Risk-Free Rate 8.

572% 2-Nov-18

BBTN INCO
Date Adj Close Return Return-Rf Adj Close Return Return-Rf
10/31/2013 869.79 2296.23
11/30/2013 780.12 -0.10309 -0.18881 2535.42 0.10417 0.01845
12/31/2013 807.02 0.03448 -0.05124 2233.39 -0.11913 -0.20485
1/31/2014 968.43 0.20000 0.11428 2315.75 0.03688 -0.04884
2/28/2014 1152.25 0.18981 0.10410 2732.39 0.17992 0.09420
3/31/2014 1071.55 -0.07003 -0.15575 3439.71 0.25887 0.17315
4/30/2014 1011.25 -0.05628 -0.14200 3793.36 0.10282 0.01710
5/31/2014 964.86 -0.04587 -0.13159 3444.55 -0.09195 -0.17767
6/30/2014 1001.97 0.03846 -0.04726 3899.95 0.13221 0.04649
7/31/2014 1034.44 0.03241 -0.05331 4050.13 0.03851 -0.04721
8/31/2014 1085.47 0.04933 -0.03639 3633.49 -0.10287 -0.18859
9/30/2014 1039.08 -0.04274 -0.12845 3672.25 0.01067 -0.07505
10/31/2014 1048.36 0.00893 -0.07679 3861.19 0.05145 -0.03427
11/30/2014 1117.94 0.06637 -0.01935 3512.38 -0.09034 -0.17606
12/31/2014 923.11 -0.17427 -0.25999 3450.00 -0.01776 -0.10348
1/31/2015 992.70 0.07538 -0.01034 3525.00 0.02174 -0.06398
2/28/2015 1164.33 0.17290 0.08718 3235.00 -0.08227 -0.16799
3/31/2015 1034.44 -0.11155 -0.19727 2795.00 -0.13601 -0.22173
4/30/2015 1137.07 0.09921 0.01349 3120.00 0.11628 0.03056
5/31/2015 1122.92 -0.01245 -0.09817 2710.00 -0.13141 -0.21713
6/30/2015 1104.04 -0.01681 -0.10253 1960.00 -0.27675 -0.36247
7/31/2015 1004.96 -0.08974 -0.17546 1545.00 -0.21173 -0.29745
8/31/2015 938.91 -0.06573 -0.15145 2185.00 0.41424 0.32852
9/30/2015 1118.20 0.19095 0.10524 2235.00 0.02288 -0.06284
10/31/2015 1198.41 0.07173 -0.01399 1645.00 -0.26398 -0.34970
11/30/2015 1222.00 0.01969 -0.06603 1635.00 -0.00608 -0.09180
12/31/2015 1288.05 0.05405 -0.03166 1445.00 -0.11621 -0.20193
1/31/2016 1566.42 0.21612 0.13040 1535.00 0.06228 -0.02344
2/29/2016 1646.63 0.05120 -0.03451 1750.00 0.14007 0.05435
3/31/2016 1660.79 0.00860 -0.07712 1860.00 0.06286 -0.02286
4/30/2016 1643.07 -0.01066 -0.09638 1655.00 -0.11022 -0.19593
5/31/2016 1652.71 0.00587 -0.07985 1820.00 0.09970 0.01398
6/30/2016 1903.27 0.15160 0.06588 2560.00 0.40659 0.32087
7/31/2016 1937.00 0.01772 -0.06800 2640.00 0.03125 -0.05447
8/31/2016 1850.26 -0.04478 -0.13050 2950.00 0.11742 0.03171
9/30/2016 1840.63 -0.00521 -0.09093 2720.00 -0.07797 -0.16369
10/31/2016 1590.07 -0.13613 -0.22184 3380.00 0.24265 0.15693
11/30/2016 1676.80 0.05455 -0.03117 2820.00 -0.16568 -0.25140
12/31/2016 1835.81 0.09483 0.00911 2370.00 -0.15957 -0.24529
1/31/2017 2062.27 0.12336 0.03764 2550.00 0.07595 -0.00977
2/28/2017 2187.55 0.06075 -0.02497 2390.00 -0.06275 -0.14846
 3/31/2017 2264.74 0.03529 -0.05043 2220.00 -0.07113 -0.15685
4/30/2017 2461.68 0.08696 0.00124 1905.00 -0.14189 -0.22761
5/31/2017 2560.15 0.04000 -0.04572 1850.00 -0.02887 -0.11459
6/30/2017 2560.15 0.00000 -0.08572 2420.00 0.30811 0.22239
7/31/2017 2963.86 0.15769 0.07197 2970.00 0.22727 0.14155
8/31/2017 3101.71 0.04651 -0.03921 2590.00 -0.12795 -0.21367
9/30/2017 2717.69 -0.12381 -0.20953 2940.00 0.13514 0.04942
10/31/2017 3150.95 0.15942 0.07370 3040.00 0.03401 -0.05171
11/30/2017 3515.28 0.11563 0.02991 2890.00 -0.04934 -0.13506
12/31/2017 3603.90 0.02521 -0.06051 3750.00 0.29758 0.21186
1/31/2018 3682.67 0.02186 -0.06386 3390.00 -0.09600 -0.18172
2/28/2018 3741.75 0.01604 -0.06968 2790.00 -0.17699 -0.26271
3/31/2018 3062.33 -0.18158 -0.26730 3160.00 0.13262 0.04690
4/30/2018 3050.00 -0.00403 -0.08974 3860.00 0.22152 0.13580
5/31/2018 2450.00 -0.19672 -0.28244 4040.00 0.04663 -0.03909
6/30/2018 2360.00 -0.03673 -0.12245 4370.00 0.08168 -0.00404
7/31/2018 2750.00 0.16525 0.07954 3800.00 -0.13043 -0.21615
8/31/2018 2630.00 -0.04364 -0.12936 3710.00 -0.02368 -0.10940
9/30/2018 2120.00 -0.19392 -0.27964 2920.00 -0.21294 -0.29866
10/31/2018 2350.00 0.10849 0.02277 3240.00 0.10959 0.02387

Average 2.17% 1.74%

Monthly Return

Standard 0.100497411 0.156679555

Deviation

Standard
Deviation per 0.348133244 0.542753898
Annum

Beta 1.47 1.03

Expected 20.63% 17.02%

Return

Excess Return 12.0568% 8.4480%

Correlations BBTN INCO UNVR TLKM TPIA BRPT

BBTN 1.00000 -0.00263 0.33545 0.08453 -0.04343 0.29527
INCO 1.00000 -0.10913 -0.12315 0.12735 0.08691
UNVR 1.00000 0.12497 -0.02964 0.30468
TLKM 1.00000 -0.02733 0.02797
TPIA 1.00000 0.36717
BRPT 1.00000
ACES
ICBP
BBCA

Covariances BBTN INCO UNVR TLKM TPIA BRPT

BBTN 0.121197 -0.000496 0.022254 0.00656 -0.00764 0.07213
INCO 0.294582 -0.011286 -0.01490 0.03491 0.03310
UNVR 0.036311 0.00531 -0.00285 0.04074
TLKM 0.04972 -0.00308 0.00438
TPIA 0.25515 0.13015
BRPT 0.49240
ACES
ICBP
BBCA
 UNVR TLKM TPIA
Adj Close Return Return-Rf Adj Close Return Return-Rf Adj Close Return
24004.31 1785.45 441.23
23462.86 -0.02256 -0.10828 1764.92 -0.01149 -0.09721 437.55 -0.00833
26082.22 0.11164 0.02592 1867.54 0.05814 -0.02758 426.52 -0.02521
26105.06 0.00088 -0.08484 1908.58 0.02198 -0.06374 372.84 -0.12586
26721.71 0.02362 -0.06210 1818.28 -0.04731 -0.13303 344.16 -0.07692
26721.71 0.00000 -0.08572 1859.33 0.02257 -0.06315 367.69 0.06838
26607.52 -0.00427 -0.08999 2292.22 0.23282 0.14710 388.28 0.05600
26744.55 0.00515 -0.08057 2194.30 -0.04272 -0.12844 383.87 -0.01136
28446.20 0.06363 -0.02209 2358.98 0.07505 -0.01067 404.44 0.05358
28700.60 0.00894 -0.07678 2372.34 0.00566 -0.08006 486.07 0.20185
29417.54 0.02498 -0.06074 2594.88 0.09381 0.00809 479.33 -0.01387
28122.43 -0.04403 -0.12974 2448.00 -0.05660 -0.14232 479.33 0.00000
29417.54 0.04605 -0.03967 2514.77 0.02727 -0.05845 449.38 -0.06250
29880.08 0.01572 -0.07000 2550.37 0.01416 -0.07156 449.38 0.00000
33500.89 0.12118 0.03546 2519.22 -0.01222 -0.09794 449.38 0.00000
33664.54 0.00488 -0.08083 2612.69 0.03710 -0.04862 453.87 0.01000
37077.75 0.10139 0.01567 2572.63 -0.01533 -0.10105 449.38 -0.00990
39836.37 0.07440 -0.01132 2327.83 -0.09516 -0.18087 471.84 0.05000
40490.96 0.01643 -0.06929 2599.27 0.11661 0.03089 525.77 0.11429
36937.48 -0.08776 -0.17348 2676.93 0.02988 -0.05584 501.80 -0.04558
37795.20 0.02322 -0.06250 2686.07 0.00341 -0.08231 539.27 0.07466
37535.35 -0.00688 -0.09259 2622.11 -0.02381 -0.10953 537.73 -0.00286
35905.43 -0.04342 -0.12914 2416.55 -0.07840 -0.16412 558.53 0.03868
34960.56 -0.02632 -0.11203 2448.52 0.01323 -0.07249 527.71 -0.05517
34724.34 -0.00676 -0.09248 2676.93 0.09328 0.00756 523.86 -0.00730
34960.56 0.00680 -0.07892 2836.82 0.05973 -0.02599 530.79 0.01324
34997.11 0.00105 -0.08467 3051.52 0.07568 -0.01003 539.27 0.01597
42459.04 0.21322 0.12750 2969.29 -0.02695 -0.11267 539.27 0.00000
40933.27 -0.03593 -0.12165 3037.82 0.02308 -0.06264 546.97 0.01429
40599.52 -0.00815 -0.09387 3243.38 0.06767 -0.01805 724.16 0.32394
41100.16 0.01233 -0.07339 3380.43 0.04225 -0.04347 693.34 -0.04255
42983.52 0.04582 -0.03990 3718.86 0.10011 0.01440 708.75 0.02222
43379.61 0.00921 -0.07650 3952.45 0.06281 -0.02290 987.45 0.39322
43957.36 0.01332 -0.07240 3933.77 -0.00473 -0.09045 1764.47 0.78689
42898.15 -0.02410 -0.10982 4027.21 0.02375 -0.06197 2233.92 0.26606
42825.93 -0.00168 -0.08740 3943.11 -0.02088 -0.10660 3077.30 0.37754
39022.39 -0.08881 -0.17453 3531.98 -0.10427 -0.18998 3443.64 0.11905
37361.35 -0.04257 -0.12829 3718.86 0.05291 -0.03281 3560.01 0.03379
40027.85 0.07137 -0.01435 3634.04 -0.02281 -0.10853 3822.92 0.07385
40975.11 0.02366 -0.06205 3615.26 -0.00517 -0.09089 4064.28 0.06313
42092.39 0.02727 -0.05845 3878.19 0.07273 -0.01299 4133.23 0.01697
 43233.96 0.02712 -0.05860 4103.55 0.05811 -0.02761 4572.85 0.10636
44861.30 0.03764 -0.04808 4084.77 -0.00458 -0.09030 4551.30 -0.00471
47411.62 0.05685 -0.02887 4360.46 0.06749 -0.01823 4928.16 0.08280
47557.36 0.00307 -0.08265 4524.46 0.03761 -0.04811 5121.88 0.03931
49582.10 0.04257 -0.04314 4524.46 0.00000 -0.08572 4072.08 -0.20496
48037.26 -0.03116 -0.11688 4514.81 -0.00213 -0.08785 4587.11 0.12648
48650.29 0.01276 -0.07296 3887.75 -0.13889 -0.22461 5467.95 0.19203
48356.03 -0.00605 -0.09177 4003.52 0.02978 -0.05594 5438.25 -0.00543
55280.93 0.14321 0.05749 4283.28 0.06988 -0.01584 5959.73 0.09589
53797.54 -0.02683 -0.11255 3849.17 -0.10135 -0.18707 6481.20 0.08750
53303.08 -0.00919 -0.09491 3858.81 0.00251 -0.08321 6108.72 -0.05747
48976.54 -0.08117 -0.16689 3472.93 -0.10000 -0.18572 6183.22 0.01220
45836.70 -0.06411 -0.14983 3694.81 0.06389 -0.02183 6009.39 -0.02811
45095.00 -0.01618 -0.10190 3395.76 -0.08094 -0.16666 5810.73 -0.03306
45589.46 0.01096 -0.07475 3750.00 0.10432 0.01860 5600.00 -0.03627
43250.00 -0.05132 -0.13703 3570.00 -0.04800 -0.13372 5000.00 -0.10714
43850.00 0.01387 -0.07185 3490.00 -0.02241 -0.10813 5500.00 0.10000
47025.00 0.07241 -0.01331 3640.00 0.04298 -0.04274 4920.00 -0.10545
43225.00 -0.08081 -0.16653 3850.00 0.05769 -0.02803 4810.00 -0.02236
42725.00 -0.01157 -0.09729 3940.00 0.02338 -0.06234 4770.00 -0.00832

1.11% 1.53% 4.88%

0.055008566 0.064367113 0.145816369

0.190555261 0.222974222 0.505122719

8.57% 8.57% 8.57%

0.0000% 0.0000% 0.0000%

ACES ICBP BBCA

0.27823 -0.04587 0.43019
0.03071 -0.30585 0.05574
0.11374 0.15006 0.21829
0.31507 0.12404 0.17808
0.00091 0.02190 0.08902
 0.15269 0.00908 0.03997
1.00000 0.06695 0.20710
1.00000 0.11671
1.00000

ACES ICBP BBCA

0.03275 -0.00894 0.02427
0.00564 -0.09289 0.00490
0.00733 0.01600 0.00674
0.02376 0.01548 0.00643
0.00016 0.00619 0.00729
0.03623 0.00356 0.00454
0.11434 0.01267 0.01135
0.31310 0.01058
0.02625
TPIA BRPT ACES ICBP
Return-Rf Adj Close Return Return-Rf Adj Close Return Return-Rf Adj Close
217.55 634.87 4265.39
-0.09405 202.71 -0.06818 -0.15390 542.86 -0.14493 -0.23065 4350.69
-0.11093 182.44 -0.10000 -0.18572 699.28 0.28814 0.20242 4691.93
-0.21158 176.51 -0.03252 -0.11824 736.09 0.05263 -0.03309 4766.57
-0.16264 168.10 -0.04762 -0.13334 690.08 -0.06250 -0.14822 4308.04
-0.01734 153.77 -0.08529 -0.17101 685.48 -0.00667 -0.09239 4265.39
-0.02972 149.32 -0.02894 -0.11466 828.10 0.20805 0.12233 4350.69
-0.09708 146.35 -0.01987 -0.10559 809.69 -0.02222 -0.10794 4265.39
-0.03214 140.91 -0.03716 -0.12288 857.19 0.05865 -0.02707 4457.33
0.11613 140.91 0.00000 -0.08572 866.45 0.01081 -0.07491 4649.36
-0.09959 134.98 -0.04211 -0.12782 820.12 -0.05348 -0.13919 5025.73
-0.08572 132.51 -0.01831 -0.10403 750.62 -0.08475 -0.17046 4892.90
-0.14822 147.34 0.11194 0.02622 745.98 -0.00617 -0.09189 4981.46
-0.08572 149.81 0.01678 -0.06894 727.45 -0.02484 -0.11056 5800.63
-0.08572 151.79 0.01320 -0.07252 685.75 -0.05732 -0.14304 6420.54
-0.07572 145.85 -0.03909 -0.12481 783.05 0.14189 0.05617 6331.98
-0.09562 138.44 -0.05085 -0.13657 681.11 -0.13018 -0.21590 6498.03
-0.03572 130.03 -0.06071 -0.14643 597.71 -0.12245 -0.20817 5844.91
0.02857 136.96 0.05323 -0.03249 639.41 0.06977 -0.01595 6243.42
-0.13130 119.65 -0.12635 -0.21207 612.12 -0.04269 -0.12841 5708.20
-0.01106 109.76 -0.08264 -0.16836 607.37 -0.00775 -0.09347 5628.13
-0.08858 80.59 -0.26577 -0.35148 564.66 -0.07031 -0.15603 11599.44
-0.04704 62.30 -0.22699 -0.31271 479.25 -0.15126 -0.23698 5673.89
-0.14089 65.26 0.04762 -0.03810 635.84 0.32673 0.24101 6039.94
-0.09302 62.79 -0.03788 -0.12360 726.00 0.14179 0.05607 5776.84
-0.07248 64.27 0.02362 -0.06210 782.94 0.07843 -0.00729 6165.77
-0.06975 104.82 0.63077 0.54505 759.21 -0.03030 -0.11602 6611.91
-0.08572 194.80 0.85849 0.77277 868.35 0.14375 0.05803 7206.75
-0.07143 232.38 0.19289 0.10717 849.37 -0.02186 -0.10758 6955.09
0.23822 208.65 -0.10213 -0.18785 877.84 0.03352 -0.05220 6989.40
-0.12827 242.27 0.16114 0.07542 787.68 -0.10270 -0.18842 7412.66
-0.06350 239.30 -0.01224 -0.09796 893.04 0.13375 0.04803 7881.67
0.30751 318.90 0.33264 0.24693 936.48 0.04865 -0.03707 8125.05
0.70117 531.50 0.66667 0.58095 965.45 0.03093 -0.05479 9424.12
0.18034 482.06 -0.09302 -0.17874 844.76 -0.12500 -0.21072 8951.73
0.29182 702.08 0.45641 0.37069 825.46 -0.02286 -0.10858 8880.87
0.03333 776.24 0.10563 0.01991 835.11 0.01170 -0.07402 8172.29
-0.05192 724.33 -0.06688 -0.15260 806.15 -0.03468 -0.12040 8101.43
-0.01187 892.43 0.23208 0.14636 719.26 -0.10778 -0.19350 7936.10
-0.02258 1097.62 0.22992 0.14420 743.39 0.03356 -0.05216 7865.24
-0.06875 1463.49 0.33333 0.24761 796.49 0.07143 -0.01429 7699.91
 0.02064 1557.43 0.06419 -0.02153 902.69 0.13333 0.04761 8290.39
-0.09043 1596.98 0.02540 -0.06032 1018.54 0.12834 0.04262 8219.53
-0.00292 1448.66 -0.09288 -0.17860 1023.37 0.00474 -0.08098 8314.01
-0.04641 1646.43 0.13652 0.05080 1089.50 0.06462 -0.02110 8036.19
-0.29068 1952.97 0.18619 0.10047 1069.87 -0.01802 -0.10374 8397.10
0.04076 1972.75 0.01013 -0.07559 1192.56 0.11468 0.02896 8397.10
0.10631 1997.47 0.01253 -0.07319 1231.82 0.03292 -0.05280 8469.28
-0.09115 2244.68 0.12376 0.03804 1222.01 -0.00797 -0.09369 8132.43
0.01017 2234.79 -0.00441 -0.09012 1133.67 -0.07229 -0.15801 8565.52
0.00178 2610.55 0.16814 0.08242 1325.07 0.16883 0.08311 8397.10
-0.14319 2590.77 -0.00758 -0.09329 1305.44 -0.01481 -0.10053 8637.70
-0.07352 2284.23 -0.11832 -0.20404 1305.44 0.00000 -0.08572 7964.01
-0.11383 2442.45 0.06926 -0.01645 1275.99 -0.02256 -0.10828 8348.98
-0.11878 2096.35 -0.14170 -0.22742 1226.91 -0.03846 -0.12418 8373.04
-0.12199 1957.91 -0.06604 -0.15176 1270.00 0.03512 -0.05060 8517.40
-0.19286 1815.00 -0.07299 -0.15871 1310.00 0.03150 -0.05422 8725.00
0.01428 1715.00 -0.05510 -0.14082 1360.00 0.03817 -0.04755 8675.00
-0.19117 1840.00 0.07289 -0.01283 1440.00 0.05882 -0.02690 8825.00
-0.10808 1875.00 0.01902 -0.06670 1370.00 -0.04861 -0.13433 8925.00
-0.09404 1850.00 -0.01333 -0.09905 1395.00 0.01825 -0.06747 8925.00

5.23% 1.76%

0.202566892 0.097614673

0.701712297 0.338147145

8.57% 8.57%

0.0000% 0.0000%
 ICBP BBCA Market
Return Return-Rf Adj Close Return Return-Rf Adj Close Return Return-Rf
9110.00 4256.31
0.02000 -0.06572 9104.82 -0.00057 -0.08629 4274.05 0.00417 -0.08155
0.07843 -0.00729 9413.06 0.03385 -0.05186 4418.63 0.03383 -0.05189
0.01591 -0.06981 9697.58 0.03023 -0.05549 4620.08 0.04559 -0.04013
-0.09620 -0.18192 10053.24 0.03667 -0.04904 4768.14 0.03205 -0.05367
-0.00990 -0.09562 10432.61 0.03774 -0.04798 4840.00 0.01507 -0.07065
0.02000 -0.06572 10289.37 -0.01373 -0.09945 4893.76 0.01111 -0.07461
-0.01961 -0.10533 10504.23 0.02088 -0.06484 4878.44 -0.00313 -0.08885
0.04500 -0.04072 11077.19 0.05455 -0.03117 5088.65 0.04309 -0.04263
0.04308 -0.04264 10695.21 -0.03448 -0.12020 5136.71 0.00944 -0.07627
0.08095 -0.00477 12485.71 0.16741 0.08169 5137.43 0.00014 -0.08558
-0.02643 -0.11215 12461.84 -0.00191 -0.08763 5089.40 -0.00935 -0.09507
0.01810 -0.06762 12509.58 0.00383 -0.08189 5149.74 0.01186 -0.07386
0.16444 0.07873 12533.45 0.00191 -0.08381 5226.79 0.01496 -0.07076
0.10687 0.02115 12820.57 0.02291 -0.06281 5289.25 0.01195 -0.07377
-0.01379 -0.09951 13515.51 0.05421 -0.03151 5450.13 0.03042 -0.05530
0.02622 -0.05950 14210.46 0.05142 -0.03430 5518.51 0.01255 -0.07317
-0.10051 -0.18623 12916.42 -0.09106 -0.17678 5086.27 -0.07832 -0.16404
0.06818 -0.01754 13629.12 0.05518 -0.03054 5216.22 0.02555 -0.06017
-0.08573 -0.17144 13026.06 -0.04425 -0.12997 4910.51 -0.05861 -0.14433
-0.01403 -0.09975 12640.10 -0.02963 -0.11535 4802.39 -0.02202 -0.10774
1.06098 0.97526 12447.13 -0.01527 -0.10099 4509.47 -0.06099 -0.14671
-0.51085 -0.59657 11844.07 -0.04845 -0.13417 4223.78 -0.06335 -0.14907
0.06452 -0.02120 12447.13 0.05092 -0.03480 4455.05 0.05475 -0.03097
-0.04356 -0.12928 11940.56 -0.04070 -0.12642 4446.33 -0.00196 -0.08768
0.06733 -0.01839 12887.71 0.07932 -0.00640 4592.87 0.03296 -0.05276
0.07236 -0.01336 12693.91 -0.01504 -0.10076 4615.03 0.00482 -0.08090
0.08997 0.00425 13057.29 0.02863 -0.05709 4770.81 0.03376 -0.05196
-0.03492 -0.12064 12887.71 -0.01299 -0.09871 4845.23 0.01560 -0.07012
0.00493 -0.08078 12645.46 -0.01880 -0.10452 4838.44 -0.00140 -0.08712
0.06056 -0.02516 12597.01 -0.00383 -0.08955 4796.73 -0.00862 -0.09434
0.06327 -0.02245 12911.94 0.02500 -0.06072 5016.50 0.04582 -0.03990
0.03088 -0.05484 14002.06 0.08443 -0.00129 5215.84 0.03974 -0.04598
0.15988 0.07416 14583.46 0.04152 -0.04420 5385.92 0.03261 -0.05311
-0.05013 -0.13584 15213.31 0.04319 -0.04253 5364.65 -0.00395 -0.08967
-0.00792 -0.09363 15043.74 -0.01115 -0.09687 5422.38 0.01076 -0.07496
-0.07979 -0.16551 13856.71 -0.07891 -0.16462 5148.91 -0.05043 -0.13615
-0.00867 -0.09439 15019.51 0.08392 -0.00180 5296.71 0.02871 -0.05701
-0.02041 -0.10613 14898.64 -0.00805 -0.09377 5294.10 -0.00049 -0.08621
-0.00893 -0.09465 15044.71 0.00980 -0.07592 5386.69 0.01749 -0.06823
-0.02102 -0.10674 16115.85 0.07120 -0.01452 5568.11 0.03368 -0.05204
 0.07669 -0.00903 17284.38 0.07251 -0.01321 5685.30 0.02105 -0.06467
-0.00855 -0.09427 16956.43 -0.01897 -0.10469 5738.15 0.00930 -0.07642
0.01149 -0.07422 17945.14 0.05831 -0.02741 5829.71 0.01596 -0.06976
-0.03342 -0.11913 18488.94 0.03030 -0.05542 5840.94 0.00193 -0.08379
0.04491 -0.04081 18736.11 0.01337 -0.07235 5864.06 0.00396 -0.08176
0.00000 -0.08572 20070.88 0.07124 -0.01448 5900.85 0.00627 -0.07944
0.00860 -0.07712 20664.10 0.02956 -0.05616 6005.78 0.01778 -0.06794
-0.03977 -0.12549 20120.31 -0.02632 -0.11203 5952.14 -0.00893 -0.09465
0.05325 -0.03246 21734.45 0.08022 -0.00549 6355.65 0.06779 -0.01793
-0.01966 -0.10538 22553.21 0.03767 -0.04805 6605.63 0.03933 -0.04639
0.02865 -0.05707 22999.81 0.01980 -0.06592 6597.22 -0.00127 -0.08699
-0.07799 -0.16371 23123.87 0.00539 -0.08033 6188.99 -0.06188 -0.14760
0.04834 -0.03738 21932.94 -0.05150 -0.13722 5994.60 -0.03141 -0.11713
0.00288 -0.08284 22700.00 0.03497 -0.05075 5983.59 -0.00184 -0.08756
0.01724 -0.06848 21475.00 -0.05396 -0.13968 5799.24 -0.03081 -0.11653
0.02437 -0.06135 23275.00 0.08382 -0.00190 5936.44 0.02366 -0.06206
-0.00573 -0.09145 24800.00 0.06552 -0.02020 6018.46 0.01382 -0.07190
0.01729 -0.06843 24150.00 -0.02621 -0.11193 5976.55 -0.00696 -0.09268
0.01133 -0.07439 23650.00 -0.02070 -0.10642 5831.65 -0.02425 -0.10996
0.00000 -0.08572 24000.00 0.01480 -0.07092 5835.92 0.00073 -0.08499

2.28% 1.73% 0.57%

0.161530072 0.046772054 0.030395508

0.559556585 0.162023146 0.105293127

8.57% 8.57% 8.57%

0.0000% 0.0000% 0.0000%

 Standard Excess
Stock Deviation Return
WSBP 0.3481332 12.06%
INCO 0.5427539 8.45%
BBTN 0.1905553 0.00%

Portfolio
Weight 0 1 0
WSBP INCO BBTN
0.0000000 WSBP 0.12119676 -0.0004962 0.02225357
1.0000000 INCO -0.0004962 0.294581794 -0.01128631
0.0000000 BBTN 0.02225357 -0.011286308 0.03631131
1.0000000 0 0.294581794 0
8.45% Mean Excess
17.02% Mean
0.542753898 Std. Deviation
0.1556498633 Sharpe Ratio

Mean 10.9000% 11.0000% 11.2000% 11.3000% 11.2299% 11.4556% 11.8000%

Std. Deviation 0.24386 0.23331 0.22307 0.22388 0.22289 0.23295 0.28092
Slope 0.08681 0.09503 0.10835 0.11242 0.10978 0.11473 0.10740
WSBP 0.76232 0.68631 0.53428 0.45828 0.51160 0.33999 0.07820
INCO 0.20070 0.18737 0.16071 0.14738 0.15673 0.12663 0.08071
BBTN 0.03698 0.12632 0.30501 0.39435 0.33167 0.53338 0.84109

Mean Std. Deviation Slope WSBP INCO BBTN

10.8469% 0.26810 0.07698 1.00000 0.00000 0.00000
10.9000% 0.2439 0.0868 0.7623224 0.2007025 0.0369751
12.2000%
11.0000% 0.2333 0.0950 0.6863087 0.1873706 0.1263208
11.2000% 0.2231 0.1084 0.5342814 0.1607066 0.3050120 12.0000%
11.2299% 0.2229 0.1098 0.5115976 0.1567281 0.3316743
11.8000%
11.3000% 0.2239 0.1124 0.4582761 0.1473761 0.3943478
11.4556% 0.2329 0.1147 0.3400 0.1266 0.5334 11.6000%
11.6000% 0.2490 0.1131 0.2302353 0.1073801 0.6623846
11.4000%
11.7000% 0.2637 0.1106 0.1542217 0.0940481 0.7517302
11.8000% 0.2809 0.1074 0.0781995 0.0807147 0.8410858 11.2000%
11.9746% 0.31663 0.10080 0.00000 0.00000 1.00000
11.0000%

CML Slope 31.358% 10.8000%

10.6000%
Variance (X) 0 0.28092
CML (Y) 8.783% 17.592% 10.4000%

10.2000%
0.15000 0.17000
10.8000%

10.6000%

10.4000%

10.2000%
0.15000 0.17000
 11.6000% 11.7000% 10.8469% 10.9038% 11.9746%
0.24901 0.26374 0.26810 0.43898 0.31663
0.11313 0.11060 0.07698 0.04831 0.10080
0.23024 0.15422 1.00000 0.00000 0.00000
0.10738 0.09405 0.00000 1.00000 0.00000
0.66238 0.75173 0.00000 0.00000 1.00000

Mean
12.2000%

12.0000%

11.8000%

11.6000%

11.4000%

11.2000%

11.0000%

10.8000%

10.6000%

10.4000%

10.2000%
0.15000 0.17000 0.19000 0.21000 0.23000 0.25000 0.27000 0.29000 0.31000 0.33000
10.8000%

10.6000%

10.4000%

10.2000%
0.15000 0.17000 0.19000 0.21000 0.23000 0.25000 0.27000 0.29000 0.31000 0.33000