A global equity manager is assigned to select stocks from a universe of large stocks throughout the world. The manager will be evaluated by comparing her returns to the return on the MSCI World Market Portfolio, but she is free to hold stocks from various countries in whatever proportions she finds desirable. Results for a given month are contained in the following table:

Country Weight In

MSCI Index Manager$$s

Weight Manager$$s Return

in Country Return of Stock Index

for That Country

U$.$K$.0\mathrm{.}150\mathrm{.}3020\%12\%$

Japan $0\mathrm{.}300\mathrm{.}101515$

U$.$S$.0\mathrm{.}450\mathrm{.}401014$

Germany $0\mathrm{.}100\mathrm{.}20512$