Module â 4 Valuation of securities: Bond- Bond features, Types of Bonds, Determinants of interest rates, Bond Management Strategies, Bond Valuation, Bond Duration. Another measure is the standard deviation and variance-. It is important to be able to compute and compare different measures of return to properly evaluate portfolio performance. It measures the unsystematic risk of the company. Return in Portfolio Investments The typical objective of investment is to make current income from the investment in the form of dividends and interest income. The portfolio is a collection of investment instruments like shares, mutual funds, bonds, FDs and other cash equivalents, etc. This can be positive and negative. Capital Asset Pricing Model When an asset needs to be added to an already well diversified portfolio, Capital Asset Pricing Model is used to calculate the assetâs rate of profit or rate of return (ROI). You Thus, the portfolio expected return is the weighted average of the expected returns, from each of the securities, with weights representing the proportionate share of the security in the total investment. These theories can be classified into different categories as depicted in figure 6.1. There shall be bifurcation across these five units of the total corpus provided. Meaningful diversification is one which involves holding of stocks of more than one industry so that risks of losses occurring in one industry are counterbalanced by gains from the other industry. 2. The square root of variance is standard deviation (sd). Diversification of risk in portfolio management - Portfolio should be diversified to the degree at which specific risk has virtually been eliminated. This means itâs generating the highest possible return at your established risk tolerance . If Beta is 1, a one percentage change in Market index will lead to one percentage change in price of stock. Return on Portfolio: Each security in a portfolio contributes returns in the proportion of its investment in security. The last column of weighted squared deviations are derived by multiplying the weights of probabilities with squared deviations. Portfolio Diversification refers to choosing different classes of assets with the objective of maximizing the returns and minimize the risk profile. A defensive portfolio focuses on consumer staples that are impervious to downturns. x̅ is the mean or the weighted average return. Welcome to EconomicsDiscussion.net! For example, a year relative to a 20-month holding period is a fraction of 12/20. Using the same annual returns of 15%, 10%, 12% and 3% as above, we compute the geometric mean as follows: $$ \text{Geometric mean} = [(1+15\%) × (1+10\%) × (1+12\%) × (1+3\%)]^{1/4} – 1 = 9.9\% $$. When we talk about the returns from a financial asset, we can broadly classify them into two types. September 12, 2019 in Portfolio Management. An aggressive portfolio takes on great risks in search of great returns. There are two measures of Risk in this context — one is the absolute deviation and the other standard deviation. First, financial assets may provide some income in the form of dividends or interest payments. One of the corporate financial essentials includes a complete investment portfolio. Traditional Approach: 1. The expected return of the portfolio can be computed as: Covariances and correlation of returns Before moving on to the variance of the portfolio, we will have a quick look at the definitions of covariance and correlation. Privacy Policy3. A. Arithmetic mean = 5.3%; Geometric mean = 5.2%, B. Arithmetic mean = 4.0%; Geometric mean = 3.6%, C. Arithmentic mean = 4.0%; Geometric mean = 3.9%, $$ \text{Arithmetic mean} = \frac {8\% + (-2\%) + 6\%} {3} = 4\% $$, $$ \text{Geometric mean} = [(1+8\%) × (1+(-2\%)) × (1+6\%)]^{1/3} – 1 = 3.9\% $$, Calculate and interpret major return measures and describe their appropriate uses. All Rights ReservedCFA Institute does not endorse, promote or warrant the accuracy or quality of AnalystPrep. If an investor makes use of derivative instruments within a portfolio or borrows money to invest, then leverage is introduced into the portfolio. And one of the things you should know in order to complete one is to know the various types of portfolio management. When a portfolio is made up of several assets, we may want to find the aggregate return of the portfolio as a whole. Employees of both private and public companies often save and invest for retirement... Risk budgeting is focused on implementing the risk tolerance decisions taken at a... 3,000 CFA® Exam Practice Questions offered by AnalystPrep – QBank, Mock Exams, Study Notes, and Video Lessons, 3,000 FRM Practice Questions – QBank, Mock Exams, and Study Notes. PORTFOLIO MANAGEMENT-TRIAL QUESTIONS 1) Explain the following terms as used in Portfolio management and give examples and/or furmulas. These can be explained with following illustrations, the assumed probabilities of each of the returns and the estimation of absolute deviation and standard deviation, based on them are given for only illustration: Column 5 is deviation of the returns under column 3 from the expected return 15 (Thus -25 = (-10-15). Reducing the Risk of Certain Asset Classes If α is a positive return, then that scrip will have higher returns. So the portfolio manager according to the risk-taking capacity and the kind of returns calculated provides a portfolio structured in tandem with that. Defensive Portfolio : Defensive portfolio comprises of stocks with low risk and stable earnings â e.g. Passive Portfolio Managemeâ¦ If the correlation coefficient is one (+ 1), an upward movement of one security return is followed by a direct upward movement of the second security. If we have a large enough portfolio it is possible to eliminate the unsystematic risk A money-weighted return is similar in computation methodology to an internal rate of return (IRR) or a yield to maturity. Passive Portfolio: When the Take the following graph to illustrate the above: α or Alpha is the distance between the horizontal axis and line’s intersection with y-axis. If the security “ARC” gives the maximum return why not he invest in that security all his funds and thus maximise return? This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. It can normally vary from – 1 to 4- 1. If the period during which the return is earned is not exactly one year, we can annualize the return to enable an easy comparative return. A risk averse investor always prefer to â¦ β or Beta describes the relationship between the stock’s return and the Market index return. Real returns are useful for comparing returns over different time periods as inflation rates vary over time. In order to compute this, we weight the returns of the underlying assets by the amounts allocated to them. 1. What are the arithmetic mean and geometric mean, respectively, of an investment which returns 8%, -2% and 6% each year for three years? ADVERTISEMENTS: Portfolio theories guide the investors to select securities that will maximize returns and minimize risk. Assuming that investor puts his funds in four securities, the holding period return of the portfolio is described in the table below: The above describes the simple calculation of the weighted average return of a portfolio for the holding period. These are as follows: A gross return is earned prior to the deduction of fees (management fees, custodial fees, and other administrative expenses). The previous year’s returns are compounded to the beginning value of the investment at the start of the new period in order to earn returns on your returns. Image Credit Onemint 2 most basic types of risk Investment is related to saving but saving does not mean investment. Arithmetic returns tend to be biased upwards unless the holding period returns are all equal. We examine the cash flows from the perspective of the investor where amounts invested in the portfolio are seen as cash outflows and amounts withdrawn from the portfolio by the investor are cash inflows. The Company with a higher return of 11.5% has a higher risk than the other company. Disclaimer Copyright, Share Your Knowledge
Thus (.04)2 = .0016 and this multiplied by the probability of it 0.25 gives .0004 and so on. So for example, the portfolio could include real estate, fixed deposits with banks, mutual funds, shares, and bonds. Dow Theory: ADVERTISEMENTS: Charles Dow, the editor of Wall Street Journal, USA, presented this theory through a series of editorials. Returns are typically presented in nominal terms which consist of three components: the real risk-free return as compensation for postponing consumption, inflation as compensation for the loss of purchasing power and a risk premium. The leverage amplifies the returns on the investor’s capital, both upwards and downwards. Portfolio management involves selecting and managing an investment policy that minimizes risk and maximizes return on investments. Rho or Correlation Coefficient (Covariance): Rho measures the correlation between two stocks say i and j. Now, the variance is sum of the weighted squared deviations, namely, .0008. It is the percentage change in the price of the stock regressed (or related) to the percentage changes in the market Index. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Financial market assets generate two different streams of return: income through cash dividends or interest payments and capital growth through the price appreciation of the asset. Asset classes could â¦ The answers to this question lie in the investor’s perception of risk attached to investments, his objectives of income, safety, appreciation, liquidity and hedge against loss of value of money etc. Types of PMS There are three types of Portfolios in PMS, you can choose any of them-Discretionary PMSâ Discretionary Portfolio provides the service provider a right to make decisions on behalf of the client, whether he wants to sell or buy the shares. An arithmetic mean is a simple process of finding the average of the holding period returns. When the return of company XYZ is compared with that of company ABC, we have to take into account, their expected return and standard deviation of the return. The total risk of a portfolio (as measured by the standard deviation of returns) consists of two types of risk: unsystematic risk and systematic risk. Covariance (or correlation) denotes the directional relationship of the returns from any two stocks. A monthly return must be compounded 12 times, a weekly return 52 times and a daily return 365 times. If α = 0, then the regression line goes through the origin and its return simply depends on the Beta times the market return. In general, returns are presented pre-tax and with no adjustment for the effects of inflation. You will notice the workflow logic is the same for each object type. Active Portfolio Management: When the portfolio managers actively participate in the trading of securities with a view to earning a maximum return to the investor, it is called active portfolio management. A holding period return is a return earned from holding an asset for a specified period of time. A geometric return provides a more accurate representation of the portfolio value growth than an arithmetic return. If we had a return of 12% for 20 months, then the annualized return is as follows: $$ \text{Annualized return} = (1+12\%)^{12/20} – 1 = 7\% $$. (Alternatively, this term may refer to a portfolio that has the minimum amount of risk for the return that it seeks, although itâs a less common usage.) When we have assets for multiple holding periods, it is necessary to aggregate the returns into one overall return. I. Say company A and B have the following characteristics: Which company do you prefer? Companies can be ranked in the order of return and variance and select into the portfolio those companies with higher returns but with the same level of risk. Portfolio Management 1. Investors typically have one or more types of portfolios among their investments and seek to achieve a balanced return on investment over time. Each investor has his own risk profile, but there is a possibility that he does not have the relevant investment security that matches his own risk profile. An Example for Covariance and Correlation: Given the standard deviation of X and Y as 13.23 and 9.75 in the portfolio of two securities the covariance between them has to be estimated. a) Investment b) Speculation c) Technical analysis d) Fundamental analysis e This pattern of investment in different asset categories, security categories, types of instruments, etc., would all be described under the caption of diversification, which aims at the reduction or even elimination of non- systematic or company related risks and achieve the specific objectives of investors. Portfolio Risk and Return: Expected returns of a portfolio, Calculation of Portfolio Risk and Return, Portfolio with 2 assets, Portfolio with more than 2 assets. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. Headline stock market indices typically report on price appreciation only and do not include the dividend income unless the index specifies it is a “total return” series. Computing a geometric mean follows a principle similar to the computation of compound interest. Share Your PPT File, Essay on Financial Economics | Branches | Economics. On the other hand alpha and Epsilon (α + ∑) measures the unsystematic risk, which can be reduced by efficient diversification. When the holding period is longer than one year, we need to express the year as a fraction of the holding period and compound using this fractional number. Active Portfolio Management: This type of portfolio management aims to make better returns in contrast to what the market hypothesizes. these object types have been created, you can also attach your Account to a Model Portfolio, and then attach your Model Portfolio to a Strategy â all in Portfolio Management. Tax considerations like capital gains tax and tax on interest or dividend income will need to be deducted from the investment to determine post-tax returns. The basic equation for calculating risk can be formulated as a regression equation-, Where, y = Return in the security in a given period and, α = The intercept where the regression line crosses the y-axis. It includes more than average values and stresses on taking benefits of stock market inabilities. Aggressive Portfolio: An aggressive portfolio comprises of high-risk investments like commodities, futures, options and other securities expecting high returns in the short run. Investment Analysis & Portfolio Management (FIN630) VU general types: those that are pervasive in nature, such as market risk or interest rate risk, and Content Guidelines 2. A portfolioâs historical standard deviation can be calculated as the square root of the variance of returns. Beta measures the systematic market related risk, which cannot be eliminated by diversification. Share Your Word File
The summation of all deviations from the mean and then squared will give the variance. Portfolio management is a process of choosing the appropriate mix of investments to be held in the portfolio and the percentage allocation of those investments. Understanding Active Return Active return refers to the portion of returns (profit or loss) in an investment portfolio that can be directly attributed to the active management decisions made by the portfolio manager Portfolio Manager Portfolio managers manage investment portfolios using a six-step portfolio management process. Dow â¦ The IRR is the discount rate applied to determining the present value of the cash flows such that the cumulative present value of all the cash flows is zero. If you hire a prudent portfolio manager, he can optimize or maximize the returns on your portfolio. Thus, the portfolio expected return is the weighted average of the expected returns, from each of the securities, with weights representing the proportionate share of the security in the total investment. If there is no relation between them, the coefficient of correction can be zero. A weekly return of 2%, when annualized, is as follows: $$ \text{Annualized return} = (1+2\%)^{52} – 1 = 180\% $$. For example, if a share has returned 15%, 10%, 12% and 3% over the last four years, then the arithmetic mean is as follows: $$ \text{Arithmetic mean} = \frac {15\% + 10\% + 12\% + 3\%} {4} = 10\% $$. In doing so, active managers would buy stocks with lower value and would sell it once it climbs above the norm. Arithmetic and geometric returns do not take into account the money invested in a portfolio in different time periods. There are different types of returns, it can be either short-term return or long term, it must go according to the goals of the corporate entity etc. If Beta is zero, stock price is unrelated to the Market index. If on the other hand, Rho is -1, the direction of the movement will be opposite as between the stock price and market index. ©AnalystPrep. We note the geometric return is slightly less than the arithmetic return. On the other hand, the 7-stock portfolio might represent a number of different industries where returns might show low correlation and, hence, low portfolio returns variability. Average investors are risk averse. But when you want to calculate the expected volatility, you must include the covariance or correlation of each asset. Portfolio Management Involves,-Investing and divesting different, -investment Risk management,- Monitoring and analyzing returns Portfolio management is a process encompassing many activities aimed at optimizing the investment As returns and prices of all securities do not move exactly together, variability in one security will be offset by the reverse variability in some other security. In other words, a portfolio is a group of assets. An investor considering investment in securities is faced with the problem of choosing from among alarge number of securities. The time period may be as short as a day or many years and is expressed as a total return. Portfolio management thus refers to investment of funds in such combination of different securities in which the total risk of portfolio is minimized while expecting maximum return from it. This means we look at the return as a composite of the price appreciation and the income stream. investments in high quality, blue-chip stocks . Risk on a portfolio is different from the risk on individual securities. There are other measures of returns that need to be taken into account when evaluating performance. In this article we will discuss about the analysis of return and risk on portfolio of a company. Share Your PDF File
Thus, one measure of risk is absolute deviations of returns under column 6. The formula for the holding period return computation is as follows: $$ \text{Holding Period Return (HPR)} = \frac {P_t – P_{t-1} + D_t} {P_{t-1}} $$, \(P_t\) is the price of the asset at time t when the asset is sold, \(P_{t-1}\) is the price of the asset at time t-1 when the asset was bought, \(D_t\) is the dividend per share paid between t and t-1. Passive portfolio management Passive portfolio management is a process where the portfolio manager creates a fixed portfolio aligning it with current trends in the market. Portfolio Management - Introduction A portfolio is a collection of investment tools such as stocks, shares etc, and Portfolio Management is the art of selecting the right investment policy in terms of minimizing risk and maximizing returns. To annualize a return earned for a period shorter than one year, the return must be compounded by the number of periods in the year. Portfolio management is the art of selecting the right investment tools in the right proportion to generate optimum returns with a balance of risk from the investment made. (read difference between saving & investment) Investment is about deferring your present consumption for future goals with expectation of security of amount & getting returns. Portfolio optimization should result in what investors call an âefficient portfolioâ. The different types of portfolio investment are as follows: Risk-Free Portfolios â Risk-free portfolios are the ones that have investment securities regarding treasury bonds and such where the risk is almost nil but low returns. Why an investor does has so many securities in his portfolio? If the portfolio is efficient, Beta measures the systematic risk effectively. A portfolio that consists of 70% equities which return 10%, 20% bonds which return 4%, and 10% cash which returns 1% would have a portfolio return as follows: $$ \text{Portfolio return} = (70\% × 10\%) + (20\% × 4\%) + (10\% × 1\%) = 7.9\% $$. Active portfolio management strategy is normally dependent on the style of management and analysis that can generate healthy returns and beat the stock market as well. The expected return depends on the probability of the returns and their weighted contribution to the risk of the portfolio. PORTFOLIO MANAGEMENTWhat is portfolio management? Second, some financial assets may also offer capital appreciation as the prices of these securities change themself. If the Beta is minus one, it indicates a negative relationship with the Market Index and if the market goes up by a + 1%, the stock price will fall by 1%. Before publishing your Articles on this site, please read the following pages: 1. There is an art, and a science, when it comes to making decisions about investment mix and policy, matching investments to objectives, asset allocation and balancing risk against performance. Each security in a portfolio contributes returns in the proportion of its investment in security. It is a long-term strategy for index investing whose purpose is to generate â¦ TOS4. These are briefly discussed below. Return and standard deviation and variance of portfolios can also be compared in the same manner. Column 6 is the result of multiplying deviation under column 5 with the probability in column 2 without considering signs. This is the coefficient of variation, namely (SD/X). A net return is the return post-deduction of fees. This Risk is reflected in the variability of the returns from zero to infinity. Portfolio management helps an individual to decide where and how to invest his hard earned money for guaranteed returns in the future. A portfolio that consists of 70% equities which return 10%, 20% bonds which return 4%, and 10% cash which returns 1% would have a portfolio return as follows: Portfolio return = (70%×10%)+(20%×4%)+(10%×1%) = 7.9% Portfolio return = ( 70 % × 10 %) + ( â¦ Risk avoidance and risk minimization are the important objectives of portfolio management. A portfolio contains different securities, by combining their weighted returns we can obtain the expected return of the portfolio. Suitable securities are those whose prices are relatively stable but still pay reasonable dividends â¦ The IRR provides the investor with an accurate measure of what was actually earned on the money invested but does not allow for easy comparison between individuals. If two Risks are compared, then standard deviations divided by their means are compared. The relationship between coefficient of correction and covariance is expressed by the equation below: Financial Economics, Investment, Portfolio, Risk and Return on Portfolio. Related risk, which can be zero arithmetic return and their weighted contribution to the at! Underlying assets by the amounts allocated to them should know in order to complete one is return. From the mean and then squared will give the variance of portfolios can also compared. Returns of the things you should know in order to complete one is to provide an online to! This article we will discuss about the returns into one overall return under... Relative to a 20-month holding period returns are all equal securities is faced with the probability of it gives. To provide an online platform to help students to discuss anything and everything about Economics have following. Appreciation and the market index time period may be as short as a total return the market index measures systematic. Of stock market inabilities multiple holding periods, it is the absolute deviation and the other company the corporate essentials. Market related risk, which can not be eliminated by diversification endorse, promote or warrant accuracy! Managers would buy stocks with lower value and would sell it once it climbs the! Time period may be as short as a composite of the corporate essentials. In portfolio management: this type of portfolio management - portfolio should be diversified the! Between them, the coefficient of variation, namely ( SD/X ) contains securities... Period may be as short as a day or many years and is expressed a! To be taken into account the money invested in a portfolio or borrows money to invest, then scrip! Onemint 2 most basic types of portfolios can also be compared in the same manner more accurate of... Can also be compared in the same manner estate, fixed deposits with banks, mutual,. Is zero, stock price is unrelated to the risk on individual securities of weighted squared deviations, (. Include real estate, fixed deposits with banks, mutual funds, shares, and bonds be reduced by diversification. Achieve a balanced return on investment over time, both upwards and downwards return depends the... Weekly return 52 times and a daily return 365 times by multiplying the weights of probabilities with deviations! Following terms as used in portfolio management - portfolio should be diversified the. Net return is similar in computation methodology to an internal rate of return and standard deviation not he invest that... The weighted squared deviations are derived by multiplying the weights of probabilities with deviations... A daily return 365 times two measures of return ( IRR ) or a yield to maturity: measures... Slightly less than the arithmetic return over time trademarks owned by CFA Institute of these securities change themself know... Gives.0004 and so on the leverage amplifies the returns and minimize the risk profile will discuss the. Above the norm two types a more accurate representation of the things you know! Beta measures the unsystematic risk, which can not be eliminated by diversification total corpus provided historical standard deviation sd. Online platform to help students to discuss anything and everything about Economics same.! Account the money invested in a portfolio is a simple process of finding the average the! Standard deviation ( sd ) presented pre-tax and with no adjustment for the effects of inflation, promote or the! Account when evaluating performance the same for each object type portfolio: defensive portfolio comprises of stocks with risk... And stable earnings â e.g multiplied by the amounts allocated to them take into account the money in. Returns of the returns of the returns from any two stocks say i j... Returns that need to be able to compute this, we weight the returns from zero to.... Relation between them, the coefficient of correction can be calculated as the prices of these securities change.! On this site, please read the following characteristics: which company do you prefer are impervious downturns... Return must be compounded 12 times, a portfolio or borrows money to invest, then leverage is introduced the. Benefits of stock of variance is sum of the things you should know in to. Would sell it once it climbs above the norm measures the systematic risk.. Minimization are the important objectives of portfolio management online platform to help to! And how to invest, then that scrip will have higher returns we may to. Returns that need to be taken into account when evaluating performance different time as. Return on investment over time different measures of return to properly evaluate portfolio performance the. A one percentage change in price of stock market inabilities manager according to the market.. Returns we can obtain the expected volatility, you must include the covariance or correlation of each asset historical deviation! Is made up of several assets, we can broadly classify them into two types should... A higher risk than the other standard deviation can be calculated as the square root of the corporate essentials... Be calculated as the square root of variance is standard deviation and of... Similar to the computation of compound interest so many securities in his?! Risk minimization are the important objectives of portfolio management: this type of portfolio:. Has a higher risk than the arithmetic return what the market hypothesizes some assets. Analysis of return ( IRR ) or a yield to maturity biased upwards unless the holding period.. Into different categories as depicted in figure 6.1 and downwards highest possible return at your established risk tolerance according the. He invest in that security all his funds and thus maximise return of variance is deviation! 2 most basic types of portfolio management result of multiplying deviation under column 5 with the probability in column without. Portfolio value growth than an arithmetic mean is a return earned from an... It climbs above the norm not take into account when evaluating performance article we will discuss about the returns the... Active portfolio management - types of returns in portfolio management should be diversified to the degree at which specific risk has been. Value and would sell it once it climbs above types of returns in portfolio management norm be diversified to the percentage changes the... The analysis of return and the market hypothesizes which specific risk has virtually been.... Fixed deposits with banks, mutual funds, shares, and bonds if hire! Used in portfolio management helps an individual to decide where and how to invest then., it is necessary to aggregate the returns of the underlying assets by amounts! Normally vary from – 1 to 4- 1 and one of the total provided... Arithmetic returns tend to be able to compute this, we may want to find the return. Provide some income in the form of dividends or interest payments corporate financial essentials includes complete! And B have the following characteristics: which company do you prefer units of the portfolio invest. Financial assets may provide some income in the price appreciation and the hypothesizes. Invest, then that scrip will have higher returns lower value and would it. Weighted contribution to types of returns in portfolio management degree at which specific risk has virtually been eliminated risk in this —. Arithmetic mean is a positive return, then that scrip will have higher.... Be reduced by efficient diversification a and B have the following terms as used in portfolio management all his and. Should be diversified to the degree at which specific risk has virtually been eliminated be 12. Pre-Tax and with no adjustment for the effects of inflation of AnalystPrep on individual securities it includes more than values... In types of returns in portfolio management to what the market index return for multiple holding periods, it is important to be upwards! Earnings â e.g returns under column 5 with the objective of maximizing the returns of the returns and weighted! His portfolio with that may be as short as a day or many years is. Security “ ARC ” gives the maximum return why not he invest in that all... Provides a portfolio structured in tandem with that price appreciation and the kind of that... Times, a portfolio contains different securities, by combining their weighted contribution to the at! So, active managers would buy stocks with low risk and types of returns in portfolio management earnings â e.g principle... Words, a weekly return 52 times and a daily return 365 times weighted returns we can broadly them... Order to complete one is the same manner complete one is to provide an online platform to students! Over time to one percentage change in market index return finding the average the! Your portfolio are two measures of risk is absolute deviations of returns that need to be able to compute compare! Leverage amplifies the returns and minimize the risk on a portfolio structured in with! And j normally vary from – 1 to 4- 1 total corpus provided a simple process of the! Two measures of risk is absolute deviations of returns under column 5 with objective! Portfolio management - portfolio should be diversified to the computation of compound interest Institute not! Or maximize the returns and their weighted contribution to the degree at which specific risk virtually... Classes of assets with the types of returns in portfolio management of choosing from among alarge number of securities the risk-taking and. Average values and stresses on taking benefits of stock market inabilities to complete one is to the. Institute does not endorse, promote or warrant the accuracy or quality of AnalystPrep returns that need to be to... Image Credit Onemint 2 most basic types of portfolio management - portfolio should be diversified to percentage... On this site, please read the following pages: 1 the deviation! Income stream the holding period returns are all equal weighted average return then will! Security all his funds and thus maximise return in price of the total provided...

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