(1) Interpret the significance of alphas and betas in the regression.

(2) Based on the sign of estimated betas, can we say something about the general characteristics of the underlying portfolios?

(3) What is EqMktNtr's monthly information ratio if we use the above five factors to calculate the benchmark?

2. For Equity Long/Short (LnShEq), run the following two regressions: (i) a univariate regression on the market factor; (ii) a multivariate regression on the market, size, value, and momentum (UMD) factor.

(1) Interpret the significance of the multivariate alpha and the alpha from the univariate market regression. Discussthe difference between these two alphas. Based on your own research of the availability of equity momentum-style products, do you think the equity long/short strategy should be rewarded for its exposure to UMD?

3. For Equity Market Neutral (EqMktNtr) and Dedicated Short Bias (DedShBs), report the results of regressing their excess returns on the current, one-month-lagged, two-month-lagged, and three-month-lagged market factor:

(1) Discuss the significance of the factor loadings. Can you say something about the liquidity of the underlying portfolios of these two strategies?

Please provide the complete process of using Excel for regression analysis, as well as how to calculate the process returns of market factors with current, one month lag, two months lag, and three months lag, and provide a detailed analysis of the results of the three questions. In addition, could you provide a detailed introduction to using Excel to calculate information ratios and analyze the results?

Transcribed Image Text:

B C D E F H K L M N P R S LnShEq EqMktNtr DedShBs GlobalMac MngdFut EmgMkts EvntDrvn CnvrtArb FxIncArb HFIndex LRF MktRF SMB HML UMD RMW CMA -2.47% 0.24% 2.00% -5.65% 1.20% -1.14% -0.15% 0.15% -2.00% -4.09% 0.21% -2.55% 2.67% -1.54% S 2.14% -1.00% UMD -0.30% -3.90% -0.24% 7.19% -4.27% 2.60% -4.61% -1.29% -0.97% -1.68% -3.57% 0.27% -4.78% -1.04% 1.60% -1.27% 7% T BondMkt 0.22% 0.51% U V W CreditS PTFSBD PTFSFX PTFSCOM -0.11% 45.9% 13.6% -13.7% -0.14% 36.2% -11.0% LiqPS 0.87% 2.5% 2.58% -1.56% 0.25% 1.28% -1.59% 0.86% -8.36% -0.66% -2.52% -0.20% -1.74% 0.27% 0.68% -1.01% 1.66% 0.39% | 1 S 9% 0.49% 0.57% -0.11% 2.25% 3.80% 0.76% -0.73% -0.15% -1.02% 0.79% 2.23% 0.31% 0.58% -2.56% 0.67% -2.19% 0.60% 0.68% -2.19% 0.21% -2.31% 0.70% 6.35% -0.92% 4.15% 0.47% -0.13% 0.21% -0.40% -0.81% 0.31% -3.03% -0.50% 1.67% -0.87% 1.21% 1.47% -0.87% -0.08% -0.10% 11.3% -0.11% 0.11% 20.1% -7.7% 0.5% 0.56% 6.0% -29.2% -2.8% 3.17% 28.0% -7.6% 0.01% 1.29% -1.00% -1.18% -0.35% -1.01% 5.81% 0.54% 0.14% -0.18% 0.35% 0.28% 2.82% -1.85% 0.58% 0.10% -0.65% 0.14% 0.10% 0.20% -0.05% -19.7% -5.8% -5.5% -0.85% 1.64% -0.99% -5.66% 2.75% -0.27% 16.42% 0.82% -0.04% -0.09% 2.77% 0.37% 4.01% 1.37% -2.51% 1.55% 0.95% -1.47% 1.55% -0.06% 0.00% -9.5% -14.3% -10.8% 0.63% 0.25% -0.94% 1.58% 0.25% 2.03% 5.20% 0.75% -1.19% 0.70% 0.67% 0.37% -2.31% 2.80% -1.89% 1.31% 0.52% 0.93% 1.31% 0.22% 0.02% 11.3% -5.3% 1.1% 3.18% 0.27% -0.37% -0.41% -2.22% 1.18% -3.51% -0.73% -1.36% 0.89% -1.35% 0.38% 1.34% -2.30% -1.62% 1.49% 0.23% -0.68% 1.49% 0.28% -0.06% -13.0% 4.4% -9.3% 1.11% -2.85% -0.30% 3.03% 2.09% 1.65% -1.42% -1.06% -0.17% 0.69% 0.41% 0.37% -4.04% 0.07% -0.70% -0.18% 0.42% -0.50% -0.18% 0.22% -0.10% -14.8% -0.35% 1.27% -0.19% 0.50% -1.89% -4.21% -0.78% -1.92% 0.57% -0.21% 0.44% 0.86% 0.00% -0.13% 3.48% 0.37% 0.38% 3.48% -0.15% -0.07% -6.3% -22.6% -15.8% -10.2% -2.22% -0.74% 0.47% 1.31% -2.47% -0.08% -9.98% 0.51% -0.62% 0.27% -1.97% 0.42% 1.80% -3.06% 2.57% -1.81% 0.17% -0.75% -1.81% -0.03% 0.01% -18.7% -11.6% -12.0% -4.2% -3.12% 1.87% 3.04% 0.94% -2.24% 0.07% -1.27% -7.88% 2.41% 1.18% 0.65% 0.45% 0.40% 3.63% -0.54% 1.08% -0.39% 0.59% -0.33% -0.39% -0.31% 0.08% 0.81% 2.92% 0.38% 5.96% 9.46% -5.51% 0.85% 1.32% -0.44% 3.48% 0.46% 2.19% -0.51% -2.15% 0.43% -0.17% 0.22% 0.43% -0.27% 0.12% 1.36% 2.27% -0.37% 0.91% -0.33% 7.25% 2.10% 2.28% 2.02% 1.45% 0.44% 2.11% -0.22% 1.71% 1.79% 0.41% 0.90% 1.79% -0.14% 0.04% -5.5% 12.7% -10.7% -2.68% 5.6% 90.3% -12.8% -12.7% 23.5% 5.4% 0.99% 0.32% 2.03% 0.41% -1.25% 0.99% -4.70% 1.34% 1.13% 1.65% 2.01% 1.01% 0.54% 2.90% -2.19% 2.29% -0.42% 0.39% 0.04% -0.42% -0.43% 0.03% 42.5% -14.4% -10.0% -1.18% 3.51% 1.52% -6.91% -0.68% -5.74% 0.78% 1.30% 1.90% 0.52% 0.37% 0.47% 2.72% 3.06% -2.54% 2.93% -0.33% -2.44% 2.93% -0.46% 0.16% 6.9% -21.0% 6.9% -0.55% 5.15% 0.55% -5.94% 2.24% 3.05% 2.22% 2.25% 0.86% 1.12% 2.76% 0.45% 3.72% 2.09% -1.62% 2.57% 0.30% -1.65% 2.57% 0.11% 0.03% -18.0% -22.9% -22.7% 3.96% 2.26% 0.68% 0.82% 10.60% -0.32% 0.98% 1.54% 0.77% 0.77% 6.00% 0.47% 0.55% 1.75% 2.79% 0.16% -1.24% 1.62% 0.16% 0.21% -0.06% -11.9% 50.6% -9.5% -2.14% 1.11% -0.57% -2.93% 0.20% -9.35% 1.88% 1.87% 1.12% 1.04% 0.38% 0.43% 3.35% -1.88% -0.04% 2.91% 1.03% 0.36% 2.91% -0.29% 0.03% -2.5% 8.1% 0.5% - 7.69% -1.82% 0.28% 6.35% 1.00% -1.06% -5.66% -0.26% 1.29% 1.14% -0.11% 0.47% -1.52% -4.04% -0.50% 4.16% 1.91% -0.05% 4.16% -0.16% -0.02% -8.0% -18.0% -13.4% 3.75% 2.29% 0.29% -0.97% 4.87% -0.27% -3.13% 1.13% 2.31% 1.68% 3.14% 0.42% 3.96% -1.07% 0.51% -0.68% -0.62% 1.12% -0.68% -0.11% 0.04% 5.7% -15.2% -14.4% 0.92% 2.09% 0.81% 4.94% 4.05% 4.59% 0.74% 2.18% 1.39% 1.07% 3.06% 0.49% 1.03% 0.72% 0.22% 2.52% -1.37% 3.10% 2.52% -0.22% 0.03% 1.0% -16.7% 8.9% -1.63% 1.97% 2.10% 0.63% 10.46% 2.82% 7.86% 3.49% 2.07% 1.43% 6.97% 0.43% 2.26% -2.56% 0.38% 0.54% 0.18% 2.31% 0.54% -0.06% 0.04% 2.9% -6.5% -2.2% 2.85% 1.35% 1.59% -5.64% -7.07% -4.50% -0.57% 0.58% 1.18% 1.06% -3.59% 0.39% 1.33% 1.77% -1.08% 0.59% 0.24% -1.90% 0.59% 0.16% 0.00% 9.3% -27.3% -1.1% 0.96% 1.21% 1.65% -0.87% 1.22% 0.11% -0.93% 1.22% 1.50% 0.77% 1.06% 0.39% 0.73% 1.61% 0.35% -1.84% 1.42% -0.95% -1.84% 0.46% -0.06% -1.7% -22.4% -4.8% -1.16% 4.14% 1.29% -6.64% 3.00% 3.12% 5.06% 2.57% 1.34% 1.35% 3.12% 0.46% 2.06% 4.71% -4.02% -0.88% -0.14% -2.11% -0.88% 0.24% -0.08% -11.0% -7.9% 31.5% -3.27% 2.13% 1.14% 0.02% 1.99% -1.99% 4.51% 1.66% 1.59% 1.09% 1.93% 0.42% 2.36% 3.21% -0.83% 1.54% 0.12% -0.30% 1.54% 0.23% -0.12% -13.4% 2.9% -22.9% -1.01% -1.53% 0.24% 5.09% 3.23% 0.20% 5.36% 1.00% 1.45% 1.25% 1.74% 0.40% -1.14% -3.65% 2.35% 0.98% 3.51% 1.22% 0.98% 0.17% -0.07% -13.6% -16.6% 8.3% -4.79% -3.80% 0.60% 9.83% -6.97% 0.10% -2.68% 0.24% 1.36% 1.34% -4.13% 0.45% -5.97% -3.81% 5.14% -0.17% 2.95% 2.60% -0.17% -0.04% -0.01% 2.7% 9.1% -3.5% -3.92% 2.38% 1.48% -3.43% 2.93% 0.78% 3.56% 2.16% 1.31% 1.04% 2.48% 0.41% 2.77% 2.57% -0.74% 0.01% -0.37% -2.42% 0.01% -0.23% 0.06% 2.9% -29.7% 3.0% 0.68% 2.50% 1.32% -5.93% 3.01% 3.22% 1.57% 2.23% 1.12% 1.47% 2.50% 0.44% 5.01% -1.39% -2.72% 2.70% 1.27% -2.22% 2.70% 0.19% -0.02% 2.7% -1.1% 5.1% -3.21% 1.93% 1.11% 4.30% 5.31% 5.59% 1.70% 1.39% 1.44% 1.16% 3.35% 0.42% 0.86% -3.77% 4.94% 3.79% 1.40% 3.25% 3.79% -0.30% 0.02% 14.8% 37.1% 23.6% -2.18% 3.07% 2.00% -2.94% 8.13% 4.21% 2.60% 2.54% 1.35% 1.17% 5.04% 0.41% 6.25% -3.80% 1.39% -2.37% 2.12% -0.79% -2.37% -0.33% 0.05% 13.9% 9.3% 10.8% 2.31% 0.82% 0.95% 1.31% -0.76% -1.83% 2.43% 1.88% 0.85% 1.75% 0.31% 0.46% -1.70% 3.25% 1.31% 0.63% 0.37% 1.49% 0.63% 0.10% 0.00% -9.9% 27.8% -8.4% -2.16% 3.49% 3.17% -1.86% 8.21% 3.00% 9.46% 2.30% 1.03% 1.48% 5.48% 0.45% 4.99% -1.82% -1.42% 1.95% 1.19% -0.02% 1.95% 0.28% -0.08% -3.7% 41.2% 8.4% -2.84% -1.58% 1.97% 2.50% 1.82% 1.43% 7.69% 1.49% 1.33% 1.10% 1.30% 0.39% -0.49% -2.59% 5.67% -2.13% 0.67% 3.47% -2.13% -0.16% 0.01% -4.9% 2.4% 24.0% -3.06% -2.27% -1.15% 8.03% -2.17% -0.95% -0.78% 0.18% 0.94% 0.72% -1.41% 0.43% -5.03% -0.43% 3.39% 0.90% 0.50% 1.66% 0.90% 0.27% -0.03% -1.9% -14.2% -4.4% 1.36% 0.01% 1.21% -0.80% 5.95% -2.69% 1.97% 0.33% 1.02% 1.24% 2.86% 0.43% 4.04% -5.70% 0.07% 4.86% 3.26% -0.72% 4.86% 0.20% -0.04% -17.5% -13.1% 2.5% 8.78% 5.14% 3.03% -6.50% -2.02% -0.76% 2.97% 2.91% 1.68% 1.01% 0.88% 0.49% 6.74% 4.75% -4.13% -5.17% -1.02% -2.96% -5.17% -0.18% 0.04% 3.9% 10.8% -1.6% 0.80% 2.28% 1.18% -0.84% 2.10% 0.21% 6.81% 1.70% 2.09% 0.87% 2.26% 0.37% 4.10% 1.19% 1.58% 2.60% 0.56% 0.66% 2.60% -0.22% 0.04% -9.9% -6.7% 7.7% 0.38% 7.03% 3.26% -6.32% 10.13% 5.69% 6.46% 3.58% 2.11% 1.09% 6.99% 0.43% 7.33% -2.77% 0.26% 3.79% 0.07% -2.57% 3.79% -0.27% 0.00% 30.8% 32.4% 20.6% 1.57% 0.62% -0.92% -0.07% -2.41% -7.27% -3.65% -0.26% 1.75% 0.82% -1.26% 0.41% -4.15% 7.61% 1.18% -2.56% -1.11% -0.04% -2.56% 0.08% -0.01% -8.0% 4.6% -14.2% -1.72% 5.91% 1.81% -3.32% 4.63% 3.63% 2.78% 2.50% 1.03% 1.15% 3.99% 0.44% 5.35% 2.49% 0.37% 1.47% -1.63% -0.91% 1.47% -0.09% -0.03% 0.3% -11.4% -3.0% -1.50% -0.84% 0.81% 6.75% -1.89% -0.73% -7.86% 0.45% 0.46% -1.58% -1.64% 0.42% -3.80% -0.52% 2.27% -0.57% 1.00% 1.94% -0.57% -0.18% 0.05% 4.0% 11.0% 6.8% 1.98% -1.22% -0.38% 2.93% 3.46% -0.68% -4.76% 1.33% -0.82% 0.40% 1.00% 0.39% 2.98% -5.10% 1.19% 0.33% 2.80% 1.83% 0.33% -0.15% 0.00% -15.3% -1.2% -6.6% 7.82% 1.55% 0.04% 1.04% 5.14% 2.82% 4.30% 1.91% 1.01% 0.71% 3.22% 0.48% 1.32% -2.04% 3.84% 3.98% 0.75% 1.93% 3.98% -0.07% -0.03% 0.6% -8.2% 21.3% 3.54% -0.93% 0.91% -1.05% -2.18% 0.87% -5.90% 1.73% 0.84% -0.84% -1.21% 0.43% 0.15% -1.36% -1.63% 0.14% 0.86% -0.73% 0.14% -0.27% 0.14% 19.5% -4.4% 4.0% 3.10% 5.64% 1.85% -6.89% 0.21% -0.28% 2.00% 2.56% 1.63% 0.81% 1.96% 0.39% 7.04% 0.20% -0.85% -1.12% -0.31% -2.54% -1.12% 0.03% 0.03% -8.2% -24.1% -3.4% 5.00% 5.03% 1.97% -2.42% 10.16% 1.06% 3.63% 2.48% 1.42% 1.61% 5.94% 0.39% 4.76% -0.65% 1.39% 2.15% -0.26% -0.37% 2.15% 0.08% -0.01% -10.7% -1.6% -9.6% -3.17% B C D E F H K L M N P R S LnShEq EqMktNtr DedShBs GlobalMac MngdFut EmgMkts EvntDrvn CnvrtArb FxIncArb HFIndex LRF MktRF SMB HML UMD RMW CMA -2.47% 0.24% 2.00% -5.65% 1.20% -1.14% -0.15% 0.15% -2.00% -4.09% 0.21% -2.55% 2.67% -1.54% S 2.14% -1.00% UMD -0.30% -3.90% -0.24% 7.19% -4.27% 2.60% -4.61% -1.29% -0.97% -1.68% -3.57% 0.27% -4.78% -1.04% 1.60% -1.27% 7% T BondMkt 0.22% 0.51% U V W CreditS PTFSBD PTFSFX PTFSCOM -0.11% 45.9% 13.6% -13.7% -0.14% 36.2% -11.0% LiqPS 0.87% 2.5% 2.58% -1.56% 0.25% 1.28% -1.59% 0.86% -8.36% -0.66% -2.52% -0.20% -1.74% 0.27% 0.68% -1.01% 1.66% 0.39% | 1 S 9% 0.49% 0.57% -0.11% 2.25% 3.80% 0.76% -0.73% -0.15% -1.02% 0.79% 2.23% 0.31% 0.58% -2.56% 0.67% -2.19% 0.60% 0.68% -2.19% 0.21% -2.31% 0.70% 6.35% -0.92% 4.15% 0.47% -0.13% 0.21% -0.40% -0.81% 0.31% -3.03% -0.50% 1.67% -0.87% 1.21% 1.47% -0.87% -0.08% -0.10% 11.3% -0.11% 0.11% 20.1% -7.7% 0.5% 0.56% 6.0% -29.2% -2.8% 3.17% 28.0% -7.6% 0.01% 1.29% -1.00% -1.18% -0.35% -1.01% 5.81% 0.54% 0.14% -0.18% 0.35% 0.28% 2.82% -1.85% 0.58% 0.10% -0.65% 0.14% 0.10% 0.20% -0.05% -19.7% -5.8% -5.5% -0.85% 1.64% -0.99% -5.66% 2.75% -0.27% 16.42% 0.82% -0.04% -0.09% 2.77% 0.37% 4.01% 1.37% -2.51% 1.55% 0.95% -1.47% 1.55% -0.06% 0.00% -9.5% -14.3% -10.8% 0.63% 0.25% -0.94% 1.58% 0.25% 2.03% 5.20% 0.75% -1.19% 0.70% 0.67% 0.37% -2.31% 2.80% -1.89% 1.31% 0.52% 0.93% 1.31% 0.22% 0.02% 11.3% -5.3% 1.1% 3.18% 0.27% -0.37% -0.41% -2.22% 1.18% -3.51% -0.73% -1.36% 0.89% -1.35% 0.38% 1.34% -2.30% -1.62% 1.49% 0.23% -0.68% 1.49% 0.28% -0.06% -13.0% 4.4% -9.3% 1.11% -2.85% -0.30% 3.03% 2.09% 1.65% -1.42% -1.06% -0.17% 0.69% 0.41% 0.37% -4.04% 0.07% -0.70% -0.18% 0.42% -0.50% -0.18% 0.22% -0.10% -14.8% -0.35% 1.27% -0.19% 0.50% -1.89% -4.21% -0.78% -1.92% 0.57% -0.21% 0.44% 0.86% 0.00% -0.13% 3.48% 0.37% 0.38% 3.48% -0.15% -0.07% -6.3% -22.6% -15.8% -10.2% -2.22% -0.74% 0.47% 1.31% -2.47% -0.08% -9.98% 0.51% -0.62% 0.27% -1.97% 0.42% 1.80% -3.06% 2.57% -1.81% 0.17% -0.75% -1.81% -0.03% 0.01% -18.7% -11.6% -12.0% -4.2% -3.12% 1.87% 3.04% 0.94% -2.24% 0.07% -1.27% -7.88% 2.41% 1.18% 0.65% 0.45% 0.40% 3.63% -0.54% 1.08% -0.39% 0.59% -0.33% -0.39% -0.31% 0.08% 0.81% 2.92% 0.38% 5.96% 9.46% -5.51% 0.85% 1.32% -0.44% 3.48% 0.46% 2.19% -0.51% -2.15% 0.43% -0.17% 0.22% 0.43% -0.27% 0.12% 1.36% 2.27% -0.37% 0.91% -0.33% 7.25% 2.10% 2.28% 2.02% 1.45% 0.44% 2.11% -0.22% 1.71% 1.79% 0.41% 0.90% 1.79% -0.14% 0.04% -5.5% 12.7% -10.7% -2.68% 5.6% 90.3% -12.8% -12.7% 23.5% 5.4% 0.99% 0.32% 2.03% 0.41% -1.25% 0.99% -4.70% 1.34% 1.13% 1.65% 2.01% 1.01% 0.54% 2.90% -2.19% 2.29% -0.42% 0.39% 0.04% -0.42% -0.43% 0.03% 42.5% -14.4% -10.0% -1.18% 3.51% 1.52% -6.91% -0.68% -5.74% 0.78% 1.30% 1.90% 0.52% 0.37% 0.47% 2.72% 3.06% -2.54% 2.93% -0.33% -2.44% 2.93% -0.46% 0.16% 6.9% -21.0% 6.9% -0.55% 5.15% 0.55% -5.94% 2.24% 3.05% 2.22% 2.25% 0.86% 1.12% 2.76% 0.45% 3.72% 2.09% -1.62% 2.57% 0.30% -1.65% 2.57% 0.11% 0.03% -18.0% -22.9% -22.7% 3.96% 2.26% 0.68% 0.82% 10.60% -0.32% 0.98% 1.54% 0.77% 0.77% 6.00% 0.47% 0.55% 1.75% 2.79% 0.16% -1.24% 1.62% 0.16% 0.21% -0.06% -11.9% 50.6% -9.5% -2.14% 1.11% -0.57% -2.93% 0.20% -9.35% 1.88% 1.87% 1.12% 1.04% 0.38% 0.43% 3.35% -1.88% -0.04% 2.91% 1.03% 0.36% 2.91% -0.29% 0.03% -2.5% 8.1% 0.5% - 7.69% -1.82% 0.28% 6.35% 1.00% -1.06% -5.66% -0.26% 1.29% 1.14% -0.11% 0.47% -1.52% -4.04% -0.50% 4.16% 1.91% -0.05% 4.16% -0.16% -0.02% -8.0% -18.0% -13.4% 3.75% 2.29% 0.29% -0.97% 4.87% -0.27% -3.13% 1.13% 2.31% 1.68% 3.14% 0.42% 3.96% -1.07% 0.51% -0.68% -0.62% 1.12% -0.68% -0.11% 0.04% 5.7% -15.2% -14.4% 0.92% 2.09% 0.81% 4.94% 4.05% 4.59% 0.74% 2.18% 1.39% 1.07% 3.06% 0.49% 1.03% 0.72% 0.22% 2.52% -1.37% 3.10% 2.52% -0.22% 0.03% 1.0% -16.7% 8.9% -1.63% 1.97% 2.10% 0.63% 10.46% 2.82% 7.86% 3.49% 2.07% 1.43% 6.97% 0.43% 2.26% -2.56% 0.38% 0.54% 0.18% 2.31% 0.54% -0.06% 0.04% 2.9% -6.5% -2.2% 2.85% 1.35% 1.59% -5.64% -7.07% -4.50% -0.57% 0.58% 1.18% 1.06% -3.59% 0.39% 1.33% 1.77% -1.08% 0.59% 0.24% -1.90% 0.59% 0.16% 0.00% 9.3% -27.3% -1.1% 0.96% 1.21% 1.65% -0.87% 1.22% 0.11% -0.93% 1.22% 1.50% 0.77% 1.06% 0.39% 0.73% 1.61% 0.35% -1.84% 1.42% -0.95% -1.84% 0.46% -0.06% -1.7% -22.4% -4.8% -1.16% 4.14% 1.29% -6.64% 3.00% 3.12% 5.06% 2.57% 1.34% 1.35% 3.12% 0.46% 2.06% 4.71% -4.02% -0.88% -0.14% -2.11% -0.88% 0.24% -0.08% -11.0% -7.9% 31.5% -3.27% 2.13% 1.14% 0.02% 1.99% -1.99% 4.51% 1.66% 1.59% 1.09% 1.93% 0.42% 2.36% 3.21% -0.83% 1.54% 0.12% -0.30% 1.54% 0.23% -0.12% -13.4% 2.9% -22.9% -1.01% -1.53% 0.24% 5.09% 3.23% 0.20% 5.36% 1.00% 1.45% 1.25% 1.74% 0.40% -1.14% -3.65% 2.35% 0.98% 3.51% 1.22% 0.98% 0.17% -0.07% -13.6% -16.6% 8.3% -4.79% -3.80% 0.60% 9.83% -6.97% 0.10% -2.68% 0.24% 1.36% 1.34% -4.13% 0.45% -5.97% -3.81% 5.14% -0.17% 2.95% 2.60% -0.17% -0.04% -0.01% 2.7% 9.1% -3.5% -3.92% 2.38% 1.48% -3.43% 2.93% 0.78% 3.56% 2.16% 1.31% 1.04% 2.48% 0.41% 2.77% 2.57% -0.74% 0.01% -0.37% -2.42% 0.01% -0.23% 0.06% 2.9% -29.7% 3.0% 0.68% 2.50% 1.32% -5.93% 3.01% 3.22% 1.57% 2.23% 1.12% 1.47% 2.50% 0.44% 5.01% -1.39% -2.72% 2.70% 1.27% -2.22% 2.70% 0.19% -0.02% 2.7% -1.1% 5.1% -3.21% 1.93% 1.11% 4.30% 5.31% 5.59% 1.70% 1.39% 1.44% 1.16% 3.35% 0.42% 0.86% -3.77% 4.94% 3.79% 1.40% 3.25% 3.79% -0.30% 0.02% 14.8% 37.1% 23.6% -2.18% 3.07% 2.00% -2.94% 8.13% 4.21% 2.60% 2.54% 1.35% 1.17% 5.04% 0.41% 6.25% -3.80% 1.39% -2.37% 2.12% -0.79% -2.37% -0.33% 0.05% 13.9% 9.3% 10.8% 2.31% 0.82% 0.95% 1.31% -0.76% -1.83% 2.43% 1.88% 0.85% 1.75% 0.31% 0.46% -1.70% 3.25% 1.31% 0.63% 0.37% 1.49% 0.63% 0.10% 0.00% -9.9% 27.8% -8.4% -2.16% 3.49% 3.17% -1.86% 8.21% 3.00% 9.46% 2.30% 1.03% 1.48% 5.48% 0.45% 4.99% -1.82% -1.42% 1.95% 1.19% -0.02% 1.95% 0.28% -0.08% -3.7% 41.2% 8.4% -2.84% -1.58% 1.97% 2.50% 1.82% 1.43% 7.69% 1.49% 1.33% 1.10% 1.30% 0.39% -0.49% -2.59% 5.67% -2.13% 0.67% 3.47% -2.13% -0.16% 0.01% -4.9% 2.4% 24.0% -3.06% -2.27% -1.15% 8.03% -2.17% -0.95% -0.78% 0.18% 0.94% 0.72% -1.41% 0.43% -5.03% -0.43% 3.39% 0.90% 0.50% 1.66% 0.90% 0.27% -0.03% -1.9% -14.2% -4.4% 1.36% 0.01% 1.21% -0.80% 5.95% -2.69% 1.97% 0.33% 1.02% 1.24% 2.86% 0.43% 4.04% -5.70% 0.07% 4.86% 3.26% -0.72% 4.86% 0.20% -0.04% -17.5% -13.1% 2.5% 8.78% 5.14% 3.03% -6.50% -2.02% -0.76% 2.97% 2.91% 1.68% 1.01% 0.88% 0.49% 6.74% 4.75% -4.13% -5.17% -1.02% -2.96% -5.17% -0.18% 0.04% 3.9% 10.8% -1.6% 0.80% 2.28% 1.18% -0.84% 2.10% 0.21% 6.81% 1.70% 2.09% 0.87% 2.26% 0.37% 4.10% 1.19% 1.58% 2.60% 0.56% 0.66% 2.60% -0.22% 0.04% -9.9% -6.7% 7.7% 0.38% 7.03% 3.26% -6.32% 10.13% 5.69% 6.46% 3.58% 2.11% 1.09% 6.99% 0.43% 7.33% -2.77% 0.26% 3.79% 0.07% -2.57% 3.79% -0.27% 0.00% 30.8% 32.4% 20.6% 1.57% 0.62% -0.92% -0.07% -2.41% -7.27% -3.65% -0.26% 1.75% 0.82% -1.26% 0.41% -4.15% 7.61% 1.18% -2.56% -1.11% -0.04% -2.56% 0.08% -0.01% -8.0% 4.6% -14.2% -1.72% 5.91% 1.81% -3.32% 4.63% 3.63% 2.78% 2.50% 1.03% 1.15% 3.99% 0.44% 5.35% 2.49% 0.37% 1.47% -1.63% -0.91% 1.47% -0.09% -0.03% 0.3% -11.4% -3.0% -1.50% -0.84% 0.81% 6.75% -1.89% -0.73% -7.86% 0.45% 0.46% -1.58% -1.64% 0.42% -3.80% -0.52% 2.27% -0.57% 1.00% 1.94% -0.57% -0.18% 0.05% 4.0% 11.0% 6.8% 1.98% -1.22% -0.38% 2.93% 3.46% -0.68% -4.76% 1.33% -0.82% 0.40% 1.00% 0.39% 2.98% -5.10% 1.19% 0.33% 2.80% 1.83% 0.33% -0.15% 0.00% -15.3% -1.2% -6.6% 7.82% 1.55% 0.04% 1.04% 5.14% 2.82% 4.30% 1.91% 1.01% 0.71% 3.22% 0.48% 1.32% -2.04% 3.84% 3.98% 0.75% 1.93% 3.98% -0.07% -0.03% 0.6% -8.2% 21.3% 3.54% -0.93% 0.91% -1.05% -2.18% 0.87% -5.90% 1.73% 0.84% -0.84% -1.21% 0.43% 0.15% -1.36% -1.63% 0.14% 0.86% -0.73% 0.14% -0.27% 0.14% 19.5% -4.4% 4.0% 3.10% 5.64% 1.85% -6.89% 0.21% -0.28% 2.00% 2.56% 1.63% 0.81% 1.96% 0.39% 7.04% 0.20% -0.85% -1.12% -0.31% -2.54% -1.12% 0.03% 0.03% -8.2% -24.1% -3.4% 5.00% 5.03% 1.97% -2.42% 10.16% 1.06% 3.63% 2.48% 1.42% 1.61% 5.94% 0.39% 4.76% -0.65% 1.39% 2.15% -0.26% -0.37% 2.15% 0.08% -0.01% -10.7% -1.6% -9.6% -3.17%