planilha financeira - otimização de carteiras

Planilha: Otimizao de Carteiras (v.2003)

Conhea nosso MiniCurso Grtis

Esta planilha financeira ir ajudar voc:

1. Analisar Retorno e Risco Histrico entre Investimentos.2. Montar uma carteira diversificada analisando diversos indicadores.3. Otimizar uma carteira utilizando o SOLVER do Excel.

Crditos: Planilha Financeira desenvolvida por Henrique Carvalho

Clique Aqui!

HC Investimentos

Esta planilha financeira ir ajudar voc:

1. Analisar Retorno e Risco Histrico entre Investimentos.2. Montar uma carteira diversificada analisando diversos indicadores.3. Otimizar uma carteira utilizando o SOLVER do Excel.

Clique Aqui!

HC Investimentos

Otimizao de Carteiras 1994 Grfico Alocao de AtivosAtivos Alocao Retorno RiscoIbov 39.18% #REF! #REF!Dlar 0.00% #REF! #REF!Ouro 0.00% #REF! #REF!CDI 60.82% #REF! #REF!Carteira 100% #REF! #REF!

#REF!

Estatsticas

Tipo ValorRetorno #REF! Retorno Anual Esperado da CarteiraRisco #REF! Risco Anual Esperado da CarteiraRetorno / Risco #REF! Relao entre Retorno x Risco. 100% signigica que Retorno = RiscoStress Test #REF! Retorno Esperado em um cenrio muito raroSharpe #REF! Ganho em Excesso da Carteira em relao a taxa livre de risco (CDI)Potencial de Diversificao #REF! Reduo do Risco ganha somente pela diversificao

Dados 39.18% 0.00% 0.00% 60.82%

Ms Carteira IBOV DLAR OURO CDIJul-94 10.32% 15.96% -6.00% -4.54% 6.68%Aug-94 13.05% 26.85% -5.43% -1.40% 4.16%Sep-94 3.48% 2.90% -4.05% -2.31% 3.85%Oct-94 -2.68% -12.51% -0.82% -5.36% 3.65%Nov-94 1.34% -2.96% -0.12% -0.58% 4.11%Dec-94 -0.21% -6.49% 0.12% 1.84% 3.84%Jan-95 -2.11% -10.77% -0.47% -3.51% 3.47%Feb-95 -4.23% -15.81% 1.13% 1.08% 3.23%Mar-95 -0.81% -8.92% 5.23% 9.82% 4.41%Apr-95 13.55% 28.02% 1.90% -0.09% 4.22%May-95 1.64% -2.44% -0.77% -2.04% 4.27%Jun-95 1.23% -3.15% 1.77% 2.71% 4.05%Jul-95 5.42% 7.61% 1.52% -0.18% 4.01%Aug-95 6.69% 11.17% 1.60% 1.94% 3.81%Sep-95 5.24% 8.34% 0.32% 1.56% 3.25%Oct-95 -2.68% -11.60% 0.83% 0.17% 3.06%Nov-95 4.10% 6.06% 0.49% 2.13% 2.84%Dec-95 0.95% -1.82% 0.61% 1.17% 2.73%

Altere apenas as clulas com fundo roxo

Ibov 39.18%

CDI 60.82%

Jan-96 9.33% 19.83% 0.63% 4.61% 2.56%Feb-96 -0.07% -3.76% 0.57% -0.79% 2.31%Mar-96 1.31% -0.06% 0.39% 0.56% 2.20%Apr-96 2.89% 4.22% 0.46% -0.87% 2.03%May-96 5.49% 10.92% 0.59% 0.32% 2.00%Jun-96 3.34% 5.52% 0.60% -2.30% 1.94%Jul-96 1.67% 1.31% 0.68% 2.19% 1.91%Aug-96 2.06% 2.22% 0.56% 0.79% 1.95%Sep-96 2.31% 2.99% 0.45% -1.74% 1.88%Oct-96 1.66% 1.34% 0.60% 0.96% 1.86%Nov-96 1.88% 2.03% 0.55% -0.95% 1.79%Dec-96 3.29% 5.61% 0.60% -0.40% 1.79%Jan-97 6.21% 13.14% 0.64% -6.53% 1.74%Feb-97 5.00% 10.19% 0.52% 5.43% 1.66%Mar-97 1.95% 2.45% 0.74% -1.72% 1.62%Apr-97 5.07% 10.37% 0.42% -3.16% 1.66%May-97 6.31% 13.64% 0.74% 2.23% 1.58%Jun-97 5.19% 10.78% 0.49% -1.68% 1.59%Jul-97 1.93% 2.43% 0.60% -4.27% 1.61%Aug-97 -5.93% -17.58% 0.76% 1.34% 1.58%Sep-97 5.35% 11.20% 0.44% 3.96% 1.58%Oct-97 -8.32% -23.83% 0.61% -4.41% 1.68%Nov-97 3.59% 4.54% 0.61% -5.14% 2.98%Dec-97 5.12% 8.54% 0.59% -0.84% 2.91%Jan-98 -0.21% -4.67% 0.65% 4.81% 2.67%Feb-98 4.71% 8.74% 0.60% -1.44% 2.11%Mar-98 6.43% 13.02% 0.62% 2.10% 2.18%Apr-98 0.15% -2.25% 0.61% 1.88% 1.69%May-98 -5.15% -15.68% 0.54% -2.63% 1.63%Jun-98 0.30% -1.71% 0.56% 0.90% 1.60%Jul-98 5.19% 10.63% 0.56% -3.57% 1.69%Aug-98 -14.60% -39.55% 1.16% -1.20% 1.47%Sep-98 2.24% 1.85% 0.74% 8.53% 2.49%Oct-98 4.48% 6.89% 0.64% -1.64% 2.93%Nov-98 10.38% 22.50% 0.67% 0.09% 2.58%Dec-98 -6.94% -21.40% 0.62% -3.51% 2.38%Jan-99 9.33% 20.45% 64.08% 70.00% 2.17%Feb-99 4.97% 9.04% 4.11% 1.07% 2.35%Mar-99 9.85% 20.04% -16.60% -16.40% 3.29%Apr-99 3.78% 6.11% -3.56% -0.95% 2.28%May-99 0.29% -2.30% 3.81% -2.88% 1.96%Jun-99 2.89% 4.84% 2.64% -0.66% 1.63%Jul-99 -3.01% -10.19% 1.11% 0.00% 1.62%Aug-99 1.41% 1.18% 7.08% 4.30% 1.55%Sep-99 2.90% 5.13% 0.33% 19.37% 1.47%Oct-99 2.93% 5.35% 1.60% -0.53% 1.37%Nov-99 7.80% 17.77% -1.51% -1.87% 1.37%Dec-99 10.38% 24.05% -6.95% -8.45% 1.58%Jan-00 -0.73% -4.11% 0.75% -9.54% 1.44%Feb-00 3.94% 7.81% -1.88% 10.94% 1.44%Mar-00 1.23% 0.91% -1.20% -5.40% 1.44%Apr-00 -4.24% -12.81% 3.40% 5.33% 1.28%May-00 -0.56% -3.74% 1.10% 0.53% 1.49%

Jun-00 5.48% 11.84% -1.46% 4.21% 1.39%Jul-00 0.15% -1.63% -1.40% -1.59% 1.30%Aug-00 2.98% 5.42% 2.74% 1.04% 1.40%Sep-00 -2.46% -8.17% 1.11% 0.00% 1.22%Oct-00 -1.83% -6.66% 3.54% -0.86% 1.28%Nov-00 -3.42% -10.63% 2.65% 2.48% 1.22%Dec-00 6.54% 14.84% -0.21% 1.15% 1.19%Jan-01 6.96% 15.81% 0.80% -3.33% 1.26%Feb-01 -3.34% -10.08% 3.76% 3.45% 1.01%Mar-01 -2.82% -9.14% 5.69% 0.56% 1.25%Apr-01 2.02% 3.32% 1.07% 6.08% 1.18%May-01 0.10% -1.80% 8.02% 9.90% 1.33%Jun-01 0.53% -0.61% -2.33% -0.47% 1.27%Jul-01 -1.25% -5.53% 5.48% 0.00% 1.50%Aug-01 -1.63% -6.65% 4.95% 4.05% 1.60%Sep-01 -5.92% -17.17% 4.69% 14.87% 1.32%Oct-01 3.61% 6.85% 1.34% -5.58% 1.53%Nov-01 6.25% 13.79% -6.59% -7.17% 1.39%Dec-01 2.60% 4.47% -8.24% -2.27% 1.39%Jan-02 -1.35% -5.83% 4.22% 3.64% 1.53%Feb-02 4.80% 10.31% -2.90% -0.22% 1.25%Mar-02 -1.34% -5.55% -1.05% 0.70% 1.37%Apr-02 0.40% -1.28% 1.67% 3.45% 1.48%May-02 0.18% -1.71% 6.75% 12.24% 1.40%Jun-02 -4.45% -13.39% 12.78% 9.02% 1.31%Jul-02 -3.91% -12.36% 20.54% 20.34% 1.53%Aug-02 3.37% 6.35% -11.85% -11.17% 1.45%Sep-02 -5.80% -16.95% 28.87% 20.97% 1.38%Oct-02 8.02% 17.92% -6.42% -1.87% 1.64%Nov-02 2.24% 3.35% -0.23% 2.22% 1.53%Dec-02 3.88% 7.23% -2.84% 5.42% 1.73%Jan-03 0.06% -2.90% -3.04% 4.63% 1.97%Feb-03 -1.25% -6.04% 1.06% -2.83% 1.83%Mar-03 4.86% 9.66% -5.90% -8.85% 1.77%Apr-03 5.60% 11.38% -13.82% -12.34% 1.87%May-03 3.89% 6.89% 2.62% 10.76% 1.96%Jun-03 -0.19% -3.35% -3.16% -7.43% 1.85%Jul-03 3.08% 4.62% 3.26% 3.55% 2.08%Aug-03 5.70% 11.81% 0.03% 6.41% 1.76%Sep-03 3.17% 5.51% -1.45% 0.42% 1.67%Oct-03 5.82% 12.32% -2.30% -0.73% 1.63%Nov-03 5.61% 12.24% 3.26% 5.37% 1.34%Dec-03 4.82% 10.17% -2.04% 2.93% 1.37%Jan-04 0.09% -1.73% 1.79% -1.81% 1.26%Feb-04 0.48% -0.44% -0.92% -2.37% 1.08%Mar-04 1.53% 1.78% -0.18% 6.22% 1.37%Apr-04 -3.77% -11.45% 1.24% -7.38% 1.17%May-04 0.62% -0.32% 6.26% 8.93% 1.22%Jun-04 3.96% 8.21% -0.69% -2.90% 1.22%Jul-04 2.98% 5.62% -2.60% -1.30% 1.28%Aug-04 1.60% 2.09% -3.07% 1.05% 1.29%Sep-04 1.51% 1.94% -2.56% 0.26% 1.24%Oct-04 0.41% -0.83% -0.07% 1.56% 1.21%

Nov-04 4.29% 9.01% -4.40% 0.05% 1.25%Dec-04 2.57% 4.25% -2.79% -4.14% 1.48%Jan-05 -1.92% -7.05% -1.12% -5.07% 1.38%Feb-05 6.84% 15.56% -1.14% 2.53% 1.22%Mar-05 -1.20% -5.43% 2.74% 1.10% 1.52%Apr-05 -1.74% -6.64% -5.06% -4.34% 1.41%May-05 1.49% 1.47% -5.04% -7.65% 1.50%Jun-05 0.72% -0.62% -2.22% 1.53% 1.58%Jul-05 2.47% 3.96% 1.71% 0.00% 1.51%Aug-05 4.02% 7.69% -1.12% -0.30% 1.65%Sep-05 5.86% 12.62% -5.99% 2.27% 1.50%Oct-05 -0.87% -4.40% 1.44% -0.44% 1.40%Nov-05 3.08% 5.71% -2.10% 4.76% 1.38%Dec-05 2.78% 4.82% 6.06% 9.66% 1.47%Jan-06 6.64% 14.73% -5.33% 5.70% 1.43%Feb-06 0.92% 0.59% -3.63% -4.17% 1.14%Mar-06 0.19% -1.71% 1.73% 3.07% 1.42%Apr-06 3.15% 6.36% -3.83% 9.18% 1.08%May-06 -2.94% -9.50% 10.11% 12.73% 1.28%Jun-06 0.82% 0.27% -5.92% -13.31% 1.18%Jul-06 1.19% 1.22% 0.55% 3.49% 1.17%Aug-06 -0.13% -2.28% -1.72% -1.80% 1.25%Sep-06 0.87% 0.60% 1.66% -5.03% 1.05%Oct-06 3.69% 7.72% -1.44% 1.69% 1.09%Nov-06 3.28% 6.80% 1.11% 7.23% 1.02%Dec-06 2.97% 6.06% -1.33% -3.87% 0.98%Jan-07 0.81% 0.38% -0.62% 3.22% 1.08%Feb-07 -0.13% -1.68% -0.70% 1.34% 0.87%Mar-07 2.35% 4.36% -2.82% -1.54% 1.05%Apr-07 3.27% 6.88% -0.80% 3.91% 0.94%May-07 3.27% 6.77% -5.16% -5.48% 1.02%Jun-07 2.14% 4.06% -0.14% -3.41% 0.90%Jul-07 0.44% -0.39% -2.52% -2.59% 0.97%Aug-07 0.93% 0.84% 4.50% 2.42% 0.99%Sep-07 4.67% 10.67% -6.27% 3.77% 0.80%Oct-07 3.70% 8.02% -5.16% 7.95% 0.92%Nov-07 -0.88% -3.54% 2.28% 5.89% 0.84%Dec-07 1.06% 1.40% -0.70% -3.78% 0.84%Jan-08 -2.14% -6.88% -0.62% 7.02% 0.92%Feb-08 3.12% 6.72% -4.37% 1.93% 0.79%Mar-08 -1.05% -3.97% 3.91% -2.46% 0.84%Apr-08 4.98% 11.32% -3.54% -9.71% 0.90%May-08 3.26% 6.96% -3.43% 0.22% 0.87%Jun-08 -3.51% -10.44% -2.30% 0.86% 0.95%Jul-08 -2.68% -8.48% -1.59% -1.06% 1.06%Aug-08 -1.90% -6.43% 4.33% -5.38% 1.01%Sep-08 -3.65% -11.03% 17.13% 22.50% 1.10%Oct-08 -9.00% -24.80% 10.50% -5.38% 1.17%Nov-08 -0.09% -1.77% 10.30% 13.33% 1.00%Dec-08 1.70% 2.61% 0.17% 10.64% 1.11%Jan-09 2.46% 4.66% -0.89% 5.55% 1.04%Feb-09 -0.59% -2.84% 2.69% 3.70% 0.85%Mar-09 3.40% 7.18% -2.66% -4.29% 0.97%

Apr-09 6.60% 15.55% -5.91% -6.94% 0.84%May-09 5.36% 12.49% -9.42% 1.04% 0.77%Jun-09 -0.82% -3.25% -1.08% -4.76% 0.75%Jul-09 2.99% 6.41% -4.05% -4.83% 0.78%Aug-09 1.65% 3.15% 0.74% -0.35% 0.69%Sep-09 3.91% 8.90% -5.74% 0.97% 0.69%Oct-09 0.44% 0.04% -1.92% 3.22% 0.69%Nov-09 3.90% 8.93% 0.37% 15.03% 0.66%Dec-09 1.34% 2.30% -0.53% -9.10% 0.72%Jan-10 -1.42% -4.65% 7.67% 6.45% 0.66%Feb-10 1.02% 1.68% -3.40% -1.20% 0.59%Mar-10 2.74% 5.82% -1.66% 4.28% 0.76%Apr-10 -1.18% -4.04% -2.83% 1.47% 0.66%May-10 -2.15% -6.64% 4.98% 4.35% 0.75%Jun-10 -0.83% -3.34% -0.84% 2.92% 0.79%Jul-10 4.75% 10.80% -2.46% -3.91% 0.86%Aug-10 -0.84% -3.51% -0.07% 3.58% 0.89%Sep-10 3.09% 6.58% -3.52% 0.75% 0.84%Oct-10 1.19% 1.79% 0.42% 7.67% 0.81%Nov-10 -1.16% -4.20% 0.86% 6.25% 0.81%Dec-10 1.49% 2.36% -2.91% -3.53% 0.93%Jan-11 -1.02% -3.94% 0.72% -9.39% 0.86%Feb-11 0.99% 1.22% -0.73% 5.52% 0.84%Mar-11 1.26% 1.79% -1.96% 0.00% 0.92%Apr-11 -0.89% -3.58% -3.40% 1.40% 0.84%May-11 -0.30% -2.29% 0.42% -0.88% 0.99%Jun-11 -0.76% -3.43% -1.19% 2.16% 0.95%Jul-11 -1.66% -5.74% -0.31% 9.32% 0.97%

Grfico Alocao de Ativos

Retorno Anual Esperado da Carteira

Relao entre Retorno x Risco. 100% signigica que Retorno = RiscoRetorno Esperado em um cenrio muito raroGanho em Excesso da Carteira em relao a taxa livre de risco (CDI)Reduo do Risco ganha somente pela diversificao

Ibov 39.18%

CDI 60.82%

1994 - Maximizar Retorno dado mesmo Risco

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Otimizao de Carteiras 1999 Grfico Alocao de AtivosAtivos Alocao Retorno RiscoIbov 14.73% #REF! #REF!Dlar 0.00% #REF! #REF!Ouro 12.22% #REF! #REF!Euro 0.00% #REF! #REF!CDI 73.05% #REF! #REF!Carteira 100% #REF! #REF!

#REF!

Estatsticas


Dados 14.73% 0.00% 12.22% 0.00%

Ms Carteira IBOV DLAR OURO EUROJan-99 13.15% 20.45% 64.08% 70.00% 68.05%Feb-99 3.18% 9.04% 4.11% 1.07% -6.10%Mar-99 3.35% 20.04% -16.60% -16.40% -18.68%Apr-99 2.45% 6.11% -3.56% -0.95% -4.05%May-99 0.74% -2.30% 3.81% -2.88% 2.64%Jun-99 1.82% 4.84% 2.64% -0.66% -0.53%Jul-99 -0.32% -10.19% 1.11% 0.00% 2.57%Aug-99 1.83% 1.18% 7.08% 4.30% 9.00%Sep-99 4.20% 5.13% 0.33% 19.37% -0.01%Oct-99 1.72% 5.35% 1.60% -0.53% 2.57%Nov-99 3.39% 17.77% -1.51% -1.87% -4.92%Dec-99 3.67% 24.05% -6.95% -8.45% -7.94%Jan-00 -0.72% -4.11% 0.75% -9.54% -3.02%Feb-00 3.54% 7.81% -1.88% 10.94% -2.48%Mar-00 0.53% 0.91% -1.20% -5.40% -2.07%Apr-00 -0.30% -12.81% 3.40% 5.33% -1.35%


Ibov 14.73%

Ouro 12.22%

CDI 73.05%

May-00 0.60% -3.74% 1.10% 0.53% 3.93%Jun-00 3.27% 11.84% -1.46% 4.21% 0.19%Jul-00 0.52% -1.63% -1.40% -1.59% -4.18%Aug-00 1.95% 5.42% 2.74% 1.04% -1.50%Sep-00 -0.31% -8.17% 1.11% 0.00% 0.57%Oct-00 -0.15% -6.66% 3.54% -0.86% -0.51%Nov-00 -0.37% -10.63% 2.65% 2.48% 5.53%Dec-00 3.20% 14.84% -0.21% 1.15% 7.51%Jan-01 2.84% 15.81% 0.80% -3.33% 0.11%Feb-01 -0.33% -10.08% 3.76% 3.45% 2.59%Mar-01 -0.37% -9.14% 5.69% 0.56% 0.54%Apr-01 2.09% 3.32% 1.07% 6.08% 2.10%May-01 1.92% -1.80% 8.02% 9.90% 3.07%Jun-01 0.78% -0.61% -2.33% -0.47% -1.88%Jul-01 0.28% -5.53% 5.48% 0.00% 8.62%Aug-01 0.68% -6.65% 4.95% 4.05% 9.27%Sep-01 0.25% -17.17% 4.69% 14.87% 4.51%Oct-01 1.45% 6.85% 1.34% -5.58% 0.24%Nov-01 2.17% 13.79% -6.59% -7.17% -7.01%Dec-01 1.40% 4.47% -8.24% -2.27% -9.12%Jan-02 0.70% -5.83% 4.22% 3.64% 0.92%Feb-02 2.41% 10.31% -2.90% -0.22% -1.84%Mar-02 0.27% -5.55% -1.05% 0.70% -0.89%Apr-02 1.31% -1.28% 1.67% 3.45% 5.10%May-02 2.27% -1.71% 6.75% 12.24% 10.82%Jun-02 0.09% -13.39% 12.78% 9.02% 19.69%Jul-02 1.78% -12.36% 20.54% 20.34% 18.88%Aug-02 0.63% 6.35% -11.85% -11.17% -11.44%Sep-02 1.07% -16.95% 28.87% 20.97% 29.59%Oct-02 3.61% 17.92% -6.42% -1.87% -6.21%Nov-02 1.88% 3.35% -0.23% 2.22% 0.21%Dec-02 2.99% 7.23% -2.84% 5.42% 2.19%Jan-03 1.58% -2.90% -3.04% 4.63% 2.61%Feb-03 0.10% -6.04% 1.06% -2.83% 1.47%Mar-03 1.63% 9.66% -5.90% -8.85% -4.86%Apr-03 1.53% 11.38% -13.82% -12.34% -11.79%May-03 3.76% 6.89% 2.62% 10.76% 8.17%Jun-03 -0.05% -3.35% -3.16% -7.43% -5.36%Jul-03 2.63% 4.62% 3.26% 3.55% 0.80%Aug-03 3.81% 11.81% 0.03% 6.41% -2.30%Sep-03 2.08% 5.51% -1.45% 0.42% 4.67%Oct-03 2.92% 12.32% -2.30% -0.73% -3.06%Nov-03 3.44% 12.24% 3.26% 5.37% 6.96%Dec-03 2.86% 10.17% -2.04% 2.93% 3.14%Jan-04 0.44% -1.73% 1.79% -1.81% 0.48%Feb-04 0.43% -0.44% -0.92% -2.37% -0.63%Mar-04 2.02% 1.78% -0.18% 6.22% -1.70%Apr-04 -1.73% -11.45% 1.24% -7.38% -1.44%May-04 1.94% -0.32% 6.26% 8.93% 8.20%Jun-04 1.75% 8.21% -0.69% -2.90% -0.67%Jul-04 1.60% 5.62% -2.60% -1.30% -4.09%Aug-04 1.38% 2.09% -3.07% 1.05% -1.71%Sep-04 1.22% 1.94% -2.56% 0.26% -0.57%

Oct-04 0.95% -0.83% -0.07% 1.56% 2.82%Nov-04 2.25% 9.01% -4.40% 0.05% -0.64%Dec-04 1.20% 4.25% -2.79% -4.14% -0.40%Jan-05 -0.65% -7.05% -1.12% -5.07% -5.37%Feb-05 3.49% 15.56% -1.14% 2.53% 0.45%Mar-05 0.44% -5.43% 2.74% 1.10% 0.58%Apr-05 -0.48% -6.64% -5.06% -4.34% -5.70%May-05 0.38% 1.47% -5.04% -7.65% -9.23%Jun-05 1.25% -0.62% -2.22% 1.53% -3.92%Jul-05 1.69% 3.96% 1.71% 0.00% 1.89%Aug-05 2.30% 7.69% -1.12% -0.30% 0.52%Sep-05 3.23% 12.62% -5.99% 2.27% -8.34%Oct-05 0.32% -4.40% 1.44% -0.44% 1.13%Nov-05 2.43% 5.71% -2.10% 4.76% -3.68%Dec-05 2.96% 4.82% 6.06% 9.66% 6.40%Jan-06 3.91% 14.73% -5.33% 5.70% -2.54%Feb-06 0.41% 0.59% -3.63% -4.17% -6.05%Mar-06 1.16% -1.71% 1.73% 3.07% 3.83%Apr-06 2.85% 6.36% -3.83% 9.18% 0.13%May-06 1.09% -9.50% 10.11% 12.73% 11.82%Jun-06 -0.72% 0.27% -5.92% -13.31% -6.10%Jul-06 1.46% 1.22% 0.55% 3.49% 0.37%Aug-06 0.36% -2.28% -1.72% -1.80% -1.38%Sep-06 0.24% 0.60% 1.66% -5.03% 0.64%Oct-06 2.14% 7.72% -1.44% 1.69% -0.80%Nov-06 2.63% 6.80% 1.11% 7.23% 5.06%Dec-06 1.14% 6.06% -1.33% -3.87% -1.87%Jan-07 1.24% 0.38% -0.62% 3.22% -1.97%Feb-07 0.55% -1.68% -0.70% 1.34% 1.40%Mar-07 1.22% 4.36% -2.82% -1.54% -2.30%Apr-07 2.18% 6.88% -0.80% 3.91% 1.37%May-07 1.07% 6.77% -5.16% -5.48% -6.51%Jun-07 0.84% 4.06% -0.14% -3.41% 0.45%Jul-07 0.33% -0.39% -2.52% -2.59% -1.45%Aug-07 1.14% 0.84% 4.50% 2.42% 4.11%Sep-07 2.62% 10.67% -6.27% 3.77% -1.93%Oct-07 2.82% 8.02% -5.16% 7.95% -3.92%Nov-07 0.81% -3.54% 2.28% 5.89% 3.95%Dec-07 0.36% 1.40% -0.70% -3.78% -0.45%Jan-08 0.52% -6.88% -0.62% 7.02% 0.25%Feb-08 1.81% 6.72% -4.37% 1.93% -2.23%Mar-08 -0.27% -3.97% 3.91% -2.46% 7.97%Apr-08 1.14% 11.32% -3.54% -9.71% -4.54%May-08 1.69% 6.96% -3.43% 0.22% -3.81%Jun-08 -0.74% -10.44% -2.30% 0.86% -1.13%Jul-08 -0.60% -8.48% -1.59% -1.06% -2.49%Aug-08 -0.86% -6.43% 4.33% -5.38% -1.86%Sep-08 1.93% -11.03% 17.13% 22.50% 12.28%Oct-08 -3.45% -24.80% 10.50% -5.38% -0.04%Nov-08 2.10% -1.77% 10.30% 13.33% 10.04%Dec-08 2.50% 2.61% 0.17% 10.64% 9.31%Jan-09 2.13% 4.66% -0.89% 5.55% -8.31%Feb-09 0.66% -2.84% 2.69% 3.70% 1.75%

Mar-09 1.24% 7.18% -2.66% -4.29% 1.89%Apr-09 2.05% 15.55% -5.91% -6.94% -6.36%May-09 2.53% 12.49% -9.42% 1.04% -3.23%Jun-09 -0.51% -3.25% -1.08% -4.76% -1.77%Jul-09 0.93% 6.41% -4.05% -4.83% -2.50%Aug-09 0.93% 3.15% 0.74% -0.35% 1.11%Sep-09 1.93% 8.90% -5.74% 0.97% -3.70%Oct-09 0.90% 0.04% -1.92% 3.22% -1.18%Nov-09 3.63% 8.93% 0.37% 15.03% 2.17%Dec-09 -0.24% 2.30% -0.53% -9.10% -4.53%Jan-10 0.58% -4.65% 7.67% 6.45% 3.82%Feb-10 0.53% 1.68% -3.40% -1.20% -5.24%Mar-10 1.93% 5.82% -1.66% 4.28% -2.40%Apr-10 0.07% -4.04% -2.83% 1.47% -4.31%May-10 0.10% -6.64% 4.98% 4.35% -2.93%Jun-10 0.44% -3.34% -0.84% 2.92% -1.44%Jul-10 1.74% 10.80% -2.46% -3.91% 4.08%Aug-10 0.57% -3.51% -0.07% 3.58% -2.97%Sep-10 1.68% 6.58% -3.52% 0.75% 3.79%Oct-10 1.79% 1.79% 0.42% 7.67% 2.43%Nov-10 0.73% -4.20% 0.86% 6.25% -5.50%Dec-10 0.59% 2.36% -2.91% -3.53% -0.38%Jan-11 -1.10% -3.94% 0.72% -9.39% 2.84%Feb-11 1.47% 1.22% -0.73% 5.52% 0.02%Mar-11 0.94% 1.79% -1.96% 0.00% 0.02%Apr-11 0.26% -3.58% -3.40% 1.40% 0.85%May-11 0.27% -2.29% 0.42% -0.88% -2.60%Jun-11 0.45% -3.43% -1.19% 2.16% -0.29%Jul-11 1.00% -5.74% -0.31% 9.32% -1.21%

Grfico Alocao de Ativos

Retorno Anual Esperado da CarteiraRisco Anual Esperado da CarteiraRelao entre Retorno x Risco. 100% signigica que Retorno = RiscoRetorno Esperado em um cenrio muito raroGanho em Excesso da Carteira em relao a taxa livre de risco (CDI)Reduo do Risco ganha somente pela diversificao

73.05%CDI

2.17%2.35%3.29%2.28%1.96%1.63%1.62%1.55%1.47%1.37%1.37%1.58%1.44%1.44%1.44%1.28%

Ibov 14.73%

Ouro 12.22%

CDI 73.05%

1.49%1.39%1.30%1.40%1.22%1.28%1.22%1.19%1.26%1.01%1.25%1.18%1.33%1.27%1.50%1.60%1.32%1.53%1.39%1.39%1.53%1.25%1.37%1.48%1.40%1.31%1.53%1.45%1.38%1.64%1.53%1.73%1.97%1.83%1.77%1.87%1.96%1.85%2.08%1.76%1.67%1.63%1.34%1.37%1.26%1.08%1.37%1.17%1.22%1.22%1.28%1.29%1.24%

1.21%1.25%1.48%1.38%1.22%1.52%1.41%1.50%1.58%1.51%1.65%1.50%1.40%1.38%1.47%1.43%1.14%1.42%1.08%1.28%1.18%1.17%1.25%1.05%1.09%1.02%0.98%1.08%0.87%1.05%0.94%1.02%0.90%0.97%0.99%0.80%0.92%0.84%0.84%0.92%0.79%0.84%0.90%0.87%0.95%1.06%1.01%1.10%1.17%1.00%1.11%1.04%0.85%

0.97%0.84%0.77%0.75%0.78%0.69%0.69%0.69%0.66%0.72%0.66%0.59%0.76%0.66%0.75%0.79%0.86%0.89%0.84%0.81%0.81%0.93%0.86%0.84%0.92%0.84%0.99%0.95%0.97%

Otimizao de Carteiras 2006Ativos AlocaoPoupana 0.00%CDI 0.00%IRF-M 0.00%IMA-B 0.00%IMA-C 69.01%DLAR 0.00%EURO 0.00%OURO 12.17%IBOV 0.00%SMLL 0.00%PETR4 0.00%VALE5 18.82%Carteira 100%

Estatsticas


Dados 0.00% 0.00% 0.00% 0.00%

Ms Carteira Poupana CDI IRF-M IMA-BJan-06 5.33% 0.73% 1.43% 1.80% 2.69%Feb-06 1.72% 0.57% 1.14% 1.63% 5.30%Mar-06 1.25% 0.71% 1.42% 1.38% -0.38%Apr-06 0.89% 0.59% 1.08% 1.08% 0.46%May-06 0.03% 0.69% 1.28% 0.36% -3.38%Jun-06 -1.31% 0.69% 1.18% 1.81% 1.78%Jul-06 0.71% 0.68% 1.17% 1.55% 3.41%Aug-06 -0.92% 0.74% 1.25% 1.71% 2.22%Sep-06 0.45% 0.65% 1.05% 1.33% 0.58%


0.00% 20.00% 40.00% 60.00% 80.00%

Oct-06 5.07% 0.69% 1.09% 1.55% 2.76%Nov-06 4.91% 0.63% 1.02% 1.24% 2.06%Dec-06 2.43% 0.65% 0.98% 1.49% 2.90%Jan-07 3.75% 0.72% 1.08% 1.04% 1.47%Feb-07 1.75% 0.57% 0.87% 1.13% 1.38%Mar-07 2.34% 0.69% 1.05% 1.39% 2.17%Apr-07 6.01% 0.63% 0.94% 1.78% 4.33%May-07 3.81% 0.67% 1.02% 1.45% 2.60%Jun-07 0.14% 0.60% 0.90% 0.55% 0.47%Jul-07 1.62% 0.65% 0.97% 0.46% -0.95%Aug-07 -0.02% 0.65% 0.99% 0.06% -0.57%Sep-07 7.56% 0.54% 0.80% 1.40% 2.47%Oct-07 2.88% 0.61% 0.92% 0.58% -0.25%Nov-07 0.12% 0.56% 0.84% 0.14% -0.48%Dec-07 0.27% 0.56% 0.84% 0.29% 0.71%Jan-08 -0.41% 0.60% 0.92% 1.10% 1.38%Feb-08 3.12% 0.52% 0.79% 1.31% 2.16%Mar-08 0.66% 0.54% 0.84% -0.04% -2.00%Apr-08 0.95% 0.60% 0.90% 0.52% 2.57%May-08 1.77% 0.57% 0.87% 0.67% 1.23%Jun-08 -0.50% 0.62% 0.95% -0.20% 0.18%Jul-08 -1.13% 0.69% 1.06% 2.10% 0.86%Aug-08 -2.53% 0.66% 1.01% 1.35% 0.56%Sep-08 -0.02% 0.70% 1.10% 0.89% -1.67%Oct-08 -3.70% 0.75% 1.17% -1.81% -3.83%Nov-08 1.88% 0.66% 1.00% 2.59% 3.36%Dec-08 1.30% 0.72% 1.11% 4.75% 6.08%Jan-09 4.09% 0.68% 1.04% 1.92% 4.31%Feb-09 0.15% 0.55% 0.85% 1.31% 1.36%Mar-09 -0.78% 0.64% 0.97% 1.82% 1.62%Apr-09 2.41% 0.55% 0.84% 0.27% -0.20%May-09 1.85% 0.55% 0.77% 1.79% 4.51%Jun-09 -0.53% 0.57% 0.75% 0.36% 0.47%Jul-09 1.25% 0.61% 0.78% 0.97% 1.27%Aug-09 1.58% 0.52% 0.69% 0.80% 1.69%Sep-09 4.85% 0.50% 0.69% 0.50% 0.89%Oct-09 3.09% 0.50% 0.69% 0.53% -1.12%Nov-09 3.59% 0.50% 0.66% 0.69% 1.04%Dec-09 -2.87% 0.55% 0.72% 0.87% 1.78%Jan-10 1.80% 0.50% 0.66% 1.10% 1.18%Feb-10 2.44% 0.50% 0.59% 0.90% 1.75%Mar-10 4.33% 0.58% 0.76% 1.20% 1.97%Apr-10 0.03% 0.50% 0.66% 0.20% 0.68%May-10 0.31% 0.55% 0.75% 1.16% -0.34%Jun-10 -1.01% 0.56% 0.79% 0.94% 1.27%Jul-10 2.23% 0.62% 0.86% 1.63% 1.58%Aug-10 0.99% 0.59% 0.89% 1.39% 2.00%Sep-10 4.74% 0.57% 0.84% 0.48% 0.52%Oct-10 3.30% 0.55% 0.81% 0.99% 1.99%Nov-10 2.38% 0.53% 0.81% 0.12% 0.87%Dec-10 0.59% 0.64% 0.93% 1.16% 2.39%Jan-11 0.66% 0.57% 0.86% -0.08% -0.31%Feb-11 1.22% 0.55% 0.84% 1.27% 0.64%

Mar-11 0.02% 0.62% 0.92% 0.82% 1.56%Apr-11 0.21% 0.54% 0.84% 1.07% 0.55%May-11 0.09% 0.54% 0.99% 1.27% 1.49%Jun-11 0.34% 0.66% 0.95% 0.80% -0.30%Jul-11 1.03% 0.62% 0.97% 0.72% 0.67%

Retorno Risco#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!

#REF! #REF!#REF!


69.01% 0.00% 0.00% 12.17% 0.00% 0.00% 0.00%IMA-C DLAR EURO OURO IBOV SMLL PETR4

2.15% -5.33% -2.54% 5.70% 14.73% 14.25% 28.05%5.30% -3.63% -6.05% -4.17% 0.59% 2.05% -4.79%0.33% 1.73% 3.83% 3.07% -1.71% -0.16% -3.60%

-0.37% -3.83% 0.13% 9.18% 6.36% 1.01% 8.71%-0.89% 10.11% 11.82% 12.73% -9.50% -7.90% -4.82%0.42% -5.92% -6.10% -13.31% 0.27% 1.10% -1.86%0.89% 0.55% 0.37% 3.49% 1.22% -0.32% 3.98%1.18% -1.72% -1.38% -1.80% -2.28% 3.22% -4.23%1.20% 1.66% 0.64% -5.03% 0.60% 2.93% -5.60%

2.70% -1.44% -0.80% 1.69% 7.72% 7.17% 5.94%3.21% 1.11% 5.06% 7.23% 6.80% 10.01% 9.12%2.31% -1.33% -1.87% -3.87% 6.06% 7.63% 8.66%1.90% -0.62% -1.97% 3.22% 0.38% -2.67% -5.00%1.18% -0.70% 1.40% 1.34% -1.68% 0.63% -8.51%2.81% -2.82% -2.30% -1.54% 4.36% 3.68% 7.60%5.23% -0.80% 1.37% 3.91% 6.88% 7.40% -1.24%5.27% -5.16% -6.51% -5.48% 6.77% 9.54% 1.64%1.16% -0.14% 0.45% -3.41% 4.06% 2.76% 12.41%0.28% -2.52% -1.45% -2.59% -0.39% 0.60% 2.07%

-1.15% 4.50% 4.11% 2.42% 0.84% -2.89% 0.10%2.50% -6.27% -1.93% 3.77% 10.67% 4.13% 13.41%1.27% -5.16% -3.92% 7.95% 8.02% 4.38% 21.66%0.38% 2.28% 3.95% 5.89% -3.54% -6.10% -0.17%1.79% -0.70% -0.45% -3.78% 1.40% -1.33% 22.95%1.38% -0.62% 0.25% 7.02% -6.88% -11.14% -8.71%1.08% -4.37% -2.23% 1.93% 6.72% 7.70% 1.31%0.88% 3.91% 7.97% -2.46% -3.97% -10.44% -9.16%1.34% -3.54% -4.54% -9.71% 11.32% 10.69% 14.37%2.13% -3.43% -3.81% 0.22% 6.96% 10.31% 16.11%2.46% -2.30% -1.13% 0.86% -10.44% -9.50% -5.69%2.47% -1.59% -2.49% -1.06% -8.48% -2.70% -22.31%

-0.81% 4.33% -1.86% -5.38% -6.43% -10.49% -2.79%-0.21% 17.13% 12.28% 22.50% -11.03% -23.23% 0.57%1.05% 10.50% -0.04% -5.38% -24.80% -26.93% -33.59%1.33% 10.30% 10.04% 13.33% -1.77% -2.51% -13.94%0.70% 0.17% 9.31% 10.64% 2.61% 3.85% 18.00%0.24% -0.89% -8.31% 5.55% 4.66% 0.03% 9.59%0.72% 2.69% 1.75% 3.70% -2.84% -4.98% 5.47%

-0.29% -2.66% 1.89% -4.29% 7.18% 2.65% 8.14%0.37% -5.91% -6.36% -6.94% 15.55% 32.46% 4.69%0.69% -9.42% -3.23% 1.04% 12.49% 12.23% 16.62%2.29% -1.08% -1.77% -4.76% -3.25% 0.60% -5.81%0.34% -4.05% -2.50% -4.83% 6.41% 15.93% -2.07%1.94% 0.74% 1.11% -0.35% 3.15% 7.98% -0.29%3.78% -5.74% -3.70% 0.97% 8.90% 7.37% 11.54%1.43% -1.92% -1.18% 3.22% 0.04% 2.62% 0.69%0.53% 0.37% 2.17% 15.03% 8.93% 12.59% 10.73%

-2.45% -0.53% -4.53% -9.10% 2.30% 4.82% -4.92%1.50% 7.67% 3.82% 6.45% -4.65% -3.67% -6.87%2.26% -3.40% -5.24% -1.20% 1.68% 3.15% 1.29%2.39% -1.66% -2.40% 4.28% 5.82% -1.36% 2.25%1.44% -2.83% -4.31% 1.47% -4.04% -0.48% -7.32%1.82% 4.98% -2.93% 4.35% -6.64% -3.54% -9.10%1.19% -0.84% -1.44% 2.92% -3.34% 3.02% -9.26%0.49% -2.46% 4.08% -3.91% 10.80% 11.83% 3.69%1.59% -0.07% -2.97% 3.58% -3.51% 0.35% -5.75%2.99% -3.52% 3.79% 0.75% 6.58% 5.13% 4.72%2.24% 0.42% 2.43% 7.67% 1.79% 6.35% -5.28%2.21% 0.86% -5.50% 6.25% -4.20% -0.99% -4.36%1.20% -2.91% -0.38% -3.53% 2.36% 1.91% 11.85%1.21% 0.72% 2.84% -9.39% -3.94% -8.31% -0.73%1.54% -0.73% 0.02% 5.52% 1.22% 0.70% 5.50%

1.25% -1.96% 0.02% 0.00% 1.79% 6.27% -0.24%0.82% -3.40% 0.85% 1.40% -3.58% 0.04% -9.74%1.02% 0.42% -2.60% -0.88% -2.29% -0.14% -5.90%0.23% -1.19% -0.29% 2.16% -3.43% -2.69% -1.54%0.43% -0.31% -1.21% 9.32% -5.74% -6.41% -0.94%

18.82%VALE5

16.78%-7.57%3.44%0.18%

-4.78%0.09%

-1.77%-8.04%1.26%

15.95%9.62%6.96%

10.91%4.10%3.11%

10.23%4.45%

-1.28%9.26%2.53%

28.57%5.49%

-4.57%-2.68%

-11.78%11.37%

1.87%6.43%1.44%

-12.25%-14.36%

-6.98%-13.92%-20.05%

-3.50%-2.53%17.25%-4.21%-0.30%15.94%

6.63%-8.15%8.54%1.54%

11.25%9.11%7.40%

-0.40%-0.14%5.48%

11.47%-6.09%-7.84%

-11.59%12.56%-2.91%13.76%

4.34%0.52%1.04%5.13%

-2.73%

-4.46%-2.79%-2.67%-0.45%-2.13%

Otimizao de Carteiras 2008Ativos AlocaoPoupana 0.00%CDI 48.17%IRF-M 11.88%IMA-B 2.83%IMA-C 25.62%DLAR 0.00%EURO 0.00%OURO 0.51%IBOV 0.00%SMLL 0.00%PETR4 0.00%VALE5 0.00%FFCI11 2.96%HTMX11B 8.03%FLMA11 0.00%NSLU11B 0.00%EURO11 0.00%Carteira 100%Estatsticas

TipoRetorno #REF! Retorno Anual Esperado da CarteiraRisco #REF! Risco Anual Esperado da CarteiraRetorno / Risco #REF! Relao entre Retorno x Risco. 100% signigica que Retorno = RiscoStress Test #REF! Retorno Esperado em um cenrio muito raroSharpe #REF! Ganho em Excesso da Carteira em relao a taxa livre de risco (CDI)Potencial de Diversificao #REF! Reduo do Risco ganha somente pela diversificao

Dados

0.00% 48.17% 11.88% 2.83%Ms Carteira Poupana CDI IRF-M IMA-B

Jan-08 1.27% 0.60% 0.92% 1.10% 1.38%Feb-08 0.88% 0.52% 0.79% 1.31% 2.16%Mar-08 1.25% 0.54% 0.84% -0.04% -2.00%Apr-08 0.46% 0.60% 0.90% 0.52% 2.57%May-08 1.58% 0.57% 0.87% 0.67% 1.23%


0.00% 20.00% 40.00% 60.00%

Jun-08 0.83% 0.62% 0.95% -0.20% 0.18%Jul-08 1.56% 0.69% 1.06% 2.10% 0.86%Aug-08 0.41% 0.66% 1.01% 1.35% 0.56%Sep-08 0.67% 0.70% 1.10% 0.89% -1.67%Oct-08 0.61% 0.75% 1.17% -1.81% -3.83%Nov-08 0.98% 0.66% 1.00% 2.59% 3.36%Dec-08 1.62% 0.72% 1.11% 4.75% 6.08%Jan-09 1.14% 0.68% 1.04% 1.92% 4.31%Feb-09 1.36% 0.55% 0.85% 1.31% 1.36%Mar-09 0.38% 0.64% 0.97% 1.82% 1.62%Apr-09 0.67% 0.55% 0.84% 0.27% -0.20%May-09 1.60% 0.55% 0.77% 1.79% 4.51%Jun-09 1.65% 0.57% 0.75% 0.36% 0.47%Jul-09 1.32% 0.61% 0.78% 0.97% 1.27%Aug-09 2.02% 0.52% 0.69% 0.80% 1.69%Sep-09 1.53% 0.50% 0.69% 0.50% 0.89%Oct-09 0.81% 0.50% 0.69% 0.53% -1.12%Nov-09 0.75% 0.50% 0.66% 0.69% 1.04%Dec-09 -0.07% 0.55% 0.72% 0.87% 1.78%Jan-10 1.00% 0.50% 0.66% 1.10% 1.18%Feb-10 1.03% 0.50% 0.59% 0.90% 1.75%Mar-10 1.27% 0.58% 0.76% 1.20% 1.97%Apr-10 0.69% 0.50% 0.66% 0.20% 0.68%May-10 1.25% 0.55% 0.75% 1.16% -0.34%Jun-10 1.30% 0.56% 0.79% 0.94% 1.27%Jul-10 1.47% 0.62% 0.86% 1.63% 1.58%Aug-10 2.05% 0.59% 0.89% 1.39% 2.00%Sep-10 0.93% 0.57% 0.84% 0.48% 0.52%Oct-10 1.19% 0.55% 0.81% 0.99% 1.99%Nov-10 2.13% 0.53% 0.81% 0.12% 0.87%Dec-10 1.81% 0.64% 0.93% 1.16% 2.39%Jan-11 1.07% 0.57% 0.86% -0.08% -0.31%Feb-11 0.91% 0.55% 0.84% 1.27% 0.64%Mar-11 1.02% 0.62% 0.92% 0.82% 1.56%Apr-11 1.19% 0.54% 0.84% 1.07% 0.55%May-11 1.30% 0.54% 0.99% 1.27% 1.49%Jun-11 1.28% 0.66% 0.95% 0.80% -0.30%Jul-11 1.67% 0.62% 0.97% 0.72% 0.67%

Retorno Risco#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!#REF! #REF!

#REF! #REF!#REF!


25.62% 0.00% 0.00% 0.51% 0.00% 0.00% 0.00% 0.00%IMA-C DLAR EURO OURO IBOV SMLL PETR4 VALE5

1.38% -0.62% 0.25% 7.02% -6.88% -11.14% -8.71% -11.78%1.08% -4.37% -2.23% 1.93% 6.72% 7.70% 1.31% 11.37%0.88% 3.91% 7.97% -2.46% -3.97% -10.44% -9.16% 1.87%1.34% -3.54% -4.54% -9.71% 11.32% 10.69% 14.37% 6.43%2.13% -3.43% -3.81% 0.22% 6.96% 10.31% 16.11% 1.44%

2.46% -2.30% -1.13% 0.86% -10.44% -9.50% -5.69% -12.25%2.47% -1.59% -2.49% -1.06% -8.48% -2.70% -22.31% -14.36%

-0.81% 4.33% -1.86% -5.38% -6.43% -10.49% -2.79% -6.98%-0.21% 17.13% 12.28% 22.50% -11.03% -23.23% 0.57% -13.92%1.05% 10.50% -0.04% -5.38% -24.80% -26.93% -33.59% -20.05%1.33% 10.30% 10.04% 13.33% -1.77% -2.51% -13.94% -3.50%0.70% 0.17% 9.31% 10.64% 2.61% 3.85% 18.00% -2.53%0.24% -0.89% -8.31% 5.55% 4.66% 0.03% 9.59% 17.25%0.72% 2.69% 1.75% 3.70% -2.84% -4.98% 5.47% -4.21%

-0.29% -2.66% 1.89% -4.29% 7.18% 2.65% 8.14% -0.30%0.37% -5.91% -6.36% -6.94% 15.55% 32.46% 4.69% 15.94%0.69% -9.42% -3.23% 1.04% 12.49% 12.23% 16.62% 6.63%2.29% -1.08% -1.77% -4.76% -3.25% 0.60% -5.81% -8.15%0.34% -4.05% -2.50% -4.83% 6.41% 15.93% -2.07% 8.54%1.94% 0.74% 1.11% -0.35% 3.15% 7.98% -0.29% 1.54%3.78% -5.74% -3.70% 0.97% 8.90% 7.37% 11.54% 11.25%1.43% -1.92% -1.18% 3.22% 0.04% 2.62% 0.69% 9.11%0.53% 0.37% 2.17% 15.03% 8.93% 12.59% 10.73% 7.40%

-2.45% -0.53% -4.53% -9.10% 2.30% 4.82% -4.92% -0.40%1.50% 7.67% 3.82% 6.45% -4.65% -3.67% -6.87% -0.14%2.26% -3.40% -5.24% -1.20% 1.68% 3.15% 1.29% 5.48%2.39% -1.66% -2.40% 4.28% 5.82% -1.36% 2.25% 11.47%1.44% -2.83% -4.31% 1.47% -4.04% -0.48% -7.32% -6.09%1.82% 4.98% -2.93% 4.35% -6.64% -3.54% -9.10% -7.84%1.19% -0.84% -1.44% 2.92% -3.34% 3.02% -9.26% -11.59%0.49% -2.46% 4.08% -3.91% 10.80% 11.83% 3.69% 12.56%1.59% -0.07% -2.97% 3.58% -3.51% 0.35% -5.75% -2.91%2.99% -3.52% 3.79% 0.75% 6.58% 5.13% 4.72% 13.76%2.24% 0.42% 2.43% 7.67% 1.79% 6.35% -5.28% 4.34%2.21% 0.86% -5.50% 6.25% -4.20% -0.99% -4.36% 0.52%1.20% -2.91% -0.38% -3.53% 2.36% 1.91% 11.85% 1.04%1.21% 0.72% 2.84% -9.39% -3.94% -8.31% -0.73% 5.13%1.54% -0.73% 0.02% 5.52% 1.22% 0.70% 5.50% -2.73%1.25% -1.96% 0.02% 0.00% 1.79% 6.27% -0.24% -4.46%0.82% -3.40% 0.85% 1.40% -3.58% 0.04% -9.74% -2.79%1.02% 0.42% -2.60% -0.88% -2.29% -0.14% -5.90% -2.67%0.23% -1.19% -0.29% 2.16% -3.43% -2.69% -1.54% -0.45%0.43% -0.31% -1.21% 9.32% -5.74% -6.41% -0.94% -2.13%

2.96% 8.03% 0.00% 0.00% 0.00%FFCI11 HTMX11B FLMA11 NSLU11B EURO11

8.90% 0.00% 6.13% 3.00% 0.25%-3.92% 1.41% 19.39% 7.76% -1.06%22.07% 0.54% -14.07% -0.73% 0.13%

-15.12% 0.61% -2.89% -0.80% 0.83%14.70% 0.81% 9.93% 4.77% 0.90%

-10.56% 0.80% 2.10% 2.12% -0.46%2.79% 0.77% 7.84% 3.40% -0.13%

-3.03% 0.89% -5.63% -0.37% -2.09%0.85% -0.02% -2.66% -8.49% -1.78%1.98% 0.89% 0.83% 2.35% -5.65%

-0.96% -3.45% 2.21% 2.94% 1.75%1.04% 1.06% 1.05% -0.99% 5.06%4.07% 1.00% 2.24% 1.61% 5.22%

18.66% -0.01% -1.51% 6.40% 8.40%-4.14% -1.66% -2.91% 0.98% -1.35%6.16% 0.00% 5.88% 6.63% 5.77%4.19% 7.24% 4.56% 9.36% 2.66%8.09% 5.39% -0.26% 4.72% 1.43%7.54% 6.26% 11.62% 2.45% 4.19%

-0.68% 13.34% 18.69% 5.57% 2.77%0.74% 1.51% 12.20% 16.46% 9.35%0.00% 0.85% -6.40% -12.21% -0.07%1.48% 0.80% -1.06% -7.49% -10.41%

-0.67% 1.56% 0.70% -1.77% 4.87%1.49% 0.75% 4.21% 8.60% 2.20%

-0.68% 0.47% -4.58% 1.61% 1.23%0.77% 0.63% -4.83% 3.16% 1.27%1.50% -1.10% 10.98% -0.72% 1.32%

-1.41% 3.92% -1.85% 1.87% 1.04%0.78% 5.39% -7.20% 1.31% 1.87%3.00% 7.77% 10.32% 1.80% 5.14%

-0.68% 12.36% 2.52% 1.78% -0.07%0.04% -3.97% 3.30% -0.18% 2.04%1.52% -0.40% 1.62% 1.46% 1.24%5.92% 11.57% 13.21% 0.51% 6.43%7.04% 8.19% 25.71% 2.25% -0.51%3.33% 3.94% -6.38% 2.73% 1.33%1.42% -1.57% 1.84% 1.00% -2.45%

10.33% -2.41% 0.50% 2.42% 4.68%5.27% 3.34% 0.03% -0.19% -2.97%0.62% 4.51% 1.31% 2.54% -3.39%

-6.05% 10.54% 0.68% -0.98% -1.93%0.68% 11.42% -2.41% 1.27% 3.46%

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