PRICES

Date Motilal Oswal NTPC Trent Ltd. TATA Motors Larsen & Toubro Motilal Oswal
1/1/2013 106.800003 130.916672 114.75 294.837585 685.266663
2/1/2013 87.150002 125.75 111.114998 284.498474 607.911133 -18.40%
3/1/2013 77.099998 118.291664 99.720001 266.293732 607.200012 -11.53%
4/1/2013 85.400002 131.125 107.480003 296.816345 672.088867 10.77%
5/1/2013 89.000000 128.5 107.639999 309.97522 622.555542 4.22%
6/1/2013 82.000000 119.791664 99.375 278.314789 625.733337 -7.87%
7/1/2013 78.449997 108.916664 100.684998 287.417175 564.766663 -4.33%
8/1/2013 71.699997 109.083336 94.5 296.07431 483.033325 -8.60%
9/1/2013 71.000000 122.875 92.879997 328.971466 525.833313 -0.98%
10/1/2013 69.599998 124.25 92.474998 377.105164 649.133362 -1.97%
11/1/2013 75.400002 122.708336 104.294998 394.468933 697.299988 8.33%
12/1/2013 92.849998 114.166664 126.470001 372.405579 713.5 23.14%
1/1/2014 82.599998 105.375 108.57 345.840515 657.266663 -11.04%
2/1/2014 85.000000 93.666664 99.739998 412.525269 739.766663 2.91%
3/1/2014 92.500000 99.916664 102.824997 394.419464 847.93335 8.82%
4/1/2014 104.400002 96.958336 98.57 410.348602 862.733337 12.86%
5/1/2014 167.550003 133.75 104.25 410.645416 1030.333374 60.49%
6/1/2014 205.050003 130.166672 125.389999 426.722961 1134.466675 22.38%
7/1/2014 223.899994 120.875 121.504997 442.009003 1001.93335 9.19%
8/1/2014 205.149994 114.5 114.004997 519.478088 1017.666687 -8.37%
9/1/2014 228.000000 115.916664 137.740005 496.821106 972.166687 11.14%
10/1/2014 214.949997 125.083336 132.75 530.163452 1103.633301 -5.72%
11/1/2014 263.950012 118.916664 145.880005 527.838379 1092.900024 22.80%
12/1/2014 249.800003 120 149.020004 490.291138 996.43335 -5.36%
1/1/2015 320.549988 119.708336 145.880005 578.940308 1133.699951 28.32%
2/1/2015 292.950012 132.041672 149.164993 569.046387 1172.633301 -8.61%
3/1/2015 283.299988 122.375 146.979996 544.361206 1146.43335 -3.29%
4/1/2015 299.600006 125.25 113.870003 508.25 1087.533325 5.75%
5/1/2015 322.399994 113.791664 119.129997 481.649994 1102.966675 7.61%
6/1/2015 300.149994 114.708336 112.690002 434.149994 1188.533325 -6.90%
7/1/2015 355.500000 112.541664 122.404999 383.850006 1194.166626 18.44%
8/1/2015 328.399994 101.208336 123.635002 340.149994 1068.599976 -7.62%
9/1/2015 293.149994 103.125 130.339996 298.600006 977.5 -10.73%
10/1/2015 332.549988 110.666664 139.505005 384.950012 940.5 13.44%
11/1/2015 340.000000 109.083336 161.574997 423.5 916.400024 2.24%
12/1/2015 334.350006 121.875 175.014999 391.299988 850.299988 -1.66%
1/1/2016 289.000000 118.708336 155.785004 336.899994 734.43335 -13.56%
2/1/2016 267.149994 99.583336 143.035004 299.700012 717.333313 -7.56%
3/1/2016 273.250000 107.375 159.175003 386.600006 811.133362 2.28%
4/1/2016 297.250000 116.083336 169.880005 408.350006 836.400024 8.78%
5/1/2016 331.000000 119.291664 163.455002 459.649994 982.366638 11.35%
6/1/2016 349.250000 130.25 181.649994 459.25 997.666687 5.51%
7/1/2016 475.649994 131.958328 183.110001 503.200012 1039.233276 36.19%
8/1/2016 487.299988 132.708328 217.574997 537.700012 1008.633362 2.45%
9/1/2016 473.500000 123.333336 213.449997 534.849976 955.43335 -2.83%
10/1/2016 576.599976 126.875 199.399994 537 987.133362 21.77%
11/1/2016 537.200012 135.958328 180.25 459.299988 921.833313 -6.83%
12/1/2016 520.650024 137.291672 200.399994 472 899.400024 -3.08%
1/1/2017 560.400024 143.625 238.75 523.549988 964.166687 7.63%
2/1/2017 660.599976 135.791672 244.600006 456.75 979.466675 17.88%
3/1/2017 726.400024 138.333328 266.700012 465.850006 1049.93335 9.96%
4/1/2017 843.950012 137.083328 251.399994 458.899994 1166.533325 16.18%
5/1/2017 1031.300049 133.5 244.149994 476.149994 1173.800049 22.20%
6/1/2017 1146.400024 132.458328 237 432.549988 1125.06665 11.16%
7/1/2017 1067.650024 136.833328 267.799988 444.600006 1193.949951 -6.87%
8/1/2017 1223.750000 140.625 297.899994 376.549988 1136.300049 14.62%
9/1/2017 1286.699951 139.541672 295.600006 401.5 1142.050049 5.14%
10/1/2017 1374.150024 151.041672 295.649994 428.399994 1222.300049 6.80%
11/1/2017 1296.349976 150.958328 342.450012 404.149994 1216.550049 -5.66%
12/1/2017 1493.500000 147.5 337.149994 431.850006 1258.25 15.21%
1/1/2018 1285.699951 141.875 318.049988 399.5 1416.5 -13.91%
2/1/2018 1136.050049 136.041672 316.049988 369.899994 1318.150024 -11.64%
3/1/2018 1002.349976 141.416672 345.049988 326.850006 1310.900024 -11.77%
4/1/2018 981.799988 143.458328 351.75 340.399994 1400.900024 -2.05%
5/1/2018 916.900024 139.625 329.649994 282.5 1370.400024 -6.61%
6/1/2018 776.200012 133.041672 302.25 269.299988 1275.099976 -15.35%
7/1/2018 919.750000 129.041672 348.799988 264.100006 1302.300049 18.49%
8/1/2018 832.750000 142.916672 369.450012 267.5 1369.550049 -9.46%
9/1/2018 673.799988 139.041672 333.25 223.699997 1272.099976 -19.09%
10/1/2018 622.650024 133.041672 321.700012 179.100006 1297.5 -7.59%
11/1/2018 613.950012 116.916664 335.049988 171.949997 1432.5 -1.40%
12/1/2018 670.150024 124.208336 362.299988 172.699997 1437.550049 9.15%
1/1/2019 635.799988 116.416664 354.049988 181.199997 1314.300049 -5.13%
2/1/2019 563.349976 117.708336 324.950012 177.449997 1292.949951 -11.40%
3/1/2019 602.099976 134.699997 361.899994 174.25 1385.300049 6.88%
4/1/2019 711.250000 134.050003 355.700012 214.300003 1348.550049 18.13%
5/1/2019 794.400024 133.25 392.100006 172.600006 1557.550049 11.69%
6/1/2019 697.150024 141.350006 440.950012 162.550003 1553.199951 -12.24%
7/1/2019 524.650024 126.550003 397.649994 135.600006 1387.300049 -24.74%
8/1/2019 575.799988 121.650002 469.25 116.699997 1328.25 9.75%
9/1/2019 647.650024 117.5 483.899994 117.449997 1474.25 12.48%
10/1/2019 620.950012 122.400002 541.650024 177.699997 1473.050049 -4.12%
11/1/2019 768.750000 116.349998 520.599976 161.5 1330.550049 23.80%
12/1/2019 759.450012 119.050003 527.150024 185.149994 1298.199951 -1.21%
1/1/2020 792.200012 112.849998 590.799988 176.600006 1369.300049 4.31%
2/1/2020 744.549988 106.550003 737.200012 128.949997 1187.550049 -6.01%
3/1/2020 497.049988 84.199997 484.350006 71.050003 808.5 -33.24%
4/1/2020 506.399994 95.050003 505 93.25 897.549988 1.88%
5/1/2020 519.950012 97.849998 468.850006 87 932.25 2.68%
6/1/2020 591.799988 95.800003 615.299988 98.25 943.650024 13.82%
7/1/2020 681.500000 87 558.099976 104.650002 913.450012 15.16%
8/1/2020 683.950012 96.400002 639.200012 143.199997 944.950012 0.36%
9/1/2020 650.200012 85.099998 671.900024 133.300003 901.599976 -4.93%
10/1/2020 563.349976 87.599998 659.549988 132.649994 929.5 -13.36%
11/1/2020 609.299988 94.699997 720.299988 180.350006 1122.400024 8.16%
12/1/2020 601.150024 99.349998 687.599976 183.850006 1287.599976 -1.34%
1/1/2021 616.900024 88.949997 621.549988 262.700012 1334.699951 2.62%
2/1/2021 603.500000 107.300003 808.650024 322.950012 1442.5 -2.17%
3/1/2021 624.799988 106.550003 751.049988 301.799988 1418.900024 3.53%
4/1/2021 637.700012 102.449997 776.700012 293.850006 1340.449951 2.06%
5/1/2021 811.099976 110.5 851.650024 318.75 1467.699951 27.19%
6/1/2021 783.900024 116.400002 849.849976 339.600006 1500.550049 -3.35%
7/1/2021 943.099976 118.199997 922.900024 293.950012 1601.449951 20.31%
8/1/2021 814.500000 115.949997 1006.900024 287.299988 1672.199951 -13.64%
9/1/2021 858.750000 141.850006 1025.849976 333.350006 1702.949951 5.43%
10/1/2021 915.849976 132.649994 1003.150024 483.700012 1766.650024 6.65%
11/1/2021 946.000000 127.25 1014.400024 458.600006 1764.75 3.29%
12/1/2021 915.650024 124.400002 1065 482.399994 1895.900024 -3.21%
1/1/2022 882.400024 142.050003 1031.550049 517.75 1909.199951 -3.63%
2/1/2022 878.150024 133.5 1108.099976 454.049988 1816.75 -0.48%
3/1/2022 869.950012 135 1275.5 433.75 1767.650024 -0.93%
4/1/2022 903.849976 156.199997 1228.400024 437.600006 1694.349976 3.90%
5/1/2022 792.900024 156 1124.050049 443.549988 1654.5 -12.28%
6/1/2022 766.500000 142.899994 1074.150024 411.799988 1558.25 -3.33%
7/1/2022 760.700012 152.949997 1268.599976 449.600006 1808.050049 -0.76%
8/1/2022 769.900024 164 1407.25 471.100006 1922.5 1.21%
9/1/2022 726.000000 159.649994 1420 404.600006 1847.699951 -5.70%
10/1/2022 685.049988 173.100006 1527.900024 412.75 2023.099976 -5.64%
11/1/2022 662.700012 172.199997 1471.650024 439.399994 2074.850098 -3.26%
12/1/2022 686.349976 166.449997 1351.349976 387.950012 2085.800049 3.57%
1/1/2023 681.400024 171.149994 1196.599976 452.100006 2124.399902 -0.72%
2/1/2023 600.099976 170.5 1278.150024 420.700012 2109.149902 -11.93%
3/1/2023 610.299988 175.100006 1374.949951 420.799988 2164.199951 1.70%
4/1/2023 618.549988 172 1367.75 484.950012 2364.399902 1.35%
5/1/2023 637.549988 173.850006 1560.449951 526.299988 2205.649902 3.07%
6/1/2023 728.000000 189.149994 1764.150024 595.549988 2475.550049 14.19%
7/1/2023 838.450012 218.350006 1757.099976 644.299988 2681.350098 15.17%
8/1/2023 919.950012 220.300003 2048.600098 601 2702.699951 9.72%
9/1/2023 878.849976 245.550003 2080.149902 630.200012 3023.550049 -4.47%
10/1/2023 1038.050049 235.800003 2154.699951 628.650024 2929.050049 18.11%
11/1/2023 1201.099976 261.299988 2787 706.400024 3109.199951 15.71%
12/1/2023 1240.849976 311.149994 3054.949951 779.950012 3526 3.31%
1/1/2024 1590.250000 308.450012 3210.050049 823.549988 3646 28.16%
 RETURNS
NTPC Trent Ltd. TATA Motors Larsen & Toubro

-3.95% -3.17% -3.51% -11.29%

-5.93% -10.26% -6.40% -0.12%
10.85% 7.78% 11.46% 10.69%
-2.00% 0.15% 4.43% -7.37%
-6.78% -7.68% -10.21% 0.51%
-9.08% 1.32% 3.27% -9.74%
0.15% -6.14% 3.01% -14.47%
12.64% -1.71% 11.11% 8.86%
1.12% -0.44% 14.63% 23.45%
-1.24% 12.78% 4.60% 7.42%
-6.96% 21.26% -5.59% 2.32%
-7.70% -14.15% -7.13% -7.88%
-11.11% -8.13% 19.28% 12.55%
6.67% 3.09% -4.39% 14.62%
-2.96% -4.14% 4.04% 1.75%
37.95% 5.76% 0.07% 19.43%
-2.68% 20.28% 3.92% 10.11%
-7.14% -3.10% 3.58% -11.68%
-5.27% -6.17% 17.53% 1.57%
1.24% 20.82% -4.36% -4.47%
7.91% -3.62% 6.71% 13.52%
-4.93% 9.89% -0.44% -0.97%
0.91% 2.15% -7.11% -8.83%
-0.24% -2.11% 18.08% 13.78%
10.30% 2.25% -1.71% 3.43%
-7.32% -1.46% -4.34% -2.23%
2.35% -22.53% -6.63% -5.14%
-9.15% 4.62% -5.23% 1.42%
0.81% -5.41% -9.86% 7.76%
-1.89% 8.62% -11.59% 0.47%
-10.07% 1.00% -11.38% -10.52%
1.89% 5.42% -12.22% -8.53%
7.31% 7.03% 28.92% -3.79%
-1.43% 15.82% 10.01% -2.56%
11.73% 8.32% -7.60% -7.21%
-2.60% -10.99% -13.90% -13.63%
-16.11% -8.18% -11.04% -2.33%
7.82% 11.28% 29.00% 13.08%
8.11% 6.73% 5.63% 3.11%
2.76% -3.78% 12.56% 17.45%
9.19% 11.13% -0.09% 1.56%
1.31% 0.80% 9.57% 4.17%
0.57% 18.82% 6.86% -2.94%
-7.06% -1.90% -0.53% -5.27%
2.87% -6.58% 0.40% 3.32%
 7.16% -9.60% -14.47% -6.62%
0.98% 11.18% 2.77% -2.43%
4.61% 19.14% 10.92% 7.20%
-5.45% 2.45% -12.76% 1.59%
1.87% 9.04% 1.99% 7.19%
-0.90% -5.74% -1.49% 11.11%
-2.61% -2.88% 3.76% 0.62%
-0.78% -2.93% -9.16% -4.15%
3.30% 13.00% 2.79% 6.12%
2.77% 11.24% -15.31% -4.83%
-0.77% -0.77% 6.63% 0.51%
8.24% 0.02% 6.70% 7.03%
-0.06% 15.83% -5.66% -0.47%
-2.29% -1.55% 6.85% 3.43%
-3.81% -5.67% -7.49% 12.58%
-4.11% -0.63% -7.41% -6.94%
3.95% 9.18% -11.64% -0.55%
1.44% 1.94% 4.15% 6.87%
-2.67% -6.28% -17.01% -2.18%
-4.72% -8.31% -4.67% -6.95%
-3.01% 15.40% -1.93% 2.13%
10.75% 5.92% 1.29% 5.16%
-2.71% -9.80% -16.37% -7.12%
-4.32% -3.47% -19.94% 2.00%
-12.12% 4.15% -3.99% 10.40%
6.24% 8.13% 0.44% 0.35%
-6.27% -2.28% 4.92% -8.57%
1.11% -8.22% -2.07% -1.62%
14.44% 11.37% -1.80% 7.14%
-0.48% -1.71% 22.98% -2.65%
-0.60% 10.23% -19.46% 15.50%
6.08% 12.46% -5.82% -0.28%
-10.47% -9.82% -16.58% -10.68%
-3.87% 18.01% -13.94% -4.26%
-3.41% 3.12% 0.64% 10.99%
4.17% 11.93% 51.30% -0.08%
-4.94% -3.89% -9.12% -9.67%
2.32% 1.26% 14.64% -2.43%
-5.21% 12.07% -4.62% 5.48%
-5.58% 24.78% -26.98% -13.27%
-20.98% -34.30% -44.90% -31.92%
12.89% 4.26% 31.25% 11.01%
2.95% -7.16% -6.70% 3.87%
-2.10% 31.24% 12.93% 1.22%
-9.19% -9.30% 6.51% -3.20%
10.80% 14.53% 36.84% 3.45%
-11.72% 5.12% -6.91% -4.59%
2.94% -1.84% -0.49% 3.09%
 8.11% 9.21% 35.96% 20.75%
4.91% -4.54% 1.94% 14.72%
-10.47% -9.61% 42.89% 3.66%
20.63% 30.10% 22.93% 8.08%
-0.70% -7.12% -6.55% -1.64%
-3.85% 3.42% -2.63% -5.53%
7.86% 9.65% 8.47% 9.49%
5.34% -0.21% 6.54% 2.24%
1.55% 8.60% -13.44% 6.72%
-1.90% 9.10% -2.26% 4.42%
22.34% 1.88% 16.03% 1.84%
-6.49% -2.21% 45.10% 3.74%
-4.07% 1.12% -5.19% -0.11%
-2.24% 4.99% 5.19% 7.43%
14.19% -3.14% 7.33% 0.70%
-6.02% 7.42% -12.30% -4.84%
1.12% 15.11% -4.47% -2.70%
15.70% -3.69% 0.89% -4.15%
-0.13% -8.49% 1.36% -2.35%
-8.40% -4.44% -7.16% -5.82%
7.03% 18.10% 9.18% 16.03%
7.22% 10.93% 4.78% 6.33%
-2.65% 0.91% -14.12% -3.89%
8.42% 7.60% 2.01% 9.49%
-0.52% -3.68% 6.46% 2.56%
-3.34% -8.17% -11.71% 0.53%
2.82% -11.45% 16.54% 1.85%
-0.38% 6.82% -6.95% -0.72%
2.70% 7.57% 0.02% 2.61%
-1.77% -0.52% 15.24% 9.25%
1.08% 14.09% 8.53% -6.71%
8.80% 13.05% 13.16% 12.24%
15.44% -0.40% 8.19% 8.31%
0.89% 16.59% -6.72% 0.80%
11.46% 1.54% 4.86% 11.87%
-3.97% 3.58% -0.25% -3.13%
10.81% 29.35% 12.37% 6.15%
19.08% 9.61% 10.41% 13.41%
-0.87% 5.08% 5.59% 3.40%
 EXPECTED RETURNS
Motilal Oswal NTPC Trent Ltd. TATA Motors
2.83% 0.96% 3.06% 1.69%

VARIANCE COVARIANCE MATRIX

Motilal Oswal NTPC Trent Ltd.
Motilal Oswal 0.016319160791734 0.002893000444562 0.004097531497354
NTPC 0.002893000444562 0.006463093762894 0.002657543878158
Trent Ltd. 0.004097531497354 0.002657543878158 0.010357646930623
TATA Motors 0.004403501602848 0.003748734619419 0.00288922034453
Larsen & Toubro 0.004108828679105 0.003129955429844 0.002307553613053

Global Minimum Variance Portfolio

Asset muvec mvec var(Rp,m)
Motilal Oswal 2.83% 5%
NTPC 0.96% 38%
Trent Ltd. 3.06% 22% 0.004278290188603
TATA Motors 1.69% 1%
Larsen & Toubro 1.61% 34%

Efficient Portfolio
Asset yvec Target Return E[Rp,y]
Motilal Oswal 25%
NTPC -24%
Trent Ltd. 68% 3.06% 0.030612659130973
TATA Motors 3%
Larsen & Toubro 28%

Frontier P
alpha 1-alpha E[Rp,z] var(Rp,z)
1 0 1.74% 0.004278290188603
0.9 0.1 1.87% 0.003546975984074
0.8 0.2 2.01% 0.003064349445929
0.7 0.3 2.14% 0.002830410574168
0.6 0.4 2.27% 0.00284515936879
0.5 0.5 2.40% 0.003108595829796
0.4 0.6 2.53% 0.003620719957185
0.3 0.7 2.67% 0.004381531750958
0.2 0.8 2.80% 0.005391031211115
0.1 0.9 2.93% 0.006649218337656
0 1 3.06% 0.00815609313058
-0.1 1.1 3.19% 0.009911655589888
-0.2 1.2 3.32% 0.011915905715579
-0.3 1.3 3.46% 0.014168843507654
-0.4 1.4 3.59% 0.016670468966113
-0.5 1.5 3.72% 0.019420782090955
-0.6 1.6 3.85% 0.022419782882181
 -0.7 1.7 3.98% 0.025667471339791
-0.8 1.8 4.12% 0.029163847463784
-0.9 1.9 4.25% 0.032908911254161
-1 2 4.38% 0.036902662710922
-1.1 2.1 4.51% 0.041145101834066
-1.2 2.2 4.64% 0.045636228623594
-1.3 2.3 4.78% 0.050376043079506
-1.4 2.4 4.91% 0.055364545201801
-1.5 2.5 5.04% 0.06060173499048
-1.6 2.6 5.17% 0.066087612445543
-1.7 2.7 5.30% 0.071822177566989
-1.8 2.8 5.43% 0.077805430354819
-1.9 2.9 5.57% 0.084037370809033
-2 3 5.70% 0.09051799892963

6.00%
Frontier Portfolios - Risk vs Expected R

5.00%

4.00%
Expected Retrurn

3.00%

2.00%

1.00%

0.00%
0.00% 5.00% 10.00% 15.00% 20.00% 2

Standard Deviation
Standard Deviation
 Larsen & Toubro
1.61%

E MATRIX
TATA Motors Larsen & Toubro
0.00440350160284768 0.00410882867910471
0.00374873461941867 0.00312995542984396
0.0028892203445301 0.00230755361305251
0.0191298637614656 0.00514597794949557
0.00514597794949557 0.00677081359789735

mum Variance Portfolio

SD(Rp,m) E[Rp,m] Constraint

6.541% 1.743% 1

Efficient Portfolio
Var[Rp,y] SD[Rp,y] Cov[Rp,m,Rp,y] Constraint

0.00815609313057976 9.031% 0.00427829011392847 1

Frontier Portfolios
SD(Rp,z) Motilal Oswal NTPC Trent Ltd.
6.541% 5% 38% 22%
5.956% 7% 31% 26%
5.536% 9% 25% 31%
5.320% 11% 19% 35%
5.334% 13% 13% 40%
5.575% 15% 7% 45%
6.017% 17% 1% 49%
6.619% 19% -5% 54%
7.342% 21% -12% 59%
8.154% 23% -18% 63%
9.031% 25% -24% 68%
9.956% 27% -30% 73%
10.916% 29% -36% 77%
11.903% 31% -42% 82%
12.911% 33% -48% 86%
13.936% 35% -55% 91%
14.973% 37% -61% 96%
 16.021% 39% -67% 100%
17.077% 41% -73% 105%
18.141% 43% -79% 110%
19.210% 45% -85% 114%
20.284% 47% -92% 119%
21.363% 49% -98% 123%
22.445% 51% -104% 128%
23.530% 53% -110% 133%
24.617% 55% -116% 137%
25.708% 57% -122% 142%
26.800% 59% -128% 147%
27.894% 61% -135% 151%
28.989% 63% -141% 156%
30.086% 65% -147% 160%

ios - Risk vs Expected Return

15.00% 20.00% 25.00% 30.00% 35.00%

Standard Deviation
Standard Deviation
TATA Motors Larsen & Toubro
1% 34%
1% 34%
2% 33%
2% 32%
2% 32%
2% 31%
2% 31%
2% 30%
2% 29%
2% 29%
3% 28%
3% 28%
3% 27%
3% 26%
3% 26%
3% 25%
3% 25%
4% 24%
4% 23%
4% 23%
4% 22%
4% 21%
4% 21%
4% 20%
4% 20%
5% 19%
5% 18%
5% 18%
5% 17%
5% 17%
5% 16%