003869449 0.00098 -0.001875 -0.001831 0.001787 -0.004981 0.00446423-Apr-12 0.003022023 0 0.004288 0.00419 0.004425 0.001938 0.00120-Apr-12 -0.00094308 0.000218 0.002025 0.001514 0.001121 -0.003694 -0.00409919-Apr-12 -0.00136194 0.000545 0.000378 0.001042 0.007301 -0.002676 -0.00142818-Apr-12 -0.0105638 -0.000109 0.000603 0.000309 0.002628 0.006423 0.01166917-Apr-12 0.005531145 0.000545 0.007195 0.007075 0.003959 0.001132 -0.0001516-Apr-12 0.002290624 -0.000109 -0.012083 -0.011758 -0.007601 -0.007673 -0.00410913-Apr-12 -0.00129897 0.000109 0.005876 0.004837 0.001806 0.003934 0.00734612-Apr-12 -0.00196862 0.000327 0.000976 0.002084 0.002977 0.008606 0.00090911-Apr-12 0.012441704 0.000546 -0.002507 -0.002993 -0.002636 -0.005069 -0.00751910-Apr-12 -0.00313967 -0.000327 0.005309 0.005874 0.00387 0.004085 0.000877

9-Apr-12 0.009939645 0.000983 -0.00452 -0.005909 -0.001506 0.002598 0.001421

Page 23: Analysis Markowitz Template

5-Apr-12 0.005222581 0.000109 -0.002565 -0.0036 0.00099 6.909E-06 -0.0043464-Apr-12 -0.00766343 0.001422 -0.010094 -0.009504 -0.007982 -0.014552 -0.0017543-Apr-12 0.013687416 -0.001964 -0.001645 -0.001925 0.000509 0.001398 0.0057492-Apr-12 -0.0146311 -0.001852 -0.001421 -0.002709 -0.000823 -0.002251 -0.003148

30-Mar-12 0.0053392 -0.000871 0.001856 0.001715 0.004598 0.004018 0.00183829-Mar-12 0.004989312 0.000871 -0.000169 0.00016 -0.002955 -0.005948 -0.00153428-Mar-12 -0.00279734 -0.000871 -0.001669 -0.002628 -0.001434 -0.009418 -0.00554227-Mar-12 -0.00039515 0.000762 0.006091 0.00721 0.007068 0.00704 0.00722226-Mar-12 0.008130776 0.000872 0.003963 0.003627 0.000905 0.002972 -0.00368322-Mar-12 0.002425113 -0.000763 -0.003446 -0.003731 -0.002335 -0.008972 -0.00504621-Mar-12 0.000624654 0.002183 0.005863 0.005061 0.002662 -0.002841 0.00167720-Mar-12 -0.00093588 -0.000873 0.004063 0.004248 0.001993 -0.002765 0.0019219-Mar-12 -0.00156841 -0.00109 0.005449 0.004869 0.006443 0.003413 -0.00045416-Mar-12 0.005063867 -0.001632 0.006968 0.002541 0.002387 0.005809 -0.00031215-Mar-12 -0.00988292 0 -0.006277 -0.002373 -0.001913 -0.005183 -0.00392714-Mar-12 -0.0084616 0.003055 -0.008289 -0.006186 0.004649 -0.0006 0.00386613-Mar-12 -4.9328E-06 0.000546 0.008213 0.007455 -9.27E-05 0.003447 0.00286512-Mar-12 -0.00186292 0.002956 -0.010371 -0.010342 -0.007046 -0.007782 0.000323

9-Mar-12 -0.01003028 -0.003274 0.006092 0.006398 0.002738 0.00483 0.0042898-Mar-12 -0.00717705 -0.002938 -0.003315 -0.003098 -0.002871 -0.002361 -0.0001927-Mar-12 0.009944471 0.002947 -0.002912 -0.002819 -0.006029 -0.006563 -0.001926-Mar-12 0.007363558 0.003614 0.005659 0.004754 0.006849 -0.003173 -0.0024835-Mar-12 -0.00412303 0.002415 -0.006032 -0.00638 -0.006468 -0.004774 -0.0013332-Mar-12 0.000417826 0.001099 -0.001058 -6.59E-05 0.003803 0.006064 0.0043551-Mar-12 -0.00548091 0.001431 -0.009144 -0.009014 0.001243 -0.004893 0.006239

29-Feb-12 -0.0114765 -0.007971 -0.00343 -0.003124 -0.00274 -0.002721 -0.00378328-Feb-12 0.015072812 0.005269 0.001807 0.002057 0.003209 0.012549 0.00823827-Feb-12 -0.00845968 0.00441 0.011298 0.010759 0.012353 -0.001419 0.00120424-Feb-12 0.002064793 0 0.009375 0.009096 0.005261 0.011109 0.00226423-Feb-12 -0.00316188 0.001214 0.004352 0.003147 -0.005667 0.00013 -9.37E-0522-Feb-12 0.000241585 0.001548 0.003303 0.003856 -0.001112 -0.004671 -0.00116121-Feb-12 -0.00234202 0.001107 0.00177 -0.000137 -0.002862 -0.005864 -0.00265520-Feb-12 -0.00420928 0.000775 0.005034 0.007026 0.005331 0.000633 0.00479917-Feb-12 -0.00464787 0.003669 0.012335 0.012382 0.012413 0.012836 0.01006516-Feb-12 -0.00490358 -0.004978 -0.014745 -0.015605 -0.007545 -0.009031 -0.00963815-Feb-12 -0.00993902 0.000332 0.000241 -0.000204 0.000396 0.004374 0.0042914-Feb-12 0.001483043 0.001552 -0.00255 -0.003671 -0.002925 -0.001768 -4.88E-0513-Feb-12 0.003335894 0.003336 0.000973 -6.45E-05 0.001656 0.000541 -0.00087810-Feb-12 0.003135095 0.009315 0.010813 0.011103 0.00906 0.007622 0.010323

9-Feb-12 -0.01111246 -0.008678 -0.009272 -0.008071 -0.013826 -0.010327 -0.0098088-Feb-12 -0.0043098 -0.001111 0.006607 0.008784 0.003849 0.005784 -0.0001667-Feb-12 0.000213596 0.001113 0.003175 0.003372 0.003045 0.000135 -0.0003486-Feb-12 -0.00683704 -0.000778 -0.004784 -0.004202 -0.002514 0.001607 0.0034933-Feb-12 0.011442954 0.011583 0.007727 0.007899 0.00887 0.007903 0.0092552-Feb-12 -0.01394512 -0.014409 -0.007892 -0.006266 -0.008564 -0.004107 -0.0092691-Feb-12 0.004022882 0.002444 -0.003556 -0.004983 0.004773 0.001308 0.000539

31-Jan-12 0.007119631 0.001669 0.001514 0.000539 0.002502 0.006525 0.00487930-Jan-12 0.009615737 0.000557 0.007781 0.007008 0.003074 -0.002388 -0.000493

Page 24: Analysis Markowitz Template

27-Jan-12 0.002823172 -0.001668 -0.001304 -0.002205 -0.000865 -0.000915 -0.00061926-Jan-12 -0.00150271 -0.00255 0.004228 0.003081 -0.000158 0.004743 0.00406225-Jan-12 -0.00741329 0.003673 0.004372 0.006562 0.00861 0.007206 0.00273724-Jan-12 0.004446401 0.00335 0.007519 0.006219 0.007012 0.011154 0.00681820-Jan-12 -0.01751469 -0.013223 -0.00614 -0.005317 -0.009544 -0.011604 -0.01526419-Jan-12 -0.00965938 -0.009279 -0.001258 -0.003035 -0.00344 -0.007567 -0.00521418-Jan-12 -0.00405313 -0.005213 0.00035 -0.000361 -0.005857 -0.003575 -0.00497117-Jan-12 0.003857745 0.003597 0.006176 0.008792 0.006215 0.011939 0.01186116-Jan-12 -0.00131795 -0.000545 -0.011119 -0.013913 -0.00256 -0.005328 -0.00523813-Jan-12 -0.00195845 -0.003257 0.005973 0.004301 -0.002148 -0.001038 -0.00349912-Jan-12 0.001600446 0.001087 -0.000969 -0.000765 -0.007625 0.00324 0.00064211-Jan-12 6.14469E-05 0.001088 -0.002002 -0.000909 0.000601 0.001175 0.00472210-Jan-12 0.001627852 0.000218 0.009343 0.006807 0.003849 0.011833 0.008989

9-Jan-12 0.006275892 0.003057 -0.001924 -0.005372 -0.002764 -0.006229 -0.0087266-Jan-12 -0.00622385 -0.000327 -0.010726 -0.010349 -0.007117 -0.007053 -0.0048435-Jan-12 -0.00250211 -0.001852 -0.01212 -0.011029 -0.004082 -0.003452 -0.0030744-Jan-12 0.004521722 0.002183 0.008845 0.007398 0.009309 0.008227 0.0053863-Jan-12 0.006462016 0.003836 0.004371 0.007049 0.004935 0.009194 0.0071082-Jan-12 0.013783217 0.006286 0.008044 0.005591 0.013406 0.013962 0.008109

30-Dec-11 -0.00768079 -0.010044 -0.007513 -0.008318 -0.012765 -0.003069 -0.00660429-Dec-11 -0.00060621 -0.000546 -0.010397 -0.011671 -0.014295 -0.009382 -0.00604928-Dec-11 0.010064576 0.008251 0.009869 0.008705 0.011411 0.010426 0.00983327-Dec-11 0.010396232 0.008319 0.007229 0.007933 0.003402 0.005742 0.00821623-Dec-11 -0.00703507 -0.006393 -0.004836 -0.004479 -0.004867 0.003384 0.00013122-Dec-11 -0.00653266 -0.003515 -0.011247 -0.009665 -0.004281 -0.00922 -0.00453621-Dec-11 0.001491677 -0.001097 0.008051 0.008463 0.009534 0.019421 0.0099520-Dec-11 0.001149719 0.002971 0.003178 0.001317 0.003938 0.002264 0.00515419-Dec-11 0.005888048 0.005866 0.007544 0.004899 0.003858 0.002843 -0.00120216-Dec-11 -0.00873527 -0.010947 0.004152 -0.007475 -0.007016 -0.004203 -0.00510315-Dec-11 0.004359639 0.00495 -0.003204 0.001937 0.004431 -0.006202 0.0010914-Dec-11 -0.00082241 0 -0.008459 -0.012063 -0.007597 -0.00521 -0.00706713-Dec-11 -0.00360975 0.00055 -0.011872 -0.011998 -0.002201 -0.011398 -0.00636112-Dec-11 0.005739827 0.004978 0.003121 0.004119 0.004143 0.003452 0.005569

9-Dec-11 -0.00539049 -0.004953 -0.004896 -0.007478 -0.008341 -0.010001 -0.0156268-Dec-11 0.001297056 0.00022 0.001137 -0.00176 0.00627 -0.001523 -0.0002757-Dec-11 0.000475228 0 -0.003026 0.003849 -0.001212 0.002874 0.0097056-Dec-11 0.004358043 0.001986 0.000854 -0.001187 0.003175 0.002021 -7.4E-055-Dec-11 -0.00550491 -0.004174 -0.009641 -0.008132 -0.008623 -0.003052 -0.0066282-Dec-11 -0.00091771 0.001981 -0.000328 0.003919 0.001376 0.004831 0.0068211-Dec-11 -0.00584488 -0.009269 -0.003787 -0.00203 -0.004289 0.004182 0.001714

30-Nov-11 0.002233176 -0.001633 0.002276 0.000652 0.006035 0.015631 0.00262429-Nov-11 0.002044082 0.009341 0.013214 0.009081 0.008204 0.013088 0.01500728-Nov-11 0.007042725 0.01055 0.004781 0.009823 0.013128 0.0259 0.01772925-Nov-11 -0.01444422 -0.010222 -0.01301 -0.013475 -0.015311 -0.012957 -0.01196124-Nov-11 0.006773192 0.006973 0.004607 0.000801 0.003583 0.003878 0.00325423-Nov-11 0.001688151 0 0.000988 -0.002851 -0.002752 -0.011296 -0.00412922-Nov-11 -0.00877969 -0.003859 -0.004236 -0.006444 -0.010178 -0.013899 -0.01282221-Nov-11 0.004349007 0.001657 0.004767 0.00489 6.512E-05 -0.002613 0.000334

Page 25: Analysis Markowitz Template

18-Nov-11 0.002754599 0.001659 0.001808 0.003073 0.004684 -0.003352 -0.00184617-Nov-11 0.0020239 0.001107 0.001055 0.001816 -0.001813 -0.001238 0.0027316-Nov-11 0.002329547 0.003891 -0.008262 -0.008962 -0.004314 -0.008193 -0.00488415-Nov-11 0.006684145 0.004467 -0.004063 -0.005022 -0.005639 -0.00342 0.00160714-Nov-11 -0.00040577 -0.005552 0.000634 0.005559 0.002974 0.010037 4.471E-0511-Nov-11 0.006187937 0.003343 0.009494 0.008189 0.002931 0.002162 0.00727410-Nov-11 0.00666637 0.008994 -0.009921 -0.012515 -0.001813 -0.012844 -0.004265

9-Nov-11 0.001383704 -0.004254 0.0057 0.001686 -0.00112 -0.002046 -0.0003568-Nov-11 0.000105744 -0.000783 -0.013871 -0.002344 0.001305 -0.003383 0.003357-Nov-11 -0.00392677 -0.002455 -0.017108 -0.0048 -0.00211 -0.004177 -0.0096434-Nov-11 -0.00202153 -0.002338 0.005707 0.00575 0.00437 0.010786 0.0044163-Nov-11 0.002302202 0.000891 0.001356 0.000891 -0.003149 -0.005406 0.0031482-Nov-11 0.009371574 0.009221 -0.001252 -0.00218 0.002318 -0.011627 -0.0122941-Nov-11 0.017117901 0.006565 -0.003592 -0.007795 0.00983 0.002831 0.004951

31-Oct-11 -0.03861636 0.000793 -0.007389 -0.007258 -0.002101 -0.008303 -0.00292828-Oct-11 -0.00487987 -0.006974 0.011457 0.006885 -0.003876 0.011595 8.548E-0527-Oct-11 0.002526265 0.002255 0.002677 0.005956 0.002317 0.012259 0.01673626-Oct-11 0.001879469 0.000564 0.004433 0.002618 0.003068 -0.00667 -0.00979925-Oct-11 7.08717E-05 -0.002026 0.000845 0.000528 0.00051 0.008397 0.0019524-Oct-11 0.007667817 0.001691 0.005959 0.006746 0.009828 0.011811 0.00889421-Oct-11 0.003352127 0.003167 0.021539 0.006663 0.006763 0.006909 0.00860320-Oct-11 -0.00306305 -0.001694 -0.007509 -0.003251 0.001326 -0.005552 -0.00813919-Oct-11 0.001405562 -0.000564 -0.001887 0.000277 -0.004652 0.006865 0.00864918-Oct-11 0.007165061 0.001696 -0.002211 -0.005792 -0.000206 -0.012636 -0.01113817-Oct-11 -0.0100934 -0.005398 0.000442 0.001837 -0.0011 0.008689 0.0063314-Oct-11 0.000742286 -0.001908 -0.00296 -0.00311 -0.001655 -0.002104 -0.00420613-Oct-11 -0.00867961 -0.003913 0.010173 0.008279 0.007454 0.023347 0.00560212-Oct-11 -0.00042949 0.000559 -0.007299 -0.001457 -0.004466 -0.007366 -0.00196711-Oct-11 1.11445E-05 -0.001675 0.020369 0.012209 0.001403 0.014905 0.00508410-Oct-11 -0.00241465 -0.00145 -0.005768 0.000183 0.006588 0.003559 0.001931

7-Oct-11 0.005211226 0.004818 0.00951 0.011532 0.005954 0.018574 0.0088916-Oct-11 -0.0024513 -0.001678 -0.004595 0.001734 -0.001126 0.010596 0.0122655-Oct-11 -0.00198641 -0.002232 -0.004074 0.003662 -0.003785 -0.003229 -0.0054394-Oct-11 0.007979727 0.003922 -0.005802 -0.005417 -0.002493 -0.009124 6.228E-053-Oct-11 0.005856714 0.011561 -0.000888 -0.004488 0.008933 0.000715 0.001416

30-Sep-11 -0.01194475 -0.011429 -0.010982 -0.011901 -0.010417 -0.010922 -0.01570329-Sep-11 -0.00550974 -0.005571 -0.007781 -0.007401 -0.008845 -0.019483 -0.01596628-Sep-11 0.003974958 0.00673 0.010101 0.009366 0.010219 0.010756 0.00741427-Sep-11 -0.00526833 -0.006685 0.003797 0.002345 0.001671 0.000541 0.0009826-Sep-11 0.025134386 0.027476 0.022835 0.019843 0.03078 0.027519 0.02180423-Sep-11 -0.02158842 -0.028149 -0.034464 -0.031086 -0.032888 -0.051609 -0.04344122-Sep-11 0.006935014 0.012732 -0.002797 0.001649 -0.003432 -0.010845 -0.00301721-Sep-11 -0.00859934 -0.011693 -0.012697 -0.004361 -0.007942 -0.004613 -0.01304320-Sep-11 0.024004114 0.019875 0.016475 0.016558 0.018025 0.0144 0.01089919-Sep-11 0.002594486 0.003762 -0.009149 -0.010189 -0.002339 -0.003731 0.00405616-Sep-11 0.000509265 0.001484 0.008854 0.010526 0.003806 0.008751 0.00887115-Sep-11 0.006068528 0.003322 0.007592 0.008472 0.001796 -0.001253 -0.00063114-Sep-11 0.013579389 0.012526 0.011667 0.011337 0.007356 0.008767 0.017442

Page 26: Analysis Markowitz Template

13-Sep-11 0.008968774 0.002209 0.010127 0.008778 0.002558 -0.00277 0.00852912-Sep-11 0.003093896 0.003734 -0.013687 -0.021236 -0.004586 -0.019807 -0.007933

9-Sep-11 -0.00109382 0 -0.014789 -0.008963 0.002415 0.005288 -0.0006558-Sep-11 -0.00028838 -0.00035 -0.001452 0.001393 -0.001385 -0.000155 0.0027447-Sep-11 -0.00737901 0.000117 -0.085464 -0.002617 -0.007129 0.00678 0.0019376-Sep-11 0.003528095 0.003982 0.008714 -0.002681 -0.002283 -0.004186 -0.0003325-Sep-11 0.002065911 -0.004547 0.001074 -0.021262 -0.011481 0.006159 -0.004647

26-Aug-11 -0.00518907 0.000117 0.002268 0.000251 -0.004371 0.003219 0.00114225-Aug-11 0.001784104 0.003627 0.001971 0.003312 -0.003163 9.152E-05 0.00524724-Aug-11 0.001016544 0.000234 -0.006758 0.002083 0.000691 0.00648 0.00088223-Aug-11 -0.00079032 -0.000935 -0.003464 -0.000244 -0.001905 -0.001944 -0.00168322-Aug-11 -0.0044281 -0.000701 0.009142 0.002861 2.659E-05 0.007487 0.00101619-Aug-11 0.003715834 0.00293 -0.000668 -0.001919 0.001136 -0.012473 -0.00623818-Aug-11 0.004695794 0.000821 -0.007405 -0.002502 0.009199 0.001252 0.00037216-Aug-11 -0.00177175 -0.001756 0.002766 0.007101 0.003334 0.007117 0.00525615-Aug-11 -0.00045117 0 -0.03288 0.008208 0.004713 0.007986 -0.00135112-Aug-11 -0.00294708 -0.000468 -0.046827 -0.002646 0.002037 0.006209 0.00128311-Aug-11 0.004649113 0.001758 -0.001697 -0.006689 -0.005164 -0.005325 -0.00563710-Aug-11 0.000511222 -0.002922 0.031971 0.009066 -0.002309 0.034014 0.01522

9-Aug-11 0.014788498 0.002578 0.017647 -0.008955 -0.006336 -0.040381 -0.0159768-Aug-11 0.00800636 -0.000586 0.005187 0.015629 0.008628 -0.00877 -0.0033425-Aug-11 0.005956807 0.006484 0.020341 -0.007513 -0.001251 -0.013543 -0.0086434-Aug-11 -0.01888602 -0.000471 -0.010909 0.008761 0.007301 -0.001223 -0.002183-Aug-11 0.005345692 0.003191 0.02315 -0.002921 0.000486 -0.020898 -0.0030672-Aug-11 0.000676734 -0.002476 0.010836 -0.010831 -0.010454 -0.009002 -0.0064481-Aug-11 -0.00323398 -0.003173 0.0077 0.003526 0.003449 0.003912 -0.0035829-Jul-11 0.003540389 -0.000118 0.000249 -0.003088 0.00092 -0.004116 -0.00148928-Jul-11 0.001652465 0.002356 0.00204 -0.00898 -0.004044 0.000673 -0.00471727-Jul-11 0.000729047 -0.003755 -0.003003 0.001633 0.002712 0.010769 -0.00253826-Jul-11 0.000899722 -0.000821 0.012244 0.001123 0.000343 0.003237 0.00632825-Jul-11 0.00311967 0.000117 0.005232 0.000502 -0.000434 1.948E-05 -0.00661622-Jul-11 0.000305699 -0.001405 0.005071 0.008264 0.008114 0.008191 0.00145321-Jul-11 0.005029324 -0.000117 0.001706 0.006422 0.001805 0.000574 0.00304220-Jul-11 -0.00268146 -0.002103 -0.011428 -5.91E-05 0.000656 0.006482 0.00518119-Jul-11 -0.00052705 0.000351 -0.002655 0.004868 -0.000147 0.002897 0.00056618-Jul-11 0.003241589 0.002108 0.002166 -0.006261 -0.002665 -0.01039 0.0036915-Jul-11 -0.00529827 -0.000117 -0.00217 -0.002871 0.000531 -0.002216 -0.00117114-Jul-11 0.006206853 -0.002803 0.021592 0.013374 0.010462 0.009809 0.00208713-Jul-11 0.010911352 0.001521 0.006944 0.005259 0.005334 0.005461 0.01134412-Jul-11 0.010233865 0.003168 0.004544 -0.014528 -0.005101 -0.007444 -0.00683711-Jul-11 0.005826388 -0.000235 0.007402 -0.011689 0.002299 -0.006483 -0.004394

8-Jul-11 -0.00613489 -0.001289 -0.006912 0.000486 -0.002784 0.000663 0.0053357-Jul-11 0.000650088 0.000352 0.000884 -0.008131 -0.004688 0.002442 -0.0034836-Jul-11 0.000611134 -0.000937 0.008285 -0.00318 0.00081 0.001266 -0.0009925-Jul-11 -4.9306E-05 0.002112 0.001695 -0.002013 0.001143 -0.00121 -0.0003774-Jul-11 -0.00583126 -0.004788 -0.011766 -0.000882 -0.002835 -0.000731 -0.0005391-Jul-11 -0.00593673 -0.003955 -0.015083 -0.004185 -0.007544 -0.007041 0.000747

30-Jun-11 0.000209945 -0.003015 0.000467 0.01043 0.004068 0.021582 0.01528

Page 27: Analysis Markowitz Template

28-Jun-11 -0.00083253 0.000464 0.002798 0.012322 0.002971 0.002267 0.0047727-Jun-11 -0.00106831 0.001976 0.003167 -0.007118 -0.003522 -0.006377 -0.01016624-Jun-11 0.001176337 0.000116 0.006029 -0.002328 -0.000448 0.000111 -0.00356623-Jun-11 -0.00361563 0.000116 -0.000177 -0.004585 -0.011258 -0.004287 -0.00071122-Jun-11 -0.00122052 -0.000349 0.000238 0.002401 -0.000102 0.003915 0.00551221-Jun-11 0.002104792 0.002914 0.011536 0.00692 0.00683 -0.00175 0.00536720-Jun-11 0.004617017 -0.001978 -0.002275 0.004644 -0.000435 0.002182 0.00021117-Jun-11 0.005013129 0.001281 0.005827 0.00026 -0.003045 -0.001937 -0.00308916-Jun-11 -0.00085083 0.005741 -0.004861 -0.009855 -0.004461 -0.003179 -0.0046515-Jun-11 -0.00283042 -0.000351 -0.010353 -0.000319 -0.001726 0.003471 0.00465414-Jun-11 0.004372474 0.000821 0.010872 0.005598 0.010099 0.008679 0.0043813-Jun-11 -0.00333273 0.001526 -0.003397 -0.011325 -0.006582 -0.005623 -0.00246910-Jun-11 -0.00071147 -0.000587 -0.006048 -0.006766 -0.002869 0.00347 0.005252

9-Jun-11 -0.00162377 0.000235 0.001072 -0.002158 -0.00016 -0.006986 -0.0005768-Jun-11 0.001921622 -0.000938 -0.002434 0.004403 0.003923 -0.007881 0.0010087-Jun-11 0.003704144 0.002704 0.001447 -0.001646 -0.004036 0.001353 0.0009126-Jun-11 0.002027676 -0.003631 0.006925 0.006685 0.002375 0.002902 -0.0058183-Jun-11 0.007021249 -0.000351 0.011392 0.004541 -0.007761 -0.005191 -0.0088541-Jun-11 -0.00187035 0.000351 -0.004573 0.003129 -0.003277 -2.67E-05 0.006386

31-May-11 -0.00540679 -0.001287 0.001239 0.004932 0.001469 0.001937 0.00204830-May-11 0.001219431 -0.001985 0.011845 0.006148 0.001844 0.001059 -0.00217727-May-11 0.008950926 -0.001283 0.008215 -8.4E-05 0.005055 0.00617 -0.00216126-May-11 0.000223489 -0.000932 0.009214 0.006426 0.008339 0.006726 0.00229425-May-11 2.72205E-05 0.001867 0.007848 0.002866 0.005912 0.000227 -0.00103924-May-11 0.002112373 0.000818 -0.006019 -0.002133 -0.005671 -0.005735 0.00014923-May-11 -0.00069821 0.003046 0.006804 -0.012867 0.001567 -0.004187 -0.00611420-May-11 -0.00196023 -0.001053 -0.004456 0.000209 0.001848 -0.000927 0.0001819-May-11 -0.00553394 -0.001052 -0.001447 0.000166 -0.006394 0.000963 0.00226218-May-11 -0.00317431 -0.000234 0.008008 0.004805 0.000812 0.000811 -0.00780113-May-11 0.004068478 0.002226 0.000763 0.000527 -0.005213 0.004381 -0.00062412-May-11 -0.00387195 -0.00117 -0.006255 -0.012103 -0.000377 -0.022331 -0.00642711-May-11 -0.00755484 -0.000818 -0.009776 0.002778 -0.003527 0.004456 0.00738710-May-11 0.003508362 0.000585 0.004085 -0.004147 0.001803 0.003316 -0.001295

9-May-11 -0.00473432 -0.003381 -0.009701 -0.014494 -0.004443 -0.000456 -0.0006766-May-11 0.002154847 0.001284 -0.011197 -0.017441 -0.005357 0.002741 -0.0050465-May-11 0.00535025 0.000818 0.005585 0.003837 0.003618 -0.009029 -0.0049184-May-11 0.002636452 0.000585 0.003148 0.000576 -0.008571 -0.008181 -0.0063493-May-11 0.002252491 0.000351 0.000677 0.000252 -0.003754 -0.003072 0.0017742-May-11 0.001434378 -0.002683 0.006084 -0.004728 -0.000735 0.00112 0.00063429-Apr-11 0.002445264 -0.002211 -0.004838 -0.00286 -0.004392 -0.00327 -0.00629628-Apr-11 -0.0097326 -0.00371 -0.003939 0.005508 0.006477 0.003186 -0.0008727-Apr-11 0.000398622 -0.003581 0.011062 0.008633 -0.000221 0.010963 0.00082326-Apr-11 0.01034734 0.003245 0.006356 0.00217 0.001146 -0.000688 0.00223125-Apr-11 -0.00168021 -0.000116 -0.000162 -0.00275 0.003228 -0.003737 -0.00582321-Apr-11 0.005373774 -0.003234 0.00914 0.009881 0.002929 0.014956 0.00370620-Apr-11 -0.00773597 -0.003339 -0.003515 0.009261 0.002949 0.007046 0.00804419-Apr-11 0.006706606 0.001845 -0.00178 -0.00973 -0.001171 -0.005571 -0.00173218-Apr-11 0.009847347 0.001039 -0.000752 -0.006659 -0.00248 0.00143 4.105E-05

Page 28: Analysis Markowitz Template

15-Apr-11 -0.0019115 0 0.004258 0.003872 0.004823 0.005815 0.00244914-Apr-11 0.003274809 -0.001268 0.000134 -0.004199 -0.000741 0.001791 -0.00183613-Apr-11 0.002179398 0.000692 0.010818 0.0056 -0.00106 0.000551 -0.00243212-Apr-11 0.012265491 0.002893 0.003902 -0.001616 -0.00271 -0.008879 -0.00148911-Apr-11 0.003390096 -0.001733 0.0064 0.005984 0.000282 0.00699 -0.000166

8-Apr-11 0.001169975 0.000231 0.004771 0.004081 0.002746 0.002047 0.0047757-Apr-11 0.000918877 0.000347 0.008842 0.003533 -0.000846 0.009954 0.0020676-Apr-11 -0.01485698 -0.002307 -0.005117 0.002479 0.010818 0.001508 0.0025085-Apr-11 -0.00277988 -0.000576 -0.000399 -0.003179 -0.001163 -0.00693 -0.0052674-Apr-11 -0.00845325 -0.002644 -0.007454 0.002042 0.003138 0.002909 0.0043921-Apr-11 -0.01069596 -0.001148 -0.003102 0.000127 -0.005705 -0.001432 -0.000324

31-Mar-11 -0.00195171 -0.000688 0.00426 0.003817 0.006276 0.004801 0.00388930-Mar-11 -0.01217441 0.000344 -0.00676 0.000629 0.000687 0.004594 0.00269829-Mar-11 -0.00178878 -0.000688 0.004772 0.000592 -0.00234 -0.002786 0.00293928-Mar-11 -0.00620559 0.001148 -0.012934 -0.006976 -0.004323 0.006552 -0.00363625-Mar-11 -0.00167023 -0.001605 -0.001379 0.004776 -0.010394 0.005737 0.00462824-Mar-11 -0.0011785 0.000115 -0.005046 -0.005745 -0.006668 0.005124 -0.00054423-Mar-11 0.002988774 0.001263 0.002201 -0.002367 0.00442 0.004306 -0.00195322-Mar-11 -0.00579078 -0.004685 -0.004685 -0.001914 0.000625 -0.000953 -0.00045621-Mar-11 0.003907483 -0.002508 -0.000419 0.005255 0.001849 0.006586 -0.00245918-Mar-11 -0.02849057 -0.002275 -0.00915 0.008478 0.005915 0.00877 0.00649817-Mar-11 0.020730181 0.001481 0.020889 -0.002814 -0.001698 -0.01108 -0.00569116-Mar-11 0.011326915 0.000798 0.006578 0.002955 -0.003946 -0.005953 -0.00703215-Mar-11 0.006471495 0.000228 0.006895 0.000401 0.004779 -0.009183 -0.00360314-Mar-11 0.005686807 -0.00148 0.000397 0.006973 -0.001264 0.00489 -0.00030811-Mar-11 0.000584764 0.00114 -0.001334 -0.005334 -0.007659 -0.005305 -0.00409710-Mar-11 -3.8197E-05 -0.001138 0.006499 0.000693 0.001762 0.001241 0.001087

9-Mar-11 -0.00739517 -0.000569 -0.010125 -0.006785 -0.002732 -0.004915 0.0019388-Mar-11 0.000421448 0 -0.000819 2.523E-05 -0.003351 -0.00217 -0.0009677-Mar-11 0.000523807 -0.000455 0.006409 0.001336 -0.002051 0.001026 -3.87E-054-Mar-11 -0.00902815 -0.001816 -0.010866 0.005098 -0.004503 -0.004714 -0.0014543-Mar-11 -0.0005944 -0.0017 0.002851 0.00461 0.003304 0.002353 -6.46E-052-Mar-11 0.002577737 0.001362 0.003348 -0.0011 -0.000759 -0.005378 -0.002451-Mar-11 -0.0044139 -0.001247 -0.002542 0.005118 0.010768 0.003578 0.005655

28-Feb-11 -0.00133443 -0.003951 -0.008184 -0.010945 -0.007313 -0.001982 -8.7E-0525-Feb-11 0.003286008 0.000113 0.004604 0.003052 -0.006874 0.004684 0.00515824-Feb-11 0.005488229 0 0.008555 0.005483 0.004947 0.004237 0.00212223-Feb-11 0.004107545 -0.001803 0.011145 0.005202 -0.002326 -0.004625 -0.0057422-Feb-11 0.00244133 0.003166 -0.000696 -0.003252 -0.000968 -0.004564 0.00438721-Feb-11 0.001777557 -0.001468 0.004131 0.005518 0.003594 0.000247 -0.00278418-Feb-11 0.000373718 -0.00214 0.005731 -0.002067 0.001234 0.00588 -0.00264717-Feb-11 -0.0007027 -0.003032 0.005083 0.003612 -0.004944 0.002877 0.0020816-Feb-11 -0.00834707 -0.001906 0.004087 -0.004559 0.003471 -0.009325 -0.00517114-Feb-11 0.000623994 -0.00112 -0.004517 -0.00476 -0.002143 0.003037 0.00814711-Feb-11 -0.00918653 0.000784 -0.008553 -0.008017 -0.000555 -0.006926 0.00067810-Feb-11 -0.00254563 0.000785 0.005682 0.006741 0.002592 -0.005268 0.000182

9-Feb-11 6.41175E-05 0 -0.009023 0.003386 -0.004121 0.00148 -0.0036678-Feb-11 -0.0072509 -0.006462 -0.008903 -0.009055 -0.006647 -0.007045 -0.010816

Page 29: Analysis Markowitz Template

7-Feb-11 -0.01401412 -0.006091 -0.013605 -0.007586 -0.006525 -0.010877 -0.0019774-Feb-11 0.000957676 0.001442 -0.009201 -0.013168 0.001413 0.008072 0.0017452-Feb-11 0.004569637 -0.002765 0.004324 0.006249 0.001769 0.011024 0.0052861-Feb-11 -0.0020719 -0.001656 -0.003033 0.006857 0.01172 0.004697 -0.000104

31-Jan-11 0.010183971 0.002546 0.007754 -0.004988 0.000308 0.005068 -0.00175728-Jan-11 -0.00601738 0.000221 -0.002938 0.000359 -0.001191 -0.006203 -0.00103127-Jan-11 -0.0021164 -0.000664 -0.002254 -0.000364 0.005338 -0.002772 0.0015426-Jan-11 0.005016888 -0.001547 0.007143 0.003356 -0.010959 0.002005 -0.00435625-Jan-11 0.00013096 -0.000773 0.009122 0.000406 -0.000836 0.004989 -0.00172424-Jan-11 0.002285832 -0.001763 0.005937 0.008308 0.002094 0.001747 0.00180721-Jan-11 -0.00911438 0.000772 -0.008965 0.003746 -0.002705 -0.009871 6.921E-0520-Jan-11 0.001992975 0.002654 0.005907 0.002917 5.527E-05 -0.004749 -0.00323219-Jan-11 0.003321268 -0.002317 0.002047 0.010011 0.003322 0.009715 -0.00599618-Jan-11 0.003638796 0 0.000622 -0.004913 0.004038 0.00342 0.00213417-Jan-11 -0.00230925 0.00011 -9.69E-05 0.000675 0.001374 -0.00816 0.00136614-Jan-11 0.007363886 0.002877 0.005261 0.018503 0.007876 0.004687 -0.00132413-Jan-11 0.0012709 -0.000774 0.005843 0.007785 0.006382 0.006966 0.00195612-Jan-11 -0.00777703 -0.004732 -0.010203 -0.000313 0.000355 -0.005563 5.903E-0511-Jan-11 0.006926161 0.006869 0.002924 0.009481 0.007223 -0.003737 0.00559910-Jan-11 0.005998816 0.002666 0.002299 -0.00447 0.008663 0.006243 0.007118

7-Jan-11 0.000578433 0.000889 0.004053 -0.008472 -0.001724 -0.002268 7.473E-056-Jan-11 -0.01280695 0.000779 -0.018309 -0.009733 -0.002793 -0.004866 0.0044025-Jan-11 -0.00175157 0.001225 -0.012705 -0.003467 0.005853 -0.009578 -0.0058934-Jan-11 -0.00661026 0 0.000428 0.004331 -0.003252 -0.004113 0.0009663-Jan-11 0.000801102 -0.001668 -0.001022 -0.002723 0.003793 -0.000305 0.005622

31-Dec-10 -0.00021394 0.001448 0.009198 0.006976 -0.0023 0.00135 0.00093630-Dec-10 0.007315904 -0.003994 0.003815 0.003204 0.003024 0.00225 -0.0033929-Dec-10 0.001651003 -0.001993 0.003551 -0.009461 -0.006636 0.002271 0.00359928-Dec-10 0.00263205 -0.000995 0.004558 0.007584 0.003345 0.002561 0.00083327-Dec-10 0.005011208 -0.000774 -0.01288 -0.000738 -0.001323 0.001855 0.00383323-Dec-10 0.004694423 -0.000221 0.006341 -0.000795 -0.004033 0.004564 0.00432622-Dec-10 0.000700093 0.000995 0.009159 0.000964 -0.001555 0.004123 0.00178221-Dec-10 0.003010958 -0.000442 0.006155 -0.002423 0.0013 0.004106 -0.0059420-Dec-10 -0.00086318 0.001218 -0.007775 -0.008104 -0.00867 -0.00201 -0.00655417-Dec-10 0.003002955 -0.000221 0.005862 0.003256 0.005112 0.003944 -0.0004116-Dec-10 -0.00128095 0.001996 -0.003115 -0.00664 -0.010155 -0.005072 0.00488315-Dec-10 -0.00393889 0.000777 0.006324 -0.002478 -0.006415 -0.001086 0.00052614-Dec-10 0.005279118 -0.000887 0.014697 0.013621 0.00405 0.010257 0.00190213-Dec-10 -0.00272271 0.000444 0.000546 -0.00235 0.001904 0.002293 0.00187210-Dec-10 0.000683234 0.000444 0.000348 -0.006095 -0.003476 -0.00335 -0.000884

9-Dec-10 -0.00153098 -0.000998 0.00465 0.005803 0.004652 0.004025 0.0013198-Dec-10 -0.00930636 0.001332 -0.010309 -0.008194 0.000539 -0.005994 -0.0063846-Dec-10 0.009951524 -0.000666 0.016853 0.010767 0.009074 0.013159 -0.0010633-Dec-10 0.004437239 -0.000333 0.009519 0.006451 -0.001101 0.01134 0.0136522-Dec-10 -0.00718314 -0.001661 -0.003188 0.007868 -6.15E-05 0.006525 0.0056991-Dec-10 0.007928966 0.002108 -0.002189 -0.009827 0.002849 -0.007234 -0.006105

30-Nov-10 -0.00251391 -0.002214 0.00022 -0.008994 -0.004388 -0.000246 0.00083229-Nov-10 0.004118285 0.007473 0.00717 0.000109 -0.002025 -0.004819 -0.003482

Page 30: Analysis Markowitz Template

26-Nov-10 -0.00340546 0.000893 -0.003545 0.00168 0.000482 -0.00217 0.00133125-Nov-10 -0.00538603 -0.001672 -0.003139 -0.0083 -0.005835 -0.003463 0.00673924-Nov-10 0.005365086 0.00313 -0.001546 -0.009497 -0.003827 -0.004386 0.00395923-Nov-10 0.003377534 0.002466 0.00343 -0.010458 -0.002604 -0.004337 -0.002522-Nov-10 -0.00091809 -0.001567 0.003164 0.007364 -0.002716 0.004196 0.00384919-Nov-10 -0.00370714 -0.002456 -0.007307 0.003099 0.005381 0.004039 -0.00093118-Nov-10 -0.0028809 0.000112 -0.006764 -0.003014 -0.009043 -0.002571 -0.01115916-Nov-10 -0.00406492 0.002462 -0.004526 -0.006191 -0.003092 -0.00044 0.00266615-Nov-10 0.000269435 0.002018 0.001512 0.009778 0.005222 -0.007183 -0.00102212-Nov-10 -0.00119969 0.003375 -0.004017 -0.010433 -0.000475 -0.005254 -0.0034511-Nov-10 -0.00562551 -0.001797 -0.002154 0.002126 0.00885 -4.81E-05 0.00484510-Nov-10 -0.01099926 -0.000112 -0.002704 -0.009154 -0.009254 -0.008174 -0.002883

9-Nov-10 0.004226836 -0.000898 -0.000521 -0.005159 0.000466 0.000248 -0.0021048-Nov-10 -0.00342595 0.001686 -0.006206 -0.017069 -0.007488 -0.001475 0.0021395-Nov-10 -0.00048633 -0.001235 0.013972 0.004848 0.008185 0.008306 0.0041954-Nov-10 -0.00466613 -0.001457 0.005202 0.006201 0.002993 0.004994 -0.0010143-Nov-10 -0.00044319 -0.00056 0.010617 0.007603 -0.001242 0.009148 0.0038922-Nov-10 0.000738284 0.000673 -0.007367 -0.005878 -0.000265 0.000172 0.0042331-Nov-10 -0.00184073 -0.000784 -7.16E-06 0.005655 0.006799 0.011291 0.003048

29-Oct-10 0.011839064 -0.001119 0.003752 0.005283 0.008465 0.000563 0.0055428-Oct-10 0.001061838 0.00112 -0.002518 -0.000408 -0.00248 -6.19E-05 -0.00122427-Oct-10 -0.00845192 0.001683 -0.011993 -0.006282 0.009967 -0.012077 -0.00315626-Oct-10 0.001956809 -0.001568 0.000469 -0.007799 -0.002774 -0.003782 0.00019325-Oct-10 0.000724849 -0.001007 -0.00505 0.008334 0.000646 0.012315 0.00359222-Oct-10 0.001063636 0.000448 -0.00491 -0.001673 -0.006884 -0.006001 -0.00422821-Oct-10 -3.3664E-05 -0.000895 0.003285 0.011597 0.006289 0.011414 0.00854220-Oct-10 0.0011085 0.001232 -0.007281 -0.011095 -0.009856 -0.013561 -0.01115619-Oct-10 0.000549998 0 0.0016 0.004687 -0.001881 0.005344 0.00040918-Oct-10 0.000556231 0.000672 -0.006505 -0.011302 -0.004425 -0.007548 -0.0136215-Oct-10 -0.00033955 0.000224 -0.004482 -0.00326 0.001568 -0.006006 -0.00366414-Oct-10 0.006216857 -0.000672 0.004998 0.0082 0.009723 0.008531 0.00801513-Oct-10 0.003008303 -0.000224 0.009298 0.006562 -0.005038 0.00876 0.00478512-Oct-10 -0.00198732 0.000448 -0.003272 -0.007681 -0.002906 -0.006853 -0.00339211-Oct-10 0.00430665 0.000336 0.004595 0.002745 0.003828 0.004307 0.006508

8-Oct-10 0.00738714 -0.00056 -0.004127 0.00156 0.000955 -0.001833 -0.0065497-Oct-10 0.003526451 0.00056 0.004463 0.006743 -0.002147 0.014965 0.0059066-Oct-10 0.00098629 -0.002794 0.004208 0.010838 0.003957 0.000806 0.0047215-Oct-10 0.005501349 0.002802 0.00775 -0.00634 0.002675 -0.001283 -0.0011164-Oct-10 -0.00228453 0.000112 0.004884 0.008457 0.004914 0.001405 0.0093191-Oct-10 0.000565251 -0.000336 -0.005167 0.003598 -0.005616 0.001841 0.003645

30-Sep-10 0.001569898 -0.002125 -0.003301 -0.000291 -0.002251 -0.002234 -0.00676529-Sep-10 0.002804767 -0.001005 0.00851 0.008537 -0.00164 0.006278 -0.00040628-Sep-10 0.00053085 0.000112 0.000362 -0.001182 0.000368 0.001105 -0.00416427-Sep-10 0.002720456 -0.000781 -0.001944 0.008621 0.007436 0.007311 0.0068724-Sep-10 0.000732913 0.000558 0.002997 -0.004145 0.002438 -0.005253 -0.00336923-Sep-10 0.005073357 0.000223 0.009903 0.00846 0.001472 0.000752 -0.00381522-Sep-10 0.005677821 -0.001896 0.00601 0.014201 0.003333 0.010356 0.00366321-Sep-10 -0.00029204 -0.001225 0.003337 -0.000991 -0.008235 0.002483 -0.000164

Page 31: Analysis Markowitz Template

20-Sep-10 -0.04561289 0.0056 -0.042865 -0.055867 -0.008291 -0.041925 -0.00645119-Sep-10 0.04667606 -0.006233 0.051237 0.058261 0.010684 0.046291 0.00050917-Sep-10 -0.00254186 0.000557 -0.013634 0.006635 0.000331 0.001882 0.00132616-Sep-10 -0.02675468 0.00078 -0.004951 0.000626 0.006348 -0.004263 0.00048815-Sep-10 0.00615471 0.002122 0.011379 0.012434 0.011269 0.011361 0.00471714-Sep-10 -0.00347196 -0.006877 -0.000652 0.007369 -0.005037 0.016754 0.010974

8-Sep-10 0.007358172 0.000555 0.000654 -0.007618 0.000784 -0.00299 -0.0099477-Sep-10 0.004357719 0.002447 0.006447 -0.004899 -0.003426 0.001836 0.0059296-Sep-10 -0.00303128 -0.002552 -0.005498 0.00203 -0.00022 0.002537 0.009923-Sep-10 -0.00227681 0.000444 0.00604 0.003808 -0.00014 0.006024 0.0017252-Sep-10 0.000621886 -0.002878 -0.003626 0.005614 0.001665 0.005794 0.0066781-Sep-10 -0.00119189 -0.000774 0.005118 0.001833 -0.007111 0.004192 -0.004677

31-Aug-10 0.021599866 0.003998 0.010876 -0.00415 -0.001518 -0.005189 -0.00774330-Aug-10 -0.01605682 0.001669 -0.005182 0.004979 0.003502 0.01953 0.01137827-Aug-10 0.005239004 0.000668 0.007156 0.002287 0.002153 0.001798 0.0011826-Aug-10 -0.00307591 0.000891 0.001787 0.00338 0.005207 0.000106 0.00150425-Aug-10 0.008462901 0.000223 0.010353 0.001727 -0.00084 -0.001918 -0.0034124-Aug-10 0.002663853 -0.000446 -0.007643 -0.006462 -0.008027 -0.003483 -0.00631723-Aug-10 0.001919808 0.00145 0.000287 -0.005826 -2.43E-05 0.000452 -0.00794420-Aug-10 0.00311729 -0.000223 0.010477 0.000328 0.001152 -0.00486 -0.00960419-Aug-10 -0.00372396 -0.000223 4.773E-05 -0.003995 0.000261 -0.008689 0.00267918-Aug-10 0.00343443 -0.002114 0.003823 0.002997 -0.003395 0.01303 0.00687816-Aug-10 0.003051123 -0.000222 -0.000989 -0.005976 -0.002753 -0.011569 -0.00185413-Aug-10 -0.01528751 -0.001887 0.00454 -0.004134 -0.004908 0.004654 0.00459212-Aug-10 0.009370737 0.004573 0.000131 -0.013043 -0.004392 -0.011897 -0.00972311-Aug-10 0.007371496 0.001452 0.001077 -0.003104 0.000124 -0.003 -0.0015110-Aug-10 -0.00290693 0.002351 -0.009221 -0.005463 -0.006749 -0.002624 0.000741

9-Aug-10 0.004795553 -0.001118 0.007857 0.006267 0.005399 0.001681 -0.0115626-Aug-10 0.001389317 -0.001563 0.003294 0.000566 -0.003108 -0.001679 -0.0015275-Aug-10 -0.00705906 0.00123 -0.012076 -0.004676 -0.001936 0.002055 0.008034-Aug-10 0.010326927 0.000447 -0.00021 0.005691 0.004639 0.005663 0.0011833-Aug-10 0.002830259 0.000336 0.002246 0.006841 0.010001 0.001223 0.0037082-Aug-10 -0.00214736 -0.001564 -0.001791 -0.000498 0.005602 0.008925 0.00581930-Jul-10 0.003081963 -0.005554 0.010541 0.000147 -0.004346 0.000849 -0.00458829-Jul-10 0.003666196 -0.002327 0.000608 -0.002476 -0.001272 -0.004005 -0.00314928-Jul-10 -0.00835342 0.000998 -0.009812 -0.000929 0.005871 -0.00699 -0.0029727-Jul-10 0.004638952 -0.002876 0.000926 0.048821 -0.000293 0.004875 0.00162726-Jul-10 -0.01084044 -0.001657 -0.010629 -0.041624 0.010503 0.002758 0.00075223-Jul-10 -0.00487963 -0.001544 0.003876 0.008195 0.004767 0.016599 0.00868222-Jul-10 0.010223281 0.001878 0.005069 -0.007876 -0.003766 -0.004949 -0.00317321-Jul-10 -0.00242825 -0.000662 0.000382 -0.006248 0.000324 0.004931 0.00584220-Jul-10 -0.00679794 -0.001983 -0.007612 0.002657 -0.005508 0.00918 0.00200619-Jul-10 0.01026542 0.003095 -0.001788 0.002163 -0.005289 -0.010147 -0.01068716-Jul-10 0.012426661 0.000111 0.00832 0.01321 0.011046 -0.005604 -0.00778315-Jul-10 0.00531517 -0.000111 0.00492 0.002401 0.00364 -0.00029 -0.00151714-Jul-10 -0.00239853 -0.000883 0.004368 0.008912 0.011351 0.00952 0.00334613-Jul-10 0.004890392 0.000663 -0.003721 0.000663 0.001098 0.000663 -0.00258312-Jul-10 -0.00786861 -0.001545 -0.007255 -0.008739 -0.009985 -0.002283 0.010165

Page 32: Analysis Markowitz Template

9-Jul-10 -0.00291347 -0.000662 -0.002323 0.000954 -0.004697 0.001621 0.0001048-Jul-10 -0.00922266 -0.000441 0.010366 0.003638 0.004174 0.026901 0.0095567-Jul-10 -0.00124617 -0.00154 0.000723 0.007124 -0.000546 0.01574 0.0081216-Jul-10 0.006979632 0.003091 0.005066 0.000211 -0.000548 -0.006722 -0.0012955-Jul-10 0.004348048 0.001326 -0.002527 0.003406 0.001559 -0.005628 -0.0028722-Jul-10 -0.00551591 -0.005058 0.004725 0.019504 0.012053 0.013854 0.005161-Jul-10 0.006043484 0.001211 0.01192 0.001867 -0.008232 -0.019196 -0.011317

30-Jun-10 0.0133713 0.005535 0.010045 -0.000361 0.002903 -0.017102 -0.01182229-Jun-10 0.000911151 -0.000774 0.001971 -0.00921 0.001719 -0.007393 -0.00200628-Jun-10 0.001912469 -0.001105 0.009707 0.003433 0.007218 0.01054 0.00684325-Jun-10 0.004010859 0.000774 0.002265 0.00013 -0.002396 -0.008836 -0.00287424-Jun-10 0.005050265 -0.001325 0.002791 0.00425 0.010062 0.002064 -0.01060623-Jun-10 0.007913942 0.002436 0.00461 0.000148 0.006475 -0.00453 -0.00253822-Jun-10 -0.00019291 0.001997 -0.002919 -0.006762 -0.003303 0.002279 -0.00201521-Jun-10 -0.01216434 -0.013136 -0.008098 -0.01242 -0.011934 -0.003026 -0.00549218-Jun-10 0.001326759 -0.003491 0.014154 0.005752 0.004264 0.005881 -0.00430717-Jun-10 0.002684121 0.000764 0.002888 -0.001913 -0.005893 -0.002651 0.0004216-Jun-10 -0.00173644 -0.00207 0.004267 0.00631 0.001276 0.006443 0.00385515-Jun-10 0.003000616 -0.000544 0.003411 0.002038 0.010585 -0.00031 -0.00262814-Jun-10 -0.0061369 -0.001739 -0.002872 0.004906 -0.009071 0.010593 0.00048911-Jun-10 -0.00823789 -0.005405 -0.000584 0.004978 0.005606 0.009274 0.00470710-Jun-10 0.00300311 0.001299 0.005007 0.00373 0.008941 0.01433 0.006718

9-Jun-10 0.001503069 -0.002914 0.003721 -0.004165 -0.007394 0.001951 0.004128-Jun-10 -0.00996797 -0.003228 -0.000382 0.001329 0.001267 0.003949 0.0056987-Jun-10 0.026798543 0.009887 0.001173 -0.012095 -0.004465 -0.02578 -0.0136174-Jun-10 -0.00362473 0.001523 -3.76E-05 -0.008141 -0.001751 -0.00073 -0.0006393-Jun-10 -0.01091084 -0.004873 -0.002974 -0.00227 -0.008388 0.003332 0.0067652-Jun-10 -0.00346497 0.002714 0.003756 0.002546 0.020413 -8.79E-05 -0.0030561-Jun-10 0.007227539 0.003268 0.002185 -0.001657 0.002885 -0.006968 0.008786

31-May-10 -0.03223251 -0.01692 -0.014412 -0.007124 -0.01098 0.011326 0.0001127-May-10 -0.00258092 -0.003734 -0.003046 -0.011798 -0.002761 -0.000636 -0.00140426-May-10 0.004404823 0.004071 0.005589 0.002359 0.004556 0.004611 0.00051425-May-10 0.007238402 0.007121 0.001175 -0.008099 0.000579 0.000794 0.00132124-May-10 -0.00718063 -0.00707 -0.008315 -0.011889 -0.000787 -0.002907 -0.00356921-May-10 0.032566991 0.014123 0.014474 0.031439 0.01152 -0.011856 -0.00638820-May-10 0.0049229 0.004036 0.000713 0.017963 0.013956 -0.008174 0.002419-May-10 0.0101001 0.003832 -0.008297 -0.009501 -0.007439 -0.016559 -0.00499718-May-10 -0.0057811 -0.001312 0.004137 0.005449 0.008686 -0.00228 0.00818117-May-10 0.014395928 0.005608 -0.016195 -0.016678 -0.016548 -0.018915 -0.01427414-May-10 -0.00386546 -0.002304 -0.00704 -0.010197 -0.021125 -0.001859 -0.00484212-May-10 0.008697155 0.004629 0.002731 -0.006485 0.00754 -0.002784 0.00848311-May-10 -0.01000882 -0.005154 -0.012476 -0.016951 -0.006361 -0.006029 -0.00029210-May-10 -0.02392633 -0.018616 -0.007019 0.001983 -0.015368 -0.003724 0.000418

7-May-10 0.029521244 0.00956 0.011239 -0.003649 -0.011185 -0.009363 -0.0084116-May-10 0.026094185 0.01679 0.006982 0.007455 0.016726 0.012539 0.0113165-May-10 0.005575258 0.003992 -0.014176 -0.014451 -0.003846 -0.011904 -0.0076294-May-10 -0.01168666 -0.00144 -0.003443 -0.003137 -0.001501 -0.001984 0.0036033-May-10 0.0038103 0.001997 0.002683 0.001392 -0.002809 -0.002309 -0.010177

Page 33: Analysis Markowitz Template

30-Apr-10 -0.00355529 -0.001108 0.001012 0.001397 0.009165 0.006028 0.00480929-Apr-10 -0.00611801 -0.000111 -0.001124 -0.000573 -0.006821 0.001351 0.00279928-Apr-10 0.005930056 0.00111 -0.009502 -0.010868 -0.009207 -0.002621 -0.01053227-Apr-10 0.007099203 0.001333 0.001833 0.001038 0.001497 -0.001575 -0.00166526-Apr-10 -0.01109006 -0.001664 0.007353 0.009621 0.00423 0.000812 0.00172823-Apr-10 -0.00757562 -0.001219 -0.013661 -0.013268 -0.006596 -0.001327 -0.00376722-Apr-10 0.006385067 0.00222 0.001274 -0.000625 0.006269 -0.004127 -0.00088721-Apr-10 -0.00918048 -0.002326 -0.007241 -0.006432 1.698E-05 0.002148 0.01515520-Apr-10 -0.00748171 -0.00199 -0.000583 -0.000205 0.002918 0.006309 -8.42E-0519-Apr-10 0.009687196 0.003105 -0.002942 -0.003453 -0.008021 -0.007521 -0.00745316-Apr-10 0.009290199 0.001555 -0.005066 -0.006297 -0.002519 -0.00386 -0.00581115-Apr-10 -0.00184498 -0.000555 -0.000583 -0.000374 0.004343 0.003417 0.00174214-Apr-10 -0.00560329 -0.00122 0.005136 0.002675 0.001771 0.003741 0.00227513-Apr-10 0.005924912 0.001888 0.001037 -0.001676 -0.002367 -0.00659 0.00148312-Apr-10 -0.00246031 -0.005083 0.009595 0.016341 0.005342 0.001398 -0.006851

9-Apr-10 -0.00326319 -0.001655 0.000851 0.001229 0.001923 -0.001269 0.0025798-Apr-10 0.012179386 0.002988 -0.002095 -0.001581 0.00052 0.002817 -0.0030427-Apr-10 -0.00109682 -0.000884 -0.004288 -0.004317 0.000358 0.009229 0.0035126-Apr-10 0.00139131 -0.001104 -0.008181 -0.008702 -0.003651 -0.004026 0.0023195-Apr-10 -0.01272375 -0.002204 -0.007662 -0.000731 0.002984 0.003465 0.0038891-Apr-10 -0.00566696 -0.004388 0.009025 0.003337 0.00367 -0.003639 -0.000956

31-Mar-10 -0.00473407 0.004961 0.000736 -0.000705 0.010526 0.002565 0.00882530-Mar-10 0.000709977 -0.0022 0.001973 0.000542 0.002008 0.008068 0.00019129-Mar-10 -0.00744805 -0.005035 -0.00146 0.00352 -0.001221 -0.005363 -0.00581826-Mar-10 -0.00736358 -0.000219 -0.001618 -0.001461 -0.002693 -0.003785 -0.00027125-Mar-10 -0.01173116 0.001974 -0.008922 -0.0071 -0.005307 -0.00436 -0.00390424-Mar-10 -0.00181451 0.00011 0.000298 -0.006168 -0.004395 0.001149 0.00159623-Mar-10 0.001436134 0.000329 0.002408 0.002884 0.005328 0.003227 -0.00139822-Mar-10 -0.00082974 -0.000986 -0.004144 -0.008718 -0.01632 -0.0088 -0.00054719-Mar-10 -0.00170415 0.000548 -0.001528 -0.006782 -0.003314 -0.000957 -0.00519918-Mar-10 -0.00112938 -0.00317 -0.003264 -0.006432 0.001807 0.001331 -0.0002717-Mar-10 0.000189337 -0.002834 0.001558 -0.001421 0.000715 0.001527 0.00042215-Mar-10 -0.00208281 -0.000871 0.007707 0.004096 0.007493 -0.000768 0.00589412-Mar-10 -0.00346391 -0.000218 0.00184 0.002714 0.005668 0.002251 0.00159111-Mar-10 -0.00365355 -0.000327 0.003269 0.002579 -0.000924 -0.00327 0.00049910-Mar-10 -0.00152492 -0.001087 -0.002344 -0.002774 -0.004288 0.005443 0.000229

9-Mar-10 0.005286286 -0.000217 -0.002233 -0.002994 -0.009058 -0.001033 -0.0013858-Mar-10 -0.02074218 -0.007016 -0.002552 -0.002052 -0.00028 0.003241 -0.0036775-Mar-10 -0.00829452 0 -0.007912 -0.0081 -0.003187 -0.005031 0.0011124-Mar-10 0.000851567 -0.001294 0.00329 0.003354 0.000898 9.125E-05 0.0008823-Mar-10 0.007488469 0.000216 0.007686 0.007453 0.007979 0.004768 0.0086372-Mar-10 -0.00579989 -0.00408 -0.008916 -0.008216 -0.017782 0.000263 0.0056571-Mar-10 0.00400945 -0.002357 0.006221 0.005446 -0.016701 0.001781 -0.00127

25-Feb-10 0.006871564 0.001502 -0.001866 -0.002122 -0.003584 0.000256 0.00108724-Feb-10 0.010016925 0.000322 -0.005083 -0.00431 -0.002836 -0.006464 -0.00965823-Feb-10 0.009294158 0.002798 0.002405 0.000186 0.004349 -9.31E-05 -0.00267122-Feb-10 -0.00553669 -0.007053 0.003582 0.003655 -0.004802 0.003863 0.00294719-Feb-10 -0.00492951 0.003539 -0.00183 -0.002085 -0.009735 -0.000719 0.003675

Page 34: Analysis Markowitz Template

18-Feb-10 -0.00343525 0.004849 -0.008484 -0.008952 -0.002701 -0.00018 0.00188717-Feb-10 -0.00956974 -0.006105 0.003257 0.003897 -0.000591 0.005238 -0.00259116-Feb-10 0.001685235 -0.000321 0.00076 0.000301 0.000986 0.003173 0.00163615-Feb-10 -0.00844593 -0.003308 -0.009385 -0.007536 -0.004926 -0.005438 -0.00250412-Feb-10 0.004517957 0.001175 -0.005118 -0.006887 0.004214 0.001448 0.00821111-Feb-10 -0.00114944 0.00107 0.003322 0.002344 -0.00193 0.015003 0.00963810-Feb-10 -0.00826903 -0.004048 0.001497 0.002356 0.001318 0.007686 0.001401

9-Feb-10 -0.00399422 -0.002656 0.00125 0.000926 -0.002467 -0.001042 -0.0037718-Feb-10 0.006736413 0.002129 -0.007263 -0.003569 -0.007478 -0.001564 0.0021245-Feb-10 0.020934032 0.007292 -0.000352 -0.006084 -0.003276 -0.008643 -0.0045314-Feb-10 -0.00817683 -0.00214 -0.003937 -0.006326 -0.005825 -0.003994 -0.0034093-Feb-10 0.002629691 -0.002668 -0.001386 2.186E-05 -0.001293 -0.010787 0.0008622-Feb-10 -0.01073955 -0.002661 0.001199 0.001221 -0.001851 0.007223 0.0041-Feb-10 0.001598426 0.003203 -0.006005 -0.002871 -0.009069 -0.008819 0.001228

29-Jan-10 -0.00048294 -0.004571 -0.003863 -0.007597 -0.006757 -0.007845 -0.00801628-Jan-10 -0.00777942 0.002985 -0.003347 -0.003178 0.005472 -0.003857 0.00308927-Jan-10 0.018187726 0.006978 0.000575 0.000999 0.000279 0.003092 0.00019726-Jan-10 -0.00471604 -0.002677 -0.002449 -0.003306 0.005344 -0.004217 -0.00338725-Jan-10 -0.00682014 -0.005113 -0.003949 -0.002367 -0.010855 0.000841 -0.01000222-Jan-10 0.023961879 0.007404 0.01132 0.009869 0.004026 -0.004465 0.00236321-Jan-10 0.000958175 0.004744 -0.00232 -0.003674 0.001111 -0.000676 -0.00453320-Jan-10 -0.00037379 0.00542 -0.007613 -0.007398 -0.000367 -0.00354 -0.00369419-Jan-10 0.000677316 -0.000542 0.003689 0.002493 0.007929 0.006741 0.00354818-Jan-10 0.005810409 0.002716 -0.001963 -0.002049 -0.000103 -0.005341 -0.00108415-Jan-10 0.010582204 0.006011 -0.001492 -0.002639 0.007114 0.001298 0.00944614-Jan-10 -0.00772525 -0.003268 -0.000914 0.001007 0.005431 0.004786 0.00431913-Jan-10 0.012800397 -0.000544 0.000788 0.000284 0.00524 -0.003085 -0.00328612-Jan-10 0.007711433 0.006024 0.004279 0.005325 0.005869 0.001473 -0.00087111-Jan-10 -0.00244843 -0.011905 0.003668 -0.000585 -0.003196 0.001781 -0.006325

8-Jan-10 -0.00974527 0.0013 -0.004584 -0.00461 -0.003197 -0.004829 0.0006687-Jan-10 -0.0125204 -0.008595 -0.003388 -0.004863 -0.007358 0.001941 -0.0037016-Jan-10 0.004181502 0 -0.004506 -0.004757 -0.006773 0.000213 0.0009985-Jan-10 0.004192563 -0.002358 0.008925 0.006616 -0.002547 0.016643 0.0038924-Jan-10 0 0 0 0 0 0 0

JPY USD CHF EUR GBP AUD CADAverage Return 6.0392E-05 0.000243 0.000305 0.000128 0.000225 0.000191 0.000167Annualized Return 0.015097989 0.060786 0.076149 0.032053 0.056195 0.047707 0.041664Annualized Return 1.51% 6.08% 7.61% 3.21% 5.62% 4.77% 4.17%

Standar Deviation 0.007791528 0.004341 0.00763 0.007097 0.006003 0.007399 0.005704Standar Deviation 0.78% 0.43% 0.76% 0.71% 0.60% 0.74% 0.57%

Average Return 0.01% 0.02% 0.03% 0.01% 0.02% 0.02% 0.02%

Page 35: Analysis Markowitz Template

NOK SEK0.005647 0.0150880.002851 -0.004014

-0.008354 -0.006116-0.000569 0.001127-0.006262 -0.006558-0.001086 -0.010416-0.002476 -0.007431-0.006795 -0.019901-0.013199 -0.0106150.011709 0.010744

0.00713 0.013178-0.016426 0.004895-0.004091 0.0010010.005312 0.001274

-0.003004 0.001447-0.007733 -0.003585-0.005071 0.001643-0.000114 0.001731-0.008429 -0.0087650.011729 0.003786

-0.006565 0.002658-0.015099 -0.003669-0.000667 0.004728-0.002457 0.0026740.002289 0.005026

-0.007706 -0.013320.005029 0.00118

-0.002975 0.0025510.001702 0.001982

-0.010292 -0.010580.008863 0.0083280.001652 -0.001047

-0.001683 -0.0047260.004191 0.0072570.000243 -0.0035550.009823 0.00602

-0.006575 -0.0107070.009331 0.007922-0.00955 0.002538

-0.002991 -0.000495-0.007619 -0.004867-0.007376 -0.003821-0.013441 -0.004434-0.004609 -0.0050840.009688 0.001235

Page 36: Analysis Markowitz Template

-0.003326 0.0007790.00973 0.005741

-0.007238 -0.005860.001745 -0.004559

-0.007296 -0.00433-0.014653 -0.0181310.003283 0.0035240.002897 0.011077

-0.013129 -0.0159030.001189 0.010597

-0.004034 0.00062-0.002842 -0.0051260.000782 0.0006530.008526 0.0046840.002456 0.007743

-0.006292 -0.005974-0.0009 0.003443

-0.004838 -0.002622-0.001002 0.0001330.010255 0.0123070.000128 0.000841

0.00438 0.001907-0.010026 -0.00826-0.001109 -0.0001910.001556 0.000182

-0.005401 -0.0086580.013976 0.0068150.005395 0.004904

-0.001112 -0.002141-0.001868 0.0084480.005807 0.001393

-0.005406 -0.0043050.00482 0.005135

0.000412 0.00289-0.004988 -3.33E-05-0.007501 -0.007791

-0.00645 -0.007261-0.006458 -0.0005180.004259 0.0023470.003267 0.000526

-0.003495 -0.0043280.001551 -0.001722

-0.001048 0.000526-0.002207 -0.004360.001126 0.000980.000509 -0.0013780.002396 -0.001803

-0.004181 -0.005279

Page 37: Analysis Markowitz Template

0.001039 -0.000173-0.003763 -0.0021030.002617 0.0010790.002632 0.0055550.002371 -0.0012780.001402 -0.000138

0.00311 -0.00213-0.004951 -0.003782

0.006 0.0004360.00438 0.000923

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0 00.004543 0.0079720.001586 0.003867

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Page 38: Analysis Markowitz Template

-0.000869 -0.0057290.005773 0.011265

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0.00825 0.003353-0.00222 -0.0035570.000839 0.0024920.003618 -0.0011360.003074 0.000260.002361 0.0034090.001725 0.0055020.007433 0.003022

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-0.004005 -0.005894

Page 39: Analysis Markowitz Template

-4.24E-05 0.003248-0.006646 -0.0036220.002175 0.0067180.005221 0.005507-0.01409 -0.014163

-0.000261 -0.000617-0.002787 -0.0021110.004509 0.004436

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0.002814 0.0019450.003225 0.002978

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-0.007994 0.000923-0.002332 0.0011130.009669 0.00735

-0.006844 -0.00086

Page 40: Analysis Markowitz Template

-0.00062 -0.002239-0.003938 -0.006875-0.001351 -0.0027060.001348 0.004575

0.00162 -0.000235-0.017221 -0.0143160.005398 0.0019410.004373 0.008706-0.00168 0.0035940.007067 0.009392

-0.001564 -0.0009331.006E-05 0.0011980.003765 0.001469-0.00356 0.0004050.009685 0.0071790.007046 8.149E-060.003142 0.006683

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0.007577 0.0103650.007835 0.0093820.003413 0.002087-4.66E-05 0.0061240.005928 0.009970.004366 0.0022080.001223 2.842E-060.007154 0.001095

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Page 41: Analysis Markowitz Template

0.008051 0.0029430.002853 -0.001103

-0.008784 -0.004288-0.009516 -0.010171-0.001958 0.000681-0.002616 -0.001371-0.003341 0.0037190.008265 2.832E-06

0.00566 0.0069020.008116 0.006574

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-0.000183 -0.0011710.014567 0.0016760.000769 0.015284

-0.014429 -0.006034

Page 42: Analysis Markowitz Template

0.015936 0.0250710.002938 0.0042370.005954 0.004412

-0.000191 0.0045480.00642 0.009097

-0.003073 -0.0001240.00048 -0.001921

0.013525 0.013470 0

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0.00202 -0.011562-0.006695 -0.0012020.001746 0.0027640.004948 0.004612

-0.007715 -0.0071760.012962 0.0073490.020727 0.023280.001306 0.0048310.004033 0.0028050.002397 0.0060480.011547 0.010297

8.162E-05 0.0014240.004043 0.003218

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0.00044 -0.006889-0.007998 0.001988-0.005557 0.0051910.008715 -0.000362

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0.00299 -1.34E-05

Page 43: Analysis Markowitz Template

-0.003043 -0.0016010.010088 0.001573

-0.000909 -0.0028740.009958 0.011111-0.00446 -0.0074570.007607 0.0094550.001505 0.012098

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0.00126 0.000642-0.003291 -0.002611-0.011183 -0.0217830.004522 0.008073

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Page 44: Analysis Markowitz Template

0.00028 -0.000849-0.005194 -0.00597-7.79E-05 0.002127-0.006185 -0.00678

0.00588 0.00210.003018 -0.0017940.000318 0.001367

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0.00365 0.0151820.003624 0.005140.003551 0.004861

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-0.001674 0.000464-0.002877 0.0013120.003078 0.0004220.004265 0.0040790.008353 0.0084970.000143 0.0081010.004205 0.0076070.008072 0.0036910.003664 0.002137

-0.003853 -0.006551-0.005813 -0.002132

Page 45: Analysis Markowitz Template

-0.0022 -0.0016360.002678 0.000664

-0.019012 -0.0139810.008454 0.0089230.005113 0.0077340.006823 0.005474

-0.002235 -0.003518-0.004321 -0.011254

0.0071 0.0087610.001311 0.006042

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0.00998 0.00861-0.000268 -0.0001210.003201 0.003365

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0.00211 0.002197-0.002971 -0.0017710.005398 0.007647

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-0.001962 0.0004270.001247 0.0004590.000566 0.002558

Page 46: Analysis Markowitz Template

-0.009005 -0.0059030.002746 -0.0058890.006671 0.0025580.007027 0.007041

0.00036 0.004288-0.005035 -0.005483-0.003805 -0.005271-0.007561 -0.006851-0.000911 -0.001384-0.004151 -0.0020450.001739 0.0059360.000118 0.0002990.010588 0.0088470.003926 0.009286

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0.00046 0.001833-0.004838 -0.012875-0.003023 -0.0013240.002931 0.0009220.009328 0.009894

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9.023E-06 0.001072-0.009709 -0.0106130.004238 -0.0021840.006327 0.0065060.003777 0.003038

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-0.000277 -0.005880.005614 -0.0004760.001715 -0.002231

Page 47: Analysis Markowitz Template

0.000776 0.002260.001523 0.0006040.004791 0.0053710.015793 0.007183

-0.001255 0.0040690.000435 9.537E-05

-0.003345 -0.0056410.000749 0.004945

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0.005146 -0.0014840.003624 0.0012730.010406 0.013678

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0.006 0.005973-0.004414 5.565E-05-0.003147 0.004367-0.001552 -0.000756-0.005127 -0.004792-0.001561 -0.001114

-0.00747 -0.0058220.007032 0.0019360.007439 0.007736

-0.004381 -0.007106-0.00548 0.003521

Page 48: Analysis Markowitz Template

0.007207 0.002710.006753 0.0091790.002826 0.001475

-0.001863 -0.0048020.009936 0.0175850.006486 0.004849

-0.006585 -0.005925-0.004264 -0.0049810.012656 0.0177140.012646 0.014568

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-0.001247 0.001841-0.006719 -0.0104920.008846 0.005366

-0.009883 -0.010478

Page 49: Analysis Markowitz Template

-0.0029 -0.004971-0.010599 -0.0093840.000539 0.0007210.006035 0.0044280.001293 0.000819

-0.006244 0.003801-0.00443 -0.0029920.014378 0.012374

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0.0129 0.0074360.014721 0.006907

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0.01143 0.012147-0.006545 -0.0068370.005752 0.0082660.002995 -0.001460.000723 0.002730.005292 0.009245

-0.002923 -0.001393-0.005882 -0.008770.001136 0.0064850.004952 0.003234

Page 50: Analysis Markowitz Template

-0.001393 -0.0088850.005203 0.0001350.001402 0.004711

0.01004 0.002864-0.002197 -0.000897-0.003087 -0.000185-0.001872 0.0027670.009193 0.01174

-0.009859 -0.0135940.000613 -0.001743

-0.002863 -0.002498-0.001481 -0.0012450.006206 0.009284

1.313E-05 -0.002233-0.011827 -0.010973-0.006544 -0.0046450.009196 0.0081430.007796 0.0061530.009635 0.008883

-0.006916 -0.007569-0.010602 -0.0103090.007246 0.011819

0.00468 0.005163-0.008196 -0.002344

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0.006675 0.0082430.001272 -0.003220.000427 -0.000138

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-0.001907 -0.000376-0.000738 -0.005905-0.006013 -0.01054

0.00458 0.004949

Page 51: Analysis Markowitz Template

0.000763 0.004853-0.000362 -0.004385-0.008328 -0.007675-0.010852 -0.0091760.006195 0.0061040.008876 0.003997

-0.014928 -0.014581-0.001071 0.000911-0.000223 0.001542-0.004378 -0.001430.011662 0.005402

-0.001988 -0.002282-0.009664 -0.006613-0.010344 -0.006555-0.008119 -0.0116320.005983 0.0150220.009271 0.011096

0.00201 0.0022230.004523 0.001151

0.00828 0.0076220.006749 0.006833

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0.00693 0.016217-0.007123 -0.0092570.019049 0.017887

-0.003985 -0.001190.012898 0.013908

Page 52: Analysis Markowitz Template

-0.010411 -0.013638-0.026285 -0.023765

0.00051 -0.004042-0.00418 0.0100670.015051 0.00482

-0.002321 -0.004265-0.006524 -0.0215070.004997 0.003950.003129 0.00420.002612 0.0027610.002849 0.0016470.001576 0.011375

-0.012374 -0.0130090.007316 0.0099140.007907 0.0077920.011631 0.007299

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0.00244 0.0072250.000802 -0.0065950.008907 0.014089

-0.022806 -0.0247040.011615 0.012294

-0.0078 -0.014289-0.002364 -0.0098090.004411 0.010543-9.55E-05 0.002278-0.009983 -0.0164680.005378 0.0076180.000127 0.0010280.000586 -0.0044780.010582 0.016081

0.00787 0.0136910.0085 0.005821

0.003876 0.00067-0.008618 -0.007963-0.007122 -0.0064890.014401 0.017412

-0.001505 0.007873-0.020027 -0.027344

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Page 53: Analysis Markowitz Template

0.008648 0.015262-0.00803 -0.0109710.001381 -0.0092770.008203 -0.0011680.004466 0.00390.002979 0.007116

-0.001156 0.004060.002907 0.001628

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-0.012536 -0.016327-0.004916 -0.009712-0.006096 -0.0034280.003475 0.005304

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0.005686 0.00265-0.006023 0.002957-0.001338 0.002424-0.014736 -0.0153840.008979 0.0055580.003486 -0.000352

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3.061E-05 0.0040130.014581 0.0048960.001886 -0.000566

-0.006952 0.000230.011404 0.0130070.010845 0.015356

-0.015562 -0.0154660.003827 -0.000651

Page 54: Analysis Markowitz Template

0.009247 0.0096-0.000803 0.0038950.005718 0.002801-0.01594 -0.0138240.009902 0.0145010.004507 0.003051

-0.000167 0.0002410.003632 0.001664

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0.0041 -0.002480.0064 0.005094

-0.001054 0.0073960.00238 -0.000378

-0.009436 -0.0116910.004963 0.002858

-0.000711 -0.002749-0.005341 -0.00764-0.004609 -0.0075720.011521 0.0200230.003797 0.0107080.000551 -0.009678

-0.004411 -0.004798-0.006512 -0.006160.007395 0.008339

-0.012311 -0.0094380.002942 0.006093

-0.007595 -0.0036330.003376 0.000632

-0.000383 -0.004138-0.005619 -0.0040390.008669 0.0017740.000264 -0.0022890.010723 0.019542

-0.013191 -0.0140650.001854 0.0007640.006913 0.006989

0.00783 0.00456-0.00329 -0.0067920.00389 -0.00063

-0.000467 -0.0029370.014918 0.0079670.004014 0.00028

-0.003901 -0.004321-0.011595 -0.0035150.001013 -0.0007070.001351 0.004332

-0.011834 -0.006248

Page 55: Analysis Markowitz Template

-0.0078 -0.004329-0.005515 -0.0156450.010584 0.0088080.006819 0.012467

6.749E-05 -0.009808-0.006517 0.00421-0.002376 0.0050560.004071 0.0098140.004243 0.0010880.007416 0.007445

-0.006711 -0.0022390.000109 0.001260.006265 0.012531

-0.001747 -0.0056510.003594 0.0037170.008362 0.0073770.005041 0.0109760.000792 0.0043860.007533 0.009975

-0.000936 -0.004364-0.005524 -0.011378-0.005669 -0.003926-0.005938 -0.0038550.004282 0.004854

0.00157 0.0009810.00635 0.009115

0.002773 0.003615-0.009018 -0.0131960.009604 0.009665

0.00119 -0.00134-0.001861 -0.0034410.003019 0.0049520.001379 -0.001949

-0.008232 -0.0074980.005075 0.008535

-0.007422 -0.0016530.002581 0.0022820.014437 0.0127030.004237 -0.003394

-0.008717 -0.0067380.003405 0.006991

-0.003569 -0.0104810.017031 0.0123590.010264 0.0093480.006945 0.005579

-0.007375 -0.006244-0.001001 0.002737-0.001476 0.001538

Page 56: Analysis Markowitz Template

0.000623 -0.00157-0.003895 -0.000229-0.007202 -0.004864-0.009785 -0.010080.004963 0.0062050.002932 0.004221-0.00664 -0.00607

-0.0046 -0.0031080.004846 0.006642

-0.013275 -0.017264-0.001135 0.005239-0.007327 -0.009407-0.004204 -0.00926-0.008057 -0.0189420.008463 0.0101050.007696 0.0075620.001727 0.0058

-0.004719 -0.0086470.010962 0.017361

-0.002922 -0.000140.000145 -0.000702

-0.012695 -0.02156-0.00638 -0.0038490.015844 0.016079

-0.003523 -0.0037220.014952 0.019445-0.01282 -0.017236

-0.003114 0.002537-0.012125 -0.014692-0.003417 -0.0014690.015608 0.0093120.004651 0.006263

-0.009375 -0.0067220.002216 0.003492

-0.007879 0.0092640.00831 -0.000808

0.008827 0.011227-0.004143 -0.0093040.004392 0.001731

-0.000549 0.000241-0.003323 0.0026170.005602 0.01113

-0.001711 -0.0040790.008483 0.010278

-0.0099 -0.006230.009219 0.0007920.017458 0.014360.003225 0.014122

Page 57: Analysis Markowitz Template

-0.031265 -0.0519620.03599 0.051833

0.000574 0.006027-0.008714 -0.0031220.012413 0.0125820.010388 0.020418

-0.009859 -0.009629-0.004206 -0.0037810.003118 0.0007070.010552 0.0111650.010671 0.0055460.001698 0.003516

-0.007076 -0.0024490.015517 0.009334

-0.004657 0.0017440.003191 0.005867-0.00749 -0.003901

-0.003596 -0.003857-0.004634 -0.002026-0.001363 0.000305-0.007048 -0.0061930.007484 0.013221

-0.005851 -0.0102010.001323 -0.003094

-0.016023 -0.017873-0.008166 -0.008053-0.007069 -0.0044570.004603 0.0039810.000294 0.001141

-0.003833 -0.0067010.003455 0.0020090.014321 0.0129950.004701 0.00470.003558 0.004049

-0.000588 -0.002671-0.003343 -0.0026030.002566 0.001552

-0.001399 -0.0025560.014441 0.012091

-0.006105 -0.0040320.011129 -0.000447

-0.000421 -0.000556-0.016846 -0.0078590.005571 0.0095320.003743 0.0051130.015064 0.0109130.004633 0.004658

-0.001584 -0.000759

Page 58: Analysis Markowitz Template

-0.000593 0.0045710.003664 0.0048320.009517 0.0128290.001535 -0.002298

-0.005121 0.0034010.015317 0.012757

-0.006058 -0.002398-0.00541 -0.0004420.002314 -0.0044770.007742 0.008176

-0.006117 -0.0072160.000718 0.007884

-0.004578 -0.00336-0.012453 -0.007581-0.009244 -0.007910.006152 0.009482

-0.005409 -0.0064620.005062 0.013085

-0.000273 -0.00180.010456 0.0030390.012335 0.0108010.007672 0.006287

-0.002296 -0.003051-0.004824 -0.00178-0.018459 -0.020742-0.002703 -0.008684-0.001114 0.0015190.004368 0.0061930.002065 -0.000183

-0.004351 0.0045190.000744 -0.007447-0.00321 -0.0002760.003643 -0.00114

-0.003114 0.002412-0.004806 0.00071-0.004511 0.008781-0.014299 -0.01208

0.00526 0.00857-0.01098 -0.018817

-0.000269 -0.002638-0.005847 -0.008259-0.007493 -0.009316-0.000506 0.016887-0.015928 -0.0161980.010747 -0.001489

-0.013416 -0.018157-0.001793 0.000794

-0.00041 -0.002289

Page 59: Analysis Markowitz Template

0.007344 0.004538-0.004936 -0.002901-0.010117 -0.01380.005525 0.0029250.008205 0.010987

-0.007075 -0.0113280.000689 -0.001758-0.00132 -0.000175-0.00055 0.003247

-0.006765 -0.004665-0.000735 -0.003146

0.00066 0.0010930.004413 0.004061

-0.003493 -0.0043570.010709 0.0091160.004787 0.00336

-0.000978 -0.005476-0.001938 -0.001004

-0.00755 -0.0067820.001173 0.005663

0.00386 0.002861-0.000536 0.0015150.009481 -0.0042470.001236 -0.002497

-0.006543 0.001598-0.009957 -0.005854-0.003769 -0.001772-0.001891 -0.000923-0.010195 -0.010258-0.005442 -0.004282-0.003121 -0.003623-0.002762 -0.0050070.004163 0.006260.003067 0.0016150.004106 0.00101

-0.002281 -0.004576-0.003745 -0.0033930.000422 0.00151

-0.007926 -0.0020730.005537 0.001030.006145 0.004599

-0.008362 -0.0120880.00174 0.011973

-0.000185 0.003951-0.005672 -0.0080090.004661 0.0042620.006289 0.003901

-0.012306 -0.003268

Page 60: Analysis Markowitz Template

-0.003305 -0.0021310.003748 0.001080.001687 0.002313

-0.008445 -0.0058420.001294 0.008240.004173 0.007349

0.00405 0.0094480.004521 0.003091

-0.003691 -0.00149-0.007983 -0.016708-0.007857 -0.0062490.000676 0.001136

0.00859 0.014843-0.004189 -0.001559-0.007572 -0.009312

-0.00053 -0.00250 0.000334

-0.005706 -0.004788-0.003761 -0.0051280.005058 0.006586

-0.006817 -0.011279-0.006449 -0.0063230.006395 0.007369

-0.003158 0.0002150.002245 -0.0004480.002769 0.004504

-0.006533 -0.0008260.005766 0.0045440.001257 -0.001403

-0.004936 -0.0052080.00012 -0.003009

-0.002459 -0.0086080.013031 0.012306

0 0NOK SEK6.023E-05 0.0002020.015057 0.05054

1.51% 5.05%

0.007356 0.0079780.74% 0.80%

0.01% 0.02%

Page 61: Analysis Markowitz Template

Covariance EUR GBP CAD AUD JPY CHF NOKEUR 0.00030 0.00019 0.00010 0.00009 0.00002 0.00034 0.00029GBP 0.00019 0.00022 0.00009 0.00009 0.00010 0.00024 0.00018CAD 0.00010 0.00009 0.00017 0.00019 0.00002 0.00011 0.00016AUD 0.00009 0.00009 0.00019 0.00049 0.00006 0.00013 0.00025JPY 0.00002 0.00010 0.00002 0.00006 0.00055 0.00012 0.00008CHF 0.00034 0.00024 0.00011 0.00013 0.00012 0.00064 0.00031NOK 0.00029 0.00018 0.00016 0.00025 0.00008 0.00031 0.00045SEK 0.00024 0.00014 0.00011 0.00019 0.00004 0.00025 0.00030

In percentage

Covariance EUR GBP CAD AUD JPY CHF NOKEUR 0.0302 0.0186 0.0099 0.0095 0.0019 0.0337 0.0286GBP 0.0186 0.0216 0.0094 0.0094 0.0105 0.0238 0.0178CAD 0.0099 0.0094 0.0173 0.0186 0.0015 0.0106 0.0158AUD 0.0095 0.0094 0.0186 0.0492 0.0060 0.0130 0.0246JPY 0.0019 0.0105 0.0015 0.0060 0.0554 0.0119 0.0084CHF 0.0337 0.0238 0.0106 0.0130 0.0119 0.0639 0.0308NOK 0.0286 0.0178 0.0158 0.0246 0.0084 0.0308 0.0450SEK 0.0235 0.0140 0.0113 0.0195 0.0041 0.0248 0.0301

Variance EUR GBP CAD AUD JPY CHF NOK[Individual] Variance 0.001 0.002 0.007 0.000 0.002 0.000 0.000[Individual] Weight (Wi) 8.255 18.400 51.868 0.000 15.371 0.000 0.000[Individual] Expected Return 0.161 0.008 0.288 0.409 0.781 0.041 0.432[Portfolio] Variance 0.013[Portfolio] Standard Deviation 1.131[Portfolio] Expected Return 0.299Risk free rate 0.500 5.998Sharpe Ratio -0.178

Page 62: Analysis Markowitz Template

SEK0.000240.000140.000110.000190.000040.000250.000300.00034

SEK0.02350.01400.01130.01950.00410.02480.03010.0338

1000.059983 0.000075 0.002880 0.004090 0.007808 0.000411 0.004322

SEK0.001 6.00 0.01 0.29 0.41 0.78 0.04 0.436.1060.241

Page 63: Analysis Markowitz Template

0.002409

0.24

Page 64: Analysis Markowitz Template

Portfolio Optimization - Markowitz Method

JPY USD CHF EUR GBP AUD CADPortfolio % 0.082549 0.183999 0.518684 0 0.153706 0 0Expected Return 0.001614 7.511E-05 0.00288 0.00409 0.007808 0.000411 0.004322

Covariance MatrixJPY USD CHF EUR GBP AUD CAD

JPY 8.62E-10 4.354E-09 3.475E-08 2.092E-05 0.001894 1.605E-05 1.237E-05USD 4.354E-09 2.172E-08 1.729E-07 1.099E-05 1.513E-08 7.803E-06 1.237E-05CHF 3.475E-08 1.73E-07 2.062E-06 3.834E-05 1.207E-07 2.471E-05 1.751E-05EUR 2.092E-05 1.099E-05 3.834E-05 5.033E-05 2.708E-05 3.04E-05 2.077E-05GBP 0.001894 1.513E-08 1.207E-07 2.708E-05 1.056E-08 2.303E-05 1.964E-05AUD 1.605E-05 7.803E-06 2.471E-05 3.04E-05 2.303E-05 5.47E-05 2.868E-05CAD 1.237E-05 1.232E-05 1.751E-05 2.077E-05 1.964E-05 2.868E-05 3.251E-05NOK 0.003407 2.373E-09 1.9E-08 3.833E-05 0.001983 3.408E-05 2.402E-05SEK 1.479E-05 7.501E-06 3.336E-05 4.443E-05 2.7E-05 3.699E-05 2.47E-05

Variance Term 4.121E-05 1.776E-08 5.83E-07 0 4.266E-05 0 0

Return Term 0.000133 1.382E-05 0.001494 0 0.0012 0 0

Temporary OutputStd. Dev. E[r]

Output From SolverX axis = SD Y axis = E[r] WeightsStd. Dev. E[r]

W[JPY] W[USD] W[CHF] W[EUR] W[GBP] W[AUD]

W[JPY] W[USD] W[CHF] W[EUR] W[GBP] W[AUD]

Page 65: Analysis Markowitz Template

NOK SEK Total0.061062 10.002409

NOK SEK0.003407 1.479E-05

2.373E-09 7.501E-061.9E-08 3.336E-05

3.833E-05 4.443E-050.001983 2.7E-05

3.408E-05 3.699E-052.402E-05 2.47E-050.002062 4.877E-05

4.877E-05 6.359E-05

4.348E-05 0 Variance 0.013%Std. Dev. 1.131%

0.000147 0 Return 0.299% 0.011311

W[CAD] W[NOK] W[SEK]

W[CAD] W[NOK] W[SEK]

Page 66: Analysis Markowitz Template

Portfolio Optimization - Markowitz Method

EUR GBP CAD AUD JPY CHFPortfolio % 0% 0% 0% 0% 100% 0%Expected Return 0.161% 0.008% 0.288% 0.409% 0.781% 0.041%

Covariance MatrixEUR GBP CAD AUD JPY CHF

EUR 0.0003019 0.0001859 9.94162E-05 9.4965E-05 1.891E-05 0.00033749GBP 0.0001859 0.0002164 9.44253E-05 9.3652E-05 0.0001048 0.00023758CAD 9.942E-05 9.443E-05 0.000173 0.0001863 5.963E-05 1.52735E-05AUD 9.497E-05 9.365E-05 0.00018626 0.0004915 5.963E-05 0.00012961

JPY 1.891E-05 0.0001048 1.52735E-05 5.9625E-05 0.0005544 0.00011874

CHF 0.0003375 0.0002376 0.00010579 0.0001296 0.0001187 0.00063868NOK 0.0002858 0.0001781 0.00015765 0.0002458 8.367E-05 0.00030794SEK 0.0002351 0.0001398 0.00011267 0.0001947 4.053E-05 0.00024787

Variance Term 0.0000% 0.0000% 0.0000% 0.0000% 0.0554% 0.0000%

Return Term 0.0000% 0.0000% 0.0000% 0.0000% 0.7808% 0.0000%

Temporary OutputStd. Dev. E[r] EUR GBP CAD AUD JPY

2.355% 0.781% 0% 0% 0% 0% 100%

Output From SolverX axis = SD Y axis = E[r] WeightsStd. Dev. E[r] EUR GBP CAD AUD JPY

1.4711% 0.0075% 0% 100% 0% 0% 0%1.4161% 0.0268% 0% 93% 7% 0% 0%1.3660% 0.0462% 0% 86% 14% 0% 0%1.3211% 0.0655% 0% 79% 20% 0% 0%1.2818% 0.0848% 0% 72% 26% 0% 0%1.2483% 0.1042% 0% 65% 32% 0% 0%1.2213% 0.1235% 0% 58% 37% 0% 0%1.2011% 0.1429% 0% 51% 42% 0% 0%1.1845% 0.1622% 0% 48% 43% 0% 2%1.1700% 0.1816% 0% 44% 45% 0% 4%1.1580% 0.2008% 0% 40% 46% 0% 6%1.1482% 0.2202% 0% 37% 47% 0% 8%1.1408% 0.2396% 1% 33% 48% 0% 10%1.1356% 0.2588% 3% 28% 49% 0% 12%1.1323% 0.2782% 6% 23% 51% 0% 13%

Page 67: Analysis Markowitz Template

1.1356% 0.2588% 3% 28% 49% 0% 12%1.1323% 0.2782% 6% 23% 51% 0% 13%1.1311% 0.2988% 8% 18% 52% 0% 15%1.1320% 0.3168% 10% 14% 53% 0% 17%1.1350% 0.3362% 13% 9% 54% 0% 19%1.1400% 0.3555% 15% 5% 55% 0% 21%1.1470% 0.3748% 18% 0% 56% 0% 23%1.1583% 0.3942% 15% 0% 56% 0% 26%1.1760% 0.4135% 12% 0% 55% 0% 29%1.1999% 0.4328% 9% 0% 53% 1% 32%1.2293% 0.4522% 7% 0% 51% 2% 35%1.2633% 0.4715% 4% 0% 50% 3% 37%1.3001% 0.4908% 1% 0% 49% 3% 39%1.3396% 0.5102% 0% 0% 46% 4% 41%1.3834% 0.5295% 0% 0% 40% 5% 45%1.4319% 0.5488% 0% 0% 34% 7% 48%1.4847% 0.5681% 0% 0% 28% 8% 51%1.5412% 0.5875% 0% 0% 22% 10% 54%1.6011% 0.6068% 0% 0% 17% 11% 58%1.6640% 0.6261% 0% 0% 11% 13% 61%1.7224% 0.6390% 0% 0% 0% 10% 60%1.7978% 0.6648% 0% 0% 0% 15% 68%1.8729% 0.6842% 0% 0% 0% 12% 73%1.9557% 0.7035% 0% 0% 0% 9% 78%2.0469% 0.7229% 0% 0% 0% 7% 84%2.1436% 0.7421% 0% 0% 0% 4% 89%2.2465% 0.7615% 0% 0% 0% 1% 95%2.3545% 0.7808% 0% 0% 0% 0% 100%

Page 68: Analysis Markowitz Template

NOK SEK Total0% 0% 100% Variance

0.432% 0.241%

NOK SEK0.000285824 0.0002351 5.0 0.000157654 0.0001127 0.4999%0.000157654 0.0001127 Rf 0.4999%0.000245752 0.0001947 Sharpe Ratio 0.1193

8.367315E-05 4.0534E-05 Omega Ratio 1.35397

0.000307941 0.00024790.000450382 0.0003011 U -0.3964539%0.000301104 0.0003381

Omega

0.0000% 0.0000% Variance 0.055%Std. Dev. 2.355% Target

0.0000% 0.0000% Return 0.78080% 1.131%

CHF NOK SEK CAL0% 0% 0% Return Std. Dev.

Rf 0.0049985578125 0Tangency 0.0078080337413 0.0235451

CHF NOK SEK0% 0% 0% GMV0% 0% 0% 0.0000% 0.2988%0% 0% 0% 1.0000% 0.2988%0% 0% 0% 2.0000% 0.2988%0% 0% 2% 2.5000% 0.2988%0% 0% 3%0% 0% 5%0% 0% 6% CAL0% 0% 7% 0% 0.00499855781250% 0% 7% 0.017224319 0.00638965403760% 0% 8%0% 0% 8% 0 0.00499855781250% 0% 8% 0.023545145 0.00780803374130% 0% 8%0% 0% 7%

Utility Score = Expected Return – 0.005σ2 × Risk Aversion Coefficient

Page 69: Analysis Markowitz Template

0% 0% 8%0% 0% 7%0% 0% 6%0% 0% 5%0% 0% 5%0% 0% 4%0% 0% 3%0% 0% 4%0% 0% 4%0% 0% 5%0% 0% 4%0% 3% 4%0% 6% 3%0% 9% 0%0% 10% 0%0% 11% 0%0% 12% 0%0% 14% 0%0% 15% 0%0% 16% 0%0% 30% 0%0% 17% 0%0% 15% 0%0% 12% 0%0% 9% 0%0% 7% 0%0% 4% 0%0% 0% 0%

1.7297% 0.6455% 0%

End Date EUR GBP1/31/2011 -1.0176% -0.9365%2/28/2011 -2.1629% -2.2530%3/31/2011 -2.5382% -0.2740%4/30/2011 -3.0104% -1.1314%5/31/2011 0.6785% -0.0490%6/30/2011 -0.3011% 0.7851%7/31/2011 0.5321% 0.5193%8/31/2011 -0.2718% -1.3723%9/30/2011 3.9449% 3.4539%

10/31/2011 0.7590% 0.4589%11/30/2011 0.8081% -0.4883%12/31/2011 3.0571% 1.4720%

1/31/2012 2.2544% 0.6083%2/29/2012 -2.4755% -1.8605%

Page 70: Analysis Markowitz Template

3/31/2012 0.0529% -0.1580%4/30/2012 0.3303% -1.1076%5/31/2012 2.5945% 0.3200%6/30/2012 2.4134% 2.6156%7/31/2012 1.8426% -0.3730%8/31/2012 -0.6154% -0.6708%9/30/2012 -3.6409% -2.3873%

10/31/2012 -0.9125% 0.0644%11/30/2012 1.1154% 0.7075%12/31/2012 -2.1293% -0.9899%

1/31/2013 -1.2975% 0.8708%2/28/2013 -0.7702% 2.9736%3/31/2013 3.1313% 2.9033%4/30/2013 -0.2984% -1.4182%5/31/2013 0.2343% -0.0153%6/30/2013 -1.4542% -1.0103%7/31/2013 0.7773% 1.9020%8/31/2013 -1.8434% -2.0030%9/30/2013 -0.1865% -2.2143%

10/31/2013 -2.1350% -1.5994%11/30/2013 1.0363% 0.0161%12/31/2013 -1.4575% -1.7216%

1/31/2014 0.4519% -0.5894%2/28/2014 -0.0818% -0.4611%3/31/2014 -1.3099% -0.5129%4/30/2014 0.1383% -0.5987%5/31/2014 0.4694% -0.6860%6/30/2014 1.0444% -0.3369%7/31/2014 0.3672% -1.0649%8/31/2014 1.6667% 2.2382%9/30/2014 3.2387% 2.4231%

10/31/2014 1.8719% 1.4847%11/30/2014 1.5714% 1.8328%12/31/2014 1.2726% 0.9946%

Page 71: Analysis Markowitz Template

Min 0.055% 8 1 1 1 0Max 11.932% 8 1 1 32767 0Max Omega 1.353969 8 1 1 1 32767min

0.781%0.008%

1 2 3 4 50.773% 0.0193% 0.008% 0.0268% 0.0462% 0.0655% 0.0848%

1

5

Utility Score = Expected Return – 0.005σ2 × Risk Aversion Coefficient

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 72: Analysis Markowitz Template

0% 5% 14% 64% 0% 17% 0%

CAD AUD JPY CHF NOK SEK-1.4863% -0.6244% -1.0315% -1.6675% -2.1895% -2.5324%-0.6236% -1.0872% 0.1212% -0.4920% -2.0782% -3.6153%-1.1032% -0.2017% -1.1863% -3.2716% -2.5387% -1.4883%-1.9138% -4.3751% 2.0336% -2.1533% -3.2950% -2.2354%0.8869% -1.1940% -2.6294% -2.8454% 1.1388% 0.7573%1.2204% 0.8769% -0.8015% -3.7982% -0.4387% 1.1435%

-2.2888% -1.5690% -1.2554% -1.9622% -0.1010% 0.8839%2.6142% 2.5848% -2.9834% -5.2766% 0.0312% 0.3135%1.7018% 2.1102% -0.2984% 10.9233% 2.7522% 3.2998%2.4248% 1.7479% -0.2863% 3.6135% 1.2928% 0.7789%0.2152% -0.0707% 1.1746% 0.9805% 1.1368% 0.9770%

-0.0781% -0.1517% 0.4128% 2.7474% 2.6320% 1.7226%-0.8011% -2.4610% -1.1305% 0.8698% 1.3231% 0.2849%-1.7333% -3.1253% 1.8581% -2.7787% -3.9476% -2.8091%

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

1.0000% 1.2000% 1.4000% 1.6000% 1.8000% 2.0000% 2.2000% 2.4000% 2.6000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Chart Title

Standard Deviation

Expe

cted

Ret

urn

Page 73: Analysis Markowitz Template

-0.4710% 1.5220% 5.1410% -0.0438% -0.4648% 0.8335%0.0503% 1.9637% -1.2012% -0.0110% 0.9427% -0.0045%1.4996% 3.5825% -2.0631% 2.5310% 2.6192% 4.1838%1.9435% 0.3699% -0.6395% 2.3830% 2.0202% 1.1745%

-1.3423% -3.2367% -0.2272% 1.8474% 0.7143% -1.8449%-2.0310% -1.8217% -0.4806% -0.6046% -2.4016% -4.0294%-1.4592% 0.8177% -0.6101% -3.0312% -2.8443% -1.1844%0.7149% 1.0398% 0.9207% -0.8187% -0.6610% 0.6273%1.1357% -1.0188% 2.4582% 0.7397% 0.2346% 1.0134%

-0.7018% -0.5822% 3.4380% -1.8942% -1.8168% -1.4952%0.1515% -0.3242% 6.3367% 0.2820% -1.0462% -1.7086%1.5526% 1.5948% 4.6323% -0.5300% -0.2266% -1.9554%1.6877% -0.0723% 1.7623% 2.7729% 4.0261% 1.1495%

-0.5272% -0.4237% 3.2524% -0.8465% 0.3621% 0.7312%0.0393% 4.4629% 3.1602% 1.9315% 0.4695% 1.7401%1.2263% 5.2856% -3.2517% -2.0415% 0.8591% -0.2606%0.9498% 2.9914% 2.2031% 1.0580% 2.8619% 0.6136%

-0.2208% 1.3102% -1.9050% -2.0939% -1.4193% -1.3873%-0.2405% -2.2701% 1.3185% -0.1620% 0.5325% -0.3873%-0.1350% -2.7392% -1.3417% -2.2828% -0.5097% -1.4815%1.2073% 1.9410% 2.1575% 1.0629% 2.0407% 2.6144%1.5173% 3.8828% 3.5632% -2.0048% 1.1588% -0.4758%2.4441% 1.3926% 0.5605% 0.9279% 0.0391% -1.0402%1.4682% -1.0013% -1.8453% -0.8086% -0.1317% 0.3195%0.4793% -1.2621% 0.1371% -1.6862% -2.2476% -1.3216%

-0.9900% -2.6924% 0.2347% 0.3067% -0.3449% 2.1532%-0.9454% 0.1304% -0.6438% 0.5662% -0.6938% 0.2747%-0.6057% -0.6606% 0.1964% 0.8670% 1.5758% 1.7337%-0.9971% -0.2810% -0.3920% 0.0893% 2.6254% 1.9271%1.8838% 0.9111% 1.2494% 1.4165% 0.1615% 1.2139%0.6590% 2.6433% 4.1391% 2.8813% 2.2171% 3.3284%2.0187% 3.5002% 0.7371% 1.9027% 3.1597% 1.5102%0.8557% 1.1214% 7.3076% 1.1329% 4.0843% 2.4819%1.9708% 5.0944% 3.1762% 1.2447% 7.1327% 3.0330%

Page 74: Analysis Markowitz Template

32767 0

0

6 7 8 9 10 11 12 130.1042% 0.1235% 0.1428% 0.1622% 0.1815% 0.2008% 0.2202% 0.2395%

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 75: Analysis Markowitz Template

Return-1.0315461197073300%0.1211974306144640%

-1.1862970584675000%2.0335660908979700%

-2.6293672709809200%-0.8014796547472150%-1.2554381603480500%-2.9833836858006100%-0.2984299987024650%-0.2863092139510660%1.1746280344557400%0.4127966976264290%

-1.1305241521069000%1.8581081081081200%

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

1.0000% 1.2000% 1.4000% 1.6000% 1.8000% 2.0000% 2.2000% 2.4000% 2.6000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Chart Title

Standard Deviation

Expe

cted

Ret

urn

0.0000% 1.0000% 2.0000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 76: Analysis Markowitz Template

5.1409618573797700%-1.2011647658335300%-2.0631216996193100%-0.6394984326018870%-0.2271580010095820%-0.4806476094105680%-0.6100660904931420%0.9207161125319680%2.4581855043081600%3.4380410586198400%6.3366810138689600%4.6323364065662300%1.7623038899634600%3.2523759239704300%3.1601554510124800%

-3.2517101219391300%2.2030945793626300%

-1.9049528774814400%1.3184791496320400%

-1.3416725511954000%2.1574642126789400%3.5632068861975800%0.5605489513868740%

-1.8452666987025500%0.1370801919122690%0.2346729246113320%

-0.6438396254024100%0.1963672066764880%

-0.3919647231749060%1.2493851451057500%4.1391371939370400%0.7370778130248110%7.3075854404001100%3.1762471948903900%

Page 77: Analysis Markowitz Template

14 15 16 17 18 19 20 21 22 230.2588% 0.2782% 0.2975% 0.3168% 0.3362% 0.3555% 0.3748% 0.3942% 0.4135% 0.4328%

Page 78: Analysis Markowitz Template

0.0000% 1.0000% 2.0000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 79: Analysis Markowitz Template

24 25 26 27 28 29 30 31 32 330.4522% 0.4715% 0.4908% 0.5102% 0.5295% 0.5488% 0.5681% 0.5875% 0.6068% 0.6261%

Page 80: Analysis Markowitz Template

34 35 36 37 38 39 400.6455% 0.6648% 0.6841% 0.7035% 0.7228% 0.7421% 0.7615%

Page 81: Analysis Markowitz Template

Portfolio Optimization - Markowitz Method

EUR GBP CAD AUD JPY CHFPortfolio % 0% 0% 0% 0% 0% 100%Expected Return -0.259% -0.048% -0.138% -0.121% -0.434% 0.122%

Covariance MatrixEUR GBP CAD AUD JPY CHF

EUR 0.0004883 0.0002788 0.00012082 0.0002375 6.351E-05 0.00044394GBP 0.0002788 0.0002942 9.19116E-05 0.0001531 0.000102 0.00028775CAD 0.0001208 9.191E-05 0.00019206 0.000228 -8.251E-06 0.00012808AUD 0.0002375 0.0001531 0.00022801 0.000576 6.416E-05 0.00025497

JPY 6.351E-05 0.000102 -8.2512E-06 6.416E-05 0.0005832 0.00015531

CHF 0.0004439 0.0002877 0.00012808 0.000255 0.0001553 0.00068107NOK 0.0003992 0.0002316 0.00017486 0.0003436 8.716E-05 0.00038728SEK 0.0003967 0.0002071 0.00015013 0.000337 9.324E-05 0.00038386

Variance Term 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0681%

Return Term 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.1223%

Temporary OutputStd. Dev. E[r] EUR GBP CAD AUD JPY

2.6097% 0.1223% 0% 0% 0% 0% 0%

Output From SolverX axis = SD Y axis = E[r] WeightsStd. Dev. E[r] EUR GBP CAD AUD JPY

2.4472% -0.4338% 0% 0% 0% 0% 100%2.0704% -0.4199% 0% 0% 0% 0% 80%1.8310% -0.4060% 0% 0% 0% 0% 59%1.7452% -0.3921% 0% 0% 3% 0% 50%1.6772% -0.3782% 0% 0% 9% 0% 48%1.6119% -0.3643% 0% 0% 15% 0% 47%1.5497% -0.3504% 0% 0% 20% 0% 45%1.4909% -0.3365% 0% 0% 26% 0% 43%1.4360% -0.3226% 0% 0% 31% 0% 41%

1.385% -0.309% 1% 0% 36% 0% 39%1.3386% -0.2948% 4% 0% 41% 0% 37%1.2960% -0.2809% 6% 0% 45% 0% 36%1.2579% -0.2670% 9% 0% 49% 0% 34%1.2247% -0.2531% 12% 0% 54% 0% 32%1.1979% -0.2392% 12% 0% 59% 0% 29%

Page 82: Analysis Markowitz Template

1.1813% -0.2253% 9% 3% 61% 0% 27%1.1689% -0.2114% 6% 8% 61% 0% 25%1.1602% -0.1975% 3% 13% 61% 0% 23%1.1553% -0.1836% 0% 18% 61% 0% 21%1.1550% -0.1793% 0% 19% 61% 0% 20%1.1568% -0.1697% 0% 22% 60% 0% 17%1.1660% -0.1557% 0% 26% 60% 0% 14%1.1823% -0.1418% 0% 29% 59% 0% 11%1.2038% -0.1279% 0% 31% 58% 0% 9%1.2296% -0.1140% 0% 32% 57% 0% 6%1.2594% -0.1002% 0% 33% 56% 0% 4%1.2933% -0.0863% 0% 34% 56% 0% 1%1.3318% -0.0724% 0% 34% 53% 0% 0%1.3814% -0.0584% 0% 32% 48% 0% 0%1.4413% -0.0445% 0% 31% 44% 0% 0%1.5105% -0.0306% 0% 30% 39% 0% 0%1.5872% -0.0168% 0% 29% 35% 0% 0%1.6714% -0.0029% 0% 28% 30% 0% 0%1.7623% 0.0111% 0% 26% 25% 0% 0%1.8570% 0.0249% 0% 25% 21% 0% 0%1.9575% 0.0389% 0% 24% 16% 0% 0%2.0609% 0.0528% 0% 23% 12% 0% 0%2.1668% 0.0666% 0% 22% 7% 0% 0%2.2762% 0.0805% 0% 21% 3% 0% 0%2.3892% 0.0945% 0% 16% 0% 0% 0%2.5067% 0.1085% 0% 8% 0% 0% 0%2.6284% 0.1223% 0% 0% 0% 0% 0%

Page 83: Analysis Markowitz Template

NOK SEK Total0% 0% 100% Variance

-0.366% -0.088%

NOK SEK0.000399217 0.0003967 7.317%0.000231588 0.0002071 0.6097%0.000174863 0.0001501 Rf 0.610%

0.00034355 0.000337 Sharpe Ratio -0.1878.71564E-05 9.3238E-05 Omega Ratio 0.53687

0.000387278 0.00038390.000493045 0.0004096 U -1.1826176%0.000409596 0.0004932

Omega

0.0000% 0.0000% Variance 0.068%Std. Dev. 2.610% Target

0.0000% 0.0000% Return 0.122% 0.122%

CHF NOK SEK CAL100% 0% 0% Return Std. Dev.

Rf 0.0049985578125 0Tangency 0.0078080337413 0.0235451

CHF NOK SEK0% 0% 0% GMV0% 20% 0% 0.0000% -0.1793%0% 41% 0% 1.0000% -0.1793%0% 46% 0% 2.0000% -0.1793%0% 43% 0% 2.5000% -0.1793%0% 39% 0%0% 35% 0%0% 32% 0% CAL0% 28% 0% 0% 0.00499855781250% 24% 0% 0.017224319 0.00638965403760% 18% 0%0% 13% 0% 0 0.00499855781250% 8% 0% 0.023545145 0.00780803374130% 2% 0%0% 0% 0%

Utility Score = Expected Return – 0.005σ2 × Risk Aversion Coefficient

Page 84: Analysis Markowitz Template

0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%1% 0% 0%3% 0% 0%5% 0% 0%7% 0% 0%

10% 0% 0%14% 0% 0%19% 0% 0%25% 0% 0%31% 0% 0%37% 0% 0%42% 0% 0%48% 0% 0%54% 0% 0%60% 0% 0%65% 0% 0%71% 0% 0%77% 0% 0%84% 0% 0%92% 0% 0%

100% 0% 0%

1.7297% 0.6455% 0%

End Date EUR GBP1/31/2011 -1.0176% -0.9365%2/28/2011 -2.1629% -2.2530%3/31/2011 -2.5382% -0.2740%4/30/2011 -3.0104% -1.1314%5/31/2011 0.6785% -0.0490%6/30/2011 -0.3011% 0.7851%7/31/2011 0.5321% 0.5193%8/31/2011 -0.2718% -1.3723%9/30/2011 3.9449% 3.4539%

10/31/2011 0.7590% 0.4589%11/30/2011 0.8081% -0.4883%12/31/2011 3.0571% 1.4720%

1/31/2012 2.2544% 0.6083%2/29/2012 -2.4755% -1.8605%

Page 85: Analysis Markowitz Template

3/31/2012 0.0529% -0.1580%4/30/2012 0.3303% -1.1076%5/31/2012 2.5945% 0.3200%6/30/2012 2.4134% 2.6156%7/31/2012 1.8426% -0.3730%8/31/2012 -0.6154% -0.6708%9/30/2012 -3.6409% -2.3873%

10/31/2012 -0.9125% 0.0644%11/30/2012 1.1154% 0.7075%12/31/2012 -2.1293% -0.9899%

1/31/2013 -1.2975% 0.8708%2/28/2013 -0.7702% 2.9736%3/31/2013 3.1313% 2.9033%4/30/2013 -0.2984% -1.4182%5/31/2013 0.2343% -0.0153%6/30/2013 -1.4542% -1.0103%7/31/2013 0.7773% 1.9020%8/31/2013 -1.8434% -2.0030%9/30/2013 -0.1865% -2.2143%

10/31/2013 -2.1350% -1.5994%11/30/2013 1.0363% 0.0161%12/31/2013 -1.4575% -1.7216%

1/31/2014 0.4519% -0.5894%2/28/2014 -0.0818% -0.4611%3/31/2014 -1.3099% -0.5129%4/30/2014 0.1383% -0.5987%5/31/2014 0.4694% -0.6860%6/30/2014 1.0444% -0.3369%7/31/2014 0.3672% -1.0649%8/31/2014 1.6667% 2.2382%9/30/2014 3.2387% 2.4231%

10/31/2014 1.8719% 1.4847%11/30/2014 1.5714% 1.8328%12/31/2014 1.2726% 0.9946%

Page 86: Analysis Markowitz Template

Min 0.068% 8 1 1 1 1 32767Max -18.679% 8 1 1 32767 0Max Omega 0.53687 8 1 1 1 32767 0min

0.122%-0.434%

1 2 3 4 5 60.556% 0.014% -0.434% -0.4199% -0.4060% -0.3921% -0.3782% -0.3643%

1

5

Utility Score = Expected Return – 0.005σ2 × Risk Aversion Coefficient

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%

-0.5000%

-0.4000%

-0.3000%

-0.2000%

-0.1000%

0.0000%

0.1000%

0.2000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 87: Analysis Markowitz Template

0% 5% 14% 64% 0% 17% 0%

CAD AUD JPY CHF NOK SEK Return-1.4863% -0.6244% -1.0315% -1.6675% -2.1895% -2.5324% ###-0.6236% -1.0872% 0.1212% -0.4920% -2.0782% -3.6153% ###-1.1032% -0.2017% -1.1863% -3.2716% -2.5387% -1.4883% ###-1.9138% -4.3751% 2.0336% -2.1533% -3.2950% -2.2354% ###0.8869% -1.1940% -2.6294% -2.8454% 1.1388% 0.7573% ###1.2204% 0.8769% -0.8015% -3.7982% -0.4387% 1.1435% ###

-2.2888% -1.5690% -1.2554% -1.9622% -0.1010% 0.8839% ###2.6142% 2.5848% -2.9834% -5.2766% 0.0312% 0.3135% ###1.7018% 2.1102% -0.2984% 10.9233% 2.7522% 3.2998% ###2.4248% 1.7479% -0.2863% 3.6135% 1.2928% 0.7789% ###0.2152% -0.0707% 1.1746% 0.9805% 1.1368% 0.9770% ###

-0.0781% -0.1517% 0.4128% 2.7474% 2.6320% 1.7226% ###-0.8011% -2.4610% -1.1305% 0.8698% 1.3231% 0.2849% ###-1.7333% -3.1253% 1.8581% -2.7787% -3.9476% -2.8091% ###

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%

-0.5000%

-0.4000%

-0.3000%

-0.2000%

-0.1000%

0.0000%

0.1000%

0.2000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

1.0000% 1.2000% 1.4000% 1.6000% 1.8000% 2.0000% 2.2000% 2.4000% 2.6000% 2.8000%

-0.5000%

-0.4000%

-0.3000%

-0.2000%

-0.1000%

0.0000%

0.1000%

0.2000%

Chart Title

Standard Deviation

Expe

cted

Ret

urn

Page 88: Analysis Markowitz Template

-0.4710% 1.5220% 5.1410% -0.0438% -0.4648% 0.8335% ###0.0503% 1.9637% -1.2012% -0.0110% 0.9427% -0.0045% ###1.4996% 3.5825% -2.0631% 2.5310% 2.6192% 4.1838% ###1.9435% 0.3699% -0.6395% 2.3830% 2.0202% 1.1745% ###

-1.3423% -3.2367% -0.2272% 1.8474% 0.7143% -1.8449% ###-2.0310% -1.8217% -0.4806% -0.6046% -2.4016% -4.0294% ###-1.4592% 0.8177% -0.6101% -3.0312% -2.8443% -1.1844% ###0.7149% 1.0398% 0.9207% -0.8187% -0.6610% 0.6273% ###1.1357% -1.0188% 2.4582% 0.7397% 0.2346% 1.0134% ###

-0.7018% -0.5822% 3.4380% -1.8942% -1.8168% -1.4952% ###0.1515% -0.3242% 6.3367% 0.2820% -1.0462% -1.7086% ###1.5526% 1.5948% 4.6323% -0.5300% -0.2266% -1.9554% ###1.6877% -0.0723% 1.7623% 2.7729% 4.0261% 1.1495% ###

-0.5272% -0.4237% 3.2524% -0.8465% 0.3621% 0.7312% ###0.0393% 4.4629% 3.1602% 1.9315% 0.4695% 1.7401% ###1.2263% 5.2856% -3.2517% -2.0415% 0.8591% -0.2606% ###0.9498% 2.9914% 2.2031% 1.0580% 2.8619% 0.6136% ###

-0.2208% 1.3102% -1.9050% -2.0939% -1.4193% -1.3873% ###-0.2405% -2.2701% 1.3185% -0.1620% 0.5325% -0.3873% ###-0.1350% -2.7392% -1.3417% -2.2828% -0.5097% -1.4815% ###1.2073% 1.9410% 2.1575% 1.0629% 2.0407% 2.6144% ###1.5173% 3.8828% 3.5632% -2.0048% 1.1588% -0.4758% ###2.4441% 1.3926% 0.5605% 0.9279% 0.0391% -1.0402% ###1.4682% -1.0013% -1.8453% -0.8086% -0.1317% 0.3195% ###0.4793% -1.2621% 0.1371% -1.6862% -2.2476% -1.3216% ###

-0.9900% -2.6924% 0.2347% 0.3067% -0.3449% 2.1532% ###-0.9454% 0.1304% -0.6438% 0.5662% -0.6938% 0.2747% ###-0.6057% -0.6606% 0.1964% 0.8670% 1.5758% 1.7337% ###-0.9971% -0.2810% -0.3920% 0.0893% 2.6254% 1.9271% ###1.8838% 0.9111% 1.2494% 1.4165% 0.1615% 1.2139% ###0.6590% 2.6433% 4.1391% 2.8813% 2.2171% 3.3284% ###2.0187% 3.5002% 0.7371% 1.9027% 3.1597% 1.5102% ###0.8557% 1.1214% 7.3076% 1.1329% 4.0843% 2.4819% ###1.9708% 5.0944% 3.1762% 1.2447% 7.1327% 3.0330% ###

Page 89: Analysis Markowitz Template

0

7 8 9 10 11 12 13 14 15 16-0.3504% -0.3365% -0.3226% -0.3087% -0.2948% -0.2809% -0.2670% -0.2531% -0.2392% -0.2253%

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%

-0.5000%

-0.4000%

-0.3000%

-0.2000%

-0.1000%

0.0000%

0.1000%

0.2000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 90: Analysis Markowitz Template

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%

-0.5000%

-0.4000%

-0.3000%

-0.2000%

-0.1000%

0.0000%

0.1000%

0.2000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

1.0000% 1.2000% 1.4000% 1.6000% 1.8000% 2.0000% 2.2000% 2.4000% 2.6000% 2.8000%

-0.5000%

-0.4000%

-0.3000%

-0.2000%

-0.1000%

0.0000%

0.1000%

0.2000%

Chart Title

Standard Deviation

Expe

cted

Ret

urn

0.0000% 1.0000% 2.0000%

-0.6000%

-0.4000%

-0.2000%

0.0000%

0.2000%

0.4000%

0.6000%

0.8000%

1.0000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 91: Analysis Markowitz Template

17 18 19 20 21 22 23 24 25 26-0.2114% -0.1975% -0.1836% -0.1697% -0.1558% -0.1419% -0.1280% -0.1141% -0.1002% -0.0863%

Page 92: Analysis Markowitz Template

0.0000% 1.0000% 2.0000%

-0.6000%

-0.4000%

-0.2000%

0.0000%

0.2000%

0.4000%

0.6000%

0.8000%

1.0000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 93: Analysis Markowitz Template

27 28 29 30 31 32 33 34 35 36-0.0724% -0.0585% -0.0446% -0.0307% -0.0168% -0.0029% 0.0110% 0.0249% 0.0388% 0.0527%

Page 94: Analysis Markowitz Template

37 38 39 40 410.0666% 0.0805% 0.0944% 0.1084% 0.1223%

Page 95: Analysis Markowitz Template

Foreign Exchange Return Risk RatioEUR -0.002587677495665 0.0222837 -11.6124122388090000%GBP -0.000483749524235 0.0172963 -2.7968308809656500%CAD -0.001379336448514 0.0139756 -9.8695912803749300%AUD -0.001205123527779 0.0242033 -4.9791601294777100%JPY -0.004338151435073 0.0243541 -17.8128114552948000%CHF 0.0012225223666597 0.0263176 4.6452596878068000%NOK -0.003656224369636 0.022392 -16.3282677977336000%SEK -0.000884908223043 0.0223947 -3.9514104992406900%

EUR -0.259 2.228GBP -0.048 1.730CAD -0.138 1.398AUD -0.121 2.420JPY -0.434 2.435CHF 0.122 2.632NOK -0.366 2.239SEK -0.088 2.239

0.161357264327484 1.75594960.0075105407573501 1.4866296

0.287986997840927 1.32921140.408982964059304 2.24052740.780803374126341 2.3794306

0.0411009194556542 2.55395980.432233339590868 2.14467860.240864651965618 1.8582397

Std. Dev. E[r]2.4472 -0.4338 0.0244716479322504 -0.0043382.0704 -0.4199 0.0207037737833552 -0.0041991.8310 -0.4060 0.0183102560175196 -0.004061.7452 -0.3921 0.0174523904713935 -0.0039211.6772 -0.3782 0.0167721644659986 -0.0037821.6119 -0.3643 0.0161191673149588 -0.0036431.5497 -0.3504 0.0154968414926106 -0.0035041.4909 -0.3365 0.0149090282994193 -0.0033651.4360 -0.3226 0.0143599665976285 -0.0032261.3854 -0.3087 0.0138535492957512 -0.0030871.3386 -0.2948 0.0133862767212054 -0.002948

Page 96: Analysis Markowitz Template

1.2960 -0.2809 0.0129599682297608 -0.0028091.2579 -0.2670 0.0125787894584652 -0.002671.2247 -0.2531 0.0122469550363797 -0.0025311.1979 -0.2392 0.0119792165365724 -0.0023921.1813 -0.2253 0.0118131601330862 -0.0022531.1689 -0.2114 0.0116887478420204 -0.0021141.1602 -0.1975 0.0116016206317271 -0.0019751.1553 -0.1836 0.0115531809249297 -0.0018361.1550 -0.1793 0.0115496305142233 -0.0017931.1568 -0.1697 0.0115680239470462 -0.0016971.1660 -0.1557 0.0116595620531648 -0.0015571.1823 -0.1418 0.0118229257824466 -0.0014181.2038 -0.1279 0.0120376290578821 -0.0012791.2296 -0.1140 0.0122964146533487 -0.001141.2594 -0.1002 0.0125942659626563 -0.0010021.2933 -0.0863 0.0129326374246126 -0.0008631.3318 -0.0724 0.0133178375944606 -0.0007241.3814 -0.0584 0.0138138616970661 -0.0005841.4413 -0.0445 0.0144125960997686 -0.0004451.5105 -0.0306 0.0151045916378639 -0.0003061.5872 -0.0168 0.0158718360992658 -0.0001681.6714 -0.0029 0.0167142694744432 -2.86E-051.7623 0.0111 0.0176232698542407 0.0001111.8570 0.0249 0.0185700533778964 0.0002491.9575 0.0389 0.0195745156399943 0.0003892.0609 0.0528 0.0206092476797997 0.0005282.1668 0.0666 0.0216681582400507 0.0006662.2762 0.0805 0.0227621257705097 0.0008052.3892 0.0945 0.0238919545892842 0.0009452.5067 0.1085 0.0250668197839594 0.0010852.6284 0.1223 0.0262842888608984 0.001223

EUR 0.000 0GBP 19.281 0.192808 GMVCAD 60.888 0.608881 0AUD 0.000 0 1JPY 19.831 0.198311 2CHF 0.000 0 2.5NOK 0.000 0 3SEK 0.000 0

0.00 0Variance 0.013 0.000133 0.01Std. Dev. 1.155 0.01155 0.02Return -0.179 -0.001793 0.025

Page 97: Analysis Markowitz Template

0.000Rf 0.610 0.006097Sharpe Ratio -0.683 -0.177747

EUR 0.000GBP 19.281CAD 60.888AUD 0JPY 19.831CHF 0NOK 0SEK 0.000

Portfolio Variance 0.013Std. Deviation 1.155Expected Return -0.179Rf 0.610Sharpe Ratio -0.683

EUR 0.000%GBP 0.000%CAD 0.000%AUD 0.000%JPY 0.000%CHF 100.000%NOK 0.000%SEK 0.000%

Portfolio Variance 0.069%Std. Deviation 2.632%Expected Return 0.122%Rf 0.610%Sharpe Ratio -0.185

0.000%0.000%

-0.259%

Individual Weight (Wi)

Individual Weight (Wi)

Page 98: Analysis Markowitz Template

Efficient Frontier CurveIneffecient Frontier Curve

1.200 1.400 1.600 1.800 2.000 2.200 2.400 2.600 2.800-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

SEK

NOK

CHF

JPY

AUDCAD

GBP

EUR

Standard Deviation

Exp

ecte

d R

etur

n

1.000 1.200 1.400 1.600 1.800 2.000 2.200 2.400 2.600 2.800-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

SEK

NOK

CHF

JPY

AUDCAD

GBP

EUR

Standard Deviation

Exp

ecte

d R

etur

n

0.000 0.500 1.000 1.500 2.000 2.500 3.000 3.500-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

Global Minimum Variance Portfolio

SEK

NOK

CHF

JPY

AUDCADGBP

EUR

Standard Deviation

Exp

ecte

d R

etur

n

0.000 0.500 1.000 1.500 2.000 2.500 3.000 3.500-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

Global Minimum Variance Portfolio

SEK

NOK

CHF

JPY

AUDCADGBP

EUR

Standard Deviation

Exp

ecte

d R

etur

n

Efficient Frontier Curve

Inefficient Frontier Curve

Page 99: Analysis Markowitz Template

0 0.192808 0.608881 0 0.198311 0

-0.179342-0.179342-0.179342-0.179342-0.179342 0.000133

0.011550.002988 -0.0017930.0029880.0029880.002988

0.000 0.500 1.000 1.500 2.000 2.500 3.000 3.500-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

Global Minimum Variance Portfolio

SEK

NOK

CHF

JPY

AUDCADGBP

EUR

Standard Deviation

Exp

ecte

d R

etur

n

Page 100: Analysis Markowitz Template

0.002988

0.069%2.628%0.122%

19.281% 60.888% 0.000% 19.831% 0.000% 0.000% 0.000%0.003% 0.008% 0.000% 0.003% 0.000% 0.000% 0.000%

-0.048% -0.138% -0.121% -0.434% 0.122% -0.366% -0.088%

Page 101: Analysis Markowitz Template

Efficient Frontier CurveIneffecient Frontier Curve

0.000 0.500 1.000 1.500 2.000 2.500 3.000 3.500-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

Global Minimum Variance Portfolio

SEK

NOK

CHF

JPY

AUDCADGBP

EUR

Standard Deviation

Exp

ecte

d R

etur

n

0.000 0.500 1.000 1.500 2.000 2.500 3.000 3.500-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

Global Minimum Variance Portfolio

SEK

NOK

CHF

JPY

AUDCADGBP

EUR

Standard Deviation

Exp

ecte

d R

etur

n

Efficient Frontier Curve

Inefficient Frontier Curve

Page 102: Analysis Markowitz Template

0 0

0.000 0.500 1.000 1.500 2.000 2.500 3.000 3.500-0.500

-0.400

-0.300

-0.200

-0.100

0.000

0.100

0.200

Global Minimum Variance Portfolio

SEK

NOK

CHF

JPY

AUDCADGBP

EUR

Standard Deviation

Exp

ecte

d R

etur

n

Page 103: Analysis Markowitz Template

End Date EUR GBP CAD AUD JPY CHF NOK SEK

### -1.0176% -0.9365% -1.4863% -0.6244% -1.0315% -1.6675% -2.1895% -2.5324%### -2.1629% -2.2530% -0.6236% -1.0872% 0.1212% -0.4920% -2.0782% -3.6153%### -2.5382% -0.2740% -1.1032% -0.2017% -1.1863% -3.2716% -2.5387% -1.4883%### -3.0104% -1.1314% -1.9138% -4.3751% 2.0336% -2.1533% -3.2950% -2.2354%### 0.6785% -0.0490% 0.8869% -1.1940% -2.6294% -2.8454% 1.1388% 0.7573%### -0.3011% 0.7851% 1.2204% 0.8769% -0.8015% -3.7982% -0.4387% 1.1435%### 0.5321% 0.5193% -2.2888% -1.5690% -1.2554% -1.9622% -0.1010% 0.8839%### -0.2718% -1.3723% 2.6142% 2.5848% -2.9834% -5.2766% 0.0312% 0.3135%### 3.9449% 3.4539% 1.7018% 2.1102% -0.2984% 10.9233% 2.7522% 3.2998%### 0.7590% 0.4589% 2.4248% 1.7479% -0.2863% 3.6135% 1.2928% 0.7789%### 0.8081% -0.4883% 0.2152% -0.0707% 1.1746% 0.9805% 1.1368% 0.9770%### 3.0571% 1.4720% -0.0781% -0.1517% 0.4128% 2.7474% 2.6320% 1.7226%### 2.2544% 0.6083% -0.8011% -2.4610% -1.1305% 0.8698% 1.3231% 0.2849%### -2.4755% -1.8605% -1.7333% -3.1253% 1.8581% -2.7787% -3.9476% -2.8091%### 0.0529% -0.1580% -0.4710% 1.5220% 5.1410% -0.0438% -0.4648% 0.8335%### 0.3303% -1.1076% 0.0503% 1.9637% -1.2012% -0.0110% 0.9427% -0.0045%### 2.5945% 0.3200% 1.4996% 3.5825% -2.0631% 2.5310% 2.6192% 4.1838%### 2.4134% 2.6156% 1.9435% 0.3699% -0.6395% 2.3830% 2.0202% 1.1745%### 1.8426% -0.3730% -1.3423% -3.2367% -0.2272% 1.8474% 0.7143% -1.8449%### -0.6154% -0.6708% -2.0310% -1.8217% -0.4806% -0.6046% -2.4016% -4.0294%### -3.6409% -2.3873% -1.4592% 0.8177% -0.6101% -3.0312% -2.8443% -1.1844%### -0.9125% 0.0644% 0.7149% 1.0398% 0.9207% -0.8187% -0.6610% 0.6273%### 1.1154% 0.7075% 1.1357% -1.0188% 2.4582% 0.7397% 0.2346% 1.0134%### -2.1293% -0.9899% -0.7018% -0.5822% 3.4380% -1.8942% -1.8168% -1.4952%### -1.2975% 0.8708% 0.1515% -0.3242% 6.3367% 0.2820% -1.0462% -1.7086%### -0.7702% 2.9736% 1.5526% 1.5948% 4.6323% -0.5300% -0.2266% -1.9554%### 3.1313% 2.9033% 1.6877% -0.0723% 1.7623% 2.7729% 4.0261% 1.1495%### -0.2984% -1.4182% -0.5272% -0.4237% 3.2524% -0.8465% 0.3621% 0.7312%### 0.2343% -0.0153% 0.0393% 4.4629% 3.1602% 1.9315% 0.4695% 1.7401%### -1.4542% -1.0103% 1.2263% 5.2856% -3.2517% -2.0415% 0.8591% -0.2606%### 0.7773% 1.9020% 0.9498% 2.9914% 2.2031% 1.0580% 2.8619% 0.6136%### -1.8434% -2.0030% -0.2208% 1.3102% -1.9050% -2.0939% -1.4193% -1.3873%### -0.1865% -2.2143% -0.2405% -2.2701% 1.3185% -0.1620% 0.5325% -0.3873%### -2.1350% -1.5994% -0.1350% -2.7392% -1.3417% -2.2828% -0.5097% -1.4815%### 1.0363% 0.0161% 1.2073% 1.9410% 2.1575% 1.0629% 2.0407% 2.6144%### -1.4575% -1.7216% 1.5173% 3.8828% 3.5632% -2.0048% 1.1588% -0.4758%### 0.4519% -0.5894% 2.4441% 1.3926% 0.5605% 0.9279% 0.0391% -1.0402%### -0.0818% -0.4611% 1.4682% -1.0013% -1.8453% -0.8086% -0.1317% 0.3195%### -1.3099% -0.5129% 0.4793% -1.2621% 0.1371% -1.6862% -2.2476% -1.3216%### 0.1383% -0.5987% -0.9900% -2.6924% 0.2347% 0.3067% -0.3449% 2.1532%### 0.4694% -0.6860% -0.9454% 0.1304% -0.6438% 0.5662% -0.6938% 0.2747%### 1.0444% -0.3369% -0.6057% -0.6606% 0.1964% 0.8670% 1.5758% 1.7337%### 0.3672% -1.0649% -0.9971% -0.2810% -0.3920% 0.0893% 2.6254% 1.9271%### 1.6667% 2.2382% 1.8838% 0.9111% 1.2494% 1.4165% 0.1615% 1.2139%

Page 104: Analysis Markowitz Template

### 3.2387% 2.4231% 0.6590% 2.6433% 4.1391% 2.8813% 2.2171% 3.3284%### 1.8719% 1.4847% 2.0187% 3.5002% 0.7371% 1.9027% 3.1597% 1.5102%### 1.5714% 1.8328% 0.8557% 1.1214% 7.3076% 1.1329% 4.0843% 2.4819%### 1.2726% 0.9946% 1.9708% 5.0944% 3.1762% 1.2447% 7.1327% 3.0330%

Page 105: Analysis Markowitz Template

EUR GBP CAD AUD JPY CHF NOK0% 0% 0% 0% 100% 0% 0%

-0.0103154611970733 Risk-Free 0.4999%0.0012119743061446 Omega 1.353969-0.0118629705846750.0203356609089797

-0.0262936727098092-0.0080147965474722 1.353969 8 1 1 1 32767-0.0125543816034805-0.0298338368580061-0.0029842999870247-0.00286309213951070.01174628034455740.0041279669762643-0.0113052415210690.01858108108108120.0514096185737977

-0.0120116476583353-0.0206312169961931-0.0063949843260189-0.0022715800100958-0.0048064760941057-0.00610066090493140.00920716112531970.02458185504308160.03438041058619840.06336681013868960.04632336406566230.01762303889963470.03252375923970430.0316015545101248

-0.03251710121939130.0220309457936263

-0.01904952877481440.0131847914963204-0.0134167255119540.02157464212678940.03563206886197580.0056054895138687

-0.01845266698702550.00137080191912270.0023467292461133

-0.00643839625402410.0019636720667649

-0.00391964723174910.0124938514510575

Returns given investment weights

P11
1
Q11
3
R11
2
Page 106: Analysis Markowitz Template

0.04139137193937040.00737077813024810.07307585440400110.0317624719489039

Page 107: Analysis Markowitz Template

SEK Total0% 1

0

Page 108: Analysis Markowitz Template

Portfolio Optimization - Markowitz Method

EUR GBP CAD AUD JPY CHFPortfolio % 0% 0% 0% 19% 70% 0%Expected Return 0.146% -0.003% 0.279% 0.384% 0.751% 0.010%

Covariance MatrixEUR GBP CAD AUD JPY CHF

EUR 0.0003011 0.0001847 9.94359E-05 9.5506E-05 1.917E-05 0.00033194GBP 0.0001847 0.0002148 9.37957E-05 9.3717E-05 0.0001026 0.00023254CAD 9.944E-05 9.38E-05 0.00017226 0.0001855 1.487E-05 0.00010331AUD 9.551E-05 9.372E-05 0.00018553 0.000486 5.706E-05 0.00012682

JPY 1.917E-05 0.0001026 1.48728E-05 5.7064E-05 0.0005376 0.00012231

CHF 0.0003319 0.0002325 0.00010331 0.0001268 0.0001223 0.00061885NOK 0.000285 0.0001766 0.00015709 0.0002423 7.975E-05 0.00030429SEK 0.0002344 0.0001394 0.00011311 0.000194 3.932E-05 0.00024269

Variance Term 0.0000% 0.0000% 0.0000% 0.0031% 0.0276% 0.0000%

Return Term 0.0000% 0.0000% 0.0000% 0.0743% 0.5243% 0.0000%

Temporary OutputStd. Dev. E[r] EUR GBP CAD AUD JPY

1.798% 0.643% 0% 0% 0% 19% 70%

Output From SolverX axis = SD Y axis = E[r] WeightsStd. Dev. E[r] EUR GBP CAD AUD JPY

1.4711% 0.0075% 0% 100% 0% 0% 0%1.4161% 0.0268% 0% 93% 7% 0% 0%1.3660% 0.0462% 0% 86% 14% 0% 0%1.3211% 0.0655% 0% 79% 20% 0% 0%1.2818% 0.0848% 0% 72% 26% 0% 0%1.2483% 0.1042% 0% 65% 32% 0% 0%1.2213% 0.1235% 0% 58% 37% 0% 0%1.2011% 0.1429% 0% 51% 42% 0% 0%1.1845% 0.1622% 0% 48% 43% 0% 2%1.1700% 0.1816% 0% 44% 45% 0% 4%1.1580% 0.2008% 0% 40% 46% 0% 6%1.1482% 0.2202% 0% 37% 47% 0% 8%1.1408% 0.2396% 1% 33% 48% 0% 10%1.1356% 0.2588% 3% 28% 49% 0% 12%1.1323% 0.2782% 6% 23% 51% 0% 13%

Page 109: Analysis Markowitz Template

1.1356% 0.2588% 3% 28% 49% 0% 12%1.1323% 0.2782% 6% 23% 51% 0% 13%1.1311% 0.2988% 8% 18% 52% 0% 15%1.1320% 0.3168% 10% 14% 53% 0% 17%1.1350% 0.3362% 13% 9% 54% 0% 19%1.1400% 0.3555% 15% 5% 55% 0% 21%1.1470% 0.3748% 18% 0% 56% 0% 23%1.1583% 0.3942% 15% 0% 56% 0% 26%1.1760% 0.4135% 12% 0% 55% 0% 29%1.1999% 0.4328% 9% 0% 53% 1% 32%1.2293% 0.4522% 7% 0% 51% 2% 35%1.2633% 0.4715% 4% 0% 50% 3% 37%1.3001% 0.4908% 1% 0% 49% 3% 39%1.3396% 0.5102% 0% 0% 46% 4% 41%1.3834% 0.5295% 0% 0% 40% 5% 45%1.4319% 0.5488% 0% 0% 34% 7% 48%1.4847% 0.5681% 0% 0% 28% 8% 51%1.5412% 0.5875% 0% 0% 22% 10% 54%1.6011% 0.6068% 0% 0% 17% 11% 58%1.6640% 0.6261% 0% 0% 11% 13% 61%1.7224% 0.6390% 0% 0% 0% 10% 60%1.7978% 0.6648% 0% 0% 0% 15% 68%1.8729% 0.6842% 0% 0% 0% 12% 73%1.9557% 0.7035% 0% 0% 0% 9% 78%2.0469% 0.7229% 0% 0% 0% 7% 84%2.1436% 0.7421% 0% 0% 0% 4% 89%2.2465% 0.7615% 0% 0% 0% 1% 95%2.3545% 0.7808% 0% 0% 0% 0% 100%

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NOK SEK Total11% 0% 100% Variance

0.409% 0.224%

NOK SEK0.000285033 0.0002344 5.0 0.000176564 0.0001394 0.4999%0.000157085 0.0001131 Rf 0.1774%0.000242328 0.000194 Sharpe Ratio 0.2589

7.975384E-05 3.9323E-05 Omega Ratio 1.97162

0.000304294 0.00024270.000443159 0.0002996 U -0.2560674%

0.0002996 0.000338Omega

0.0016% 0.0000% Variance 0.032%Std. Dev. 1.798% Target

0.0442% 0.0000% Return 0.64278% 1.131%

CHF NOK SEK CAL0% 11% 0% Return Std. Dev.

Rf 0.0049985578125 0Tangency 0.0078080337413 0.0235451

CHF NOK SEK0% 0% 0% GMV0% 0% 0% 0.0000% 0.2988%0% 0% 0% 1.0000% 0.2988%0% 0% 0% 2.0000% 0.2988%0% 0% 2% 2.5000% 0.2988%0% 0% 3%0% 0% 5%0% 0% 6% CAL0% 0% 7% 0% 0.00499855781250% 0% 7% 0.017224319 0.00638965403760% 0% 8%0% 0% 8% 0 0.00499855781250% 0% 8% 0.023545145 0.00780803374130% 0% 8%0% 0% 7%

Utility Score = Expected Return – 0.005σ2 × Risk Aversion Coefficient

Page 111: Analysis Markowitz Template

0% 0% 8%0% 0% 7%0% 0% 6%0% 0% 5%0% 0% 5%0% 0% 4%0% 0% 3%0% 0% 4%0% 0% 4%0% 0% 5%0% 0% 4%0% 3% 4%0% 6% 3%0% 9% 0%0% 10% 0%0% 11% 0%0% 12% 0%0% 14% 0%0% 15% 0%0% 16% 0%0% 30% 0%0% 17% 0%0% 15% 0%0% 12% 0%0% 9% 0%0% 7% 0%0% 4% 0%0% 0% 0%

1.7297% 0.6455% 0%

End Date EUR GBP1/31/2011 -1.0228% -0.9409%2/28/2011 -2.1866% -2.2788%3/31/2011 -2.5710% -0.2744%4/30/2011 -3.0566% -1.1379%5/31/2011 0.6762% -0.0491%6/30/2011 -0.3016% 0.7820%7/31/2011 0.5307% 0.5180%8/31/2011 -0.2722% -1.3818%9/30/2011 3.8691% 3.3956%

10/31/2011 0.7562% 0.4578%11/30/2011 0.8049% -0.4895%12/31/2011 3.0113% 1.4613%

1/31/2012 2.2294% 0.6065%2/29/2012 -2.5067% -1.8780%

Page 112: Analysis Markowitz Template

3/31/2012 0.0529% -0.1581%4/30/2012 0.3298% -1.1138%5/31/2012 2.5614% 0.3195%6/30/2012 2.3847% 2.5820%7/31/2012 1.8258% -0.3737%8/31/2012 -0.6173% -0.6731%9/30/2012 -3.7088% -2.4163%

10/31/2012 -0.9167% 0.0643%11/30/2012 1.1093% 0.7050%12/31/2012 -2.1523% -0.9949%

1/31/2013 -1.3060% 0.8671%2/28/2013 -0.7731% 2.9303%3/31/2013 3.0832% 2.8619%4/30/2013 -0.2989% -1.4284%5/31/2013 0.2340% -0.0153%6/30/2013 -1.4648% -1.0154%7/31/2013 0.7743% 1.8841%8/31/2013 -1.8606% -2.0234%9/30/2013 -0.1866% -2.2392%

10/31/2013 -2.1582% -1.6123%11/30/2013 1.0309% 0.0161%12/31/2013 -1.4682% -1.7366%

1/31/2014 0.4509% -0.5911%2/28/2014 -0.0818% -0.4622%3/31/2014 -1.3185% -0.5142%4/30/2014 0.1382% -0.6005%5/31/2014 0.4683% -0.6883%6/30/2014 1.0390% -0.3375%7/31/2014 0.3665% -1.0706%8/31/2014 1.6529% 2.2135%9/30/2014 3.1874% 2.3942%

10/31/2014 1.8546% 1.4738%11/30/2014 1.5592% 1.8162%12/31/2014 1.2646% 0.9897%

Page 113: Analysis Markowitz Template

Min 0.032% 8 1 1 1 0Max 25.886% 8 1 1 32767 0Max Omega 1.971618 8 1 1 1 32767min

0.781%0.008%

1 2 3 4 50.773% 0.0193% 0.008% 0.0268% 0.0462% 0.0655% 0.0848%

1

0.00620543335476 50.00642783108494

Utility Score = Expected Return – 0.005σ2 × Risk Aversion Coefficient

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 114: Analysis Markowitz Template

0% 5% 14% 64% 0% 17% 0%

CAD AUD JPY CHF NOK SEK-1.4975% -0.6264% -1.0369% -1.6816% -2.2139% -2.5650%-0.6256% -1.0931% 0.1211% -0.4932% -2.1001% -3.6823%-1.1094% -0.2019% -1.1934% -3.3263% -2.5715% -1.4995%-1.9324% -4.4737% 2.0132% -2.1769% -3.3505% -2.2608%0.8830% -1.2012% -2.6646% -2.8867% 1.1324% 0.7545%1.2130% 0.8731% -0.8047% -3.8722% -0.4397% 1.1370%

-2.3153% -1.5814% -1.2634% -1.9817% -0.1010% 0.8800%2.5807% 2.5520% -3.0288% -5.4209% 0.0312% 0.3130%1.6875% 2.0883% -0.2989% 10.3669% 2.7150% 3.2466%2.3959% 1.7328% -0.2867% 3.5497% 1.2845% 0.7759%0.2150% -0.0708% 1.1678% 0.9757% 1.1304% 0.9723%

-0.0781% -0.1518% 0.4119% 2.7104% 2.5980% 1.7080%-0.8043% -2.4918% -1.1370% 0.8661% 1.3144% 0.2845%-1.7485% -3.1752% 1.8411% -2.8180% -4.0277% -2.8493%

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

1.0000% 1.2000% 1.4000% 1.6000% 1.8000% 2.0000% 2.2000% 2.4000% 2.6000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Chart Title

Standard Deviation

Expe

cted

Ret

urn

Page 115: Analysis Markowitz Template

-0.4721% 1.5105% 5.0132% -0.0438% -0.4659% 0.8300%0.0503% 1.9447% -1.2084% -0.0110% 0.9383% -0.0045%1.4885% 3.5198% -2.0847% 2.4995% 2.5855% 4.0986%1.9248% 0.3692% -0.6416% 2.3550% 2.0000% 1.1676%

-1.3514% -3.2903% -0.2274% 1.8305% 0.7118% -1.8622%-2.0519% -1.8385% -0.4818% -0.6065% -2.4309% -4.1128%-1.4699% 0.8144% -0.6119% -3.0781% -2.8855% -1.1915%0.7123% 1.0345% 0.9165% -0.8221% -0.6632% 0.6254%1.1293% -1.0241% 2.4285% 0.7370% 0.2344% 1.0083%

-0.7043% -0.5839% 3.3803% -1.9124% -1.8336% -1.5065%0.1513% -0.3247% 6.1440% 0.2816% -1.0517% -1.7234%1.5406% 1.5822% 4.5282% -0.5314% -0.2268% -1.9748%1.6736% -0.0723% 1.7470% 2.7352% 3.9472% 1.1430%

-0.5286% -0.4246% 3.2006% -0.8501% 0.3614% 0.7286%0.0393% 4.3662% 3.1113% 1.9131% 0.4684% 1.7251%1.2189% 5.1507% -3.3058% -2.0626% 0.8554% -0.2609%0.9453% 2.9475% 2.1792% 1.0525% 2.8217% 0.6117%

-0.2211% 1.3017% -1.9233% -2.1161% -1.4294% -1.3970%-0.2408% -2.2962% 1.3099% -0.1622% 0.5311% -0.3881%-0.1351% -2.7774% -1.3508% -2.3093% -0.5110% -1.4925%1.2000% 1.9224% 2.1345% 1.0573% 2.0202% 2.5808%1.5059% 3.8093% 3.5012% -2.0252% 1.1521% -0.4769%2.4147% 1.3830% 0.5590% 0.9236% 0.0390% -1.0456%1.4575% -1.0064% -1.8625% -0.8119% -0.1318% 0.3190%0.4781% -1.2701% 0.1370% -1.7006% -2.2732% -1.3304%

-0.9949% -2.7293% 0.2344% 0.3062% -0.3455% 2.1303%-0.9499% 0.1303% -0.6459% 0.5646% -0.6962% 0.2744%-0.6075% -0.6628% 0.1962% 0.8633% 1.5635% 1.7188%-1.0021% -0.2814% -0.3927% 0.0893% 2.5915% 1.9087%1.8663% 0.9069% 1.2416% 1.4065% 0.1614% 1.2066%0.6569% 2.6090% 4.0558% 2.8406% 2.1929% 3.2742%1.9986% 3.4403% 0.7344% 1.8849% 3.1108% 1.4989%0.8521% 1.1152% 7.0529% 1.1265% 4.0031% 2.4516%1.9517% 4.9689% 3.1268% 1.2370% 6.8898% 2.9879%

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32767 0

0

6 7 8 9 10 11 12 130.1042% 0.1235% 0.1428% 0.1622% 0.1815% 0.2008% 0.2202% 0.2395%

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 117: Analysis Markowitz Template

Return-1.0845312509354300%-0.3539813291210800%-1.1502149795329400%0.1774305712456480%

-1.9709906528613300%-0.4403217903038880%-1.1994229489960100%-1.6173717594090100%0.4890222637950200%0.2741359627150240%0.9238628743260790%0.5388931111533880%

-1.1345755926030000%0.2355801063756500%

-0.5000% 0.0000% 0.5000% 1.0000% 1.5000% 2.0000% 2.5000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

1.0000% 1.2000% 1.4000% 1.6000% 1.8000% 2.0000% 2.2000% 2.4000% 2.6000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Chart Title

Standard Deviation

Expe

cted

Ret

urn

0.0000% 1.0000% 2.0000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

Page 118: Analysis Markowitz Template

3.7429417696617400%-0.3658592001272950%-0.4947523150041720%-0.1604570404662810%-0.7191795535826550%-0.9551122010029460%-0.5812770357809440%0.7687120990407610%1.5227740261245400%2.0492887860440300%4.1138767528314200%3.4440265165149900%1.6322600443221300%2.1917882558234800%3.0688318167970700%

-1.2184315849589000%2.3973956401605900%

-1.2453515044786200%0.5273199808228010%

-1.5363620930078700%2.0810871967795000%3.3071239404886400%0.6624211402009220%

-1.5097461030715600%-0.3958842816326360%-0.4022524436826870%-0.5010107530160910%0.1775105554063310%

-0.0488142364578054%1.0601285579265500%3.5743330417542300%1.5151542654060000%5.5734666859900400%3.8900841979841200%

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14 15 16 17 18 19 20 21 22 230.2588% 0.2782% 0.2975% 0.3168% 0.3362% 0.3555% 0.3748% 0.3942% 0.4135% 0.4328%

Page 120: Analysis Markowitz Template

0.0000% 1.0000% 2.0000%0.0000%

0.1000%

0.2000%

0.3000%

0.4000%

0.5000%

0.6000%

0.7000%

0.8000%

0.9000%

Global Minimum Variance

Optimal Risky Portfolio

Standard Deviation

Expe

cted

Ret

urn

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24 25 26 27 28 29 30 31 32 330.4522% 0.4715% 0.4908% 0.5102% 0.5295% 0.5488% 0.5681% 0.5875% 0.6068% 0.6261%

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34 35 36 37 38 39 400.6455% 0.6648% 0.6841% 0.7035% 0.7228% 0.7421% 0.7615%