https://uwmil.instructure.com/courses/371766/files/28822459/download?download_frd=1

Use the above link(data in excel) to answer question

Six mutual funds:

-Vanguard S&P 500 Index Fund

-Legg Mason Value Trust

-Fidelity Magellan Fund

-Janus Fund

-Fidelity Low-Priced Fund

-Nicholas Fund

3-month T-bill (RF)

Stock market index (MKT)

Three zero-investment (long-short) portfolio returns:

-Small minus large stock returns (SMB)

-High book-to-market (value) minus low book-to-market (growth) returns(HML)

-Past winner stock returns minus past loser stock returns (UMD)

Question:

On a single chart, plot the value of $1 invested in each of the six mutual funds over time. I.e., for all , plot the cumulative return series

for each mutual fund:

=(1+1)(1+2)...(1+)= =1 (1+)

What patterns do you observe?