Case study

I would like the work to be as ward, excel and the PowerPoint. The important things are in the PowerPointbecause I will present it in class. make the important points in slides (5-7 slides) please. Instructions: For the data that in Excel.-Calculate Ava Return for entire time Period with all numbers. (Annualized)-Calculate standard deviation (Annualized) -Create Correlation Table-Data Analyzer-Create Standard deviation Table (Manual) -Create Variance/covariance Table-Calculate GMV (Global Minimum) Allocations (calculate Return and standard deviation)-Calculate Tangency allocations (calculate Return and standard deviation)-Create Solver model (calculate Return and standard deviation)-Var (Value at Risk Formula) the formula is: Dollars invested x (expected return – expected standard deviation x (NORMSINV(.95))). These data are related to case study
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Family Supermarket Chain:
A Case Study on Family Foundation Asset Allocation
Family Supermarket Chain (FSC) is a multi-billion dollar family owned supermarket chain headquartered
in New England with 100 large supermarket stores located along the mid-Atlantic and New England states.
The founder of the firm passed away in early 2007 leaving the management of the multi-billion-dollar family
business to his very capable and dedicated son and grandchildren.
As the family business grow, ownership was passed from the founder and his wife to the next generations
and to a select group of senior non-family employees.
While he was alive, the founder made several generous donations through the family foundation to local
charities and private schools. When the founder died, he donated almost $100 million to the family
foundation. He left no instructions as to how the money should be invested or how it should be spent. It
was also not clear if the other younger family members would contribute to the family foundation or make
contributions in their own name. The foundation is formally managed by the founderâ??s son, the founderâ??s
85-year-old wife, and the corporate lawyer. The son is very well known and is very active in the community.
The founderâ??s wife held a very modest role in the business or foundation, and the attorney, a close family
friend for many years, was asked to manage the fund.
The attorney was not only a close family friend, he had risen to a very senior position in the corporate
structure. He was very concerned about his new role on the foundation. He asked the companyâ??s Chief
Financial Officer and the companyâ??s Vice President of Finance to join in the management of the foundation
and he hired the investment consultant that the company used to help manage the companyâ??s 401(k) plan
investments.
Issues for Consideration:
The attorney knew that the spending would be decided by the family, but the investing would be his
responsibility. However, while he was not concerned with who would receive the funds, he was worried
about how the money would be spent. Would the family decide to distribute a steady amount annually and
keep the family foundation running for many years? Or, would the son decide to make a few large donations
and liquidate the fund quickly with little advanced notice? No one including the family had an answer for
this. The contribution to the foundation was not publicly known.
The attorney also did not want to lose any of the assets contributed to the fund. â??My father donated $100
million, what do you mean I canâ??t give $100 million to the local hospital? How much did you lose in the
stock market?� He also knew he needed liquidity, as the son could easily ask for a large check to be delivered
with just a few daysâ?? notice. As a result, he did not want to invest in any limited partnerships with multiyear commitments or lock-ups (no private equity, no hedge funds, not private real estate).
The Market Outlook
The donation was made in the summer of 2007. At that point, there was no hint of a world financial crisis.
Markets had been strong and stable. Over the prior 5-years, the international equity indices outperformed
the U.S. based indices. It is important to note much of that added performance came from a weak dollar.
The MSCI EAFE Local Currency Index returning 4.29% less than the MSCI EAFE index.
Index
S&P 500
MSCI EAFE
MSCI Emerging
2003
12.86
24.19
28.47
2004
10.88
20.25
25.55
2005
4.91
13.54
34.00
2006
15.79
26.34
32.18
2007
5.49
11.17
39.38
5-years 12/31/17
9.91
18.95
31.83
Aggregate Index
90 Till Bills
4.44
1.02
4.34
1.14
2.43
2.88
4.34
4.76
6.97
4.91
4.49
2.93
The global markets were generally strong through 2007. While the Federal Reserve had been hawkish with
17 consecutive rate increases in since 2004, in 2007 the Federal Reserve began lowering rates. In July, S&P
and Moodyâ??s begin downgrading securities backed by sub-prime mortgages. By the end of 2007, some
banks and financial institutions began to show large losses as a result of their sub-prime portfolios.
As of December 31, 2007, foundation and endowment plans had the following asset allocation:
Asset Allocation of Endowment and Foundation Plans Under $1 Billion as of December 31, 2007
Although the attorney does not wish to â??loseâ? money, he understands that the assets cannot all be
invested in a money market or even a short duration bond fund.
Part I
Develop asset class assumptions for each of the asset classes above. Risk, return and correlation. Support your methodology.
(See long term monthly asset class performance in excel). Your inputs are to be forward looking in nature. If you wish to use
historical data to calculate input data, comment on any adjustments you have made for your analysis.
Calculate an efficient frontier with the above asset classes. Ranging from the least risky portfolio to the riskiest portfolio.
Calculate expected rate of return and standard deviation for various portfolios along the efficient frontier.
Part II
Submit three portfolios to the attorney based on his concerns for liquidity and risk as he defined it. In your analysis, in
addition to calculating the asset class allocations, the portfolioâ??s expected return, expected risk, please calculate the probability
of losing money, calculate the probability of losing more than 5%, and calculate the probability of not making more than 5%
over a one-year time period for each suggested portfolio. Also, comment on how that allocation might change over time and
market conditions.
Part III
Assuming the portfolio was conservatively constructed as of December 31, 2007, how would your recommendation change as
of December 31, 2008 given the market declines and assuming industry asset allocation averages allocations remained the
same. If you are recommending a change, comment how you would implement that change â?? immediately or over time?
Index
S&P 500
MSCI EAFE
MSCI Emerging
Aggregate Index
90 Till Bills
2008
(37.00)
(43.38)
(53.33)
5.24
2.10
Further guidelines on the construction and analysis of the portfolios will be provided. All
data should be maintained on Excel spreadsheets.
Oldest
Date
02/28/18
01/31/18
12/31/17
11/30/17
10/31/17
09/30/17
08/31/17
07/31/17
06/30/17
05/31/17
04/30/17
03/31/17
02/28/17
01/31/17
12/31/16
11/30/16
10/31/16
09/30/16
08/31/16
07/31/16
06/30/16
05/31/16
04/30/16
03/31/16
02/29/16
01/31/16
12/31/15
11/30/15
10/31/15
09/30/15
08/31/15
07/31/15
06/30/15
05/31/15
04/30/15
03/31/15
02/28/15
01/31/15
03/31/26
01/31/76
01/31/76
Bloomberg
Barclays U.S. Index: Bloomberg Barclays 1-3
90 T. Bills
Agg
Year Gov/Credit
S&P 500
101
314
300,00
0,10
0,12
0,11
0,08
0,09
0,09
0,09
0,09
0,08
0,05
0,07
0,02
0,04
0,04
0,04
0,01
0,01
0,04
0,01
0,02
0,04
(0,00)
0,02
0,05
0,02
(0,01)
0,03
(0,02)
(0,02)
0,02
0,01
(0,01)
0,00
0,00
0,01
0,00
0,00
0,01
(0,95)
(1,15)
0,46
(0,13)
0,06
(0,48)
0,90
0,43
(0,10)
0,77
0,77
(0,05)
0,67
0,20
0,14
(2,37)
(0,76)
(0,06)
(0,11)
0,63
1,80
0,03
0,38
0,92
0,71
1,38
(0,32)
(0,26)
0,02
0,68
(0,14)
0,70
(1,09)
(0,24)
(0,36)
0,46
(0,94)
2,10
(0,09)
(0,27)
0,03
(0,22)
(0,03)
(0,12)
0,20
0,26
(0,04)
0,17
0,18
0,05
0,16
0,19
0,06
(0,41)
(0,04)
0,11
(0,11)
0,02
0,60
(0,07)
0,14
0,36
0,09
0,52
(0,13)
(0,20)
(0,03)
0,30
(0,06)
0,06
(0,03)
0,08
0,08
0,23
(0,16)
0,52
05/31/45
201
(3,69)
5,73
1,11
3,07
2,33
2,06
0,31
2,06
0,62
1,41
1,03
0,12
3,97
1,90
1,98
3,70
(1,82)
0,02
0,14
3,69
0,26
1,80
0,39
6,78
(0,13)
(4,96)
(1,58)
0,30
8,44
(2,47)
(6,03)
2,10
(1,94)
1,29
0,96
(1,58)
5,75
(3,00)
12/31/14
11/30/14
10/31/14
09/30/14
08/31/14
07/31/14
06/30/14
05/31/14
04/30/14
03/31/14
02/28/14
01/31/14
12/31/13
11/30/13
10/31/13
09/30/13
08/31/13
07/31/13
06/30/13
05/31/13
04/30/13
03/31/13
02/28/13
01/31/13
12/31/12
11/30/12
10/31/12
09/30/12
08/31/12
07/31/12
06/30/12
05/31/12
04/30/12
03/31/12
02/29/12
01/31/12
12/31/11
11/30/11
10/31/11
09/30/11
08/31/11
07/31/11
06/30/11
05/31/11
04/30/11
03/31/11
02/28/11
(0,00)
(0,00)
0,00
0,00
0,00
0,01
0,00
0,00
0,01
0,00
(0,00)
0,01
0,00
(0,00)
0,01
0,00
0,00
0,00
0,01
0,01
0,02
(0,00)
0,00
0,01
0,01
0,01
0,01
0,01
0,00
0,01
0,00
0,01
(0,00)
0,00
0,00
0,00
0,02
(0,01)
0,01
0,00
0,02
0,02
0,01
0,09
0,71
0,98
(0,68)
1,10
(0,25)
0,05
1,14
0,84
(0,17)
0,53
1,48
(0,57)
(0,37)
0,81
0,95
(0,51)
0,14
(1,55)
(1,78)
1,01
0,08
0,50
(0,70)
(0,14)
0,16
0,20
0,14
0,07
1,38
0,04
0,90
1,11
(0,55)
(0,02)
0,88
1,10
(0,09)
0,11
0,73
1,46
1,59
(0,29)
1,31
1,27
0,06
0,25
(0,26)
0,15
0,28
(0,08)
0,18
(0,07)
(0,05)
0,21
0,16
(0,09)
0,13
0,19
(0,13)
0,14
0,17
0,27
(0,09)
0,21
(0,14)
(0,14)
0,15
0,04
0,11
0,04
0,06
0,08
0,02
0,09
0,09
0,33
0,04
(0,02)
0,20
0,01
(0,00)
0,35
0,10
(0,07)
0,22
(0,20)
0,18
0,30
0,01
0,36
0,49
(0,01)
(0,02)
(0,25)
2,69
2,44
(1,40)
4,00
(1,38)
2,07
2,35
0,74
0,84
4,57
(3,46)
2,53
3,05
4,60
3,14
(2,90)
5,09
(1,34)
2,34
1,93
3,75
1,36
5,18
0,91
0,58
(1,85)
2,58
2,25
1,39
4,12
(6,01)
(0,63)
3,29
4,32
4,48
1,02
(0,22)
10,93
(7,03)
(5,43)
(2,03)
(1,67)
(1,13)
2,96
0,04
3,43
01/31/11
12/31/10
11/30/10
10/31/10
09/30/10
08/31/10
07/31/10
06/30/10
05/31/10
04/30/10
03/31/10
02/28/10
01/31/10
12/31/09
11/30/09
10/31/09
09/30/09
08/31/09
07/31/09
06/30/09
05/31/09
04/30/09
03/31/09
02/28/09
01/31/09
12/31/08
11/30/08
10/31/08
09/30/08
08/31/08
07/31/08
06/30/08
05/31/08
04/30/08
03/31/08
02/29/08
01/31/08
12/31/07
11/30/07
10/31/07
09/30/07
08/31/07
07/31/07
06/30/07
05/31/07
04/30/07
03/31/07
0,01
0,02
0,00
0,02
0,01
0,01
0,02
0,01
0,01
0,02
0,01
(0,00)
0,00
0,01
0,00
0,03
0,01
0,02
0,02
0,00
0,01
0,03
0,03
0,02
(0,01)
(0,02)
0,11
0,15
0,27
0,14
0,20
0,15
0,05
0,11
0,23
0,17
0,51
0,23
0,45
0,30
0,36
0,57
0,38
0,38
0,45
0,43
0,46
0,12
(1,08)
(0,57)
0,36
0,11
1,29
1,07
1,57
0,84
1,04
(0,12)
0,37
1,53
(1,56)
1,29
0,49
1,05
1,04
1,61
0,57
0,73
0,48
1,39
(0,38)
(0,88)
3,73
3,25
(2,36)
(1,34)
0,95
(0,08)
(0,08)
(0,73)
(0,21)
0,34
0,14
1,68
0,28
1,80
0,90
0,76
1,23
0,83
(0,30)
(0,76)
0,54
0,00
0,21
(0,14)
(0,22)
0,29
0,26
0,23
0,41
0,50
0,25
0,30
(0,11)
0,23
0,77
(0,58)
0,65
0,32
0,38
0,53
0,48
0,17
0,68
0,57
0,47
(0,17)
0,27
1,25
1,20
0,21
(0,59)
0,47
0,29
0,18
(0,25)
(0,57)
0,08
0,89
1,74
0,29
1,41
0,45
0,74
0,82
0,78
0,42
(0,08)
0,37
0,39
2,37
6,68
0,01
3,80
8,92
(4,51)
7,01
(5,23)
(7,99)
1,58
6,03
3,10
(3,60)
1,93
6,00
(1,86)
3,73
3,61
7,56
0,20
5,59
9,57
8,76
(10,65)
(8,43)
1,06
(7,18)
(16,79)
(8,91)
1,45
(0,84)
(8,43)
1,30
4,87
(0,43)
(3,25)
(6,00)
(0,69)
(4,18)
1,59
3,74
1,50
(3,10)
(1,66)
3,49
4,43
1,12
02/28/07
01/31/07
12/31/06
11/30/06
10/31/06
09/30/06
08/31/06
07/31/06
06/30/06
05/31/06
04/30/06
03/31/06
02/28/06
01/31/06
12/31/05
11/30/05
10/31/05
09/30/05
08/31/05
07/31/05
06/30/05
05/31/05
04/30/05
03/31/05
02/28/05
01/31/05
12/31/04
11/30/04
10/31/04
09/30/04
08/31/04
07/31/04
06/30/04
05/31/04
04/30/04
03/31/04
02/29/04
01/31/04
12/31/03
11/30/03
10/31/03
09/30/03
08/31/03
07/31/03
06/30/03
05/31/03
04/30/03
0,39
0,40
0,43
0,43
0,39
0,44
0,44
0,41
0,38
0,39
0,37
0,39
0,32
0,28
0,31
0,33
0,23
0,28
0,27
0,22
0,22
0,23
0,21
0,23
0,15
0,14
0,19
0,10
0,11
0,11
0,10
0,10
0,05
0,07
0,07
0,08
0,07
0,09
0,08
0,08
0,08
0,09
0,08
0,07
0,12
0,10
0,10
1,54
(0,04)
(0,58)
1,16
0,66
0,88
1,53
1,35
0,21
(0,11)
(0,18)
(0,98)
0,33
0,01
0,95
0,44
(0,79)
(1,03)
1,28
(0,91)
0,55
1,08
1,35
(0,51)
(0,59)
0,63
0,92
(0,80)
0,84
0,27
1,91
0,99
0,57
(0,40)
(2,60)
0,75
1,08
0,80
1,02
0,24
(0,93)
2,65
0,66
(3,36)
(0,20)
1,86
0,83
0,81
0,23
0,05
0,55
0,42
0,53
0,75
0,77
0,20
0,14
0,34
0,12
0,12
0,19
0,39
0,33
(0,04)
(0,25)
0,65
(0,27)
0,22
0,43
0,58
(0,08)
(0,19)
(0,02)
0,24
(0,49)
0,35
(0,05)
0,78
0,42
0,03
(0,14)
(1,03)
0,35
0,56
0,27
0,64
0,01
(0,40)
1,10
0,04
(0,65)
0,22
0,57
0,39
(1,96)
1,51
1,40
1,90
3,26
2,58
2,38
0,62
0,14
(2,88)
1,34
1,24
0,27
2,65
0,03
3,78
(1,67)
0,81
(0,91)
3,72
0,14
3,18
(1,90)
(1,77)
2,10
(2,44)
3,40
4,05
1,53
1,08
0,40
(3,31)
1,94
1,37
(1,57)
(1,51)
1,39
1,84
5,24
0,88
5,66
(1,06)
1,95
1,76
1,28
5,27
8,24
03/31/03
02/28/03
01/31/03
12/31/02
11/30/02
10/31/02
09/30/02
08/31/02
07/31/02
06/30/02
05/31/02
04/30/02
03/31/02
02/28/02
01/31/02
12/31/01
11/30/01
10/31/01
09/30/01
08/31/01
07/31/01
06/30/01
05/31/01
04/30/01
03/31/01
02/28/01
01/31/01
12/31/00
11/30/00
10/31/00
09/30/00
08/31/00
07/31/00
06/30/00
05/31/00
04/30/00
03/31/00
02/29/00
01/31/00
12/31/99
11/30/99
10/31/99
09/30/99
08/31/99
07/31/99
06/30/99
05/31/99
0,11
0,09
0,11
0,10
0,16
0,15
0,16
0,15
0,14
0,15
0,16
0,15
0,15
0,13
0,14
0,16
0,21
0,26
0,44
0,33
0,33
0,30
0,39
0,41
0,50
0,41
0,65
0,58
0,55
0,51
0,53
0,51
0,45
0,42
0,52
0,49
0,47
0,44
0,39
0,46
0,40
0,39
0,44
0,38
0,42
0,37
0,38
(0,08)
1,38
0,09
2,07
(0,03)
(0,46)
1,62
1,69
1,21
0,87
0,85
1,94
(1,66)
0,97
0,81
(0,64)
(1,38)
2,09
1,16
1,15
2,24
0,38
0,60
(0,42)
0,50
0,87
1,63
1,86
1,64
0,66
0,63
1,45
0,91
2,08
(0,05)
(0,29)
1,32
1,21
(0,33)
(0,48)
(0,01)
0,37
1,16
(0,05)
(0,42)
(0,32)
(0,88)
0,21
0,55
0,12
1,08
0,13
0,87
0,54
0,99
0,80
0,53
1,12
(0,65)
0,43
0,29
0,05
(0,27)
1,00
1,49
0,68
1,26
0,38
0,62
0,32
0,81
0,71
1,42
1,21
0,93
0,45
0,82
0,79
0,68
1,10
0,36
0,19
0,57
0,69
0,10
0,22
0,30
0,67
0,26
0,29
0,30
(0,08)
0,97
(1,50)
(2,62)
(5,87)
5,89
8,80
(10,87)
0,66
(7,80)
(7,12)
(0,74)
(6,06)
3,76
(1,93)
(1,46)
0,88
7,67
1,91
(8,08)
(6,26)
(0,98)
(2,43)
0,67
7,77
(6,34)
(9,12)
3,55
0,49
(7,88)
(0,42)
(5,28)
6,21
(1,56)
2,47
(2,05)
(3,01)
9,78
(1,89)
(5,02)
5,89
2,03
6,33
(2,74)
(0,49)
(3,12)
5,55
(2,36)
04/30/99
03/31/99
02/28/99
01/31/99
12/31/98
11/30/98
10/31/98
09/30/98
08/31/98
07/31/98
06/30/98
05/31/98
04/30/98
03/31/98
02/28/98
01/31/98
12/31/97
11/30/97
10/31/97
09/30/97
08/31/97
07/31/97
06/30/97
05/31/97
04/30/97
03/31/97
02/28/97
01/31/97
12/31/96
11/30/96
10/31/96
09/30/96
08/31/96
07/31/96
06/30/96
05/31/96
04/30/96
03/31/96
02/29/96
01/31/96
12/31/95
11/30/95
10/31/95
09/30/95
08/31/95
07/31/95
06/30/95
0,37
0,43
0,32
0,39
0,41
0,32
0,39
0,52
0,47
0,44
0,41
0,43
0,46
0,49
0,39
0,50
0,43
0,44
0,38
0,46
0,45
0,43
0,37
0,50
0,45
0,42
0,38
0,45
0,42
0,43
0,41
0,47
0,46
0,41
0,42
0,43
0,42
0,41
0,40
0,44
0,52
0,45
0,44
0,46
0,49
0,48
0,51
0,32
0,55
(1,75)
0,71
0,30
0,57
(0,53)
2,34
1,63
0,21
0,85
0,95
0,52
0,34
(0,08)
1,28
1,01
0,46
1,45
1,48
(0,85)
2,70
1,19
0,95
1,50
(1,11)
0,25
0,31
(0,93)
1,71
2,22
1,74
(0,17)
0,27
1,34
(0,20)
(0,56)
(0,70)
(1,74)
0,66
1,40
1,50
1,30
0,97
1,21
(0,22)
0,73
0,34
0,71
(0,42)
0,43
0,39
(0,02)
0,43
1,35
1,15
0,47
0,52
0,54
0,49
0,39
0,10
0,97
0,66
0,25
0,72
0,77
0,09
1,11
0,70
0,70
0,82
(0,08)
0,25
0,48
0,02
0,75
1,13
0,92
0,37
0,39
0,73
0,23
0,10
(0,07)
(0,38)
0,85
0,76
0,86
0,83
0,49
0,61
0,40
0,54
3,87
4,00
(3,11)
4,18
5,76
6,06
8,13
6,41
(14,46)
(1,06)
4,06
(1,72)
1,01
5,12
7,21
1,11
1,72
4,63
(3,34)
5,48
(5,60)
7,96
4,48
6,09
5,97
(4,11)
0,78
6,25
(1,98)
7,56
2,76
5,63
2,11
(4,42)
0,38
2,58
1,47
0,96
0,93
3,40
1,93
4,39
(0,36)
4,22
0,25
3,32
2,32
05/31/95
04/30/95
03/31/95
02/28/95
01/31/95
12/31/94
11/30/94
10/31/94
09/30/94
08/31/94
07/31/94
06/30/94
05/31/94
04/30/94
03/31/94
02/28/94
01/31/94
12/31/93
11/30/93
10/31/93
09/30/93
08/31/93
07/31/93
06/30/93
05/31/93
04/30/93
03/31/93
02/28/93
01/31/93
12/31/92
11/30/92
10/31/92
09/30/92
08/31/92
07/31/92
06/30/92
05/31/92
04/30/92
03/31/92
02/29/92
01/31/92
12/31/91
11/30/91
10/31/91
09/30/91
08/31/91
07/31/91
0,51
0,48
0,51
0,47
0,43
0,49
0,33
0,35
0,37
0,32
0,34
0,35
0,29
0,23
0,27
0,16
0,27
0,29
0,24
0,23
0,27
0,27
0,26
0,26
0,23
0,24
0,27
0,22
0,30
0,31
0,20
0,19
0,34
0,28
0,37
0,33
0,32
0,40
0,32
0,30
0,34
0,46
0,49
0,49
0,49
0,52
0,49
3,87
1,40
0,61
2,38
1,98
0,69
(0,22)
(0,09)
(1,47)
0,12
1,99
(0,22)
(0,01)
(0,80)
(2,47)
(1,74)
1,35
0,54
(0,85)
0,37
0,27
1,75
0,57
1,81
0,13
0,70
0,42
1,75
1,92
1,59
0,02
(1,33)
1,19
1,01
2,04
1,38
1,89
0,72
(0,56)
0,65
(1,36)
2,97
0,92
1,11
2,03
2,16
1,39
1,73
0,90
0,57
1,38
1,37
0,19
(0,42)
0,23
(0,22)
0,34
0,91
0,26
0,14
(0,38)
(0,52)
(0,61)
0,64
0,41
0,03
0,23
0,32
0,84
0,23
0,76
(0,23)
0,63
0,32
0,82
1,07
0,94
(0,14)
(0,60)
0,95
0,81
1,17
1,03
0,93
0,92
(0,02)
0,31
(0,10)
1,51
1,01
1,08
1,08
1,35
0,88
4,00
2,94
2,95
3,90
2,59
1,48
(3,64)
2,25
(2,45)
4,10
3,28
(2,45)
1,64
1,28
(4,36)
(2,71)
3,40
1,21
(0,95)
2,07
(0,77)
3,79
(0,40)
0,29
2,68
(2,42)
2,11
1,36
0,84
1,23
3,41
0,35
1,18
(2,05)
4,09
(1,49)
0,49
2,94
(1,94)
1,30
(1,86)
11,44
(4,03)
1,34
(1,67)
2,37
4,66
06/30/91
05/31/91
04/30/91
03/31/91
02/28/91
01/31/91
12/31/90
11/30/90
10/31/90
09/30/90
08/31/90
07/31/90
06/30/90
05/31/90
04/30/90
03/31/90
02/28/90
01/31/90
12/31/89
11/30/89
10/31/89
09/30/89
08/31/89
07/31/89
06/30/89
05/31/89
04/30/89
03/31/89
02/28/89
01/31/89
12/31/88
11/30/88
10/31/88
09/30/88
08/31/88
07/31/88
06/30/88
05/31/88
04/30/88
03/31/88
02/29/88
01/31/88
12/31/87
11/30/87
10/31/87
09/30/87
08/31/87
0,47
0,48
0,52
0,58
0,52
0,61
0,71
0,62
0,63
0,67
0,67
0,72
0,66
0,69
0,66
0,68
0,61
0,63
0,67
0,69
0,72
0,67
0,67
0,73
0,84
0,71
0,84
0,73
0,61
0,66
0,64
0,54
0,62
0,63
0,55
0,51
0,52
0,45
0,44
0,47
0,46
0,50
0,38
0,46
0,80
0,47
0,50
(0,05)
0,58
1,08
0,67
0,85
1,24
1,56
2,15
1,27
0,83
(1,34)
1,38
1,61
2,96
(0,92)
0,07
0,32
(1,19)
0,27
0,95
2,46
0,51
(1,48)
2,13
3,05
2,63
2,09
0,43
(0,73)
1,44
0,11
(1,22)
1,89
2,27
0,26
(0,53)
2,41
(0,67)
(0,54)
(0,94)
1,19
3,52
1,36
0,80
3,56
(2,13)
(0,53)
0,37
0,62
0,99
0,73
0,72
0,91
1,17
0,98
1,03
0,75
0,35
1,21
1,06
1,54
0,25
0,31
0,53
0,11
0,39
0,90
1,55
0,58
(0,57)
1,49
1,85
1,42
1,62
0,41
0,03
0,81
0,23
(0,24)
1,00
1,16
0,25
0,07
1,00
(0,04)
0,13
0,22
0,88
1,51
0,70
0,67
1,98
(0,34)
0,15
(4,58)
4,31
0,24
2,42
7,15
4,36
2,79
6,46
(0,43)
(4,87)
(9,04)
(0,32)
(0,67)
9,75
(2,49)
2,65
1,29
(6,71)
2,40
2,04
(2,32)
(0,41)
1,95
9,03
(0,57)
4,05
5,19
2,33
(2,49)
7,32
1,74
(1,43)
2,78
4,26
(3,39)
(0,38)
4,59
0,86
1,11
(3,09)
4,66
4,21
7,61
(8,24)
(21,54)
(2,19)
3,73
07/31/87
06/30/87
05/31/87
04/30/87
03/31/87
02/28/87
01/31/87
12/31/86
11/30/86
10/31/86
09/30/86
08/31/86
07/31/86
06/30/86
05/31/86
04/30/86
03/31/86
02/28/86
01/31/86
12/31/85
11/30/85
10/31/85
09/30/85
08/31/85
07/31/85
06/30/85
05/31/85
04/30/85
03/31/85
02/28/85
01/31/85
12/31/84
11/30/84
10/31/84
09/30/84
08/31/84
07/31/84
06/30/84
05/31/84
04/30/84
03/31/84
02/29/84
01/31/84
12/31/83
11/30/83
10/31/83
09/30/83
0,44
0,47
0,46
0,49
0,45
0,44
0,52
0,44
0,40
0,46
0,43
0,62
0,56
0,58
0,51
0,57
0,74
0,50
0,65
0,67
0,62
0,61
0,62
0,68
0,54
0,66
0,83
0,75
0,83
0,52
0,68
0,87
0,86
1,14
0,98
0,88
0,83
0,79
0,90
0,80
0,77
0,61
0,83
0,79
0,68
0,81
0,88
(0,08)
1,38
(0,39)
(2,74)
(0,45)
0,69
1,41
0,37
1,40
1,44
(0,98)
2,48
0,89
2,62
(1,90)
0,53
3,13
3,94
0,56
3,06
2,40
2,10
0,60
1,88
(0,35)
1,06
5,23
2,07
2,04
(2,04)
2,28
1,46
1,79
4,24
2,37
1,69
4,50
1,28
(3,11)
(0,20)
(1,12)
(0,51)
2,06
0,19
1,14
0,36
3,30
0,55
1,10
0,16
(0,69)
0,22
0,45
0,71
0,24
0,61
0,88
(0,11)
1,60
1,04
1,44
(0,11)
0,70
1,78
1,08
0,68
1,42
1,18
1,05
0,75
1,04
0,33
1,06
2,41
1,66
1,29
(0,23)
1,16
1,56
1,79
2,54
1,58
1,14
1,95
0,83
(0,66)
0,62
(0,01)
0,30
1,40
0,58
0,82
0,91
1,90
5,07
5,05
0,87
(0,89)
2,89
3,95
13,47
(2,55)
2,43
5,77
(8,27)
7,42
(5,59)
1,69
5,32
(1,13)
5,58
7,47
0,56
4,84
6,86
4,62
(3,13)
(0,85)
(0,15)
1,57
5,78
(0,09)
0,07
1,22
7,79
2,63
(1,12)
0,39
0,02
11,04
(1,24)
2,17
(5,54)
0,95
1,73
(3,52)
(0,56)
(0,52)
2,11
(1,16)
1,38
08/31/83
07/31/83
06/30/83
05/31/83
04/30/83
03/31/83
02/28/83
01/31/83
12/31/82
11/30/82
10/31/82
09/30/82
08/31/82
07/31/82
06/30/82
05/31/82
04/30/82
03/31/82
02/28/82
01/31/82
12/31/81
11/30/81
10/31/81
09/30/81
08/31/81
07/31/81
06/30/81
05/31/81
04/30/81
03/31/81
02/28/81
01/31/81
12/31/80
11/30/80
10/31/80
09/30/80
08/31/80
07/31/80
06/30/80
05/31/80
04/30/80
03/31/80
02/29/80
01/31/80
12/31/79
11/30/79
10/31/79
0,84
0,72
0,71
0,64
0,84
0,59
0,63
0,69
0,81
0,61
0,64
0,85
1,23
1,63
0,77
1,28
1,30
1,00
0,95
0,76
0,82
1,51
1,60
1,55
1,26
1,21
1,45
1,33
0,66
1,62
1,16
1,27
1,36
0,79
0,82
0,60
0,55
0,59
0,63
1,40
1,89
1,25
0,62
1,11
0,96
1,15
0,58
0,70
(2,36)
0,11
(1,31)
2,79
0,26
2,87
0,17
2,01
0,98
5,30
4,05
5,46
4,30
(1,57)
1,62
2,81
1,27
1,95
0,63
(3,74)
8,53
5,85
(0,07)
(2,11)
(1,93)
(0,23)
3,60
(3,57)
2,38
(1,89)
0,08
2,73
(0,19)
(1,15)
(1,08)
(3,58)
(2,07) …
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