14PORTAFOLIO Optimo

Máx de Prom Precios 2 3 4 5
Año Mes ACER. PAZ DEL RIO AVIANCA BAVARIA BCO. BANCOBCO. DE BOGOTA
1990 1 39.1347226479607 6.9327167318 208.84366552 220.761846 278.978271454656
2 44.8608831868298 7.0240265745 210.04544498 238.178619 315.802255646153
3 40.120791375833 7.0055740524 214.31768092 243.056525 315.856986382475
4 38.8147450933122 7 212.22286484 239.87043 300.260480985907
5 37.2392148077191 6.6506914263 214.47249068 240.148731 300
6 45.0977158498509 5.8 229.24005405 239.9354 300
7 37.0193772325168 4.5 219.95354079 232.597412 298.739261560958
8 36.7563715900135 4.4737921647 219.18270205 230 301.050288643895
9 37.9574594493555 4.5640021113 241.77994818 235.821193 309.107076873644
10 38 4.8397610675 252.98684302 253.3662 309.658190459456
11 30.9890711155097 5.1410348081 290.82166687 285.68671 310
12 21.8920443785129 5.1350782212 326.93557235 292.756156 318.351063829787
1991 1 25.5261049461886 5.1987273466 303.72566344 278.165233 398.647074396001
2 32.8964374482187 4.9513761468 333.60228501 292.714422 393.37587045247
3 20.7892196098049 4.5508012281 335.86711219 295 386.466538725637
4 19.9381201805762 4.5 323.51959643 300.765057 398.436178241883
5 19.1615108517527 5.1700701107 334.27707415 348.039261 428.308661797325
6 23.4979919128459 5.2057027504 426.15787704 435.829555 499.757444585417
7 23.3701889839633 7.3973944096 455.04600581 445.138922 492
8 17.9723849980511 5.7 475.14633363 473.848156 499.757991476372
9 16.6303094174184 8.1013349148 519.41660035 474.759956 498.387485342095
10 19.1568839775288 8.7541354327 858.29173402 658.92841 948.451458326939
11 23.9406392461397 29.96386548 964.70981148 1074.90432 1219.28718037513
12 30.393155537065 54.131113388 1501.6440945 1520.77463 1533.71680561962
1992 1 38.8441180813845 68.220359173 2031.3556363 1603.29295 1981.80009722314
2 38.4527106004631 49.492270901 1759.7532431 1597.97931 2030.2577810157
3 34.4273979072042 39.743929229 1670.6777014 1362.40115 1794.22910998681
4 29.3961800513794 44.573068295 1595.2174521 1411.19551 1742.86408694935
5 31.3467911826834 58.335204247 1768.1998027 1359.62413 1779.33801799132
6 34.2758367209412 38.431510931 2024.6648411 1480.68508 1792.43820701322
7 60.1602724913886 40.8373865 2281.8220795 1650.04443 2360.65175021169
8 51.0979415845548 44.637374289 2349.5098524 1627.96468 2556.01149414736
9 52.5143813062916 42.944273353 2495.117246 1575.17772 2786.86552744098
10 55.9535360271971 45.781035913 2626.4495992 1585.51169 2871.05776692085
11 49.65631374323 40.035280466 2433.6299105 1362.23296 2594.59834198946
12 46.3861987069534 39.562763037 2325.3721352 1292.26528 2524.50091174132
1993 1 50.4492195834745 41.801570017 2446.5318803 1398.7001 2606.55235736992
2 44.4393205844972 35.143855854 2135.4496354 1166.48212 2486.46716707784
3 41.7362261549882 30.401941818 2195.9126915 1031.24641 2369.17252032882
4 39.9897546659128 26.662767598 2281.5251851 951.355023 2390.61763550926
5 40.983468816176 24 2379.1118153 1014.55211 2629.34107060069
6 36.3175425068189 20.031525456 2304.7783706 1036.35745 2479.4682740768
7 35.822059766975 20 2439.5800364 997.725125 2577.95613827656
8 35.6405599774895 24.884937713 2487.55466 1253.00271 2776.12941349285
9 38.8947517328377 23.62745651 2760.1722504 1453.54182 3126.92241730395
10 44.6519693978927 26.6 2866.4856075 1550.38211 3500.31842844404
11 42.5113140183524 21.437189653 2866.4359141 1499.90236 3626.96604264831
12 43.3782136075131 24.128780148 3034.1479999 1635.3706 4281.20521243592
1994 1 40.9522847912882 25.273774914 3757.4529859 2143.29202 5535.14843061838
2 40.7798941369573 38.975052716 4431.3454458 2560.61202 6264.58783304927
3 34.4623165415506 33.645408491 4680.7231589 2474.48754 6113.43767160767
4 37.2706013637674 30.010514321 4496.2984129 2217.65902 5724.81900502739
5 39.9801195367235 26.738870476 4232.7017201 2394.03475 5873.97113972835
6 40 25.178824437 4182.8716736 2503.73297 5436.62229933315
7 37.3512042739775 25.363065512 4050.0620414 2379.24949 5453.92953301107
8 32.2514019862778 23.813399764 3645.9891018 2175.3461 5083.35664209643
9 44.5684420167782 17.000018952 3715.0839396 1963.31175 5160.46869177562
10 38.3760638215053 17.5 3118.33471 1779.53929 5014.68543600955
11 29.857725319985 16.5 2988.1100394 1645.08258 4554.65165329681
12 28.0384221843125 15 2984.3290858 1660.06833 4573.95700909817
1995 1 26.0504914576449 19.592822417 3498.6638432 2205.92265 5142.75319869252
2 18.352168751493 18.275024603 3105.1661337 2015.08656 5305.91281613132
3 13.1312683688025 28.267083631 3187.6312484 1715.57714 4842.64235558658
4 11.1622148274896 20 2485.7854624 1481.13149 4490.50281652989
5 8.5 25 2404.9116288 1358.80055 4609.47894662226
6 6.10905979092488 25 2504.3749821 1540.55102 4966.17839920749
7 8.74080665020217 17.5 2892.3207362 1773.60409 5641.70665277381
8 8.96518574999759 17 2799.6011998 1492.75487 5277.12013835944
9 6.22785509440616 17 2630.8418576 1443.82796 5108.96100030089
10 6.00113526598612 16.700027759 2621.555951 1279.88896 4643.90245316682
11 6.83246572119627 17 2534.3690093 1188.547 4221.51629378861
12 7.82312073172272 17 2751.8727422 1299.76766 4513.9828376304
1996 1 8 15.816158165 2984.2477573 1429.81577 4706.15725331856
2 8.77673695547763 15.4 3301.8822821 1641.12101 5268.40094070327
3 6.65174804916758 15.4 3170.6884576 1421.52139 5466.29936870936
4 5.79515888304966 15 3577.3670529 1762.78931 5635.98052220686
5 5.1 15 3973.6842082 1860.62292 6172.19713587215
6 6.54227683154557 15 3796.5714356 1861.95496 5767.49911246485
7 7.09443747530854 15 3612.7031244 1642.75477 5522.59540734074
8 4.63 15 3723.8732941 1584.08289 5464.43581371158
9 4.77172651876949 15 3868.5128207 1645.11127 5923.80091794418
10 2.4609127422947 15 4027.7147232 1640.26896 6023.57485976963
11 2.35387176867761 15 3984.9535124 1666.06907 5847.34359128948
12 2.14630513688741 15 4062.9607657 2272.5024 5873.25919133137
1997 1 1.81030113932496 15.817198223 5837.288782 2703.49933 6189.37757624307
2 1.65 14.5 6635.4762084 2879.38197 6258.7044971042
3 1.50883502940051 20.496572141 6845.5699311 3162.28843 6332.80638771593
4 0.844013135591116 39.477050832 7769.6057027 3074.40704 6369.56898278197
88 88 88 88 88
* * * * *
Año Mes Rentabilidad (no incluye dividendos)

1990 ACER. PAZ DEL RIO AVIANCA BAVARIA BCO. BANCOBCO. DE BOGOTA
2 14.63% 1.32% 0.58% 7.89% 13.20%
3 -10.57% -0.26% 2.03% 2.05% 0.02%
4 -3.26% -0.08% -0.98% -1.31% -4.94%
5 -4.06% -4.99% 1.06% 0.12% -0.09%
6 21.10% -12.79% 6.89% -0.09% 0.00%
7 -17.91% -22.41% -4.05% -3.06% -0.42%
8 -0.71% -0.58% -0.35% -1.12% 0.77%
9 3.27% 2.02% 10.31% 2.53% 2.68%
10 0.11% 6.04% 4.64% 7.44% 0.18%
11 -18.45% 6.22% 14.96% 12.76% 0.11%
12 -29.36% -0.12% 12.42% 2.47% 2.69%
1991 1 16.60% 1.24% -7.10% -4.98% 25.22%
2 28.87% -4.76% 9.84% 5.23% -1.32%
3 -36.80% -8.09% 0.68% 0.78% -1.76%
4 -4.09% -1.12% -3.68% 1.95% 3.10%
5 -3.90% 14.89% 3.33% 15.72% 7.50%
6 22.63% 0.69% 27.49% 25.22% 16.68%
7 -0.54% 42.10% 6.78% 2.14% -1.55%
8 -23.10% -22.95% 4.42% 6.45% 1.58%
9 -7.47% 42.13% 9.32% 0.19% -0.27%
10 15.19% 8.06% 65.24% 38.79% 90.30%
11 24.97% 242.28% 12.40% 63.13% 28.56%
12 26.95% 80.65% 55.66% 41.48% 25.79%
1992 1 27.81% 26.03% 35.28% 5.43% 29.22%
2 -1.01% -27.45% -13.37% -0.33% 2.45%
3 -10.47% -19.70% -5.06% -14.74% -11.63%
4 -14.61% 12.15% -4.52% 3.58% -2.86%
5 6.64% 30.88% 10.84% -3.65% 2.09%
6 9.34% -34.12% 14.50% 8.90% 0.74%
7 75.52% 6.26% 12.70% 11.44% 31.70%
8 -15.06% 9.31% 2.97% -1.34% 8.28%
9 2.77% -3.79% 6.20% -3.24% 9.03%
10 6.55% 6.61% 5.26% 0.66% 3.02%
11 -11.25% -12.55% -7.34% -14.08% -9.63%
12 -6.59% -1.18% -4.45% -5.14% -2.70%
1993 1 8.76% 5.66% 5.21% 8.24% 3.25%
2 -11.91% -15.93% -12.72% -16.60% -4.61%
3 -6.08% -13.49% 2.83% -11.59% -4.72%
4 -4.18% -12.30% 3.90% -7.75% 0.91%
5 2.48% -9.99% 4.28% 6.64% 9.99%
6 -11.38% -16.54% -3.12% 2.15% -5.70%
7 -1.36% -0.16% 5.85% -3.73% 3.97%
8 -0.51% 24.42% 1.97% 25.59% 7.69%
9 9.13% -5.05% 10.96% 16.00% 12.64%
10 14.80% 12.58% 3.85% 6.66% 11.94%
11 -4.79% -19.41% 0.00% -3.26% 3.62%
12 2.04% 12.56% 5.85% 9.03% 18.04%
1994 1 -5.59% 4.75% 23.84% 31.06% 29.29%
2 -0.42% 54.21% 17.93% 19.47% 13.18%
3 -15.49% -13.67% 5.63% -3.36% -2.41%
4 8.15% -10.80% -3.94% -10.38% -6.36%
5 7.27% -10.90% -5.86% 7.95% 2.61%
6 0.05% -5.83% -1.18% 4.58% -7.45%
7 -6.62% 0.73% -3.18% -4.97% 0.32%
8 -13.65% -6.11% -9.98% -8.57% -6.79%
9 38.19% -28.61% 1.90% -9.75% 1.52%
10 -13.89% 2.94% -16.06% -9.36% -2.83%
11 -22.20% -5.71% -4.18% -7.56% -9.17%
12 -6.09% -9.09% -0.13% 0.91% 0.42%
1995 1 -7.09% 30.62% 17.23% 32.88% 12.44%
2 -29.55% -6.73% -11.25% -8.65% 3.17%
3 -28.45% 54.68% 2.66% -14.86% -8.73%
4 -15.00% -29.25% -22.02% -13.67% -7.27%
5 -23.85% 25.00% -3.25% -8.26% 2.65%
6 -28.13% 0.00% 4.14% 13.38% 7.74%
7 43.08% -30.00% 15.49% 15.13% 13.60%
8 2.57% -2.86% -3.21% -15.83% -6.46%
9 -30.53% 0.00% -6.03% -3.28% -3.19%
10 -3.64% -1.76% -0.35% -11.35% -9.10%
11 13.85% 1.80% -3.33% -7.14% -9.10%
12 14.50% 0.00% 8.58% 9.36% 6.93%
1996 1 2.26% -6.96% 8.44% 10.01% 4.26%
2 9.71% -2.63% 10.64% 14.78% 11.95%
3 -24.21% 0.00% -3.97% -13.38% 3.76%
4 -12.88% -2.60% 12.83% 24.01% 3.10%
5 -12.00% 0.00% 11.08% 5.55% 9.51%
6 28.28% 0.00% -4.46% 0.07% -6.56%
7 8.44% 0.00% -4.84% -11.77% -4.25%
8 -34.74% 0.00% 3.08% -3.57% -1.05%
9 3.06% 0.00% 3.88% 3.85% 8.41%
10 -48.43% 0.00% 4.12% -0.29% 1.68%
11 -4.35% 0.00% -1.06% 1.57% -2.93%
12 -8.82% 0.00% 1.96% 36.40% 0.44%
1997 1 -15.65% 5.45% 43.67% 18.97% 5.38%
2 -8.85% -8.33% 13.67% 6.51% 1.12%
3 -8.56% 41.36% 3.17% 9.83% 1.18%
4 -44.06% 92.60% 13.50% -2.78% 0.58%
varianza 3.71% 11.03% 1.74% 1.96% 1.72%

promedio de rent -2.44% 5.25% 4.98% 3.93% 4.33%
7 8 9 10 11
BCO. GANADERO BIC CADENALCO CARTON COLOMBIA CEMENT. ARGOS
14 307.80841719 82 549.961093882154 1140.68578224101
14.7961390387066 308.6599508 82 560 1424.34175968483
18.38768905492 306.95688359 82 563.635366388767 1821.81792364082
15 307.80841719 82.745915145 573.598925518926 1828.30336501413
14.7142444331124 284.03623102 82.745915145 620.27397260274 2034.15695771698
10.2899176734738 324.36547354 104.74000224 714.795072788354 2197.20601679355
11.5311751149736 319.58259639 180 738.388829215897 1604.75381886836
13.6619029535166 307.88786597 156.88230709 740 1065.99740969924
14.1253615051619 309.20460301 132 739.722857340816 1012.28140812884
14.3533577316847 313 110 739.900309717383 1036.602459078
14.2451082097173 319.01603277 130 740 972.963577605031
14.1027988594682 321.34924232 130 740 949.180142910869
14 328.24040489 170.5226089 740 919.573091849935
14.2499745218912 376.14162344 190 740 977.29842509086
15.2867532765144 382.28820493 190 740 894.100369913687
15.8560025272829 393.13891306 178.12996093 703.484617130595 874.738026900782
18.4149425085416 406.88784613 176.32514786 693.072037439412 864.124645892351
26.087742133614 524.87024226 217.27335727 739.37150055383 1059.06381809858
22.5527203179672 603.32949589 224.85098351 739.493620414673 928.533695031411
22.5026541871255 613.98482957 262 739.493620414673 1030
22.2883425511697 657.1994403 262 750 1021.86717714622
30.1294800486446 960.21275791 451.16830044 743.963725364847 1436.19429918729
51.011910695928 1363.7876988 455.29109705 739.745609232195 1764.78767495536
101.488863479668 1514.5878449 672.49847081 1125.9308924972 2332.27989399875
127.5583194777 1772.8164426 776.04401444 1747.86305796003 3529.82702075218
116.652500460754 1632.3762113 713 1747.86305796003 3464.42868190583
110.063590236217 1548.8091556 713 1350 3234.80931499914
101.222814583507 1591.0148182 630 1389.46245733788 3341.4737488806
98.0582637367138 1552.5058199 872.0206901 1399.6768558952 3745.04295142792
89.2200550716572 1515.1960479 1061.8356478 1664.30611779463 4638.88421268941
104.954508427565 1710.0459114 1416.6314132 1985.22031294999 6471.91893864475
103.884249884912 1800.4894025 1398.2359245 2245.67440367954 6699.0670223943
103.283112506037 1783.2982697 1283.855787 2355.32396037646 6731.31682854147
102.486819344522 1866.4757773 1377.055789 2544.29293785311 6507.59896838931
93.7563431947722 1610.297194 1296.9127406 2785.63947190251 5987.77114075801
91.7361267209891 1711.711694 1305.9082131 2509.96940336563 5707.88077295804
97.2019756186259 1829.7677647 1424.4547915 2910.24339720352 6145.14024960999
94.1884799663507 1717.1372313 1364.256905 2959.9105870665 5571.08491462711
91.4812747552495 1654.2001906 1202.0578696 2775.1758858613 5538.34465035356
92.8814070320894 1659.3002287 1305.4698259 2613.00932744232 5501.647535986
93.8875106500874 1813.7034673 1421.461102 2686.05217889908 5900.16820219957
97.1709788040043 1810.6798988 1404.3868854 2482.00488997555 2780.8316771446
113.58888013669 1844.0880029 1313.922551 2001.56668074919 2844.4381183639
118.283564215978 2070.2267434 1396.9069105 2229.82174529975 3318.37853336995
139.264149031564 2216.3585622 1527.200454 2272.28962503735 3596.60286639431
157.097223602564 2452.1029415 1584.8339173 2372.15263562909 4038.44788371845
168.925402845729 2432.6081699 1592.4733868 2141.77650656403 3972.22275847834
174.255976747983 2818.0140083 1665.6422202 1994.3437850349 4695.11147600053
188.321593061308 3499.5960238 1811.8691008 1989.95921824513 5569.41507855829
195.593363628655 3775.0992675 2463.7052074 1998.08741418764 6766.09497746273
214.595935808379 3981.2765055 2776.4589604 2148.60921487671 7112.87712309378
236.525107136389 3876.8692308 2226.3296703 2107.21150269521 7052.87620310479
236.561159979347 4122.032869 2253.8177127 2223.28845073061 7946.65176716635
222.688047161948 4002.7958651 2302.7260844 2000 8568.82038680939
217.693140754517 3956.6241268 2117.9834759 2044.63909563264 9174.8126403007
211.320552867599 3709.4089775 1807.6893133 1983.437100894 9046.7193337558
240.972696407753 3833.1323831 1880.5668326 1900 8904.52304182809
262.660345307668 3631.4991146 1888.7803778 1801.67274365576 8294.58260587054
222.767610380477 3262.0735079 1563.7417052 1801.67274365576 7604.02768337414
210.010755397503 3317.3825833 1566.988756 1500 7506.42898818658
228.092803244986 3699.9840896 1738.4904127 2081.56762826049 8427.8199808298
215.68703815583 4001.2965367 1750.3030794 2100.66440669194 8785.86318576821
201.236644546611 3673.8107468 1594.9980054 1999.22261235955 8111.13166641789
206.678418508096 3252.4296234 1056.4001928 1968.68884540117 7149.52562464303
183.857962534239 3271.7782754 1450.7015282 2167.07284728611 7324.23281909338
201.878240142081 3479.9715021 1635.6374432 2399.49055916775 7477.11950850089
205.209487955218 3588.8391433 1756.0322285 2739.23502096612 7881.87357912596
185.929264916818 3416.333478 1709.6375411 2599.32404469582 7227.27653938816
182.072882189807 3229.8270325 1588.8752043 2419.85308715505 7079.74660140726
171.825323103595 3159.5633792 1201.3623712 2015.42828931128 6319.4257693906
159.720029128375 3351.8927499 1064.0929435 2350 5592.68179794337
167.383685211273 3425.3575731 1143.4514657 2224.39992439992 6136.21230354309
192.343275928896 3668.5865845 1173.2328236 2166.33356790992 6211.01506697662
203.893948356697 3808.9806801 1260.0322693 2183.03188957639 6073.22516506904
186.032174654491 3527.6281465 1234.7998364 2003.51117028846 5513.55468117125
196.486933543196 3781.665309 1121.384266 2150 5372.27822770284
224.0886849547 4082.469746 1115.1322522 2150 6005.686620269
251.269542340018 3613.6949042 1009.0950947 2100 5801.28260009038
262.899305630263 3600.0813373 998.47442499 1950 5704.95115459762
279.177269330884 3470.7760163 922.35354427 1950 5350.77504927094
282.299292482252 3509.2573941 927.47194847 1950 5326.41323084688
274.089354865754 3543.8259881 915.7345175 1699.89149965446 5476.87015434394
251.379817238611 3432.5157708 905.85711756 1699.17256637168 5351.47320547369
250.696873325154 3409.7542372 809.74997653 1500 5221.03705173245
296.992492542012 3930.2201825 966.73788818 1500 6880.36246953369
318.362268393233 3527.5790931 904.04980104 1450 6990.06644259878
336.589483688032 3463.1467169 880.84547048 1433.29441165674 7891.91981331146
353.369059521946 3648.2873478 880.84354077 1270.10885999395 7951.43541982036
88 88 88 88 88
* * * *
BCO. GANADERO BIC CADENALCO CARTON COLOMBIA CEMENT. ARGOS

5.69% 0.28% 0.00% 1.83% 24.87%
24.27% -0.55% 0.00% 0.65% 27.91%
-18.42% 0.28% 0.91% 1.77% 0.36%
-1.91% -7.72% 0.00% 8.14% 11.26%
-30.07% 14.20% 26.58% 15.24% 8.02%
12.06% -1.47% 71.85% 3.30% -26.96%
18.48% -3.66% -12.84% 0.22% -33.57%
3.39% 0.43% -15.86% -0.04% -5.04%
1.61% 1.23% -16.67% 0.02% 2.40%
-0.75% 1.92% 18.18% 0.01% -6.14%
-1.00% 0.73% 0.00% 0.00% -2.44%
-0.73% 2.14% 31.17% 0.00% -3.12%
1.79% 14.59% 11.42% 0.00% 6.28%
7.28% 1.63% 0.00% 0.00% -8.51%
3.72% 2.84% -6.25% -4.93% -2.17%
16.14% 3.50% -1.01% -1.48% -1.21%
41.67% 29.00% 23.22% 6.68% 22.56%
-13.55% 14.95% 3.49% 0.02% -12.33%
-0.22% 1.77% 16.52% 0.00% 10.93%
-0.95% 7.04% 0.00% 1.42% -0.79%
35.18% 46.11% 72.20% -0.80% 40.55%
69.31% 42.03% 0.91% -0.57% 22.88%
98.95% 11.06% 47.71% 52.21% 32.16%
25.69% 17.05% 15.40% 55.24% 51.35%
-8.55% -7.92% -8.12% 0.00% -1.85%
-5.65% -5.12% 0.00% -22.76% -6.63%
-8.03% 2.73% -11.64% 2.92% 3.30%
-3.13% -2.42% 38.42% 0.74% 12.08%
-9.01% -2.40% 21.77% 18.91% 23.87%
17.64% 12.86% 33.41% 19.28% 39.51%
-1.02% 5.29% -1.30% 13.12% 3.51%
-0.58% -0.95% -8.18% 4.88% 0.48%
-0.77% 4.66% 7.26% 8.02% -3.32%
-8.52% -13.73% -5.82% 9.49% -7.99%
-2.15% 6.30% 0.69% -9.90% -4.67%
5.96% 6.90% 9.08% 15.95% 7.66%
-3.10% -6.16% -4.23% 1.71% -9.34%
-2.87% -3.67% -11.89% -6.24% -0.59%
1.53% 0.31% 8.60% -5.84% -0.66%
1.08% 9.31% 8.89% 2.80% 7.24%
3.50% -0.17% -1.20% -7.60% -52.87%
16.90% 1.85% -6.44% -19.36% 2.29%
4.13% 12.26% 6.32% 11.40% 16.66%
17.74% 7.06% 9.33% 1.90% 8.38%
12.81% 10.64% 3.77% 4.39% 12.29%
7.53% -0.80% 0.48% -9.71% -1.64%
3.16% 15.84% 4.59% -6.88% 18.20%
8.07% 24.19% 8.78% -0.22% 18.62%
3.86% 7.87% 35.98% 0.41% 21.49%
9.72% 5.46% 12.69% 7.53% 5.13%
10.22% -2.62% -19.81% -1.93% -0.84%
0.02% 6.32% 1.23% 5.51% 12.67%
-5.86% -2.89% 2.17% -10.04% 7.83%
-2.24% -1.15% -8.02% 2.23% 7.07%
-2.93% -6.25% -14.65% -2.99% -1.40%
14.03% 3.34% 4.03% -4.21% -1.57%
9.00% -5.26% 0.44% -5.18% -6.85%
-15.19% -10.17% -17.21% 0.00% -8.33%
-5.73% 1.70% 0.21% -16.74% -1.28%
8.61% 11.53% 10.94% 38.77% 12.27%
-5.44% 8.14% 0.68% 0.92% 4.25%
-6.70% -8.18% -8.87% -4.83% -7.68%
2.70% -11.47% -33.77% -1.53% -11.86%
-11.04% 0.59% 37.32% 10.08% 2.44%
9.80% 6.36% 12.75% 10.72% 2.09%
1.65% 3.13% 7.36% 14.16% 5.41%
-9.40% -4.81% -2.64% -5.11% -8.31%
-2.07% -5.46% -7.06% -6.90% -2.04%
-5.63% -2.18% -24.39% -16.71% -10.74%
-7.05% 6.09% -11.43% 16.60% -11.50%
4.80% 2.19% 7.46% -5.34% 9.72%
14.91% 7.10% 2.60% -2.61% 1.22%
6.01% 3.83% 7.40% 0.77% -2.22%
-8.76% -7.39% -2.00% -8.22% -9.22%
5.62% 7.20% -9.18% 7.31% -2.56%
14.05% 7.95% -0.56% 0.00% 11.79%
12.13% -11.48% -9.51% -2.33% -3.40%
4.63% -0.38% -1.05% -7.14% -1.66%
6.19% -3.59% -7.62% 0.00% -6.21%
1.12% 1.11% 0.55% 0.00% -0.46%
-2.91% 0.99% -1.27% -12.83% 2.82%
-8.29% -3.14% -1.08% -0.04% -2.29%
-0.27% -0.66% -10.61% -11.72% -2.44%
18.47% 15.26% 19.39% 0.00% 31.78%
7.20% -10.24% -6.48% -3.33% 1.59%
5.73% -1.83% -2.57% -1.15% 12.90%
4.99% 5.35% 0.00% -11.39% 0.75%
2.69% 0.98% 3.03% 1.43% 2.19%

4.83% 3.32% 4.06% 1.59% 3.38%
Fronteradelportafoli
12 13 14 15 16
CEMENT. CARIBE CEMENT. DIAMANTE COLTEJER CONSTRUCEL FABRICATO
353.374233128834 330 32.198961032 95 141.31938023
447.006132478633 330 30.961719848 93.7902145423 141.01406513
560.962479608483 330 30.505121965 93 141.80974526
550 340 26.451125392 69.9597920277 140.67307135
550 336.374271267925 25.767076698 67.8025813857 128.09699227
629.380392156863 330 25.048156323 79.5802071916 127.96519308
997.038121502149 335 24.594348722 97.1467902553 126.75027416
948.334314880251 319.531827749019 29.534395233 100.047345973 145.11698338
914.529147982063 319.531827749019 27.837132019 98.6362863903 144.65182719
870.652538952467 285.798516391481 27.682905376 91.5135062819 152.21835211
900 285.798516391481 37.284134503 74.975288693 158.19700779
872.328052937638 285.798516391481 44.189076682 88.0167740075 160.81379873
900 225.006825195816 49.966345329 95 181.1350106
829.677419354839 224.869507679681 58.097264896 92.4080551426 211.7274087
804.29417825863 190 50.908814543 90.0016020891 223.56483045
690.208608580766 190 45.482156452 90 222.90933357
667.610372475388 190 54.588612464 89 241.54047017
700.102079170706 205 60.295914152 88.9680125221 280.27795282
766.935710933834 231.97966291436 60.201851437 80.0238993786 282.76106303
793.346007604563 272.45183532752 52.877962457 80.0238993786 276.74259398
710.727272727273 310 47.501015175 70.2342446508 232.8070746
773.575912113753 328.866586967794 60.149762491 67.9800543607 280.84202701
1020.16007590464 421.570425609313 78.79079466 72.0013102294 321.1903462
1614.12777416638 527.61350215404 140.93846414 107.940381637 580.97593977
2087.19021053688 682.538128718226 265.08353867 139.677841716 592.27526786
2254.02955492141 762.782752276265 256.36319465 219.89763539 776.02801169
2027.52747841114 789.210872183038 180.60345233 222.636504031 597.17564276
2247.19726133977 662.657625162314 202.24264308 182.332714086 585.92961032
2652.03494589083 659.139465875371 197.72537266 200.324715411 515.9433573
3313.92418816328 700.6700324496 193.78304149 212.102841325 497.32460199
4669.56396850734 821.84362356866 242.66975429 262.856332474 549.59053135
4612.11138338838 1093.19079413899 257.36530934 333.012860395 588.79916073
4394.67852708438 765.409081513586 240.51517806 336.902335914 569.08789882
4372.67191546864 918.601413648276 252.86836068 360.08295199 615.18753833
4143.13927010893 1146.69051846681 256.81029278 310.830620787 597.80364989
3961.2272158515 1069.10262575538 237.72905294 302.160234984 579.48597606
3814.35894677968 1227.55909833915 256.43235955 302.352585564 616.13303499
3733.43690998112 1193.23257114701 234.95439177 298.850593679 556.50117235
3413.03049943968 1177.23279805138 202.93222905 238.821676999 495.97093561
3311.2022080818 1244.71358890636 179.63055828 250.918566422 447.59123801
3364.29572274826 1302.1148859961 137.5790367 280.610791906 399.88601376
3243.63145241126 1549.88667000426 99.185823418 203.892309711 309.25973531
3339.40084369489 1634.22150789992 109.24551039 250 295.37912418
3895.55929462549 2039.99278868704 105.71767585 233.38830747 270.20196834
4351.1198870673 2166.35897967733 123.95095009 245.103872734 328.05137391
4862.34160535647 2369.84073631741 202.19286601 257.066250804 421.86631155
5213.24020970569 2459.7631286319 141.20467963 258.69865079 342.79256114
5908.93432496962 2601.24887465857 142.47546277 352.945966023 337.07234553
7201.67385178673 2855.69204241769 133.46454388 659.414098512 327.51869659
8813.96970459378 5758.32764689134 134.09637284 654.324984703 317.00760913
10427.235670094 4750.15247727253 150.44087608 663.219567644 329.2546263
10723.0903466282 4495.29472295 161.19089023 626.869395306 347.59250681
12322.3952178319 4451.13766341177 208.22337582 628.65326944 408.54413262
7010.3302579924 4753.38920384521 154.73831467 586.804097532 319.51379482
7379.36462696463 4306.61317756918 157.24314435 568.375929388 267.57996627
7280.23315349795 4394.76167020171 148.77376978 527.80868822 260.14642613
7327.35554219538 4920.3794822073 134.08264687 451.750656654 246.01759218
6998.44698161332 5754.60093199857 126.69756351 433.074485755 229.96630729
6504.60448131629 5580.53485271952 113.11304921 439.026576043 200.21869741
6352.78139703134 5006.21784532389 130.2198554 428.62864562 185.62117376
7484.05746154646 6168.01685306578 155.9256663 503.971041288 187.85719922
7622.27237911235 6518.93059743837 150 534.659851239 170.1930706
7066.55186406336 5363.6733567684 144.73153394 507.44150399 137.66230641
6094.32061527119 5202.74667798405 100.57222308 390.715809243 130
6035.43192264617 5384.07195068169 72.958138478 328.471777073 81.938454879
6207.99165331687 6130.29185351764 70.228069025 350.67333542 97.629540785
6724.77964438064 6406.63560532399 91.802333695 350.776370269 119.98334447
6166.45055195726 5622.15871512908 76.131060393 339.115562791 112.21731242
5999.14642896682 5499.30760033759 68.43 335 81.230860555
5791.07065401415 4966.45011600928 64.47647719 311.189851269 82.930337189
5236.57987099222 4898.70104520841 67.610677752 250.072994015 69.052224693
5085.69344304715 4710.39177873636 62.643729214 222.847281762 70.687316182
4844.65748767124 4767.31672336931 52.092428865 228.136664122 64.703719601
4851.80494875305 5496.18055555556 55.109493072 236.321543259 64.839576278
4606.02444141273 5260.09940372101 51.556744335 213.2 52.762451289
4412.88354472562 5658.16159469612 50.635294118 190.096456113 50.602960688
4167.96682133748 6055.56855480155 49.551690227 231.955480733 45.46950986
3988.25266662814 3801.34741075918 40.091851965 232.428893971 46.2
3980.5599523692 4196.34564433049 39 230.027185596 46.9
3997.071614457 3863.64000287406 42.710955157 249.438055557 47.619953484
3976.02614219399 3884.88937174241 52.680381594 248.236527118 43.976798221
4243.33277906406 4328.00629735234 57.004663071 222.421509618 44.621542897
4300.84075769133 4231 65.450558405 229.226517201 40.905004404
4290.41054226445 3984.35436075041 65.756985807 207 38.243856441
5021.33038216818 4003.65804622765 70.37280028 241.575139773 40.504532239
5496.00315940112 4027.98851262415 62.971336347 235.246993112 38.964880559
5614.40207109699 3976.66381722514 66.620893856 212.065952288 39.968750785
5675.20120787568 3954.98192195672 72.885331425 202.772722067 39.616209522
88 88 88 88 88
* * * *
CEMENT. CARIBE CEMENT. DIAMANTE COLTEJER CONSTRUCEL FABRICATO

26.50% 0.00% -3.84% -1.27% -0.22%
25.49% 0.00% -1.47% -0.84% 0.56%
-1.95% 3.03% -13.29% -24.77% -0.80%
0.00% -1.07% -2.59% -3.08% -8.94%
14.43% -1.89% -2.79% 17.37% -0.10%
58.42% 1.52% -1.81% 22.07% -0.95%
-4.88% -4.62% 20.09% 2.99% 14.49%
-3.56% 0.00% -5.75% -1.41% -0.32%
-4.80% -10.56% -0.55% -7.22% 5.23%
3.37% 0.00% 34.68% -18.07% 3.93%
-3.07% 0.00% 18.52% 17.39% 1.65%
3.17% -21.27% 13.07% 7.93% 12.64%
-7.81% -0.06% 16.27% -2.73% 16.89%
-3.06% -15.51% -12.37% -2.60% 5.59%
-14.18% 0.00% -10.66% 0.00% -0.29%
-3.27% 0.00% 20.02% -1.11% 8.36%
4.87% 7.89% 10.46% -0.04% 16.04%
9.55% 13.16% -0.16% -10.05% 0.89%
3.44% 17.45% -12.17% 0.00% -2.13%
-10.41% 13.78% -10.17% -12.23% -15.88%
8.84% 6.09% 26.63% -3.21% 20.63%
31.88% 28.19% 30.99% 5.92% 14.37%
58.22% 25.15% 78.88% 49.91% 80.88%
29.31% 29.36% 88.08% 29.40% 1.94%
7.99% 11.76% -3.29% 57.43% 31.02%
-10.05% 3.46% -29.55% 1.25% -23.05%
10.83% -16.04% 11.98% -18.10% -1.88%
18.02% -0.53% -2.23% 9.87% -11.94%
24.96% 6.30% -1.99% 5.88% -3.61%
40.91% 17.29% 25.23% 23.93% 10.51%
-1.23% 33.02% 6.06% 26.69% 7.13%
-4.71% -29.98% -6.55% 1.17% -3.35%
-0.50% 20.01% 5.14% 6.88% 8.10%
-5.25% 24.83% 1.56% -13.68% -2.83%
-4.39% -6.77% -7.43% -2.79% -3.06%
-3.71% 14.82% 7.87% 0.06% 6.32%
-2.12% -2.80% -8.38% -1.16% -9.68%
-8.58% -1.34% -13.63% -20.09% -10.88%
-2.98% 5.73% -11.48% 5.07% -9.75%
1.60% 4.61% -23.41% 11.83% -10.66%
-3.59% 19.03% -27.91% -27.34% -22.66%
2.95% 5.44% 10.14% 22.61% -4.49%
16.65% 24.83% -3.23% -6.64% -8.52%
11.69% 6.19% 17.25% 5.02% 21.41%
11.75% 9.39% 63.12% 4.88% 28.60%
7.22% 3.79% -30.16% 0.64% -18.74%
13.34% 5.75% 0.90% 36.43% -1.67%
21.88% 9.78% -6.32% 86.83% -2.83%
22.39% 101.64% 0.47% -0.77% -3.21%
18.30% -17.51% 12.19% 1.36% 3.86%
2.84% -5.37% 7.15% -5.48% 5.57%
14.91% -0.98% 29.18% 0.28% 17.54%
-43.11% 6.79% -25.69% -6.66% -21.79%
5.26% -9.40% 1.62% -3.14% -16.25%
-1.34% 2.05% -5.39% -7.14% -2.78%
0.65% 11.96% -9.87% -14.41% -5.43%
-4.49% 16.95% -5.51% -4.13% -6.52%
-7.06% -3.02% -10.72% 1.37% -12.94%
-2.33% -10.29% 15.12% -2.37% -7.29%
17.81% 23.21% 19.74% 17.58% 1.20%
1.85% 5.69% -3.80% 6.09% -9.40%
-7.29% -17.72% -3.51% -5.09% -19.11%
-13.76% -3.00% -30.51% -23.00% -5.57%
-0.97% 3.49% -27.46% -15.93% -36.97%
2.86% 13.86% -3.74% 6.76% 19.15%
8.32% 4.51% 30.72% 0.03% 22.90%
-8.30% -12.24% -17.07% -3.32% -6.47%
-2.71% -2.19% -10.12% -1.21% -27.61%
-3.47% -9.69% -5.78% -7.11% 2.09%
-9.57% -1.36% 4.86% -19.64% -16.73%
-2.88% -3.84% -7.35% -10.89% 2.37%
-4.74% 1.21% -16.84% 2.37% -8.46%
0.15% 15.29% 5.79% 3.59% 0.21%
-5.07% -4.30% -6.45% -9.78% -18.63%
-4.19% 7.57% -1.79% -10.84% -4.09%
-5.55% 7.02% -2.14% 22.02% -10.14%
-4.31% -37.23% -19.09% 0.20% 1.61%
-0.19% 10.39% -2.72% -1.03% 1.52%
0.41% -7.93% 9.52% 8.44% 1.54%
-0.53% 0.55% 23.34% -0.48% -7.65%
6.72% 11.41% 8.21% -10.40% 1.47%
1.36% -2.24% 14.82% 3.06% -8.33%
-0.24% -5.83% 0.47% -9.70% -6.51%
17.04% 0.48% 7.02% 16.70% 5.91%
9.45% 0.61% -10.52% -2.62% -3.80%
2.15% -1.27% 5.80% -9.85% 2.58%
1.08% -0.55% 9.40% -4.38% -0.88%
2.09% 2.61% 4.06% 2.88% 2.21%

4.19% 4.00% 2.68% 2.09% -0.45%
17
SEG. SURAMERICANA
1400
1448.09725158562
1904.32061376943
2357.45293674699
2357.45293674699
2357.45293674699
1986.61670235546
1605.68577176674
1691.24924521052
1646.40130037045
1665.73033707865
1500
1500
1690.42002532011
1751.90981432361
1546.03687739464
1500
1782.84440227704
1800
1853.1914893617
2032.21983770647
2185.3401826484
2820.88208194983
3881.62372468403
6366.69693298827
6740.58054498097
6352.06126395907
6131.40434023447
6921.50074189218
7931.02994541968
8090.99989485858
8245.34580280242
8120.04731809007
7353.23562290399
6502.67407430019
6480.53731343284
6573.75598302176
6008.92952742259
5465.67104370877
5629.01624231782
5784.30318419506
6003.27220229414
7058.80027081923
8009.50491553962
8632.96953753648
9186.63538445132
9561.98279018675
12253.3200088428
15407.1693934935
18593.8334706163
21217.1731551954
21959.0192266148
22046.061964242
21701.5116531379
22484.008975171
21619.6302515918
22321.5545479933
20008.8651874412
19180.7870874294
18116.2769569435
21891.2460781915 Jan-95 965.46 rent ibb Suram
22111.0481642848 Feb-95 941.88 -2.44% 1.00% 0.010040638
20587.3523758165 Mar-95 861.05 -8.58% -6.89% -0.06891106
19219.6693650874 Apr-95 798.86 -7.22% -6.64% -0.06643317
19202.7139111967 May-95 786.63 -1.53% -0.09% -0.00088219
19490.806964584 Jun-95 825.29 4.91% 1.50% 0.015002726
19845.0115285558 Jul-95 880.91 6.74% 1.82% 0.018172904
18259.8470968134 Aug-95 801.48 -9.02% -7.99% -0.07987722
17905.3983266642 Sep-95 783.49 -2.24% -1.94% -0.01941138
17410.6342901848 Oct-95 725.81 -7.36% -2.76% -0.02763212
17457.4493740166 Nov-95 682.58 -5.96% 0.27% 0.002688879
18163.6493387041 Dec-95 717.41 5.10% 4.05% 0.040452643
18391.5146874896 Jan-96 748.66 4.36% 1.25% 0.01254513
18609.2483257116 Feb-96 812.81 8.57% 1.18% 0.011838809
18313.3618352603 Mar-96 776.63 -4.45% -1.59% -0.01589997
18347.7601740226 Apr-96 801.94 3.26% 0.19% 0.001878319
19698.0406217704 May-96 874.70 9.07% 7.36% 0.073593748
19485.5401252073 Jun-96 870.07 -0.53% -1.08% -0.0107879
18576.2033687136 Jul-96 848.24 -2.51% -4.67% -0.04666726
18074.3910720568 Aug-96 854.67 0.76% -2.70% -0.02701372
18317.1188906959 Sep-96 862.90 0.96% 1.34% 0.013429377
18499.3008191935 Oct-96 872.02 1.06% 0.99% 0.009945993
18499.9983790246 Nov-96 848.18 -2.73% 0.00% 3.77074E-05
18496.6502805258 Dec-96 838.20 -1.18% -0.02% -0.00018098
20780.7792955672 Jan-97 958.79 14.39% 12.35% 0.123488793
21275.9923789934 Feb-97 1,037.34 8.19% 2.38% 0.023830342
22618.7200954742 Mar-97 1,068.31 2.98% 6.31% 0.063109992
25362.4383103639
88
*
SEG. SURAMERICANA
3.44%
31.51%
23.79%
0.00%
0.00%
-15.73%
-19.17%
5.33%
-2.65%
1.17%
-9.95%
0.00%
12.69%
3.64%
-11.75%
-2.98%
18.86%
0.96%
2.96%
9.66%
7.53%
29.08%
37.60%
64.02%
5.87%
-5.76%
-3.47%
12.89%
14.59%
2.02%
1.91%
-1.52%
-9.44%
-11.57%
-0.34%
1.44%
-8.59%
-9.04%
2.99%
2.76%
3.79%
17.58%
13.47%
7.78%
6.41%
4.09%
28.15%
25.74%
20.68%
14.11%
3.50%
0.40%
-1.56%
3.61%
-3.84%
3.25%
-10.36%
-4.14%
-5.55%
20.84%
1.00%
-6.89%
-6.64%
-0.09%
1.50%
1.82%
-7.99%
-1.94%
-2.76%
0.27%
4.05%
1.25%
1.18%
-1.59%
0.19%
7.36%
-1.08%
-4.67%
-2.70%
1.34%
0.99%
0.00%
-0.02%
12.35%
2.38%
6.31%
12.13%
1.49%
4.03%
Máx de Prom 1 2 3
Año Mes Rentabilidad
Mes ACER. PAZ DEL RIO AVIANCA BAVARIA
1990 2 199002 14.63% 1.32% 0.58%
3 199003 -10.57% -0.26% 2.03%
4 199004 -3.26% -0.08% -0.98%
5 199005 -4.06% -4.99% 1.06%
6 199006 21.10% -12.79% 6.89%
7 199007 -17.91% -22.41% -4.05%
8 199008 -0.71% -0.58% -0.35%
9 199009 3.27% 2.02% 10.31%
10 199010 0.11% 6.04% 4.64%
11 199011 -18.45% 6.22% 14.96%
12 199012 -29.36% -0.12% 12.42%
1991 1 199101 16.60% 1.24% -7.10%
2 199102 28.87% -4.76% 9.84%
3 199103 -36.80% -8.09% 0.68%
4 199104 -4.09% -1.12% -3.68%
5 199105 -3.90% 14.89% 3.33%
6 199106 22.63% 0.69% 27.49%
7 199107 -0.54% 42.10% 6.78%
8 199108 -23.10% -22.95% 4.42%
9 199109 -7.47% 42.13% 9.32%
10 199110 15.19% 8.06% 65.24%
11 199111 24.97% 242.28% 12.40%
12 199112 26.95% 80.65% 55.66%
1992 1 199201 27.81% 26.03% 35.28%
2 199202 -1.01% -27.45% -13.37%
3 199203 -10.47% -19.70% -5.06%
4 199204 -14.61% 12.15% -4.52%
5 199205 6.64% 30.88% 10.84%
6 199206 9.34% -34.12% 14.50%
7 199207 75.52% 6.26% 12.70%
8 199208 -15.06% 9.31% 2.97%
9 199209 2.77% -3.79% 6.20%
10 199210 6.55% 6.61% 5.26%
11 199211 -11.25% -12.55% -7.34%
12 199212 -6.59% -1.18% -4.45%
1993 1 199301 8.76% 5.66% 5.21%
2 199302 -11.91% -15.93% -12.72%
3 199303 -6.08% -13.49% 2.83%
4 199304 -4.18% -12.30% 3.90%
5 199305 2.48% -9.99% 4.28%
6 199306 -11.38% -16.54% -3.12%
7 199307 -1.36% -0.16% 5.85%
8 199308 -0.51% 24.42% 1.97%
9 199309 9.13% -5.05% 10.96%
10 199310 14.80% 12.58% 3.85%
11 199311 -4.79% -19.41% 0.00%
12 199312 2.04% 12.56% 5.85%
1994 1 199401 -5.59% 4.75% 23.84%
2 199402 -0.42% 54.21% 17.93%
3 199403 -15.49% -13.67% 5.63%
4 199404 8.15% -10.80% -3.94%
5 199405 7.27% -10.90% -5.86%
6 199406 0.05% -5.83% -1.18%
7 199407 -6.62% 0.73% -3.18%
8 199408 -13.65% -6.11% -9.98%
9 199409 38.19% -28.61% 1.90%
10 199410 -13.89% 2.94% -16.06%
11 199411 -22.20% -5.71% -4.18%
12 199412 -6.09% -9.09% -0.13%
1995 1 199501 -7.09% 30.62% 17.23%
2 199502 -29.55% -6.73% -11.25%
3 199503 -28.45% 54.68% 2.66%
4 199504 -15.00% -29.25% -22.02%
5 199505 -23.85% 25.00% -3.25%
6 199506 -28.13% 0.00% 4.14%
7 199507 43.08% -30.00% 15.49%
8 199508 2.57% -2.86% -3.21%
9 199509 -30.53% 0.00% -6.03%
10 199510 -3.64% -1.76% -0.35%
11 199511 13.85% 1.80% -3.33%
12 199512 14.50% 0.00% 8.58%
1996 1 199601 2.26% -6.96% 8.44%
2 199602 9.71% -2.63% 10.64%
3 199603 -24.21% 0.00% -3.97%
4 199604 -12.88% -2.60% 12.83%
5 199605 -12.00% 0.00% 11.08%
6 199606 28.28% 0.00% -4.46%
7 199607 8.44% 0.00% -4.84%
8 199608 -34.74% 0.00% 3.08%
9 199609 3.06% 0.00% 3.88%
10 199610 -48.43% 0.00% 4.12%
11 199611 -4.35% 0.00% -1.06%
12 199612 -8.82% 0.00% 1.96%
1997 1 199701 -15.65% 5.45% 43.67%
2 199702 -8.85% -8.33% 13.67%
3 199703 -8.56% 41.36% 3.17%
4 199704 -44.06% 92.60% 13.50%
varianza 3.71% 11.03% 1.74%

desv stand 19.27% 33.21% 13.18%
promedio de rent -2.44% 5.25% 4.98%
Año Matriz de esceso de rentabilidad sobre el promedio

1990 Mes ACER. PAZ DEL RIO AVIANCA BAVARIA
199002 17.08% -3.93% -4.40%
199003 -8.12% -5.51% -2.94%
199004 -0.81% -5.33% -5.95%
199005 -1.62% -10.24% -3.92%
199006 23.55% -18.04% 1.91%
199007 -15.47% -27.66% -9.03%
199008 1.73% -5.83% -5.33%
199009 5.71% -3.23% 5.33%
199010 2.56% 0.79% -0.34%
1991 199011 -16.01% 0.98% 9.98%
199012 -26.91% -5.36% 7.44%
199101 19.04% -4.01% -12.07%
199102 31.32% -10.01% 4.86%
199103 -34.36% -13.34% -4.30%
199104 -1.65% -6.36% -8.65%
199105 -1.45% 9.64% -1.65%
199106 25.07% -4.56% 22.51%
199107 1.90% 36.85% 1.80%
199108 -20.65% -28.19% -0.56%
199109 -5.02% 36.88% 4.34%
199110 17.64% 2.81% 60.27%
1992 199111 27.42% 237.03% 7.42%
199112 29.40% 75.41% 50.68%
199201 30.25% 20.78% 30.30%
199202 1.44% -32.70% -18.35%
199203 -8.02% -24.94% -10.04%
199204 -12.17% 6.90% -9.49%
199205 9.08% 25.63% 5.87%
199206 11.79% -39.37% 9.53%
199207 77.96% 1.01% 7.73%
199208 -12.62% 4.06% -2.01%
199209 5.22% -9.04% 1.22%
199210 8.99% 1.36% 0.29%
1993 199211 -8.81% -17.80% -12.32%
199212 -4.14% -6.43% -9.42%
199301 11.20% 0.41% 0.23%
199302 -9.47% -21.17% -17.69%
199303 -3.64% -18.74% -2.14%
199304 -1.74% -17.55% -1.08%
199305 4.93% -15.23% -0.70%
199306 -8.94% -21.78% -8.10%
199307 1.08% -5.41% 0.87%
199308 1.94% 19.18% -3.01%
199309 11.57% -10.30% 5.98%
199310 17.25% 7.33% -1.12%
1994 199311 -2.35% -24.66% -4.98%
199312 4.48% 7.31% 0.88%
199401 -3.15% -0.50% 18.86%
199402 2.02% 48.96% 12.96%
199403 -13.05% -18.92% 0.65%
199404 10.59% -16.05% -8.92%
199405 9.71% -16.15% -10.84%
199406 2.49% -11.08% -6.15%
199407 -4.18% -4.52% -8.15%
199408 -11.21% -11.36% -14.95%
199409 40.63% -33.86% -3.08%
199410 -11.45% -2.31% -21.04%
1995 199411 -19.75% -10.96% -9.15%
199412 -3.65% -14.34% -5.10%
199501 -4.65% 25.37% 12.26%
199502 -27.11% -11.97% -16.22%
199503 -26.00% 49.43% -2.32%
199504 -12.55% -34.49% -26.99%
199505 -21.41% 19.75% -8.23%
199506 -25.69% -5.25% -0.84%
199507 45.52% -35.25% 10.51%
199508 5.01% -8.11% -8.18%
199509 -28.09% -5.25% -11.00%
199510 -1.20% -7.01% -5.33%
199511 16.30% -3.45% -8.30%
199512 16.94% -5.25% 3.61%
199601 4.70% -12.21% 3.47%
199602 12.15% -7.88% 5.67%
199603 -21.77% -5.25% -8.95%
199604 -10.43% -7.85% 7.85%
199605 -9.55% -5.25% 6.10%
199606 30.72% -5.25% -9.43%
199607 10.88% -5.25% -9.82%
199608 -32.29% -5.25% -1.90%
199609 5.50% -5.25% -1.09%
199610 -45.98% -5.25% -0.86%
199611 -1.91% -5.25% -6.04%
199612 -6.37% -5.25% -3.02%
199701 -13.21% 0.20% 38.70%
199702 -6.41% -13.58% 8.70%
199703 -6.11% 36.11% -1.81%
199704 -41.62% 87.36% 8.52%
Matriz traspuesta del exceso de rentabilidad

Mes 199002 199003 199004
ACER. PAZ DEL RIO 17.08% -8.12% -0.81%
AVIANCA -3.93% -5.51% -5.33%
BAVARIA -4.40% -2.94% -5.95%
BCO. BANCOQUIA 3.96% -1.88% -5.24%
BCO. DE BOGOTA 8.87% -4.31% -9.26%
BCO. GANADERO 0.86% 19.44% -23.25%
BIC -3.04% -3.87% -3.04%
CADENALCO -4.06% -4.06% -3.15%
CARTON COLOMBIA 0.23% -0.94% 0.17%
CEMENT. ARGOS 21.49% 24.53% -3.02%
CEMENT. CARIBE 22.31% 21.30% -6.15%
CEMENT. DIAMANTE -4.00% -4.00% -0.97%
COLTEJER -6.52% -4.15% -15.97%
CONSTRUCEL -3.36% -2.93% -26.86%
FABRICATO 0.23% 1.01% -0.35%
SEG. SURAMERICANA -0.59% 27.48% 19.77%
Multiplicación de la traspuesta por la del exceso. Esta es la matriz de covarianzas

ACER. PAZ DEL RIO AVIANCA BAVARIA
ACER. PAZ DEL RIO 3.71% 0.40% 0.74%
AVIANCA 0.40% 11.03% 1.32%
BAVARIA 0.74% 1.32% 1.74%
BCO. BANCOQUIA 0.81% 2.39% 1.22%
BCO. DE BOGOTA 1.02% 1.21% 1.23%
BCO. GANADERO 1.05% 2.76% 1.28%
BIC 0.69% 1.56% 0.88%
CADENALCO 0.89% 0.67% 1.31%
CARTON COLOMBIA 0.84% 0.61% 0.69%
CEMENT. ARGOS 1.17% 1.37% 1.23%
CEMENT. CARIBE 0.84% 1.42% 0.84%
CEMENT. DIAMANTE 0.38% 1.59% 0.59%
COLTEJER 1.37% 2.31% 1.43%
CONSTRUCEL 0.56% 0.45% 0.78%
FABRICATO 1.12% 0.98% 0.92%
SEG. SURAMERICANA 0.64% 1.63% 0.91%
Vector de participación de cada acción

alfa 0.00% 0.00% 39.63%
suma de las participaciones 100.00%
Vector alfa por matriz de covarianza
0.728% 1.497% 1.237%
Vector alfa por vector alfa por matriz de covarianza = varianza del portafolio
varianza del portafolio 1.0933% Minimizar
desviación estándar 10.4561%
rentabilidad deseada 4.50%
rentabilidad promedio 4.50%
Este es un punto de la frontera

Desviación estándar 10.46%
Rentabilidad 4.50%
Calcule usted un número suficiente de puntos para determinar la frontera eficiente
Ahora se va a calcular el portafolio óptimo
La tangente de la Línea del Mercado de Capitales es

Tasa libre de riesgo mensual
Tangente
Rentabilidad del portafolio - tasa libre de riesgo
Tangente = (Rentabilidad del portafolio - tasa libre de riesgo)/Desviación estándar
Vector de participación de cada acción para portafolio óptimo

EMPRESAS ACER. PAZ DEL RIO AVIANCA BAVARIA
alfa 0.00% 0.00% 51.16%

Total de participación 100.00%
Vector alfa por matriz de covarianza para portafolio óptimo
0.729% 1.519% 1.327%

Vector alfa por vector alfa por matriz de covarianza = varianza del portafolio
varianza del portafolio 1.1743%
desviación estándar 10.8365%
rentabilidad para portafolio óptimo 4.61%

4 5 7 8 9 10
BCO. BANCOBCO. DE BOGOTA BCO. GANADERO BIC CADENALCO CARTON COLOMBIA

7.89% 13.20% 5.69% 0.28% 0.00% 1.83%
2.05% 0.02% 24.27% -0.55% 0.00% 0.65%
-1.31% -4.94% -18.42% 0.28% 0.91% 1.77%
0.12% -0.09% -1.91% -7.72% 0.00% 8.14%
-0.09% 0.00% -30.07% 14.20% 26.58% 15.24%
-3.06% -0.42% 12.06% -1.47% 71.85% 3.30%
-1.12% 0.77% 18.48% -3.66% -12.84% 0.22%
2.53% 2.68% 3.39% 0.43% -15.86% -0.04%
7.44% 0.18% 1.61% 1.23% -16.67% 0.02%
12.76% 0.11% -0.75% 1.92% 18.18% 0.01%
2.47% 2.69% -1.00% 0.73% 0.00% 0.00%
-4.98% 25.22% -0.73% 2.14% 31.17% 0.00%
5.23% -1.32% 1.79% 14.59% 11.42% 0.00%
0.78% -1.76% 7.28% 1.63% 0.00% 0.00%
1.95% 3.10% 3.72% 2.84% -6.25% -4.93%
15.72% 7.50% 16.14% 3.50% -1.01% -1.48%
25.22% 16.68% 41.67% 29.00% 23.22% 6.68%
2.14% -1.55% -13.55% 14.95% 3.49% 0.02%
6.45% 1.58% -0.22% 1.77% 16.52% 0.00%
0.19% -0.27% -0.95% 7.04% 0.00% 1.42%
38.79% 90.30% 35.18% 46.11% 72.20% -0.80%
63.13% 28.56% 69.31% 42.03% 0.91% -0.57%
41.48% 25.79% 98.95% 11.06% 47.71% 52.21%
5.43% 29.22% 25.69% 17.05% 15.40% 55.24%
-0.33% 2.45% -8.55% -7.92% -8.12% 0.00%
-14.74% -11.63% -5.65% -5.12% 0.00% -22.76%
3.58% -2.86% -8.03% 2.73% -11.64% 2.92%
-3.65% 2.09% -3.13% -2.42% 38.42% 0.74%
8.90% 0.74% -9.01% -2.40% 21.77% 18.91%
11.44% 31.70% 17.64% 12.86% 33.41% 19.28%
-1.34% 8.28% -1.02% 5.29% -1.30% 13.12%
-3.24% 9.03% -0.58% -0.95% -8.18% 4.88%
0.66% 3.02% -0.77% 4.66% 7.26% 8.02%
-14.08% -9.63% -8.52% -13.73% -5.82% 9.49%
-5.14% -2.70% -2.15% 6.30% 0.69% -9.90%
8.24% 3.25% 5.96% 6.90% 9.08% 15.95%
-16.60% -4.61% -3.10% -6.16% -4.23% 1.71%
-11.59% -4.72% -2.87% -3.67% -11.89% -6.24%
-7.75% 0.91% 1.53% 0.31% 8.60% -5.84%
6.64% 9.99% 1.08% 9.31% 8.89% 2.80%
2.15% -5.70% 3.50% -0.17% -1.20% -7.60%
-3.73% 3.97% 16.90% 1.85% -6.44% -19.36%
25.59% 7.69% 4.13% 12.26% 6.32% 11.40%
16.00% 12.64% 17.74% 7.06% 9.33% 1.90%
6.66% 11.94% 12.81% 10.64% 3.77% 4.39%
-3.26% 3.62% 7.53% -0.80% 0.48% -9.71%
9.03% 18.04% 3.16% 15.84% 4.59% -6.88%
31.06% 29.29% 8.07% 24.19% 8.78% -0.22%
19.47% 13.18% 3.86% 7.87% 35.98% 0.41%
-3.36% -2.41% 9.72% 5.46% 12.69% 7.53%
-10.38% -6.36% 10.22% -2.62% -19.81% -1.93%
7.95% 2.61% 0.02% 6.32% 1.23% 5.51%
4.58% -7.45% -5.86% -2.89% 2.17% -10.04%
-4.97% 0.32% -2.24% -1.15% -8.02% 2.23%
-8.57% -6.79% -2.93% -6.25% -14.65% -2.99%
-9.75% 1.52% 14.03% 3.34% 4.03% -4.21%
-9.36% -2.83% 9.00% -5.26% 0.44% -5.18%
-7.56% -9.17% -15.19% -10.17% -17.21% 0.00%
0.91% 0.42% -5.73% 1.70% 0.21% -16.74%
32.88% 12.44% 8.61% 11.53% 10.94% 38.77%
-8.65% 3.17% -5.44% 8.14% 0.68% 0.92%
-14.86% -8.73% -6.70% -8.18% -8.87% -4.83%
-13.67% -7.27% 2.70% -11.47% -33.77% -1.53%
-8.26% 2.65% -11.04% 0.59% 37.32% 10.08%
13.38% 7.74% 9.80% 6.36% 12.75% 10.72%
15.13% 13.60% 1.65% 3.13% 7.36% 14.16%
-15.83% -6.46% -9.40% -4.81% -2.64% -5.11%
-3.28% -3.19% -2.07% -5.46% -7.06% -6.90%
-11.35% -9.10% -5.63% -2.18% -24.39% -16.71%
-7.14% -9.10% -7.05% 6.09% -11.43% 16.60%
9.36% 6.93% 4.80% 2.19% 7.46% -5.34%
10.01% 4.26% 14.91% 7.10% 2.60% -2.61%
14.78% 11.95% 6.01% 3.83% 7.40% 0.77%
-13.38% 3.76% -8.76% -7.39% -2.00% -8.22%
24.01% 3.10% 5.62% 7.20% -9.18% 7.31%
5.55% 9.51% 14.05% 7.95% -0.56% 0.00%
0.07% -6.56% 12.13% -11.48% -9.51% -2.33%
-11.77% -4.25% 4.63% -0.38% -1.05% -7.14%
-3.57% -1.05% 6.19% -3.59% -7.62% 0.00%
3.85% 8.41% 1.12% 1.11% 0.55% 0.00%
-0.29% 1.68% -2.91% 0.99% -1.27% -12.83%
1.57% -2.93% -8.29% -3.14% -1.08% -0.04%
36.40% 0.44% -0.27% -0.66% -10.61% -11.72%
18.97% 5.38% 18.47% 15.26% 19.39% 0.00%
6.51% 1.12% 7.20% -10.24% -6.48% -3.33%
9.83% 1.18% 5.73% -1.83% -2.57% -1.15%
-2.78% 0.58% 4.99% 5.35% 0.00% -11.39%
1.96% 1.72% 2.69% 0.98% 3.03% 1.43%

14.01% 13.10% 16.40% 9.90% 17.40% 11.98%
3.93% 4.33% 4.83% 3.32% 4.06% 1.59%
3.96% 8.87% 0.86% -3.04% -4.06% 0.23%
-1.88% -4.31% 19.44% -3.87% -4.06% -0.94%
-5.24% -9.26% -23.25% -3.04% -3.15% 0.17%
-3.82% -4.41% -6.73% -11.04% -4.06% 6.54%
-4.02% -4.33% -34.90% 10.88% 22.52% 13.64%
-6.99% -4.75% 7.23% -4.79% 67.80% 1.71%
-5.05% -3.55% 13.65% -6.98% -16.90% -1.38%
-1.40% -1.65% -1.44% -2.89% -19.92% -1.63%
3.51% -4.15% -3.22% -2.09% -20.72% -1.57%
8.82% -4.22% -5.58% -1.39% 14.13% -1.58%
-1.46% -1.63% -5.83% -2.59% -4.06% -1.59%
-8.92% 20.90% -5.56% -1.17% 27.11% -1.59%
1.30% -5.65% -3.04% 11.28% 7.37% -1.59%
-3.15% -6.08% 2.45% -1.68% -4.06% -1.59%
-1.98% -1.23% -1.11% -0.48% -10.30% -6.53%
11.79% 3.17% 11.31% 0.18% -5.07% -3.07%
21.29% 12.36% 36.84% 25.68% 19.17% 5.09%
-1.80% -5.88% -18.38% 11.63% -0.57% -1.58%
2.52% -2.75% -5.05% -1.55% 12.47% -1.59%
-3.74% -4.60% -5.78% 3.72% -4.06% -0.17%
34.86% 85.98% 30.35% 42.79% 68.15% -2.40%
59.20% 24.23% 64.48% 38.71% -3.14% -2.16%
37.55% 21.46% 94.12% 7.74% 43.65% 50.61%
1.49% 24.89% 20.86% 13.73% 11.34% 53.64%
-4.26% -1.88% -13.38% -11.24% -12.18% -1.59%
-18.67% -15.95% -10.48% -8.44% -4.06% -24.36%
-0.35% -7.19% -12.86% -0.59% -15.70% 1.33%
-7.59% -2.23% -7.96% -5.74% 34.36% -0.86%
4.97% -3.59% -13.84% -5.72% 17.71% 17.31%
7.51% 27.37% 12.81% 9.54% 29.36% 17.69%
-5.27% 3.95% -5.85% 1.97% -5.36% 11.53%
-7.17% 4.71% -5.41% -4.27% -12.24% 3.29%
-3.28% -1.30% -5.60% 1.35% 3.20% 6.43%
-18.01% -13.95% -13.35% -17.04% -9.88% 7.89%
-9.07% -7.03% -6.98% 2.98% -3.36% -11.49%
4.30% -1.08% 1.13% 3.58% 5.02% 14.35%
-20.53% -8.93% -7.93% -9.47% -8.28% 0.11%
-15.53% -9.04% -7.70% -6.98% -15.95% -7.83%
-11.68% -3.42% -3.30% -3.01% 4.55% -7.44%
2.71% 5.66% -3.75% 5.99% 4.83% 1.20%
-1.78% -10.03% -1.33% -3.48% -5.26% -9.19%
-7.66% -0.35% 12.07% -1.47% -10.50% -20.95%
21.65% 3.36% -0.70% 8.95% 2.26% 9.81%
12.07% 8.31% 12.91% 3.74% 5.27% 0.31%
2.73% 7.62% 7.98% 7.32% -0.28% 2.80%
-7.19% -0.71% 2.70% -4.11% -3.57% -11.31%
5.10% 13.71% -1.67% 12.53% 0.54% -8.48%
27.13% 24.96% 3.24% 20.87% 4.72% -1.81%
15.54% 8.85% -0.97% 4.56% 31.92% -1.19%
-7.30% -6.74% 4.89% 2.14% 8.64% 5.94%
-14.31% -10.68% 5.39% -5.94% -23.87% -3.52%
4.02% -1.72% -4.81% 3.01% -2.82% 3.91%
0.65% -11.77% -10.69% -6.21% -1.89% -11.64%
-8.90% -4.01% -7.07% -4.47% -12.08% 0.64%
-12.50% -11.12% -7.76% -9.56% -18.71% -4.59%
-13.68% -2.81% 9.20% 0.02% -0.03% -5.80%
-13.29% -7.15% 4.17% -8.58% -3.62% -6.77%
-11.49% -13.50% -20.02% -13.49% -21.27% -1.59%
-3.02% -3.90% -10.56% -1.62% -3.85% -18.34%
28.95% 8.11% 3.78% 8.22% 6.89% 37.18%
-12.58% -1.15% -10.27% 4.83% -3.38% -0.68%
-18.80% -13.06% -11.53% -11.50% -12.93% -6.42%
-17.60% -11.60% -2.13% -14.79% -37.82% -3.12%
-12.19% -1.68% -15.87% -2.72% 33.27% 8.48%
9.44% 3.41% 4.97% 3.05% 8.69% 9.13%
11.20% 9.28% -3.18% -0.19% 3.30% 12.57%
-19.77% -10.79% -14.23% -8.12% -6.70% -6.70%
-7.21% -7.51% -6.90% -8.78% -11.12% -8.50%
-15.29% -13.43% -10.46% -5.49% -28.45% -18.31%
-11.07% -13.42% -11.88% 2.77% -15.48% 15.01%
5.43% 2.60% -0.03% -1.13% 3.40% -6.94%
6.07% -0.07% 10.08% 3.78% -1.45% -4.20%
10.85% 7.62% 1.18% 0.51% 3.34% -0.82%
-17.31% -0.57% -13.59% -10.70% -6.06% -9.82%
20.07% -1.22% 0.79% 3.88% -13.24% 5.72%
1.62% 5.19% 9.22% 4.64% -4.61% -1.59%
-3.86% -10.88% 7.30% -14.80% -13.57% -3.92%
-15.70% -8.57% -0.20% -3.69% -5.11% -8.74%
-7.50% -5.38% 1.36% -6.91% -11.68% -1.59%
-0.08% 4.08% -3.71% -2.21% -3.50% -1.59%
-4.23% -2.64% -7.74% -2.33% -5.32% -14.42%
-2.36% -7.25% -13.12% -6.46% -5.14% -1.64%
32.47% -3.88% -5.10% -3.98% -14.67% -13.32%
15.03% 1.06% 13.64% 11.95% 15.33% -1.59%
2.57% -3.21% 2.37% -13.56% -10.54% -4.93%
5.89% -3.14% 0.90% -5.14% -6.62% -2.75%
-6.71% -3.75% 0.16% 2.03% -4.06% -12.98%
199005 199006 199007 199008 199009 199010

-1.62% 23.55% -15.47% 1.73% 5.71% 2.56%
-10.24% -18.04% -27.66% -5.83% -3.23% 0.79%
-3.92% 1.91% -9.03% -5.33% 5.33% -0.34%
-3.82% -4.02% -6.99% -5.05% -1.40% 3.51%
-4.41% -4.33% -4.75% -3.55% -1.65% -4.15%
-6.73% -34.90% 7.23% 13.65% -1.44% -3.22%
-11.04% 10.88% -4.79% -6.98% -2.89% -2.09%
-4.06% 22.52% 67.80% -16.90% -19.92% -20.72%
6.54% 13.64% 1.71% -1.38% -1.63% -1.57%
7.88% 4.63% -30.34% -36.95% -8.42% -0.98%
-4.19% 10.24% 54.23% -9.08% -7.76% -8.99%
-5.07% -5.89% -2.48% -8.62% -4.00% -14.56%
-5.27% -5.47% -4.49% 17.41% -8.43% -3.23%
-5.17% 15.28% 19.99% 0.90% -3.50% -9.31%
-8.49% 0.35% -0.50% 14.94% 0.13% 5.68%
-4.03% -4.03% -19.76% -23.20% 1.30% -6.68%

0.81% 1.02% 1.05% 0.69% 0.89% 0.84%
2.39% 1.21% 2.76% 1.56% 0.67% 0.61%
1.22% 1.23% 1.28% 0.88% 1.31% 0.69%
1.96% 1.17% 1.44% 0.99% 0.90% 0.57%
1.17% 1.72% 1.15% 0.98% 1.37% 0.50%
1.44% 1.15% 2.69% 0.83% 0.93% 0.70%
0.99% 0.98% 0.83% 0.98% 0.85% 0.32%
0.90% 1.37% 0.93% 0.85% 3.03% 0.76%
0.57% 0.50% 0.70% 0.32% 0.76% 1.43%
1.08% 1.21% 1.05% 0.82% 1.07% 0.82%
0.92% 0.83% 1.21% 0.54% 1.49% 0.88%
0.81% 0.56% 0.62% 0.52% 0.89% 0.58%
1.24% 1.26% 1.75% 0.85% 1.04% 1.41%
0.73% 0.88% 0.89% 0.51% 0.89% 0.65%
1.00% 0.84% 1.52% 0.53% 0.73% 0.78%
0.84% 0.69% 0.98% 0.63% 0.59% 0.71%
0.00% 10.85% 6.08% 0.00% 0.00% 0.00%
1.069% 1.041% 1.193% 0.749% 1.138% 0.680%

1.81%
0.10%
0.20% Maximizar
0.00% 4.86% 8.83% 0.00% 0.00% 0.00%
Frontera del portafoli y línea del mercado de capitales
1.109% 1.054% 1.265% 0.764% 1.174% 0.688%

11 12 13 14 15 16
CEMENT. ARGOS CEMENT. CARIBE CEMENT. DIAMANTE COLTEJER CONSTRUCEL FABRICATO

24.87% 26.50% 0.00% -3.84% -1.27% -0.22%
27.91% 25.49% 0.00% -1.47% -0.84% 0.56%
0.36% -1.95% 3.03% -13.29% -24.77% -0.80%
11.26% 0.00% -1.07% -2.59% -3.08% -8.94%
8.02% 14.43% -1.89% -2.79% 17.37% -0.10%
-26.96% 58.42% 1.52% -1.81% 22.07% -0.95%
-33.57% -4.88% -4.62% 20.09% 2.99% 14.49%
-5.04% -3.56% 0.00% -5.75% -1.41% -0.32%
2.40% -4.80% -10.56% -0.55% -7.22% 5.23%
-6.14% 3.37% 0.00% 34.68% -18.07% 3.93%
-2.44% -3.07% 0.00% 18.52% 17.39% 1.65%
-3.12% 3.17% -21.27% 13.07% 7.93% 12.64%
6.28% -7.81% -0.06% 16.27% -2.73% 16.89%
-8.51% -3.06% -15.51% -12.37% -2.60% 5.59%
-2.17% -14.18% 0.00% -10.66% 0.00% -0.29%
-1.21% -3.27% 0.00% 20.02% -1.11% 8.36%
22.56% 4.87% 7.89% 10.46% -0.04% 16.04%
-12.33% 9.55% 13.16% -0.16% -10.05% 0.89%
10.93% 3.44% 17.45% -12.17% 0.00% -2.13%
-0.79% -10.41% 13.78% -10.17% -12.23% -15.88%
40.55% 8.84% 6.09% 26.63% -3.21% 20.63%
22.88% 31.88% 28.19% 30.99% 5.92% 14.37%
32.16% 58.22% 25.15% 78.88% 49.91% 80.88%
51.35% 29.31% 29.36% 88.08% 29.40% 1.94%
-1.85% 7.99% 11.76% -3.29% 57.43% 31.02%
-6.63% -10.05% 3.46% -29.55% 1.25% -23.05%
3.30% 10.83% -16.04% 11.98% -18.10% -1.88%
12.08% 18.02% -0.53% -2.23% 9.87% -11.94%
23.87% 24.96% 6.30% -1.99% 5.88% -3.61%
39.51% 40.91% 17.29% 25.23% 23.93% 10.51%
3.51% -1.23% 33.02% 6.06% 26.69% 7.13%
0.48% -4.71% -29.98% -6.55% 1.17% -3.35%
-3.32% -0.50% 20.01% 5.14% 6.88% 8.10%
-7.99% -5.25% 24.83% 1.56% -13.68% -2.83%
-4.67% -4.39% -6.77% -7.43% -2.79% -3.06%
7.66% -3.71% 14.82% 7.87% 0.06% 6.32%
-9.34% -2.12% -2.80% -8.38% -1.16% -9.68%
-0.59% -8.58% -1.34% -13.63% -20.09% -10.88%
-0.66% -2.98% 5.73% -11.48% 5.07% -9.75%
7.24% 1.60% 4.61% -23.41% 11.83% -10.66%
-52.87% -3.59% 19.03% -27.91% -27.34% -22.66%
2.29% 2.95% 5.44% 10.14% 22.61% -4.49%
16.66% 16.65% 24.83% -3.23% -6.64% -8.52%
8.38% 11.69% 6.19% 17.25% 5.02% 21.41%
12.29% 11.75% 9.39% 63.12% 4.88% 28.60%
-1.64% 7.22% 3.79% -30.16% 0.64% -18.74%
18.20% 13.34% 5.75% 0.90% 36.43% -1.67%
18.62% 21.88% 9.78% -6.32% 86.83% -2.83%
21.49% 22.39% 101.64% 0.47% -0.77% -3.21%
5.13% 18.30% -17.51% 12.19% 1.36% 3.86%
-0.84% 2.84% -5.37% 7.15% -5.48% 5.57%
12.67% 14.91% -0.98% 29.18% 0.28% 17.54%
7.83% -43.11% 6.79% -25.69% -6.66% -21.79%
7.07% 5.26% -9.40% 1.62% -3.14% -16.25%
-1.40% -1.34% 2.05% -5.39% -7.14% -2.78%
-1.57% 0.65% 11.96% -9.87% -14.41% -5.43%
-6.85% -4.49% 16.95% -5.51% -4.13% -6.52%
-8.33% -7.06% -3.02% -10.72% 1.37% -12.94%
-1.28% -2.33% -10.29% 15.12% -2.37% -7.29%
12.27% 17.81% 23.21% 19.74% 17.58% 1.20%
4.25% 1.85% 5.69% -3.80% 6.09% -9.40%
-7.68% -7.29% -17.72% -3.51% -5.09% -19.11%
-11.86% -13.76% -3.00% -30.51% -23.00% -5.57%
2.44% -0.97% 3.49% -27.46% -15.93% -36.97%
2.09% 2.86% 13.86% -3.74% 6.76% 19.15%
5.41% 8.32% 4.51% 30.72% 0.03% 22.90%
-8.31% -8.30% -12.24% -17.07% -3.32% -6.47%
-2.04% -2.71% -2.19% -10.12% -1.21% -27.61%
-10.74% -3.47% -9.69% -5.78% -7.11% 2.09%
-11.50% -9.57% -1.36% 4.86% -19.64% -16.73%
9.72% -2.88% -3.84% -7.35% -10.89% 2.37%
1.22% -4.74% 1.21% -16.84% 2.37% -8.46%
-2.22% 0.15% 15.29% 5.79% 3.59% 0.21%
-9.22% -5.07% -4.30% -6.45% -9.78% -18.63%
-2.56% -4.19% 7.57% -1.79% -10.84% -4.09%
11.79% -5.55% 7.02% -2.14% 22.02% -10.14%
-3.40% -4.31% -37.23% -19.09% 0.20% 1.61%
-1.66% -0.19% 10.39% -2.72% -1.03% 1.52%
-6.21% 0.41% -7.93% 9.52% 8.44% 1.54%
-0.46% -0.53% 0.55% 23.34% -0.48% -7.65%
2.82% 6.72% 11.41% 8.21% -10.40% 1.47%
-2.29% 1.36% -2.24% 14.82% 3.06% -8.33%
-2.44% -0.24% -5.83% 0.47% -9.70% -6.51%
31.78% 17.04% 0.48% 7.02% 16.70% 5.91%
1.59% 9.45% 0.61% -10.52% -2.62% -3.80%
12.90% 2.15% -1.27% 5.80% -9.85% 2.58%
0.75% 1.08% -0.55% 9.40% -4.38% -0.88%
2.19% 2.09% 2.61% 4.06% 2.88% 2.21%

14.81% 14.45% 16.15% 20.16% 16.98% 14.85%
3.38% 4.19% 4.00% 2.68% 2.09% -0.45%
21.49% 22.31% -4.00% -6.52% -3.36% 0.23%
24.53% 21.30% -4.00% -4.15% -2.93% 1.01%
-3.02% -6.15% -0.97% -15.97% -26.86% -0.35%
7.88% -4.19% -5.07% -5.27% -5.17% -8.49%
4.63% 10.24% -5.89% -5.47% 15.28% 0.35%
-30.34% 54.23% -2.48% -4.49% 19.99% -0.50%
-36.95% -9.08% -8.62% 17.41% 0.90% 14.94%
-8.42% -7.76% -4.00% -8.43% -3.50% 0.13%
-0.98% -8.99% -14.56% -3.23% -9.31% 5.68%
-9.52% -0.82% -4.00% 32.00% -20.16% 4.38%
-5.83% -7.27% -4.00% 15.84% 15.31% 2.10%
-6.50% -1.02% -25.27% 10.39% 5.85% 13.09%
2.90% -12.00% -4.06% 13.59% -4.81% 17.34%
-11.89% -7.25% -19.51% -15.05% -4.69% 6.04%
-5.55% -18.38% -4.00% -13.34% -2.09% 0.16%
-4.59% -7.46% -4.00% 17.34% -3.20% 8.81%
19.18% 0.68% 3.90% 7.78% -2.12% 16.49%
-15.71% 5.36% 9.16% -2.84% -12.14% 1.34%
7.55% -0.75% 13.45% -14.84% -2.09% -1.68%
-4.17% -14.60% 9.78% -12.85% -14.32% -15.43%
37.17% 4.65% 2.09% 23.95% -5.30% 21.08%
19.50% 27.69% 24.19% 28.31% 3.83% 14.82%
28.78% 54.03% 21.15% 76.20% 47.83% 81.33%
47.97% 25.12% 25.36% 85.41% 27.32% 2.39%
-5.23% 3.80% 7.76% -5.97% 55.35% 31.47%
-10.01% -14.24% -0.53% -32.23% -0.84% -22.60%
-0.08% 6.64% -20.03% 9.30% -20.19% -1.43%
8.70% 13.82% -4.53% -4.91% 7.78% -11.49%
20.49% 20.77% 2.30% -4.67% 3.79% -3.16%
36.13% 36.72% 13.29% 22.55% 21.84% 10.96%
0.13% -5.42% 29.02% 3.38% 24.60% 7.58%
-2.90% -8.91% -33.98% -9.23% -0.92% -2.90%
-6.70% -4.69% 16.01% 2.46% 4.79% 8.55%
-11.37% -9.44% 20.83% -1.12% -15.76% -2.38%
-8.06% -8.58% -10.77% -10.11% -4.88% -2.61%
4.28% -7.90% 10.82% 5.19% -2.02% 6.77%
-12.72% -6.31% -6.80% -11.05% -3.24% -9.23%
-3.97% -12.77% -5.34% -16.31% -22.17% -10.43%
-4.04% -7.17% 1.73% -14.16% 2.98% -9.30%
3.86% -2.59% 0.61% -26.09% 9.75% -10.21%
-56.25% -7.78% 15.03% -30.59% -29.43% -22.21%
-1.09% -1.24% 1.44% 7.46% 20.53% -4.04%
13.28% 12.46% 20.83% -5.91% -8.73% -8.07%
5.00% 7.50% 2.19% 14.57% 2.93% 21.86%
8.90% 7.56% 5.39% 60.44% 2.79% 29.05%
-5.02% 3.03% -0.21% -32.84% -1.45% -18.29%
14.82% 9.15% 1.75% -1.78% 34.35% -1.22%
15.24% 17.69% 5.78% -9.00% 84.75% -2.38%
18.11% 18.20% 97.64% -2.21% -2.86% -2.76%
1.74% 14.11% -21.51% 9.51% -0.73% 4.31%
-4.22% -1.35% -9.36% 4.47% -7.57% 6.02%
9.29% 10.72% -4.98% 26.50% -1.80% 17.99%
4.45% -47.30% 2.79% -28.37% -8.74% -21.34%
3.69% 1.07% -13.40% -1.06% -5.23% -15.80%
-4.78% -5.53% -1.95% -8.07% -9.22% -2.33%
-4.95% -3.54% 7.96% -12.55% -16.50% -4.98%
-10.23% -8.68% 12.95% -8.19% -6.22% -6.07%
-11.71% -11.25% -7.02% -13.40% -0.71% -12.49%
-4.66% -6.52% -14.29% 12.44% -4.45% -6.84%
8.89% 13.62% 19.21% 17.06% 15.49% 1.65%
0.87% -2.34% 1.69% -6.48% 4.00% -8.95%
-11.06% -11.48% -21.72% -6.19% -7.18% -18.66%
-15.24% -17.95% -7.00% -33.19% -25.09% -5.12%
-0.94% -5.16% -0.51% -30.14% -18.02% -36.52%
-1.29% -1.33% 9.86% -6.42% 4.67% 19.60%
2.03% 4.13% 0.51% 28.04% -2.06% 23.35%
-11.69% -12.49% -16.24% -19.75% -5.41% -6.02%
-5.42% -6.90% -6.18% -12.79% -3.30% -27.16%
-14.12% -7.66% -13.69% -8.46% -9.19% 2.54%
-14.88% -13.77% -5.36% 2.18% -21.73% -16.28%
6.34% -7.07% -7.84% -10.03% -12.97% 2.82%
-2.16% -8.93% -2.79% -19.52% 0.29% -8.02%
-5.60% -4.04% 11.29% 3.11% 1.50% 0.66%
-12.60% -9.26% -8.29% -9.13% -11.87% -18.18%
-5.94% -8.38% 3.57% -4.47% -12.92% -3.64%
8.41% -9.74% 3.02% -4.82% 19.93% -9.69%
-6.78% -8.50% -41.23% -21.77% -1.88% 2.06%
-5.04% -4.38% 6.39% -5.40% -3.12% 1.96%
-9.59% -3.78% -11.93% 6.84% 6.35% 1.98%
-3.84% -4.72% -3.45% 20.66% -2.57% -7.20%
-0.56% 2.53% 7.41% 5.53% -12.49% 1.92%
-5.67% -2.84% -6.24% 12.14% 0.97% -7.88%
-5.82% -4.43% -9.83% -2.21% -11.78% -6.06%
28.40% 12.85% -3.52% 4.34% 14.62% 6.36%
-1.79% 5.26% -3.39% -13.20% -4.71% -3.35%
9.52% -2.04% -5.27% 3.12% -11.94% 3.03%
-2.63% -3.11% -4.54% 6.72% -6.47% -0.43%
199011 199012 199101 199102 199103 199104

-16.01% -26.91% 19.04% 31.32% -34.36% -1.65%
0.98% -5.36% -4.01% -10.01% -13.34% -6.36%
9.98% 7.44% -12.07% 4.86% -4.30% -8.65%
8.82% -1.46% -8.92% 1.30% -3.15% -1.98%
-4.22% -1.63% 20.90% -5.65% -6.08% -1.23%
-5.58% -5.83% -5.56% -3.04% 2.45% -1.11%
-1.39% -2.59% -1.17% 11.28% -1.68% -0.48%
14.13% -4.06% 27.11% 7.37% -4.06% -10.30%
-1.58% -1.59% -1.59% -1.59% -1.59% -6.53%
-9.52% -5.83% -6.50% 2.90% -11.89% -5.55%
-0.82% -7.27% -1.02% -12.00% -7.25% -18.38%
-4.00% -4.00% -25.27% -4.06% -19.51% -4.00%
32.00% 15.84% 10.39% 13.59% -15.05% -13.34%
-20.16% 15.31% 5.85% -4.81% -4.69% -2.09%
4.38% 2.10% 13.09% 17.34% 6.04% 0.16%
-2.85% -13.98% -4.03% 8.67% -0.39% -15.78%

1.17% 0.84% 0.38% 1.37% 0.56% 1.12%
1.37% 1.42% 1.59% 2.31% 0.45% 0.98%
1.23% 0.84% 0.59% 1.43% 0.78% 0.92%
1.08% 0.92% 0.81% 1.24% 0.73% 1.00%
1.21% 0.83% 0.56% 1.26% 0.88% 0.84%
1.05% 1.21% 0.62% 1.75% 0.89% 1.52%
0.82% 0.54% 0.52% 0.85% 0.51% 0.53%
1.07% 1.49% 0.89% 1.04% 0.89% 0.73%
0.82% 0.88% 0.58% 1.41% 0.65% 0.78%
2.19% 1.05% 0.70% 1.41% 0.98% 0.76%
1.05% 2.09% 0.70% 1.48% 1.20% 1.02%
0.70% 0.70% 2.61% 0.65% 0.51% 0.34%
1.41% 1.48% 0.65% 4.06% 1.08% 2.02%
0.98% 1.20% 0.51% 1.08% 2.88% 1.01%
0.76% 1.02% 0.34% 2.02% 1.01% 2.21%
1.23% 0.89% 0.73% 1.15% 0.83% 0.53%
0.00% 12.16% 15.69% 0.00% 0.00% 0.00%
1.112% 1.000% 0.942% 1.269% 0.813% 0.806%

0.00% 11.29% 14.81% 0.00% 0.00% 0.00%
Frontera del portafoli y línea del mercado de capitales
1.115% 0.998% 0.918% 1.313% 0.806% 0.857%

17
SEG. SURAMERICANA Mes 199001 199002 199003

3.44% ACER. PAZ D -3.26% -4.06% 21.10%
31.51% FABRICATO -0.80% -8.94% -0.10%
23.79% CARTON COL 1.77% 8.14% 15.24%
0.00% CONSTRUCE -24.77% -3.08% 17.37%
0.00% COLTEJER -13.29% -2.59% -2.79%
-15.73% CEMENT. AR 0.36% 11.26% 8.02%
-19.17% BIC 0.28% -7.72% 14.20%
5.33% CADENALCO 0.91% -6.00% -6.00%
-2.65% CEMENT. CAR -1.95% 0.00% 14.43%
1.17% SEG. SURAM 23.79% -5.55% -5.55%
-9.95% BCO. BANCO -1.31% 0.12% -0.09%
0.00% CEMENT. DI 3.03% -1.07% -1.89%
12.69% BCO. DE BO -4.94% -0.09% 0.00%
3.64% BCO. GANAD -18.42% -1.91% -30.07%
-11.75% BAVARIA -0.98% 1.06% 6.89%
-2.98% AVIANCA -0.08% -4.99% -12.79%
18.86%
0.96%
2.96%
9.66%
7.53%
29.08%
37.60%
64.02%
5.87%
-5.76%
-3.47%
12.89%
14.59%
2.02%
1.91%
-1.52%
-9.44%
-11.57%
-0.34%
1.44%
-8.59%
-9.04%
2.99%
2.76%
3.79%
17.58%
13.47%
7.78%
6.41%
4.09%
28.15%
25.74%
20.68%
14.11%
3.50%
0.40%
-1.56%
3.61%
-3.84%
3.25%
-10.36%
-4.14%
-5.55%
20.84%
1.00%
-6.89%
-6.64%
-0.09%
1.50%
1.82%
-7.99%
-1.94%
-2.76%
0.27%
4.05%
1.25%
1.18%
-1.59%
0.19%
7.36%
-1.08%
-4.67%
-2.70%
1.34%
0.99%
0.00%
-0.02%
12.35%
2.38%
6.31%
12.13%
1.49%
12.20%
4.03%
SEG. SURAMERICANA
-0.59%
27.48%
19.77%
-4.03%
-4.03%
-19.76%
-23.20%
1.30%
-6.68%
-2.85%
-13.98%
-4.03%
8.67%
-0.39%
-15.78%
-7.01%
14.83%
-3.07%
-1.07%
5.63%
3.51%
25.05%
33.58%
59.99%
1.84%
-9.79%
-7.50%
8.86%
10.56%
-2.01%
-2.12%
-5.55%
-13.47%
-15.59%
-4.37%
-2.59%
-12.62%
-13.07%
-1.04%
-1.27%
-0.24%
13.55%
9.44%
3.76%
2.39%
0.06%
24.12%
21.71%
16.66%
10.08%
-0.53%
-3.63%
-5.59%
-0.42%
-7.87%
-0.78%
-14.39%
-8.17%
-9.58%
16.81%
-3.02%
-10.92%
-10.67%
-4.12%
-2.53%
-2.21%
-12.02%
-5.97%
-6.79%
-3.76%
0.02%
-2.77%
-2.84%
-5.62%
-3.84%
3.33%
-5.11%
-8.69%
-6.73%
-2.68%
-3.03%
-4.02%
-4.05%
8.32%
-1.64%
2.28%
8.10%
199105 199106 199107 199108 199109 199110 199111

-1.45% 0.250748527 0.018997576 -0.20653317 -0.05023785 0.176362354 0.27415115
9.64% -0.04558656 0.36853878 -0.28193708 0.368808165 0.028100714 2.370345408
-1.65% 0.22510656 0.01802974 -0.00558557 0.043414211 0.602657261 0.074230588
11.79% 0.212919367 -0.01796303 0.025171863 -0.03739889 0.348595962 0.591968368
3.17% 0.123559751 -0.05877877 -0.02748808 -0.04599869 0.859783923 0.242299348
11.31% 0.368362755 -0.18380395 -0.05051882 -0.05782269 0.303505567 0.644790789
0.18% 0.256794618 0.116314821 -0.01550744 0.037215519 0.4278992 0.387129094
-5.07% 0.191665103 -0.00569014 0.124650015 -0.04056615 0.681450267 -0.0314281
-3.07% 0.050866989 -0.01577109 -0.01593626 -0.00172873 -0.02398462 -0.02160605
-4.59% 0.191782932 -0.15705904 0.075467281 -0.04170451 0.371652273 0.194985949
-7.46% 0.006760453 0.053554482 -0.00747209 -0.14604781 0.046520417 0.276850631
-4.00% 0.038951589 0.091612333 0.134468534 0.09782001 0.020864179 0.241893116
17.34% 0.077758162 -0.028353 -0.14844852 -0.12847896 0.239490747 0.283117342
-3.20% -0.02121906 -0.12139144 -0.02085965 -0.14319379 -0.05295497 0.038293816
8.81% 0.164874728 0.013357405 -0.0167867 -0.15426156 0.210827385 0.148167041
-7.01% 0.148285663 -0.03065467 -0.01072644 0.056328152 0.035069077 0.250543308
SEG. SURAMERICANA
0.64%
1.63%
0.91%
0.84%
0.69%
0.98%
0.63%
0.59%
0.71%
1.23%
0.89%
0.73%
1.15%
0.83%
0.53%
1.49%
15.58%
0.950%
SEG. SURAMERICANA
9.05%
0.930%
199004 199005 199006 199007 199008 199009 199010
-17.91% -0.71% 3.27% 0.11% -18.45% -29.36% 16.60%
-0.95% 14.49% -0.32% 5.23% 3.93% 1.65% 12.64%
3.30% 0.22% -0.04% 0.02% 0.01% 0.00% 0.00%
22.07% 2.99% -1.41% -7.22% -18.07% 17.39% 7.93%
-1.81% 20.09% -5.75% -0.55% 34.68% 18.52% 13.07%
-26.96% -33.57% -5.04% 2.40% -6.14% -2.44% -3.12%
-1.47% -3.66% 0.43% 1.23% 1.92% 0.73% 2.14%
71.85% -12.84% -15.86% -16.67% 18.18% 14.53% 14.53%
58.42% -4.88% -3.56% -4.80% 3.37% -3.07% 3.17%
-5.55% -19.17% 5.33% -2.65% 1.17% -9.95% 0.00%
-3.06% -1.12% 2.53% 7.44% 12.76% 2.47% -4.98%
1.52% -4.62% -5.43% -5.43% -7.66% -7.66% -7.66%
-0.42% 0.77% 2.68% 0.18% 0.11% 2.69% 25.22%
12.06% 18.48% 3.39% 1.61% -0.75% -1.00% -0.73%
-4.05% -0.35% 10.31% 4.64% 14.96% 12.42% -7.10%
-22.41% -0.58% 2.02% 6.04% 6.22% -0.12% 1.24%
199112 199201 199202 199203 199204 199205 199206
0.293957934 0.302491256 0.014360099 -0.08024569 -0.12170348 0.090792403 0.117876507
0.75406774 0.20780133 -0.32700211 -0.24944561 0.06902767 0.25627585 -0.39367389
0.506818306 0.30299674 -0.18346264 -0.10037585 -0.0949251 0.058680454 0.095285372
0.375476865 0.014937577 -0.04263734 -0.18674567 -0.00350816 -0.0758676 0.049716881
0.21462352 0.248898814 -0.01880501 -0.15951187 -0.07188426 -0.02232877 -0.03589396
0.941214222 0.208571258 -0.13379558 -0.10478209 -0.12862311 -0.07956207 -0.13843107
0.07740618 0.13732598 -0.11238703 -0.08436182 -0.00591793 -0.05737237 -0.05720029
0.436507478 0.113405272 -0.12180383 -0.04056615 -0.15697568 0.343593679 0.177106392
0.506115212 0.536435267 -0.01593626 -0.24356454 0.013295191 -0.00858493 0.173128282
0.287755455 0.479657735 -0.05233591 -0.10008771 -0.00083462 0.086967246 0.204864602
0.540321686 0.251167988 0.038026688 -0.14239584 0.066435464 0.138244055 0.20766966
0.21154719 0.253637015 0.077572193 -0.0053488 -0.20034994 -0.04530494 0.023011473
0.761975173 0.854052965 -0.05968957 -0.32231021 0.093023063 -0.04912887 -0.0467314
0.478285036 0.27316803 0.553460461 -0.00840445 -0.20188922 0.077817109 0.037935521
0.813319249 0.023946823 0.314746838 -0.22597359 -0.01433409 -0.11494686 -0.03158887
0.335754626 0.599937593 0.018447624 -0.09791612 -0.07501512 0.088583322 0.10557682
199011 199012 199101 199102 199103 199104 199105
28.87% -36.80% -4.09% -3.90% 22.63% -0.54% -23.10%
16.89% 5.59% -0.29% 8.36% 16.04% 0.89% -2.13%
0.00% 0.00% -4.93% -1.48% 6.68% 0.02% 0.71%
-2.73% -2.60% 0.00% -1.11% -0.04% -10.05% -6.32%
16.27% -12.37% -10.66% 20.02% 10.46% -0.16% -12.17%
6.28% -8.51% -2.17% -1.21% 22.56% -12.33% 10.93%
14.59% 1.63% 2.84% 3.50% 29.00% 14.95% 1.77%
11.42% 0.00% -6.25% -1.01% 23.22% 3.49% 16.52%
-7.81% -3.06% -14.18% -3.27% 4.87% 9.55% 3.44%
12.69% 3.64% -11.75% -2.98% 18.86% 0.96% 2.96%
5.23% 0.78% 1.95% 15.72% 25.22% 2.14% 6.45%
-0.06% -15.51% 0.00% 3.87% 3.87% 13.16% 17.45%
-1.32% -1.76% 3.10% 7.50% 16.68% -1.55% 1.58%
1.79% 7.28% 3.72% 16.14% 41.67% -13.55% -0.22%
9.84% 0.68% -3.68% 3.33% 27.49% 6.78% 4.42%
-4.76% -8.09% -1.12% 14.89% 0.69% 42.10% -22.95%
199207 199208 199209 199210 199211 199212 199301
0.779616738 -0.1262 0.052156557 0.089926233 -0.08810731 -0.04141851 0.112027622
0.010122976 0.040573027 -0.09040878 0.013578167 -0.17798381 -0.06428119 0.004110079
0.077254604 -0.02009373 0.012215872 0.002878097 -0.12317222 -0.09424172 0.002345732
0.075055906 -0.05270444 -0.07174826 -0.03276263 -0.18014754 -0.09068563 0.043039841
0.273749577 0.039500344 0.047061719 -0.01304598 -0.13954819 -0.07027303 -0.01075431
0.12805671 -0.05849621 -0.05408546 -0.05600867 -0.13348519 -0.06984637 0.011283438
0.095428808 0.019721188 -0.04271636 0.013474188 -0.17042088 0.029810425 0.035801278
0.293568205 -0.05355152 -0.12236932 0.032027678 -0.09876499 -0.03363008 0.050210967
0.176885357 0.115260309 0.032890747 0.064294309 0.078921739 -0.1148974 0.143537396
0.361337044 0.001288921 -0.02899449 -0.06704394 -0.11368869 -0.08055223 0.042797709
0.367165653 -0.05421184 -0.0890521 -0.04691577 -0.09440075 -0.08581503 -0.07898467
0.132943815 0.290173079 -0.33983522 0.160148609 0.208304628 -0.10765823 0.108218685
0.225482517 0.033764857 -0.09226463 0.024568364 -0.01120411 -0.10109389 0.051881909
0.218427531 0.246041007 -0.00917999 0.047945501 -0.15764016 -0.0487539 -0.02022307
0.109592145 0.075839479 -0.02897911 0.085504134 -0.02375992 -0.02614367 0.06773858
-0.02010714 -0.02120103 -0.05547354 -0.13471166 -0.15594901 -0.04368153 -0.02589287
199106 199107 199108 199109 199110 199111 199112
-7.47% 15.19% 24.97% 26.95% 27.81% -1.01% -10.47%
-15.88% 20.63% 14.37% 80.88% 1.94% 31.02% -23.05%
0.71% -0.80% -0.57% 52.21% 55.24% -12.12% -12.12%
-6.32% -3.21% 5.92% 49.91% 29.40% 57.43% 1.25%
-10.17% 26.63% 30.99% 78.88% 88.08% -3.29% -29.55%
-0.79% 40.55% 22.88% 32.16% 51.35% -1.85% -6.63%
7.04% 46.11% 42.03% 11.06% 17.05% -7.92% -5.12%
31.23% 31.23% 0.91% 47.71% 15.40% -8.12% -6.00%
-10.41% 8.84% 31.88% 58.22% 29.31% 7.99% -10.05%
9.66% 7.53% 29.08% 37.60% 64.02% 5.87% -5.76%
0.19% 38.79% 63.13% 41.48% 5.43% -0.33% -14.74%
13.78% 6.09% 28.19% 25.15% 29.36% 11.76% 3.46%
-0.27% 90.30% 28.56% 25.79% 29.22% 2.45% -11.63%
-0.95% 35.18% 69.31% 98.95% 25.69% -8.55% -5.65%
9.32% 65.24% 12.40% 55.66% 35.28% -13.37% -5.06%
42.13% 8.06% 242.28% 80.65% 26.03% -27.45% -19.70%
199302 199303 199304 199305 199306 199307 199308
-0.09469123 -0.03639017 -0.01740899 0.049285682 -0.08941252 0.010793394 0.019369759
-0.21174814 -0.18740734 -0.17546996 -0.15234705 -0.21783177 -0.05405245 0.191768223
-0.17690998 -0.02144368 -0.01077044 -0.00698511 -0.08100185 0.008730261 -0.03009253
-0.20534727 -0.1552578 -0.11679384 0.027105359 -0.01783056 -0.07660016 0.2165365
-0.08932686 -0.09042957 -0.03420462 0.056602122 -0.10025649 -0.00353499 0.033615891
-0.07930127 -0.07704128 -0.03299373 -0.03746672 -0.01332649 0.12066004 -0.00696837
-0.09472287 -0.06982063 -0.03008524 0.059884903 -0.03483539 -0.01471774 0.089460717
-0.08282645 -0.159458 0.045462953 0.048284069 -0.05257788 -0.10498168 0.022591579
0.001130077 -0.07834852 -0.07437095 0.012017278 -0.09190176 -0.20950486 0.098101943
-0.12722471 -0.03968538 -0.04043457 0.03862804 -0.5624946 -0.01093539 0.132811483
-0.06312332 -0.12772898 -0.07174337 -0.0258737 -0.07777434 -0.01238285 0.124636169
-0.06795902 -0.05340454 0.017325756 0.006120289 0.15028834 0.014417772 0.208300599
-0.11054983 -0.16308395 -0.14161787 -0.26089302 -0.30585594 0.07462965 -0.0590857
-0.03244213 -0.22172563 0.029792743 0.097474461 -0.29425784 0.205277816 -0.08730642
-0.09228612 -0.10427134 -0.09304748 -0.10208417 -0.22213233 -0.0403854 -0.0807388
-0.12619869 -0.1306858 -0.01039161 -0.0126904 -0.00242154 0.135548184 0.09440633
199201 199202 199203 199204 199205 199206 199207
-14.61% 6.64% 9.34% 75.52% -15.06% 2.77% 6.55%
-1.88% -11.94% -3.61% 10.51% 7.13% -3.35% 8.10%
2.92% 0.74% 18.91% 19.28% 13.12% 4.88% 8.02%
-18.10% 9.87% 5.88% 23.93% 26.69% 1.17% 6.88%
11.98% -2.23% -1.99% 25.23% 6.06% -6.55% 5.14%
3.30% 12.08% 23.87% 39.51% 3.51% 0.48% -3.32%
2.73% -2.42% -2.40% 12.86% 5.29% -0.95% 4.66%
-6.00% 38.42% 21.77% 33.41% -1.30% -8.18% 7.26%
10.83% 18.02% 24.96% 40.91% -1.23% -4.71% -0.50%
-3.47% 12.89% 14.59% 2.02% 1.91% -1.52% -9.44%
3.58% -3.65% 8.90% 11.44% -1.34% -3.24% 0.66%
-16.04% -0.53% 6.30% 17.29% 33.02% -29.98% 20.01%
-2.86% 2.09% 0.74% 31.70% 8.28% 9.03% 3.02%
-8.03% -3.13% -9.01% 17.64% -1.02% -0.58% -0.77%
-4.52% 10.84% 14.50% 12.70% 2.97% 6.20% 5.26%
12.15% 30.88% -34.12% 6.26% 9.31% -3.79% 6.61%
199309 199310 199311 199312 199401 199402 199403
0.115742317 0.172456888 -0.02350443 0.044828672 -0.03148859 0.020226914 -0.13048247
-0.10301048 0.073330203 -0.24656928 0.073078397 -0.00502518 0.489635756 -0.18922368
0.059834956 -0.01124072 -0.04977498 0.008751279 0.188630522 0.129590561 0.006518199
0.120723687 0.027300531 -0.07188269 0.050994907 0.271261766 0.155386678 -0.07295747
0.083104111 0.076156909 -0.00707461 0.137125585 0.249638556 0.088526815 -0.06738406
0.129076462 0.0797533 0.02699324 -0.01674307 0.032419272 -0.00968528 0.048854605
0.037419027 0.07319731 -0.04111855 0.125264854 0.208697763 0.045555977 0.021446729
0.052706743 -0.00282816 -0.03574579 0.005380513 0.047223943 0.319192793 0.086378324
0.003109156 0.028011929 -0.11305317 -0.08477291 -0.01813476 -0.01185165 0.059396682
0.050034894 0.08904209 -0.05020722 0.148177381 0.152407163 0.181057787 0.017444358
0.075035352 0.075583773 0.030258375 0.091539333 0.176868888 0.181969719 0.141126902
0.021948651 0.053932217 -0.00205129 0.01752429 0.057819993 0.976442815 -0.21507702
0.145678409 0.604439907 -0.3284267 -0.0177934 -0.09003839 -0.02205892 0.095093265
0.029338088 0.027945691 -0.01450954 0.34345348 0.847454942 -0.02857728 -0.00726613
0.218594855 0.290474308 -0.18293999 -0.01218916 -0.02384507 -0.02759514 0.043131145
0.037563323 0.02385661 0.000580713 0.241184981 0.217110064 0.166552679 0.100809271
199208 199209 199210 199211 199212 199301 199302
-11.25% -6.59% 8.76% -11.91% -6.08% -4.18% 2.48%
-2.83% -3.06% 6.32% -9.68% -10.88% -9.75% -10.66%
9.49% -9.90% 15.95% 1.71% -6.24% -5.84% 2.80%
-13.68% -2.79% 0.06% -1.16% -20.09% 5.07% 11.83%
1.56% -7.43% 7.87% -8.38% -13.63% -11.48% -23.41%
-7.99% -4.67% 7.66% -9.34% -0.59% -0.66% 7.24%
-13.73% 6.30% 6.90% -6.16% -3.67% 0.31% 9.31%
-5.82% 0.69% 9.08% -4.23% -11.89% 8.60% 8.89%
-5.25% -4.39% -3.71% -2.12% -8.58% -2.98% 1.60%
-11.57% -0.34% 1.44% -8.59% -9.04% 2.99% 2.76%
-14.08% -5.14% 8.24% -16.60% -11.59% -7.75% 6.64%
24.83% -6.77% 14.82% -2.80% -1.34% 5.73% 4.61%
-9.63% -2.70% 3.25% -4.61% -4.72% 0.91% 9.99%
-8.52% -2.15% 5.96% -3.10% -2.87% 1.53% 1.08%
-7.34% -4.45% 5.21% -12.72% 2.83% 3.90% 4.28%
-12.55% -1.18% 5.66% -15.93% -13.49% -12.30% -9.99%
199404 199405 199406 199407 199408 199409 199410
0.105925031 0.097135 0.024933722 -0.04178343 -0.11210003 0.406343583 -0.11450441
-0.16051403 -0.16149525 -0.11082241 -0.04516136 -0.11357797 -0.33859408 -0.02306805
-0.08915856 -0.10838291 -0.06153028 -0.08150847 -0.14952721 -0.03080673 -0.21038638
-0.14311373 0.040209254 0.006498344 -0.08904229 -0.12502386 -0.13679469 -0.13292644
-0.1068243 -0.01720276 -0.11771175 -0.0400729 -0.11120239 -0.02808684 -0.07150636
0.053889339 -0.04814643 -0.10694379 -0.07072892 -0.07757212 0.092019457 0.041701585
-0.05939289 0.030069209 -0.06209507 -0.04470319 -0.09564966 0.000185618 -0.08577106
-0.23870676 -0.02821935 -0.01886591 -0.12079393 -0.18707067 -0.00025086 -0.03619856
-0.03520347 0.039149312 -0.11636787 0.006383289 -0.04586917 -0.05800318 -0.06768745
-0.0422441 0.092916411 0.044484613 0.036912051 -0.04776997 -0.04952656 -0.10230639
-0.01353495 0.107237678 -0.47299851 0.010733296 -0.05534182 -0.03543557 -0.08679597
-0.09364832 -0.04981873 0.027908555 -0.13398683 -0.01952761 0.079605203 0.129548349
0.044663758 0.264988309 -0.28365684 -0.01060546 -0.08065462 -0.12554105 -0.08187157
-0.07566831 -0.01801396 -0.08742921 -0.05226394 -0.09223361 -0.16496117 -0.06220142
0.060193083 0.179851631 -0.21342303 -0.15804223 -0.02328268 -0.04981313 -0.06074651
-0.00531286 -0.0363134 -0.05590593 -0.00422 -0.07872143 -0.00781028 -0.14388517
199303 199304 199305 199306 199307 199308 199309
-11.38% -1.36% -0.51% 9.13% 14.80% -4.79% 2.04%
-22.66% -4.49% -8.52% 21.41% 28.60% -18.74% -1.67%
-7.60% -19.36% 11.40% 1.90% 4.39% -9.71% -6.88%
-27.34% 22.61% -6.64% 5.02% 4.88% 0.64% 36.43%
-27.91% 10.14% -3.23% 17.25% 63.12% -30.16% 0.90%
-52.87% 2.29% 16.66% 8.38% 12.29% -1.64% 18.20%
-0.17% 1.85% 12.26% 7.06% 10.64% -0.80% 15.84%
-1.20% -6.44% 6.32% 9.33% 3.77% 0.48% 4.59%
-3.59% 2.95% 16.65% 11.69% 11.75% 7.22% 13.34%
3.79% 17.58% 13.47% 7.78% 6.41% 4.09% 28.15%
2.15% -3.73% 25.59% 16.00% 6.66% -3.26% 9.03%
19.03% 5.44% 24.83% 6.19% 9.39% 3.79% 5.75%
-5.70% 3.97% 7.69% 12.64% 11.94% 3.62% 18.04%
3.50% 16.90% 4.13% 17.74% 12.81% 7.53% 3.16%
-3.12% 5.85% 1.97% 10.96% 3.85% 0.00% 5.85%
-16.54% -0.16% 24.42% -5.05% 12.58% -19.41% 12.56%
199411 199412 199501 199502 199503 199504 199505
-0.19753363 -0.03649595 -0.04646377 -0.27107899 -0.26004765 -0.12551505 -0.21406592
-0.10962152 -0.14338775 0.253709499 -0.11973788 0.494281697 -0.34494193 0.197521337
-0.09151861 -0.05102298 0.122587541 -0.1622285 -0.02320025 -0.26993549 -0.08229217
-0.11488017 -0.03021372 0.289491232 -0.12583392 -0.18795666 -0.17598015 -0.12191604
-0.13499367 -0.03901775 0.081099032 -0.01153023 -0.13056847 -0.11597276 -0.0167613
-0.20017841 -0.10556416 0.037801724 -0.10268797 -0.1152959 -0.02125719 -0.15871414
-0.13489645 -0.01621313 0.082164021 0.048267825 -0.11501324 -0.14786697 -0.02721934
-0.21265533 -0.03848968 0.068880495 -0.03377136 -0.12929654 -0.37824545 0.332683819
-0.01593626 -0.18337662 0.371775493 -0.00676203 -0.0642266 -0.03120908 0.084833349
-0.11706229 -0.0466437 0.088938349 0.008674925 -0.11060597 -0.15236243 -0.00937237
-0.1124728 -0.06524908 0.136167497 -0.0234403 -0.11481567 -0.17949034 -0.05157109
-0.07024394 -0.14291011 0.192075426 0.016896696 -0.21721154 -0.06999885 -0.00514394
-0.13401299 0.124443384 0.170610181 -0.06479613 -0.06191609 -0.33190486 -0.30136267
-0.00711585 -0.04454371 0.154915806 0.040034344 -0.07176743 -0.25088753 -0.18016734
-0.12485843 -0.06840995 0.016544126 -0.0895316 -0.18664241 -0.05116221 -0.36520624
-0.08166283 -0.09577604 0.168097171 -0.03023663 -0.10918833 -0.10671044 -0.04115946
199310 199311 199312 199401 199402 199403 199404
-5.59% -0.42% -15.49% 8.15% 7.27% 0.05% -6.62%
-2.83% -3.21% 3.86% 5.57% 17.54% -21.79% -16.25%
-0.22% 0.41% 7.53% -1.93% 5.51% -10.04% 2.23%
86.83% -0.77% 1.36% -5.48% 0.28% -6.66% -3.14%
-6.32% 0.47% 12.19% 7.15% 29.18% -25.69% 1.62%
18.62% 21.49% 5.13% -0.84% 12.67% 7.83% 7.07%
24.19% 7.87% 5.46% -2.62% 6.32% -2.89% -1.15%
8.78% 35.98% 12.69% -19.81% 1.23% 2.17% -8.02%
21.88% 22.39% 18.30% 2.84% 14.91% -43.11% 5.26%
25.74% 20.68% 14.11% 3.50% 0.40% -1.56% 3.61%
31.06% 19.47% -3.36% -10.38% 7.95% 4.58% -4.97%
9.78% 101.64% -17.51% -5.37% -0.98% 6.79% -9.40%
29.29% 13.18% -2.41% -6.36% 2.61% -7.45% 0.32%
8.07% 3.86% 9.72% 10.22% 0.02% -5.86% -2.24%
23.84% 17.93% 5.63% -3.94% -5.86% -1.18% -3.18%
4.75% 54.21% -13.67% -10.80% -10.90% -5.83% 0.73%
199506 199507 199508 199509 199510 199511 199512
-0.25685062 0.455230554 0.05010676 -0.28089248 -0.0119677 0.162965328 0.169428777
-0.05247866 -0.35247866 -0.08105009 -0.05247866 -0.07012409 -0.03451628 -0.05247866
-0.00839922 0.105149568 -0.08181479 -0.11003743 -0.05328728 -0.08301535 0.036064004
0.094434887 0.111955893 -0.19767258 -0.07209939 -0.15286783 -0.11069023 0.054253867
0.034127545 0.092769418 -0.1078798 -0.07512206 -0.13428436 -0.13421136 0.026023621
0.049713095 -0.03179758 -0.14225271 -0.06903998 -0.10458159 -0.11875002 -0.00031705
0.030464727 -0.00188426 -0.08123558 -0.0877609 -0.05492294 0.027703814 -0.01125091
0.086914187 0.03304111 -0.06698633 -0.11120237 -0.28445744 -0.15482761 0.034012416
0.091313349 0.125653989 -0.06701292 -0.0849815 -0.18306409 0.150069008 -0.0693831
-0.01293448 0.020323788 -0.11685951 -0.0542215 -0.14120236 -0.14881015 0.063377459
-0.0133171 0.041337387 -0.12493385 -0.06903956 -0.07659244 -0.13765748 -0.07072214
0.098601905 0.005082622 -0.16244334 -0.06184701 -0.13689116 -0.05363713 -0.07843643
-0.06421265 0.280409896 -0.19749968 -0.12794828 -0.08456768 0.021817006 -0.10025694
0.046730809 -0.02056583 -0.0541025 -0.03299582 -0.09193472 -0.21725698 -0.12973071
0.195996384 0.233463521 -0.06022797 -0.27163103 0.025419513 -0.16284868 0.028177005
-0.02527455 -0.02210437 -0.1201545 -0.05968865 -0.06790939 -0.03758839 0.000175371
199405 199406 199407 199408 199409 199410 199411
-13.65% 38.19% -13.89% -22.20% -6.09% -7.09% -29.55%
-2.78% -5.43% -6.52% -12.94% -7.29% 1.20% -9.40%
-2.99% -4.21% -5.18% -8.76% -8.76% 38.77% 0.92%
-7.14% -14.41% -4.13% 1.37% -2.37% 17.58% 6.09%
-5.39% -9.87% -5.51% -10.72% 15.12% 19.74% -3.80%
-1.40% -1.57% -6.85% -8.33% -1.28% 12.27% 4.25%
-6.25% 3.34% -5.26% -10.17% 1.70% 11.53% 8.14%
-14.65% 4.03% 0.44% -17.21% 0.21% 10.94% 0.68%
-1.34% 0.65% -4.49% -7.06% -2.33% 17.81% 1.85%
-3.84% 3.25% -10.36% -4.14% -5.55% 20.84% 1.00%
-8.57% -9.75% -9.36% -7.56% 0.91% 32.88% -8.65%
2.05% 11.96% 16.95% -3.02% -10.29% 23.21% 5.69%
-6.79% 1.52% -2.83% -9.17% 0.42% 12.44% 3.17%
-2.93% 14.03% 9.00% -15.19% -5.73% 8.61% -5.44%
-9.98% 1.90% -16.06% -4.18% -0.13% 17.23% -11.25%
-6.11% -28.61% 2.94% -5.71% -9.09% 30.62% -6.73%
199601 199602 199603 199604 199605 199606 199607
0.047046273 0.121528583 -0.21767959 -0.10434009 -0.09551864 0.307235842 0.108835314
-0.12211642 -0.07879088 -0.05247866 -0.07845269 -0.05247866 -0.05247866 -0.05247866
0.034684853 0.056679402 -0.08949069 0.078504275 0.061026947 -0.09432907 -0.09818774
0.060731745 0.108461807 -0.17313388 0.20074917 0.016176185 -0.03860723 -0.15704896
-0.00068322 0.07621345 -0.00569307 -0.01221503 0.051885318 -0.10882426 -0.08571908
0.100817174 0.011753529 -0.13590211 0.007899804 0.092177413 0.072996235 -0.00201484
0.037840034 0.005100938 -0.10703389 0.038845267 0.046374528 -0.14799461 -0.03693554
-0.014521 0.033416991 -0.06059137 -0.1324155 -0.04614141 -0.13565546 -0.05109109
-0.04204054 -0.00822816 -0.09817084 0.057179795 -0.01593626 -0.03919207 -0.08736483
-0.02161818 -0.05599333 -0.12596232 -0.05943204 0.08409456 -0.06784364 -0.05041376
-0.08930312 -0.04043289 -0.09256575 -0.08384045 -0.0974086 -0.08502616 -0.04383706
-0.02791081 0.112891867 -0.08294945 0.035680014 0.030240278 -0.41225168 0.06391428
-0.19522644 0.03112454 -0.09126007 -0.04466552 -0.04819315 -0.21770147 -0.05402674
0.002875808 0.015017437 -0.11869899 -0.12922524 0.199339219 -0.01881868 -0.03119274
-0.08015085 0.006597622 -0.18176368 -0.0364306 -0.09694771 0.020563443 0.019649464
-0.02773214 -0.02843846 -0.05617724 -0.03839895 0.033316477 -0.05106517 -0.08694453
199412 199501 199502 199503 199504 199505 199506
-28.45% -15.00% -22.69% -29.21% 43.08% 2.57% -30.53%
-19.11% -5.57% -36.97% 19.15% 22.90% -6.47% -27.61%
-4.83% -1.53% 10.08% 10.72% 14.16% -5.11% -6.90%
-5.09% -23.00% -15.93% 6.76% 0.03% -3.32% -1.21%
-3.51% -30.51% -27.46% -3.74% 30.72% -17.07% -10.12%
-7.68% -11.86% 2.44% 2.09% 5.41% -8.31% -2.04%
-8.18% -11.47% 0.59% 6.36% 3.13% -4.81% -5.46%
-8.87% -33.77% 37.32% 12.75% 7.36% -2.64% -7.06%
-7.29% -13.76% -0.97% 2.86% 8.32% -8.30% -2.71%
-6.89% -6.64% -0.09% 1.50% 1.82% -7.99% -1.94%
-14.86% -13.67% -8.26% 13.38% 15.13% -15.83% -3.28%
-17.72% -3.00% 3.49% 13.86% 4.51% -12.24% -2.19%
-8.73% -7.27% 2.65% 7.74% 13.60% -6.46% -3.19%
-6.70% 2.70% -11.04% 9.80% 1.65% -9.40% -2.07%
2.66% -22.02% -3.25% 4.14% 15.49% -3.21% -6.03%
54.68% -29.25% 25.00% 0.00% -30.00% -2.86% 0.00%
199608 199609 199610 199611 199612 199701 199702
-0.32293956 0.055046943 -0.45983559 -0.01905999 -0.06374448 -0.1321135 -0.06411297
-0.05247866 -0.05247866 -0.05247866 -0.05247866 -0.05247866 0.002001219 -0.13575499
-0.01898563 -0.0109165 -0.00860439 -0.06037439 -0.0301822 0.386950487 0.086981763
-0.07503868 -0.00079714 -0.04226659 -0.02359394 0.324667371 0.150334276 0.025734263
-0.05378756 0.040808153 -0.02641346 -0.07251328 -0.03882432 0.010566979 -0.0320554
0.013618248 -0.03711591 -0.07738124 -0.13115336 -0.05101564 0.136368861 0.02365507
-0.06908566 -0.02208107 -0.02331764 -0.06457794 -0.03979947 0.119471988 -0.13561579
-0.11680333 -0.03501686 -0.05322144 -0.05135246 -0.1466614 0.153305933 -0.10541111
-0.01593626 -0.01593626 -0.14419703 -0.01635919 -0.13315364 -0.01593626 -0.04926959
-0.0958908 -0.03836152 -0.00556124 -0.0567043 -0.05818244 0.284006728 -0.01786406
-0.03776014 -0.04717344 0.025321384 -0.02835566 -0.04433337 0.128453068 0.052623064
-0.11928039 -0.03449595 0.07406588 -0.0624094 -0.09829066 -0.03515091 -0.03391872
0.068359717 0.206623165 0.055292256 0.121368503 -0.02211116 0.043402065 -0.13196805
0.063525462 -0.02567659 -0.12485328 0.009735446 -0.11782277 0.14617001 -0.04705501
0.019848769 -0.07200686 0.019158968 -0.07879228 -0.06055883 0.063610078 -0.03351389
-0.06729099 -0.02684789 -0.03033128 -0.04023956 -0.04045825 0.083211521 -0.01644693
199507 199508 199509 199510 199511 199512 199601
-3.64% 13.85% 14.50% 2.26% 9.71% -24.21% -12.88%
2.09% -16.73% 2.37% -8.46% 0.21% -18.63% -4.09%
-16.71% 16.60% -5.34% -2.61% 0.77% -8.22% 7.31%
-7.11% -19.64% -10.89% 2.37% 3.59% -9.78% -10.84%
-5.78% 4.86% -7.35% -16.84% 5.79% -6.45% -1.79%
-10.74% -11.50% 9.72% 1.22% -2.22% -9.22% -2.56%
-2.18% 6.09% 2.19% 7.10% 3.83% -7.39% 7.20%
-24.39% -11.43% 7.46% 2.60% 7.40% -2.00% -9.18%
-3.47% -9.57% -2.88% -4.74% 0.15% -5.07% -4.19%
-2.76% 0.27% 4.05% 1.25% 1.18% -1.59% 0.19%
-11.35% -7.14% 9.36% 10.01% 14.78% -13.38% 24.01%
-9.69% -1.36% -3.84% 1.21% 15.29% -4.30% 7.57%
-9.10% -9.10% 6.93% 4.26% 11.95% 3.76% 3.10%
-5.63% -7.05% 4.80% 14.91% 6.01% -8.76% 5.62%
-0.35% -3.33% 8.58% 8.44% 10.64% -3.97% 12.83%
-1.76% 1.80% 0.00% -6.96% -2.63% 0.00% -2.60%
199703 199704
-0.06111806 -0.41618288
0.361078037 0.873553191
-0.01809545 0.085225383
0.058929358 -0.06711358
-0.03141654 -0.03745125
0.008954208 0.001552897
-0.05143365 0.020291911
-0.06623324 -0.04056834
-0.02745735 -0.12978974
0.09521072 -0.02626723
-0.02036548 -0.03107908
-0.0527378 -0.04544806
0.031162874 0.067238146
-0.11939881 -0.06468201
0.030261411 -0.00432247
0.022832721 0.081025711
199602 199603 199604 199605 199606 199607 199608
-12.00% 28.28% 8.44% -34.74% 3.06% -48.43% -4.35%
-10.14% 1.61% 1.52% 1.54% -7.65% 1.47% -8.33%
0.00% -2.33% -7.14% -4.47% -4.47% -4.47% -0.04%
22.02% 0.20% -1.03% 8.44% -0.48% -10.40% 3.06%
-2.14% -19.09% -2.72% 9.52% 23.34% 8.21% 14.82%
11.79% -3.40% -1.66% -6.21% -0.46% 2.82% -2.29%
7.95% -11.48% -0.38% -3.59% 1.11% 0.99% -3.14%
-0.56% -9.51% -1.05% -7.62% 0.55% -1.27% -1.08%
-5.55% -4.31% -0.19% 0.41% -0.53% 6.72% 1.36%
7.36% -1.08% -4.67% -2.70% 1.34% 0.99% 0.00%
5.55% 0.07% -11.77% -3.57% 3.85% -0.29% 1.57%
7.02% -37.23% 10.39% -7.93% 0.55% 11.41% -2.24%
9.51% -6.56% -4.25% -1.05% 8.41% 1.68% -2.93%
14.05% 12.13% 4.63% 6.19% 1.12% -2.91% -8.29%
11.08% -4.46% -4.84% 3.08% 3.88% 4.12% -1.06%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
199609 199610 199611 199612 199701 varianza promedio de rent
-8.82% -15.65% -8.85% -8.56% -44.06% 3.76% -2.55%
-6.51% 5.91% -3.80% 2.58% -0.88% 2.26% -0.46%
-11.72% 0.00% -3.33% -1.15% -11.39% 1.42% 1.57%
-9.70% 16.70% -2.62% -9.85% -4.38% 2.94% 2.16%
0.47% 7.02% -10.52% 5.80% 9.40% 4.15% 2.80%
-2.44% 31.78% 1.59% 12.90% 0.75% 2.12% 2.84%
-0.66% 15.26% -10.24% -1.83% 5.35% 1.00% 3.40%
-10.61% 19.39% -6.48% -2.57% 0.00% 2.61% 3.55%
-0.24% 17.04% 9.45% 2.15% 1.08% 2.02% 3.68%
-0.02% 12.35% 2.38% 6.31% 12.13% 1.42% 3.70%
36.40% 18.97% 6.51% 9.83% -2.78% 2.01% 3.91%
-5.83% 0.48% 0.61% -1.27% -0.55% 2.63% 4.07%
0.44% 5.38% 1.12% 1.18% 0.58% 1.74% 4.27%
-0.27% 18.47% 7.20% 5.73% 4.99% 2.71% 4.59%
1.96% 43.67% 13.67% 3.17% 13.50% 1.77% 5.06%
0.00% 5.45% -8.33% 41.36% 92.60% 11.29% 5.36%
D e s v ia c ió n e s tá n d a r
alfas
alfas por cov
var
Desviación estándar de portafolio
40%
35%
30%
25% Desviación
estándar
20% Riesgo
sistemático
15%
10%
5%
0%
0 2 4 6 8 10 12 14 16 18
Número de acciones
romedio de rent
0.027394753 0.01333575 0.02868192

0.0179471425 0.013609964 0.01333575 0.017947143 0.013609964
0.0136099637 0.11420648 0.02868192 0.013609964 0.11420648
0.5 0.5 0.333333333 0.333333333 0.333333333
0.0157785531 0.063908222 0.023137474 0.014964285 0.052166121
11.29% 3.98% 3.01%
Número de accDesviación est Riesgo sistemático
1 33.60% 10%
2 19.96% 10%
3 17.35% 10%
4 15.07% 10%
5 13.71% 10%
6 13.17% 10%
Desviación
estándar 7 12.44% 10%
Riesgo
sistemático 8 11.99% 10%
9 11.68% 10%
10 11.28% 10%
11 11.16% 10%
12 11.34% 10%
13 11.10% 10%
14 10.80% 10%
15 10.69% 10%
16 10.58% 10%
17
18
0.2 0.02656505
0.25 0.017657105 0.012023605 0.012792063 0.012582503 0.2 0.006147768
0.25 0.012023605 0.027394753 0.01333575 0.02868192 0.2 0.006396727
0.25 0.012792063 0.01333575 0.017947143 0.013609964 0.2 0.005616043
0.25 0.012582503 0.02868192 0.013609964 0.11420648 0.2 0.016460769
0.25 0.25 0.25 0.25 0.2
0.013763819 0.020359007 0.01442123 0.042270217 0.012237271
2.27% 1.88%
0.020320426 0.008170615
0.006147768 0.006396727 0.016460769 0.016460769 0.008170615 0.02656505
0.017657105 0.012023605 0.012792063 0.012582503 0.01205881 0.006147768
0.012023605 0.027394753 0.01333575 0.02868192 0.014960855 0.006396727
0.012792063 0.01333575 0.017947143 0.013609964 0.012673348 0.005616043
0.012582503 0.02868192 0.013609964 0.11420648 0.024738204 0.016460769
0.2 0.2 0.2 0.2 0.166666667 0.166666667
0.012240609 0.017566551 0.014829138 0.037108327 0.015487043 0.011559495
1.73%
0.014326143 0.008767788
0.01205881 0.014960855 0.012673348 0.024738204 0.008767788 0.020320426
0.006147768 0.006396727 0.005616043 0.016460769 0.007628832 0.008170615
0.017657105 0.012023605 0.012792063 0.012582503 0.007320156 0.01205881
0.012023605 0.027394753 0.01333575 0.02868192 0.009883903 0.014960855
0.012792063 0.01333575 0.017947143 0.013609964 0.009438326 0.012673348
0.012582503 0.02868192 0.013609964 0.11420648 0.016872148 0.024738204
0.166666667 0.166666667 0.166666667 0.166666667 0.142857143 0.142857143
0.012210309 0.017132268 0.012662385 0.03504664 0.010605328 0.014527149
1.55%
0.02046898
0.007628832 0.007320156 0.009883903 0.009438326 0.016872148 0.009169677
0.008170615 0.01205881 0.014960855 0.012673348 0.024738204 0.009454362
0.02656505 0.006147768 0.006396727 0.005616043 0.016460769 0.00752758
0.006147768 0.017657105 0.012023605 0.012792063 0.012582503 0.008415515
0.006396727 0.012023605 0.027394753 0.01333575 0.02868192 0.011978018
0.005616043 0.012792063 0.01333575 0.017947143 0.013609964 0.008898913
0.016460769 0.012582503 0.02868192 0.013609964 0.11420648 0.014950319
0.142857143 0.142857143 0.142857143 0.142857143 0.142857143 0.125
0.010997972 0.011511715 0.016096787 0.012201805 0.032450284 0.011357921
1.44%
0.009169677 0.009454362 0.00752758 0.008415515 0.011978018 0.008898913 0.014950319
0.014326143 0.008767788 0.007628832 0.007320156 0.009883903 0.009438326 0.016872148
0.008767788 0.020320426 0.008170615 0.01205881 0.014960855 0.012673348 0.024738204
0.007628832 0.008170615 0.02656505 0.006147768 0.006396727 0.005616043 0.016460769
0.007320156 0.01205881 0.006147768 0.017657105 0.012023605 0.012792063 0.012582503
0.009883903 0.014960855 0.006396727 0.012023605 0.027394753 0.01333575 0.02868192
0.009438326 0.012673348 0.005616043 0.012792063 0.01333575 0.017947143 0.013609964
0.016872148 0.024738204 0.016460769 0.012582503 0.02868192 0.013609964 0.11420648
0.125 0.125 0.125 0.125 0.125 0.125 0.125
0.010425872 0.013893051 0.010564173 0.01112469 0.015581941 0.011788944 0.030262788
0.026401969 0.014498133 0.007280896 0.007996096 0.0098454 0.009620971
0.014498133 0.02046898 0.009169677 0.009454362 0.00752758 0.008415515
0.007280896 0.009169677 0.014326143 0.008767788 0.007628832 0.007320156
0.007996096 0.009454362 0.008767788 0.020320426 0.008170615 0.01205881
0.0098454 0.00752758 0.007628832 0.008170615 0.02656505 0.006147768
0.009620971 0.008415515 0.007320156 0.01205881 0.006147768 0.017657105
0.00946289 0.011978018 0.009883903 0.014960855 0.006396727 0.012023605
0.011116584 0.008898913 0.009438326 0.012673348 0.005616043 0.012792063
0.009161307 0.014950319 0.016872148 0.024738204 0.016460769 0.012582503
0.111111111 0.111111111 0.111111111 0.111111111 0.111111111 0.111111111
0.011709361 0.011706833 0.01007643 0.013237834 0.010484309 0.01095761
1.36%
0.010116253 0.006472492 0.005819039
0.00946289 0.011116584 0.009161307 0.006472492 0.026401969 0.014498133
0.011978018 0.008898913 0.014950319 0.005819039 0.014498133 0.02046898
0.009883903 0.009438326 0.016872148 0.006600414 0.007280896 0.009169677
0.014960855 0.012673348 0.024738204 0.010273701 0.007996096 0.009454362
0.006396727 0.005616043 0.016460769 0.005205365 0.0098454 0.00752758
0.012023605 0.012792063 0.012582503 0.010209844 0.009620971 0.008415515
0.027394753 0.01333575 0.02868192 0.008662935 0.00946289 0.011978018
0.01333575 0.017947143 0.013609964 0.009034928 0.011116584 0.008898913
0.02868192 0.013609964 0.11420648 0.016165046 0.009161307 0.014950319
0.111111111 0.111111111 0.111111111 0.1 0.1 0.1
0.014902047 0.011714237 0.027918179 0.008856002 0.011185674 0.011118054
1.27%
0.006600414 0.010273701 0.005205365 0.010209844 0.008662935 0.009034928 0.016165046
0.007280896 0.007996096 0.0098454 0.009620971 0.00946289 0.011116584 0.009161307
0.009169677 0.009454362 0.00752758 0.008415515 0.011978018 0.008898913 0.014950319
0.014326143 0.008767788 0.007628832 0.007320156 0.009883903 0.009438326 0.016872148
0.008767788 0.020320426 0.008170615 0.01205881 0.014960855 0.012673348 0.024738204
0.007628832 0.008170615 0.02656505 0.006147768 0.006396727 0.005616043 0.016460769
0.007320156 0.01205881 0.006147768 0.017657105 0.012023605 0.012792063 0.012582503
0.009883903 0.014960855 0.006396727 0.012023605 0.027394753 0.01333575 0.02868192
0.009438326 0.012673348 0.005616043 0.012792063 0.01333575 0.017947143 0.013609964
0.016872148 0.024738204 0.016460769 0.012582503 0.02868192 0.013609964 0.11420648
0.1 0.1 0.1 0.1 0.1 0.1 0.1
0.009728828 0.01294142 0.009956415 0.010882834 0.014278136 0.011446306 0.026742866
0.021427984 0.008715245 0.009170247 0.009638513 0.011440602 0.011172801
0.008715245 0.010116253 0.006472492 0.005819039 0.006600414 0.010273701
0.009170247 0.006472492 0.026401969 0.014498133 0.007280896 0.007996096
0.009638513 0.005819039 0.014498133 0.02046898 0.009169677 0.009454362
0.011440602 0.006600414 0.007280896 0.009169677 0.014326143 0.008767788
0.011172801 0.010273701 0.007996096 0.009454362 0.008767788 0.020320426
0.007465543 0.005205365 0.0098454 0.00752758 0.007628832 0.008170615
0.012444679 0.010209844 0.009620971 0.008415515 0.007320156 0.01205881
0.010233209 0.008662935 0.00946289 0.011978018 0.009883903 0.014960855
0.012965258 0.009034928 0.011116584 0.008898913 0.009438326 0.012673348
0.01448783 0.016165046 0.009161307 0.014950319 0.016872148 0.024738204
0.090909091 0.090909091 0.090909091 0.090909091 0.090909091 0.090909091
0.011741992 0.008843206 0.011002453 0.01098355 0.009884444 0.012780637
1.25%
0.042026292
0.007465543 0.012444679 0.010233209 0.012965258 0.01448783 0.014861726
0.005205365 0.010209844 0.008662935 0.009034928 0.016165046 0.008715193
0.0098454 0.009620971 0.00946289 0.011116584 0.009161307 0.009734687
0.00752758 0.008415515 0.011978018 0.008898913 0.014950319 0.015623295
0.007628832 0.007320156 0.009883903 0.009438326 0.016872148 0.012019259
0.008170615 0.01205881 0.014960855 0.012673348 0.024738204 0.012849232
0.02656505 0.006147768 0.006396727 0.005616043 0.016460769 0.006521174
0.006147768 0.017657105 0.012023605 0.012792063 0.012582503 0.013078209
0.006396727 0.012023605 0.027394753 0.01333575 0.02868192 0.01825965
0.005616043 0.012792063 0.01333575 0.017947143 0.013609964 0.01471764
0.016460769 0.012582503 0.02868192 0.013609964 0.11420648 0.023832293
0.090909091 0.090909091 0.090909091 0.090909091 0.090909091 0.083333333
0.009729972 0.01102482 0.013910415 0.011584393 0.025628772 0.016019887
1.29%
0.014861726 0.008715193 0.009734687 0.015623295 0.012019259 0.012849232 0.006521174
0.021427984 0.008715245 0.009170247 0.009638513 0.011440602 0.011172801 0.007465543
0.008715245 0.010116253 0.006472492 0.005819039 0.006600414 0.010273701 0.005205365
0.009170247 0.006472492 0.026401969 0.014498133 0.007280896 0.007996096 0.0098454
0.009638513 0.005819039 0.014498133 0.02046898 0.009169677 0.009454362 0.00752758
0.011440602 0.006600414 0.007280896 0.009169677 0.014326143 0.008767788 0.007628832
0.011172801 0.010273701 0.007996096 0.009454362 0.008767788 0.020320426 0.008170615
0.007465543 0.005205365 0.0098454 0.00752758 0.007628832 0.008170615 0.02656505
0.012444679 0.010209844 0.009620971 0.008415515 0.007320156 0.01205881 0.006147768
0.010233209 0.008662935 0.00946289 0.011978018 0.009883903 0.014960855 0.006396727
0.012965258 0.009034928 0.011116584 0.008898913 0.009438326 0.012673348 0.005616043
0.01448783 0.016165046 0.009161307 0.014950319 0.016872148 0.024738204 0.016460769
0.083333333 0.083333333 0.083333333 0.083333333 0.083333333 0.083333333 0.083333333
0.01200197 0.008832538 0.010896806 0.011370195 0.010062345 0.012786353 0.009462572
0.029748532 0.011211728
0.013078209 0.01825965 0.01471764 0.023832293 0.011211728 0.042026292
0.012444679 0.010233209 0.012965258 0.01448783 0.010277424 0.014861726
0.010209844 0.008662935 0.009034928 0.016165046 0.005312105 0.008715193
0.009620971 0.00946289 0.011116584 0.009161307 0.008484558 0.009734687
0.008415515 0.011978018 0.008898913 0.014950319 0.012499364 0.015623295
0.007320156 0.009883903 0.009438326 0.016872148 0.008888077 0.012019259
0.01205881 0.014960855 0.012673348 0.024738204 0.00750164 0.012849232
0.006147768 0.006396727 0.005616043 0.016460769 0.005282993 0.006521174
0.017657105 0.012023605 0.012792063 0.012582503 0.009134088 0.013078209
0.012023605 0.027394753 0.01333575 0.02868192 0.009286382 0.01825965
0.012792063 0.01333575 0.017947143 0.013609964 0.008082637 0.01471764
0.012582503 0.02868192 0.013609964 0.11420648 0.005111524 0.023832293
0.083333333 0.083333333 0.083333333 0.083333333 0.076923077 0.076923077
0.011195936 0.014272851 0.011845497 0.025479065 0.010063158 0.015650029
1.23%
0.010277424 0.005312105 0.008484558 0.012499364 0.008888077 0.00750164 0.005282993
0.014861726 0.008715193 0.009734687 0.015623295 0.012019259 0.012849232 0.006521174
0.021427984 0.008715245 0.009170247 0.009638513 0.011440602 0.011172801 0.007465543
0.008715245 0.010116253 0.006472492 0.005819039 0.006600414 0.010273701 0.005205365
0.009170247 0.006472492 0.026401969 0.014498133 0.007280896 0.007996096 0.0098454
0.009638513 0.005819039 0.014498133 0.02046898 0.009169677 0.009454362 0.00752758
0.011440602 0.006600414 0.007280896 0.009169677 0.014326143 0.008767788 0.007628832
0.011172801 0.010273701 0.007996096 0.009454362 0.008767788 0.020320426 0.008170615
0.007465543 0.005205365 0.0098454 0.00752758 0.007628832 0.008170615 0.02656505
0.012444679 0.010209844 0.009620971 0.008415515 0.007320156 0.01205881 0.006147768
0.010233209 0.008662935 0.00946289 0.011978018 0.009883903 0.014960855 0.006396727
0.012965258 0.009034928 0.011116584 0.008898913 0.009438326 0.012673348 0.005616043
0.01448783 0.016165046 0.009161307 0.014950319 0.016872148 0.024738204 0.016460769
0.076923077 0.076923077 0.076923077 0.076923077 0.076923077 0.076923077 0.076923077
0.011869312 0.008561735 0.010711249 0.011457055 0.009972017 0.012379837 0.009141066
0.014321841 0.005754274
0.009134088 0.009286382 0.008082637 0.005111524 0.005754274 0.029748532
0.013078209 0.01825965 0.01471764 0.023832293 0.014453064 0.011211728
0.012444679 0.010233209 0.012965258 0.01448783 0.008655723 0.010277424
0.010209844 0.008662935 0.009034928 0.016165046 0.003533788 0.005312105
0.009620971 0.00946289 0.011116584 0.009161307 0.007802414 0.008484558
0.008415515 0.011978018 0.008898913 0.014950319 0.009064492 0.012499364
0.007320156 0.009883903 0.009438326 0.016872148 0.007148808 0.008888077
0.01205881 0.014960855 0.012673348 0.024738204 0.005869429 0.00750164
0.006147768 0.006396727 0.005616043 0.016460769 0.005987565 0.005282993
0.017657105 0.012023605 0.012792063 0.012582503 0.005133392 0.009134088
0.012023605 0.027394753 0.01333575 0.02868192 0.007378007 0.009286382
0.012792063 0.01333575 0.017947143 0.013609964 0.007300945 0.008082637
0.012582503 0.02868192 0.013609964 0.11420648 0.006381844 0.005111524
0.076923077 0.076923077 0.076923077 0.076923077 0.071428571 0.071428571
0.011037332 0.013889277 0.011556046 0.023912331 0.007770399 0.009755381
1.17%
0.014453064 0.008655723 0.003533788 0.007802414 0.009064492 0.007148808 0.005869429
0.011211728 0.010277424 0.005312105 0.008484558 0.012499364 0.008888077 0.00750164
0.042026292 0.014861726 0.008715193 0.009734687 0.015623295 0.012019259 0.012849232
0.014861726 0.021427984 0.008715245 0.009170247 0.009638513 0.011440602 0.011172801
0.008715193 0.008715245 0.010116253 0.006472492 0.005819039 0.006600414 0.010273701
0.009734687 0.009170247 0.006472492 0.026401969 0.014498133 0.007280896 0.007996096
0.015623295 0.009638513 0.005819039 0.014498133 0.02046898 0.009169677 0.009454362
0.012019259 0.011440602 0.006600414 0.007280896 0.009169677 0.014326143 0.008767788
0.012849232 0.011172801 0.010273701 0.007996096 0.009454362 0.008767788 0.020320426
0.006521174 0.007465543 0.005205365 0.0098454 0.00752758 0.007628832 0.008170615
0.013078209 0.012444679 0.010209844 0.009620971 0.008415515 0.007320156 0.01205881
0.01825965 0.010233209 0.008662935 0.00946289 0.011978018 0.009883903 0.014960855
0.01471764 0.012965258 0.009034928 0.011116584 0.008898913 0.009438326 0.012673348
0.023832293 0.01448783 0.016165046 0.009161307 0.014950319 0.016872148 0.024738204
0.071428571 0.071428571 0.071428571 0.071428571 0.071428571 0.071428571 0.071428571
0.015564532 0.01163977 0.008202596 0.010503475 0.011286157 0.009770359 0.011914808
0.022842173
0.005987565 0.005133392 0.007378007 0.007300945 0.006381844 0.007412732
0.005282993 0.009134088 0.009286382 0.008082637 0.005111524 0.01039383
0.006521174 0.013078209 0.01825965 0.01471764 0.023832293 0.020941221
0.007465543 0.012444679 0.010233209 0.012965258 0.01448783 0.007821135
0.005205365 0.010209844 0.008662935 0.009034928 0.016165046 0.005463973
0.0098454 0.009620971 0.00946289 0.011116584 0.009161307 0.005954126
0.00752758 0.008415515 0.011978018 0.008898913 0.014950319 0.010537281
0.007628832 0.007320156 0.009883903 0.009438326 0.016872148 0.005464721
0.008170615 0.01205881 0.014960855 0.012673348 0.024738204 0.010355722
0.02656505 0.006147768 0.006396727 0.005616043 0.016460769 0.003671107
0.006147768 0.017657105 0.012023605 0.012792063 0.012582503 0.008685159
0.006396727 0.012023605 0.027394753 0.01333575 0.02868192 0.015703804
0.005616043 0.012792063 0.01333575 0.017947143 0.013609964 0.009491207
0.016460769 0.012582503 0.02868192 0.013609964 0.11420648 0.010181268
0.071428571 0.071428571 0.071428571 0.071428571 0.071428571 0.066666667
0.008915816 0.010615622 0.013424186 0.01125211 0.022660154 0.010327964
1.14%
0.038039644
0.011539096
0.008357762
0.005977666
0.014206419
0.011869573
0.007127205
0.006479956
0.00842414
0.006596637
0.008298611
0.004492641
0.01029122
0.011044675
0.007703399
0.004228721
0.0625
0.010292335
1.12%
0.007412732 0.01039383 0.020941221 0.007821135 0.005463973 0.005954126 0.010537281
0.014321841 0.005754274 0.014453064 0.008655723 0.003533788 0.007802414 0.009064492
0.005754274 0.029748532 0.011211728 0.010277424 0.005312105 0.008484558 0.012499364
0.014453064 0.011211728 0.042026292 0.014861726 0.008715193 0.009734687 0.015623295
0.008655723 0.010277424 0.014861726 0.021427984 0.008715245 0.009170247 0.009638513
0.003533788 0.005312105 0.008715193 0.008715245 0.010116253 0.006472492 0.005819039
0.007802414 0.008484558 0.009734687 0.009170247 0.006472492 0.026401969 0.014498133
0.009064492 0.012499364 0.015623295 0.009638513 0.005819039 0.014498133 0.02046898
0.007148808 0.008888077 0.012019259 0.011440602 0.006600414 0.007280896 0.009169677
0.005869429 0.00750164 0.012849232 0.011172801 0.010273701 0.007996096 0.009454362
0.005987565 0.005282993 0.006521174 0.007465543 0.005205365 0.0098454 0.00752758
0.005133392 0.009134088 0.013078209 0.012444679 0.010209844 0.009620971 0.008415515
0.007378007 0.009286382 0.01825965 0.010233209 0.008662935 0.00946289 0.011978018
0.007300945 0.008082637 0.01471764 0.012965258 0.009034928 0.011116584 0.008898913
0.006381844 0.005111524 0.023832293 0.01448783 0.016165046 0.009161307 0.014950319
0.066666667 0.066666667 0.066666667 0.066666667 0.066666667 0.066666667 0.066666667
0.007746555 0.009797944 0.015922978 0.011385195 0.008020021 0.010200185 0.011236232
0.011539096 0.008357762 0.005977666 0.014206419 0.011869573 0.007127205 0.006479956

0.022842173 0.007412732 0.01039383 0.020941221 0.007821135 0.005463973 0.005954126
0.007412732 0.014321841 0.005754274 0.014453064 0.008655723 0.003533788 0.007802414
0.01039383 0.005754274 0.029748532 0.011211728 0.010277424 0.005312105 0.008484558
0.020941221 0.014453064 0.011211728 0.042026292 0.014861726 0.008715193 0.009734687
0.007821135 0.008655723 0.010277424 0.014861726 0.021427984 0.008715245 0.009170247
0.005463973 0.003533788 0.005312105 0.008715193 0.008715245 0.010116253 0.006472492
0.005954126 0.007802414 0.008484558 0.009734687 0.009170247 0.006472492 0.026401969
0.010537281 0.009064492 0.012499364 0.015623295 0.009638513 0.005819039 0.014498133
0.005464721 0.007148808 0.008888077 0.012019259 0.011440602 0.006600414 0.007280896
0.010355722 0.005869429 0.00750164 0.012849232 0.011172801 0.010273701 0.007996096
0.003671107 0.005987565 0.005282993 0.006521174 0.007465543 0.005205365 0.0098454
0.008685159 0.005133392 0.009134088 0.013078209 0.012444679 0.010209844 0.009620971
0.015703804 0.007378007 0.009286382 0.01825965 0.010233209 0.008662935 0.00946289
0.009491207 0.007300945 0.008082637 0.01471764 0.012965258 0.009034928 0.011116584
0.010181268 0.006381844 0.005111524 0.023832293 0.01448783 0.016165046 0.009161307
0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625
0.01040366 0.007784755 0.009559176 0.015815693 0.011415468 0.00796422 0.00996767
0.005464721 0.010355722 0.003671107 0.008685159 0.015703804 0.009491207 0.010181268
0.007148808 0.005869429 0.005987565 0.005133392 0.007378007 0.007300945 0.006381844
0.008888077 0.00750164 0.005282993 0.009134088 0.009286382 0.008082637 0.005111524
0.012019259 0.012849232 0.006521174 0.013078209 0.01825965 0.01471764 0.023832293
0.011440602 0.011172801 0.007465543 0.012444679 0.010233209 0.012965258 0.01448783
0.006600414 0.010273701 0.005205365 0.010209844 0.008662935 0.009034928 0.016165046
0.007280896 0.007996096 0.0098454 0.009620971 0.00946289 0.011116584 0.009161307
0.009169677 0.009454362 0.00752758 0.008415515 0.011978018 0.008898913 0.014950319
0.014326143 0.008767788 0.007628832 0.007320156 0.009883903 0.009438326 0.016872148
0.008767788 0.020320426 0.008170615 0.01205881 0.014960855 0.012673348 0.024738204
0.007628832 0.008170615 0.02656505 0.006147768 0.006396727 0.005616043 0.016460769
0.007320156 0.01205881 0.006147768 0.017657105 0.012023605 0.012792063 0.012582503
0.009883903 0.014960855 0.006396727 0.012023605 0.027394753 0.01333575 0.02868192
0.009438326 0.012673348 0.005616043 0.012792063 0.01333575 0.017947143 0.013609964
0.016872148 0.024738204 0.016460769 0.012582503 0.02868192 0.013609964 0.11420648
0.066666667 0.066666667 0.066666667 0.066666667 0.066666667 0.066666667 0.066666667
0.009483317 0.011810869 0.008566169 0.010486924 0.01357616 0.011134717 0.021828228
0.00842414 0.006596637 0.008298611 0.004492641 0.01029122 0.011044675 0.007703399

0.010537281 0.005464721 0.010355722 0.003671107 0.008685159 0.015703804 0.009491207
0.009064492 0.007148808 0.005869429 0.005987565 0.005133392 0.007378007 0.007300945
0.012499364 0.008888077 0.00750164 0.005282993 0.009134088 0.009286382 0.008082637
0.015623295 0.012019259 0.012849232 0.006521174 0.013078209 0.01825965 0.01471764
0.009638513 0.011440602 0.011172801 0.007465543 0.012444679 0.010233209 0.012965258
0.005819039 0.006600414 0.010273701 0.005205365 0.010209844 0.008662935 0.009034928
0.014498133 0.007280896 0.007996096 0.0098454 0.009620971 0.00946289 0.011116584
0.02046898 0.009169677 0.009454362 0.00752758 0.008415515 0.011978018 0.008898913
0.009169677 0.014326143 0.008767788 0.007628832 0.007320156 0.009883903 0.009438326
0.009454362 0.008767788 0.020320426 0.008170615 0.01205881 0.014960855 0.012673348
0.00752758 0.007628832 0.008170615 0.02656505 0.006147768 0.006396727 0.005616043
0.008415515 0.007320156 0.01205881 0.006147768 0.017657105 0.012023605 0.012792063
0.011978018 0.009883903 0.014960855 0.006396727 0.012023605 0.027394753 0.01333575
0.008898913 0.009438326 0.012673348 0.005616043 0.012792063 0.01333575 0.017947143
0.014950319 0.016872148 0.024738204 0.016460769 0.012582503 0.02868192 0.013609964
0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625
0.011060476 0.009302899 0.011591352 0.008311573 0.010474693 0.013417943 0.010920259
0.004228721
0.010181268
0.006381844
0.005111524
0.023832293
0.01448783
0.016165046
0.009161307
0.014950319
0.016872148
0.024738204
0.016460769
0.012582503
0.02868192
0.013609964
0.11420648
0.0625
0.020728259
Desviación estándar de portafolio
40%
35%
30%
25% Desviación
estándar
20% Riesgo
sistemático
15%
10%
5%
0%
0 2 4 6 8 10 12 14 16 18
F ro n t e r a de l p o rt a f ol i o
Número de acciones Desviación estándar Riesgo sistemático
1 33.60% 10%
2 19.96% 10%
3 17.35% 10%
4 15.07% 10%
5 13.71% 10%
6 13.17% 10%
7 12.44% 10%
8 11.99% 10%
9 11.58% 10%
10 11.20% 10%
11 11.10% 10%
12 11.18% 10%
13 10.92% 10%
14 10.61% 10%
15 10.48% 10%
16 10.37% 10%
Err:508 0.011539096 0.008357762 0.005977666 0.014206419 0.011869573
0.011539096 Err:508 0.007412732 0.01039383 0.020941221 0.007821135
0.008357762 0.007412732 Err:508 0.005754274 0.014453064 0.008655723
0.005977666 0.01039383 0.005754274 Err:508 0.011211728 0.010277424
0.014206419 0.020941221 0.014453064 0.011211728 Err:508 0.014861726
0.011869573 0.007821135 0.008655723 0.010277424 0.014861726 Err:508
0.007127205 0.005463973 0.003533788 0.005312105 0.008715193 0.008715245
0.006479956 0.005954126 0.007802414 0.008484558 0.009734687 0.009170247
0.00842414 0.010537281 0.009064492 0.012499364 0.015623295 0.009638513
0.006596637 0.005464721 0.007148808 0.008888077 0.012019259 0.011440602
0.008298611 0.010355722 0.005869429 0.00750164 0.012849232 0.011172801
0.004492641 0.003671107 0.005987565 0.005282993 0.006521174 0.007465543
0.01029122 0.008685159 0.005133392 0.009134088 0.013078209 0.012444679
0.011044675 0.015703804 0.007378007 0.009286382 0.01825965 0.010233209
0.007703399 0.009491207 0.007300945 0.008082637 0.01471764 0.012965258
0.004228721 0.010181268 0.006381844 0.005111524 0.023832293 0.01448783
0.0625 0.0625 0.0625 0.0625 0.0625 0.0625
Err:508 Err:508 Err:508 Err:508 Err:508 Err:508
Err:508
0.007127205 0.006479956 0.00842414 0.006596637 0.008298611 0.004492641 0.01029122
0.005463973 0.005954126 0.010537281 0.005464721 0.010355722 0.003671107 0.008685159
0.003533788 0.007802414 0.009064492 0.007148808 0.005869429 0.005987565 0.005133392
0.005312105 0.008484558 0.012499364 0.008888077 0.00750164 0.005282993 0.009134088
0.008715193 0.009734687 0.015623295 0.012019259 0.012849232 0.006521174 0.013078209
0.008715245 0.009170247 0.009638513 0.011440602 0.011172801 0.007465543 0.012444679
Err:508 0.006472492 0.005819039 0.006600414 0.010273701 0.005205365 0.010209844
0.006472492 Err:508 0.014498133 0.007280896 0.007996096 0.0098454 0.009620971
0.005819039 0.014498133 Err:508 0.009169677 0.009454362 0.00752758 0.008415515
0.006600414 0.007280896 0.009169677 Err:508 0.008767788 0.007628832 0.007320156
0.010273701 0.007996096 0.009454362 0.008767788 Err:508 0.008170615 0.01205881
0.005205365 0.0098454 0.00752758 0.007628832 0.008170615 Err:508 0.006147768
0.010209844 0.009620971 0.008415515 0.007320156 0.01205881 0.006147768 Err:508
0.008662935 0.00946289 0.011978018 0.009883903 0.014960855 0.006396727 0.012023605
0.009034928 0.011116584 0.008898913 0.009438326 0.012673348 0.005616043 0.012792063
0.016165046 0.009161307 0.014950319 0.016872148 0.024738204 0.016460769 0.012582503
0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625
Err:508 Err:508 Err:508 Err:508 Err:508 Err:508 Err:508
0.011044675 0.007703399 0.004228721
0.015703804 0.009491207 0.010181268
0.007378007 0.007300945 0.006381844
0.009286382 0.008082637 0.005111524
0.01825965 0.01471764 0.023832293
0.010233209 0.012965258 0.01448783
0.008662935 0.009034928 0.016165046
0.00946289 0.011116584 0.009161307
0.011978018 0.008898913 0.014950319
0.009883903 0.009438326 0.016872148
0.014960855 0.012673348 0.024738204
0.006396727 0.005616043 0.016460769
0.012023605 0.012792063 0.012582503
Err:508 0.01333575 0.02868192
0.01333575 Err:508 0.013609964
0.02868192 0.013609964 Err:508
0.0625 0.0625 0.0625
Err:508 Err:508 Err:508
ibb promedio y beta
IBB
MES PROMEDIO Suram
Jan-19 965.46 rent ibb 21,891.25 rentab
Feb-19 941.88 -2.44% 22,111.05 1.00%
Mar-19 861.05 -8.58% 20,587.35 -6.89%
R entabilidad de la acción
Apr-19 798.86 -7.22% 19,219.67 -6.64%
May-19 786.63 -1.53% 19,202.71 -0.09%
Jun-19 825.29 4.91% 19,490.81 1.50%
Jul-19 880.91 6.74% 19,845.01 1.82% Relación entre el
Aug-19 801.48 -9.02% 18,259.85 -7.99%
Sep-19 783.49 -2.24% 17,905.40 -1.94%
Oct-19 725.81 -7.36% 17,410.63 -2.76% 15%
Nov-19 682.58 -5.96% 17,457.45 0.27%
10%
Dec-19 717.41 5.10% 18,163.65 4.05%
Jan-20 748.66 4.36% 18,391.51 1.25% f(x) = 0.6148605
5%
R² = 0.7128062
Feb-20 812.81 8.57% 18,609.25 1.18%
0%
Mar-20 776.63 -4.45% 18,313.36 -1.59%
Apr-20 801.94 3.26% 18,347.76 0.19% -5%
May-20 874.70 9.07% 19,698.04 7.36%
-10%
Jun-20 870.07 -0.53% 19,485.54 -1.08%
-15% -10% -5%
Jul-20 848.24 -2.51% 18,576.20 -4.67% Renta
Aug-20 854.67 0.76% 18,074.39 -2.70%
Sep-20 862.90 0.96% 18,317.12 1.34%
Oct-20 872.02 1.06% 18,499.30 0.99%
Nov-20 848.18 -2.73% 18,500.00 0.00%
Dec-20 838.20 -1.18% 18,496.65 -0.02%
Jan-21 958.79 14.39% 20,780.78 12.35%
Feb-21 1,037.34 8.19% 21,275.99 2.38%
Mar-21 1,068.31 2.98% 22,618.72 6.31%
beta
var merc 0.0034761154 0.0036152 beta
desv est accion 0.0429376227 0.043788 0.61486 0.61486
desv est mercado 0.0589585905 0.0601262
coreel coeff merc accion 0.8442785547 0.8442786
cov acc merc var merc

0.002137 0.003476115 0.6148605943 n 26
n-1 25
n/(n-1) 1.04 0.639455
Página 99
ibb promedio y beta
R entabilidad de la acción
Relación entre el riesgo del mercado y la rentabilidad de una acción
15%
10%
f(x) = 0.614860594331533 x − 0.00128471121907

5%
R² = 0.712806277842858
0%
-5%
-10%
-15% -10% -5% 0% 5% 10% 15% 20%
Rentabilidad del mercado, Rm
Resumen
Estadísticas de la regresión
Coeficient 0.84428
Coeficien 0.71281
R^2 ajus 0.70084
Error típic 0.02395
Observaci 26
ANÁLISIS DE VARIANZA
Grados de
Suma
libertad
de
Promedio
cuadrados
de los cuadrados
F Valor crítico de F
Regresión 1 0.03417 0.034168 59.5673 5.92E-08
Residuos 24 0.01377 0.000574
Total 25 0.04793
Coeficientes
Error típico
EstadísticoProbabilidad
t Inferior 95%
Superior 95%
Inferior 95,0%
Superior 95,0%
Intercepci -0.00128 0.00472 -0.27229 0.78773 -0.01102 0.00845 -0.01102 0.00845
rent ibb 0.61486 0.07967 7.717985 5.92E-08 0.45044 0.77928 0.45044 0.77928
Página 100
ibb promedio y beta
Upper 95.0%
0.00049
0.78672
Página 101

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14PORTAFOLIO Optimo

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Máx de Prom Precios 2 3 4 5

Año Mes Rentabilidad (no incluye dividendos)

varianza 3.71% 11.03% 1.74% 1.96% 1.72%

BCO. GANADERO BIC CADENALCO CARTON COLOMBIA CEMENT. ARGOS

2.69% 0.98% 3.03% 1.43% 2.19%

CEMENT. CARIBE CEMENT. DIAMANTE COLTEJER CONSTRUCEL FABRICATO

2.09% 2.61% 4.06% 2.88% 2.21%

varianza 3.71% 11.03% 1.74%

Año Matriz de esceso de rentabilidad sobre el promedio

Matriz traspuesta del exceso de rentabilidad

Multiplicación de la traspuesta por la del exceso. Esta es la matriz de covarianzas

Vector de participación de cada acción

Este es un punto de la frontera

Calcule usted un número suficiente de puntos para determinar la frontera eficiente

Ahora se va a calcular el portafolio óptimo

La tangente de la Línea del Mercado de Capitales es

Vector de participación de cada acción para portafolio óptimo

alfa 0.00% 0.00% 51.16%

Vector alfa por matriz de covarianza para portafolio óptimo

0.729% 1.519% 1.327%

rentabilidad para portafolio óptimo 4.61%

BCO. BANCOBCO. DE BOGOTA BCO. GANADERO BIC CADENALCO CARTON COLOMBIA

1.96% 1.72% 2.69% 0.98% 3.03% 1.43%

199005 199006 199007 199008 199009 199010

BCO. BANCOBCO. DE BOGOTA BCO. GANADERO BIC CADENALCO CARTON COLOMBIA

0.00% 10.85% 6.08% 0.00% 0.00% 0.00%

1.069% 1.041% 1.193% 0.749% 1.138% 0.680%

BCO. BANCOBCO. DE BOGOTA BCO. GANADERO BIC CADENALCO CARTON COLOMBIA

0.00% 4.86% 8.83% 0.00% 0.00% 0.00%

Frontera del portafoli y línea del mercado de capitales

1.109% 1.054% 1.265% 0.764% 1.174% 0.688%

CEMENT. ARGOS CEMENT. CARIBE CEMENT. DIAMANTE COLTEJER CONSTRUCEL FABRICATO

2.19% 2.09% 2.61% 4.06% 2.88% 2.21%

199011 199012 199101 199102 199103 199104

CEMENT. ARGOS CEMENT. CARIBE CEMENT. DIAMANTE COLTEJER CONSTRUCEL FABRICATO

0.00% 12.16% 15.69% 0.00% 0.00% 0.00%

1.112% 1.000% 0.942% 1.269% 0.813% 0.806%

0.00% 11.29% 14.81% 0.00% 0.00% 0.00%

Frontera del portafoli y línea del mercado de capitales

1.115% 0.998% 0.918% 1.313% 0.806% 0.857%

SEG. SURAMERICANA Mes 199001 199002 199003

199105 199106 199107 199108 199109 199110 199111

Desviación estándar de portafolio

0.027394753 0.01333575 0.02868192

0.011539096 0.008357762 0.005977666 0.014206419 0.011869573 0.007127205 0.006479956

0.00842414 0.006596637 0.008298611 0.004492641 0.01029122 0.011044675 0.007703399

cov acc merc var merc

Relación entre el riesgo del mercado y la rentabilidad de una acción

f(x) = 0.614860594331533 x − 0.00128471121907

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