Stock A B C D Target Return sdv of Portfolio

Std 2% 4% 3% 7% 16%
Expected Return 10% 15% 12% 20%

Covariance A B C D
A 31.68
B 2.08 1.50
C 3.22 0.36 0.90
D 5.19 0.94 0.83 1.91

Weight of Stock A B C D
Port 1 0
Port 2 0
Port 3 0
Port 4 0
Port 5 0
Port 6 0
Start 6/30/1995 Portfolio Return =
End 6/30/1999
Frequency Monthly Share Prices

AGL return ANZ return BHP

Code AGL Price (%) ANZ (%) BHP return (%)
6/30/1995 4.47 5 17.32
7/30/1995 4.54 0.016 5.01 0.002 19.34 0.117
8/30/1995 4.48 -0.013 5.4 0.078 19.3 -0.002
9/30/1995 4.6 0.027 5.67 0.050 18.24 -0.055
10/30/1995 4.55 -0.011 5.5 -0.030 17.78 -0.025
11/30/1995 4.73 0.040 6 0.091 18.15 0.021
12/30/1995 5.05 0.068 6.31 0.052 18.87 0.040
1/30/1996 5.35 0.059 6.81 0.079 18.95 0.004
2/29/1996 5.3 -0.009 6.43 -0.056 18.95 0.000
3/30/1996 5.4 0.019 6.12 -0.048 18.22 -0.039
4/30/1996 5.3 -0.019 6.08 -0.007 19.59 0.075
5/30/1996 5.17 -0.025 5.76 -0.053 18.9 -0.035
6/30/1996 5.29 0.023 6.02 0.045 17.57 -0.070
7/30/1996 5.47 0.034 6.4 0.063 17.03 -0.031
8/30/1996 6.1 0.115 6.61 0.033 17.22 0.011
9/30/1996 6.8 0.115 7.23 0.094 16.2 -0.059
10/30/1996 6.92 0.018 7.37 0.019 16.75 0.034
11/30/1996 6.85 -0.010 8.07 0.095 18.02 0.076
12/30/1996 7.16 0.045 7.93 -0.017 17.92 -0.006
1/30/1997 6.98 -0.025 8.04 0.014 17.98 0.003
2/28/1997 7.37 0.056 8.04 0.000 17.05 -0.052
3/30/1997 7.25 -0.016 8.08 0.005 17 -0.003
4/30/1997 7.35 0.014 8.19 0.014 18.08 0.064
5/30/1997 7.83 0.065 8.99 0.098 18.86 0.043
6/30/1997 7.8 -0.004 9.9 0.101 19.48 0.033
7/30/1997 8.4 0.077 10.73 0.084 18.24 -0.064
8/30/1997 8.57 0.020 9.78 -0.089 17.08 -0.064
9/30/1997 9.38 0.095 11.28 0.153 16.08 -0.059
10/30/1997 9.5 0.013 9.92 -0.121 14.1 -0.123
11/30/1997 9.85 0.037 10.04 0.012 13.43 -0.048
12/30/1997 10.7 0.086 10.14 0.010 14.25 0.061
1/30/1998 11.19 0.046 9.86 -0.028 14.43 0.013
2/28/1998 11.7 0.046 10.1 0.024 14.5 0.005
3/30/1998 12.25 0.047 10.1 0.000 15.44 0.065
4/30/1998 11.41 -0.069 10.7 0.059 15 -0.028
5/30/1998 11.21 -0.018 11.34 0.060 13.68 -0.088
6/30/1998 10.1 -0.099 11.14 -0.018 13.65 -0.002
7/30/1998 10.9 0.079 10.67 -0.042 13.35 -0.022
8/30/1998 9.92 -0.090 8.83 -0.172 12.06 -0.097
9/30/1998 11.62 0.171 9.02 0.022 12.08 0.002
10/30/1998 11.51 -0.009 9.15 0.014 13.6 0.126
11/30/1998 11.84 0.029 10.51 0.149 12.65 -0.070
12/30/1998 11.75 -0.008 10.68 0.016 12.02 -0.050
1/30/1999 11.15 -0.051 10.47 -0.020 11.68 -0.028
2/28/1999 10.56 -0.053 10.4 -0.007 12.09 0.035
3/30/1999 11.25 0.065 11.45 0.101 13.45 0.112
4/30/1999 10.7 -0.049 11.97 0.045 17.08 0.270
 5/30/1999 9.73 -0.091 11.32 -0.054 15.48 -0.094
6/30/1999 9.19 -0.055 11.11 -0.019 17.5 0.130

Historical mean return 0.017 0.019 0.003

Historical variance 0.003 0.004 0.005
Historical std dev 0.056 0.064 0.072
Historical Coeff of variation 3.37 3.40 26.96

Expected Return 0.016679 0.018823 0.002653

Variance 0.003157 0.004087 0.005113
Standard Deviation 0.056186 0.063929 0.071505
Coefficient of variation 3.368665 3.396416 26.957608

Step 1: (a) Compute historical return distribution (mean, variance...). your own belief/analysis about
(b) Using these historical statistics, together with your own belief/analysis, come up with estimates of the mean
(c) Variance/covariance can be taken from historical variance/covariance
 N
∑ Σ W i E( R i )
Portfolio Return =

i =1
News Stock Mkt
Brambles Delta Gold News Corp All Ord Index
Brambles return (%) Delta Gold return (%) Corp return (%) Index return (%)
13.34 2.62 7.86 2012.7
13.48 0.010 2.65 0.011 7.85 -0.001 2117.5 0.052
13.38 -0.007 2.87 0.083 7.64 -0.027 2131.3 0.007
14.6 0.091 2.92 0.017 7.36 -0.037 2126.6 -0.002
13.96 -0.044 2.82 -0.034 6.62 -0.101 2063.3 -0.030
14.7 0.053 3.3 0.170 7.06 0.066 2147.6 0.041
15 0.020 3.26 -0.012 7.18 0.017 2188.5 0.019
15.85 0.057 3.65 0.120 7.25 0.010 2261 0.033
16.3 0.028 3.3 -0.096 7.44 0.026 2263.7 0.001
16.88 0.036 3.18 -0.036 7.49 0.007 2198.1 -0.029
17.45 0.034 3.18 0.000 7.46 -0.004 2285.7 0.040
17.6 0.009 3.4 0.069 7.03 -0.058 2235.9 -0.022
17.68 0.005 3.25 -0.044 7.21 0.026 2207.6 -0.013
17.8 0.007 3.09 -0.049 6.5 -0.098 2147.4 -0.027
18.9 0.062 3.02 -0.023 6.74 0.037 2230.1 0.039
20.5 0.085 2.8 -0.073 6.63 -0.016 2249.9 0.009
20.9 0.020 2.4 -0.143 7.18 0.083 2320.7 0.031
21.5 0.029 2.35 -0.021 6.54 -0.089 2361.4 0.018
24.55 0.142 2.36 0.004 6.64 0.015 2404.8 0.018
22.3 -0.092 2.19 -0.072 6.64 0.000 2406.6 0.001
21.7 -0.027 2.15 -0.018 6.86 0.033 2422.9 0.007
20.97 -0.034 1.88 -0.126 5.95 -0.133 2396.3 -0.011
23.2 0.106 2.17 0.154 5.91 -0.007 2453.9 0.024
23.65 0.019 2.17 0.000 5.83 -0.014 2574.9 0.049
26.19 0.107 2.21 0.018 6.35 0.089 2693.1 0.046
27.8 0.061 1.79 -0.190 6.17 -0.028 2695.4 0.001
26.8 -0.036 1.68 -0.061 6.13 -0.006 2548.8 -0.054
28.75 0.073 1.65 -0.018 7.08 0.155 2723.7 0.069
27.34 -0.049 1.2 -0.273 6.81 -0.038 2429.5 -0.108
28.01 0.025 1.3 0.083 7.82 0.148 2439.6 0.004
30.45 0.087 1.62 0.246 8.47 0.083 2579.5 0.057
29.7 -0.025 1.94 0.198 9.19 0.085 2611.5 0.012
30.8 0.037 1.89 -0.026 9.35 0.017 2630.3 0.007
31.45 0.021 1.98 0.048 9.97 0.066 2688.5 0.022
31.61 0.005 2.26 0.141 10.28 0.031 2712.9 0.009
32.4 0.025 1.9 -0.159 9.85 -0.042 2655.1 -0.021
31.69 -0.022 1.98 0.042 13.18 0.338 2620.6 -0.013
34.78 0.098 1.92 -0.030 12 -0.090 2661.9 0.016
34.6 -0.005 1.61 -0.161 10.69 -0.109 2423.7 -0.089
36.43 0.053 2.36 0.466 10.88 0.018 2497.7 0.031
35.09 -0.037 2.62 0.110 10.93 0.005 2548.1 0.020
39.01 0.112 2.38 -0.092 11.17 0.022 2669.7 0.048
39.75 0.019 2.48 0.042 10.78 -0.035 2697 0.010
43.25 0.088 2.47 -0.004 11.52 0.069 2751.4 0.020
41 -0.052 2.38 -0.036 11.3 -0.019 2742.2 -0.003
40.08 -0.022 2.23 -0.063 11.67 0.033 2843.3 0.037
44.4 0.108 2.35 0.054 12.66 0.085 3016.3 0.061
 40.79 -0.081 2.24 -0.047 12.6 -0.005 2823.9 -0.064
39.8 -0.024 2.15 -0.040 12.89 0.023 2886.1 0.022

0.024 0.003 0.013 0.008

0.003 0.014 0.006 0.001
0.054 0.120 0.077 0.036
2.20 44.42 5.88 4.38

0.024439 0.002705 0.013149 0.008195

0.002878 0.014435 0.005973 0.001289
0.053645 0.120146 0.077283 0.035908
2.195021 44.423696 5.877483 4.381713

alysis about
h estimates of the mean
10yr
Govt.bond
(%)
8.78 0.0073
9.18 0.0077
9.03 0.0075
8.6 0.0072
8.4 0.0070
8.41 0.0070
8.33 0.0069
8.06 0.0067
8.71 0.0073
8.91 0.0074
8.95 0.0075
8.76 0.0073
8.96 0.0075
8.51 0.0071
7.8 0.0065
7.95 0.0066
7.52 0.0063
7.09 0.0059
7.36 0.0061
7.44 0.0062
7.53 0.0063
8.02 0.0067
7.82 0.0065
7.7 0.0064
7.04 0.0059
6.56 0.0055
6.72 0.0056
6.17 0.0051
6.27 0.0052
5.99 0.0050
6.08 0.0051
5.8 0.0048
5.83 0.0049
5.76 0.0048
5.74 0.0048
5.58 0.0047
5.67 0.0047
5.53 0.0046
5.62 0.0047
5.23 0.0044
5 0.0042
5.19 0.0043
4.8 0.0040
5.16 0.0043
5.37 0.0045
5.44 0.0045
5.28 0.0044
5.92 0.0049
6.03 0.0050

0.006
0.000
0.001
0.20

0.005778
0.000001
0.001130
0.195524
Step Two: Calculate the variance-covariance matrix and/or correlation matrix,
Go to Tools and click on Data Analysis, then look for Covariance (or correlation). Click on the Covariance, then highlight all columns (A to F).
See covariance results in cells (H10:N16)
Correlation matrix can be found using a similar process as described above

AGL return ANZ return BHP return Brambles Delta Gold News Corp
(%) (%) (%) return (%) return (%) return (%)
0.016 0.002 0.117 0.010 0.011 -0.001
-0.013 0.078 -0.002 -0.007 0.083 -0.027
0.027 0.050 -0.055 0.091 0.017 -0.037 AGL
-0.011 -0.030 -0.025 -0.044 -0.034 -0.101 AGL 0.00315683607
0.040 0.091 0.021 0.053 0.170 0.066 ANZ 0.00140477991
0.068 0.052 0.040 0.020 -0.012 0.017 BHP -0.0002028652
0.059 0.079 0.004 0.057 0.120 0.010 BRAMBLES 0.00124679056
-0.009 -0.056 0.000 0.028 -0.096 0.026 DELTA 0.00188585961
0.019 -0.048 -0.039 0.036 -0.036 0.007 NEWS CORP -6.1605315E-06
-0.019 -0.007 0.075 0.034 0.000 -0.004
-0.025 -0.053 -0.035 0.009 0.069 -0.058
0.023 0.045 -0.070 0.005 -0.044 0.026 n n
0.034
0.115
0.063
0.033
-0.031
0.011
0.007
0.062
-0.049
-0.023
-0.098
0.037 σ 2P=∑ ∑ W i W j COV (i , j)OR
0.115 0.094 -0.059 0.085 -0.073 -0.016
0.018 0.019 0.034 0.020 -0.143 0.083
i=1 j=1
-0.010 0.095 0.076 0.029 -0.021 -0.089 n n n
σ P =∑ W 2 σ i + ∑ ∑ W i W j COV (i , j )
0.045 -0.017 -0.006 0.142 0.004 0.015 2 2
-0.025 0.014 0.003 -0.092 -0.072 0.000
0.056 0.000 -0.052 -0.027 -0.018 0.033
i=1 i i=1 ,i≠ j j=1
-0.016 0.005 -0.003 -0.034 -0.126 -0.133
0.014 0.014 0.064 0.106 0.154 -0.007
0.065 0.098 0.043 0.019 0.000 -0.014
-0.004 0.101 0.033 0.107 0.018 0.089
0.077 0.084 -0.064 0.061 -0.190 -0.028
0.020 -0.089 -0.064 -0.036 -0.061 -0.006
 0.095 0.153 -0.059 0.073 -0.018 0.155
0.013 -0.121 -0.123 -0.049 -0.273 -0.038
0.037 0.012 -0.048 0.025 0.083 0.148
0.086 0.010 0.061 0.087 0.246 0.083
0.046 -0.028 0.013 -0.025 0.198 0.085
0.046 0.024 0.005 0.037 -0.026 0.017
0.047 0.000 0.065 0.021 0.048 0.066
-0.069 0.059 -0.028 0.005 0.141 0.031
-0.018 0.060 -0.088 0.025 -0.159 -0.042
-0.099 -0.018 -0.002 -0.022 0.042 0.338
0.079 -0.042 -0.022 0.098 -0.030 -0.090
-0.090 -0.172 -0.097 -0.005 -0.161 -0.109
0.171 0.022 0.002 0.053 0.466 0.018
-0.009 0.014 0.126 -0.037 0.110 0.005
0.029 0.149 -0.070 0.112 -0.092 0.022
-0.008 0.016 -0.050 0.019 0.042 -0.035
-0.051 -0.020 -0.028 0.088 -0.004 0.069
-0.053 -0.007 0.035 -0.052 -0.036 -0.019
0.065 0.101 0.112 -0.022 -0.063 0.033
-0.049 0.045 0.270 0.108 0.054 0.085
-0.091 -0.054 -0.094 -0.081 -0.047 -0.005
-0.055 -0.019 0.130 -0.024 -0.040 0.023
 ll columns (A to F).

Variance-Covariance Matrix

ANZ BHP BRAMBLES DELTA NEWS CORP

0.004086924265627
0.00089933778173 0.00511297497
0.001341613118362 0.0004534125 0.002877750528627
0.001275517100458 0.00280494508 0.001458925228572 0.0144351766782148
0.000891600509403 0.00103423413 0.000587260107565 0.00279355200023048 0.0059727168298857

OV (i , j)OR
n
∑ ∑ W i W j COV (i , j )
i≠ j j=1
 Weights Expected
Share Names (W) Return (ER) ER * W Variance (V) (W^2)*V
AGL 1.67% 0.00% 0.31568% 0.00000%
ANZ 1.88% 0.00% 0.40869% 0.00000%
BHP 0.27% 0.00% 0.51130% 0.00000%
BRAMBLES 2.44% 0.00% 0.28778% 0.00000%
DELTA 0.27% 0.00% 1.44352% 0.00000%
NEWS CORP 1.31% 0.00% 0.59727% 0.00000%
0 0.00% 0.00000%

Step 3: Determine the expected return and

standard deviation for the portfolio n
E( R P )=∑ W i Ri
i

Variance-Covariance Matrix

AGL ANZ BHP BRAMBLES DELTA

AGL 0.003157
ANZ 0.001405 0.004086924
BHP -0.000203 0.000899338 0.005112975
BRAMBLES 0.001247 0.001341613 0.0004534125 0.0028777505
DELTA 0.001886 0.001275517 0.0028049451 0.0014589252 0.01443517668
NEWS CORP -6.16E-06 0.000891601 0.0010342341 0.0005872601 0.002793552

15 COVARIANCE RELATIONSHIPS

AGL ANZ BHP BRAMBLES

Weight 0 0 0 0
AGL 0
ANZ 0 0
BHP 0 0 0
BRAMBLES 0 0 0 0
DELTA 0 0 0 0 0
NEWS CORP 0 0 0 0 0

0 0 0 0
 Portfolio Portfolio Std.
Variance Deviation

0.00000% 0

n n
σ 2P=∑ ∑ W i W j COV (i , j)OR
i=1 j=1
n n n
2
σ P= ∑Wi 2
2 i+
σ ∑ ∑ W i W j COV (i , j )
i=1 i=1 ,i≠ j j=1
NEWS CORP

0.0059727168

DELTA NEWS CORP

0 0

0 = SUM = 0
Step Four: Set the solver Constraints
(i): The Target Cell (Is the cell which you wish to minimise or maximise)
(ii): Changing Cells (is the cells that contain the weights you wish SOLVER to find)
(iii): Subject to the Constraints (1) no short selling (2) invest 100% of wealth (3) The target monthly return
target monthly return
 Weights Expected
Share Names (W) Return (ER) ER * W Variance (V) (W^2)*V
AGL 0.235721 0.0167 0.0039 0.0032 0.0002
ANZ 0 0.0188 0.0000 0.0041 0.0000
BHP 0.603703 0.0027 0.0016 0.0051 0.0019
BRAMBLES 0 0.0244 0.0000 0.0029 0.0000
DELTA 0.06169 0.0027 0.0002 0.0144 0.0001
NEWS CORP 0.098886 0.0131 0.0013 0.0060 0.0001
1.000000 0.007000 0.002152

SOLVER FINDS THESE WEIGHTS

n
Step Five: Run solver
E( R P )=∑ W i Ri
i

Variance-Covariance Matrix

AGL ANZ BHP BRAMBLES DELTA

AGL 0.003157
ANZ 0.001405 0.004086924
BHP -0.000203 0.000899338 0.005112975
BRAMBLES 0.001247 0.001341613 0.0004534125 0.0028777505
DELTA 0.001886 0.001275517 0.0028049451 0.0014589252 0.01443517668
NEWS CORP -6.16E-06 0.000891601 0.0010342341 0.0005872601 0.002793552

COVARIANCE

AGL ANZ BHP BRAMBLES

Weight 0 0 1 0
AGL 0.235721
ANZ 0 0
BHP 0.603703 -2.88688E-05 0
BRAMBLES 0 0 0 0
DELTA 0.06169 2.742362E-05 0 0.0001044634 0
NEWS CORP 0.098886 -1.43599E-07 0 6.174139E-05 0

-1.58882E-06 0 0.0001662048 0

Syntax:C30*B32*B21
 Portfolio Portfolio Std.
Variance Deviation

0.002516 0.050155

n n
σ 2P=∑ ∑ W i W j COV (i , j)OR
i=1 j=1
n n n
2
σ P= ∑Wi 2
2 i+
σ ∑ ∑ W i W j COV (i , j )
i=1 i=1 ,i≠ j j=1
NEWS CORP

0.0059727168

DELTA NEWS CORP

0 0

1.704151E-05

1.704151E-05 = SUM = 0.00036331498672

Step Six: Create efficient frontier

Efficient Set
Portfolio Std.Dev. Target Return
0.0674 0.0030
Minimum Variance Fron
0.0628 0.0040
0.0584 0.0050 0.0300
0.0542 0.0060
0.0503 0.0070 0.0250
0.0469 0.0080
0.0438 0.0090 0.0200
0.0414 0.0100
0.0387 0.0120
0.0374 0.0140 0.0150
0.0370 0.0150
0.0374 0.0160 0.0100
0.0388 0.0180
0.0413 0.0200 0.0050
0.0430 0.0210
0.0453 0.0220
0.0483 0.0230 0.0000
0.0517 0.0240 0.0350 0.0400 0.0450 0.0500 0.0550 0.0600 0.065
0.0536 0.0250
Create the
Minimum Variance Frontier using the
Chart functionality within Excel.
 Minimum Variance Frontier

Minimum Variance
Frontier

0500 0.0550 0.0600 0.0650 0.0700

 2
β j =cov(i ,m)/σ m

Cov(i,asx)
AGL 0.00080859006
ANZ 0.00157411962
BHP 0.00159021188
BRAMBLES 0.0010439431
DELTA 0.00198787195
NEWS CORP 0.00104316335
 Calculation of Beta using Regr
To Calculate the Beta, go to To
click on the Regression, follow
See results below (Beta is repr
Calculation of Beta
using Direct Method SUMMARY OUTPUT

Beta (i)
0.627108
1.220820 Regression Statistics
1.233301 Multiple R
0.809638 R Square
1.541709 Adjusted R
0.809033 Standard E
Observatio

ANOVA

Regression
Residual
Total

Coefficients
Intercept
X Variable
Calculation of Beta using Regression for Stocks
To Calculate the Beta, go to Tools and click on Data Analysis, then look for Regression.
click on the Regression, follow the necessary steps
See results below (Beta is represented by the X coefficient)

SUMMARY OUTPUT

Regression Statistics

0.400783

0.160627

0.14238

0.052583
48

df SS MS F Significance F
1 0.02434 0.02434 8.802816 0.004759
46 0.127189 0.002765
47 0.151528

Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
0.01154 0.007785 1.482339 0.145069 -0.00413 0.02721 -0.00413 0.02721
0.627108 0.211364 2.966954 0.004759 0.201654 1.052562 0.201654 1.052562
 Expected
Share Names Weights (W) Return (ER) ER * W Variance (V)
AGL 0.0526 0.0167 0.0009 0.0032
ANZ 0.0610 0.0188 0.0011 0.0041
BHP 0.0000 0.0027 0.0000 0.0051
BRAMBLES 0.3536 0.0244 0.0086 0.0029
DELTA 0.0000 0.0027 0.0000 0.0144
NEWS CORP 0.0346 0.0131 0.0005 0.0060
RISK FREE ASSET 0.4983 0.0058 0.0029 0.0000
1.000000 0.014000

Variance-Covariance Matrix

AGL ANZ BHP BRAMBLES

AGL 0.0032
ANZ 0.0014 0.0041
BHP -0.0002 0.0009 0.0051
BRAMBLES 0.0012 0.0013 0.0005 0.0029
DELTA 0.0019 0.0013 0.0028 0.0015
NEWS CORP 0.0000 0.0009 0.0010 0.0006
RISK FREE 0.0000 0.0000 0.0000 0.0000

COVARIANCE

AGL ANZ BHP

Weight 0.0526 0.0610 0.0000
AGL 0.0526
ANZ 0.0610 4.508183E-06
BHP 0.0000 0 0
BRAMBLES 0.3536 2.317705E-05 2.895215E-05 0
DELTA 0.0000 0 0 0
NEWS CORP 0.0346 -1.11938E-08 1.880698E-06 0
RISK FREE 0.4983 0 0 0

0.000028 0.000031 0.000000

CAPITAL MARKET LINE Efficient Set

Portfolio Std.Dev. Target Return
0.0000 0.0058
0.0052 0.0080
0.0114 0.0100 0.0300
0.0172 0.0120
0.0229 0.0140
0.0285 0.0160 0.0250
0.0339 0.0180
0.0397 0.0200 0.0200
0.0423 0.0210

0.0150
Efficient Set
Portfolio Std.Dev. Target Return 0.0100
0.067380 0.003000
0.062779 0.004000
0.0050

0.0000
0.0000 0.0200 0.0400 0.0600
 0.0150

0.0100

0.058373 0.005000 0.0050

0.054209 0.006000
0.050345 0.007000 0.0000
0.046856 0.008000 0.0000 0.0200 0.0400 0.0600
0.043832 0.009000
0.041431 0.010000
0.038726 0.012000
0.037393 0.014000
0.036953 0.015000
0.037405 0.016000
0.038759 0.018000
0.041324 0.020000
0.043030 0.021000
0.045346 0.022000
0.048283 0.023000
0.051747 0.024000
0.053645 0.025000
 Portfolio Portfolio Std.
(W^2)*V Variance Deviation
0.0000
0.0000
0.0000
0.0004
0.0000
0.0000
0.0000
0.000391 0.0005 0.0229

DELTA NEWS CORP RISK FREE

0.0144
0.0028 0.0060
0.0000 0.0000 0.0000

BRAMBLES DELTA NEWS CORP RISK FREE

0.3536 0.0000 0.0346 0.4983

0
7.1754756E-06 0
0 0 0

0.000007 0.000000 0.000000

SUM = 0.000131

Minimum Variance
Frontier

CML

0.0200 0.0400 0.0600 0.0800

 Frontier

CML

0.0200 0.0400 0.0600 0.0800