please only answer part d, e and f.

rates and fears of an economic slowdown brought an end to more than a decade of doviestic dominance. US stocks have vastly outperformed most other developed and emerging markets since the financial crisis, but the trend began to reverse last year. Although the trend reversal presents an attractive entry point for international investments, there are many who question whether international portfolio diversification should be a constant feature of prudent asset allocation. How should the optimal investment portfolio be constructed? For US investors, are some international inves better than others? In completing this exercise, write as clea possible in an "analyst report" format (introduction, analysis, discussion, conclusion, etc.) as if you were producing research for a client. You should explain all of your estimates; and provide all references and sources for your report. Use MS Excel to perform your analysis. a. Go to Yahool Finance (http//finance.yahoo,com) to download the monthly historical prices for the following index ETFS (Dec 31, 2003 to Dec 31, 2022): SPY, EEM, and EFA. b. Describe each index, Which types of stocks are included in each index? c. Based on the portfolio statistics, which index performs the best for the full sample period? For a subperiod 2004 to 2014? For a subperiod 2015 to 2022? d. BY exploring different combinations of SPY and EFA, determine whether international investment can improve portfolio efficiency for a U.S. investor. Show the optimal portfolio for the full sample period? For a subperiod 2004 to 2014? For a subperiod 2015 to 2022? e. By exploring different combinations of SPY and EEM, determine whether international investment can improve portfolio efficiency for a U.S. investor. Show the optimal portfolio for the full sample period? For a subperiod 2004 to 2014? for a subperiod 2015 to 2022? f. Conclude your report with an overall recommendation for a potential client. Should there be one consistent international investment portfolio, or should there be different portfolios for different economic environments? 1. US fund managers are increasing investments in international stock markets after rising interest rates and fears of an economic slowdown brought an end to more than a decade nf Homestic dominance. US stocks have vastly outperformed most other developed and emergint since the financial crisis, but the trend began to reverse last year. Although the trend reversai presents an attractive entry point for international investments, there are many who question whether international portfolio diversification should be a constant feature of prudent asset allocation. How should the optimal investment portfolio be constructed? For US investors, are some international investments better than others? In completing this exercise, write as clearly as possible in an "analyst repo mat (introduction, analysis, discussion, conclusion, etc.) as if you were producing research for a client. You should explain all of your estimates; and provide all references and sources for your report. Use MS Excel to perform your analysis. a. Go to Yahool Finance (http://finance,yahoo.com) to download the monthly historical prices for the following index ETFS (Dec 31, 2003 to Dec 31, 2022): SPY, EEM, and EFA. b. Describe each index. Which types of stocks are included in each index? c. Based on the portfolio statistics, which index performs the best for the full sample period? For a subperiod 2004 to 2014 ? For a subperiod 2015 to 2022? d. By exploring different combinations of SPY and EFA, determine whether international investment can improve portfolio efficiency for a U.S. investor. Show the optimal portfolio for the full sample period? For a subperiod 2004 to 2014? For a subperiod 2015 to 2022? e. BY exploring different combinations of SPY and EEM, determine whether international investment can improve portfolio efficiency for a U.S. investor. Show the optimal portfolio for the full sample period? For a subperiod 2004 to 2014? For a subperiod 2015 to 2022? f. Conclude your report with an overall recommendation for a potential client. Should there be one consistent international investment portfolio, or should there be different portfolios for different economic environments