Make an asset allocation recommendation based on the following asset classes and their respective benchmarks and their respective benchmarks:

$-$ Money Market: iShares Premium Money Market ETF $($iShares CMR$)$

$-$ Canadian Bonds: FTSE Canada Universe Bond Index $($iShares XBB$)$

$-$ Canadian Equities: S&P$/$TSX Composite Index $($iShares XIC$)$

$-$ US Equities: S&P $500$ Index $($iShares XUS$)$

$-$ International Equities: MSCI Core EAFE Index $($iShares XEF$)$

$-$ Emerging markets equities : MSCI Core Emerging Markets Index

$($iShares XEC$)$

$-$ Property: Cohen & Steers Global Realty Majors Index $($iShares CGR$)$

$-$ Infrastructure: Manulife Asset Management Global Infrastructure Index $($iShares CIF$)$

To do this, you need to calculate the efficient frontier, determine the minimum$-$variance portfolio for each of the following scenarios:

$1.$ When Short selling is permitted.

$2.$ When Short selling is not permitted

You must calculate the expected returns, volatility of returns $($risk$)$ and correlation coefficients for these correlation coefficients for these $8$ asset classes. To do this, you need to use historical returns $(60-$month period ending December $31,2023)$ of the following exchange$-$traded funds $($ETFs$)$ that correspond that correspond to the benchmark indices.

To formulate your recommendation, you need to use all the asset classes. Finally, you append the details of your calculations. Here are the elements you need to submit for each scenario:

$1.$ The efficient frontier graph.

$2.$ The return, risk and composition of the minimum variance portfolio $($i$.$e$.$ the weightings of each asset$),$

$3.$ The return, risk and composition of the optimal risky portfolio $($i$.$e$.$ the weightings of each asset$).$