Provide information of financial instruments in usa

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Introduction

This report is divided into two parts: Part 1 and Part 2. There are 7 questions in Part 1 and all of them are questions requiring our group to discuss about the information found in the website relating to the index that we have chosen which is Hang Seng Index (HKSE: ^HSI). However, as Yahoo! Finance is a website mainly provide information of financial instruments from USA. Our group has used some other websites in order to find enough and supplement information to answer the questions.

In Part 2, we are asked to obtain the historical stock price of five stock mutual funds from five different categories. As our group has chosen Hang Seng Index in Part 1, we have chosen five mutual funds which are mainly from Hong Kong so that comparison can be made on the mutual funds, the portfolio and Hang Seng Index.

Part 1

1. In Investing section, there are ten subsections which are Market Overview, Market Statistics, Stocks, Mutual Funds, EFTs, Bonds, Options, Industries, Currencies and Education.

For Market Overview, there are some articles of describing the market on the particular dates so that people can have more knowledge about the economic environment changes in the particular days. More, it provides the highlight of some indexes or stocks with a sharp change everyday. In this part, the information is mainly about the entire economy in the world. For example, there are many descriptions about the movement of S&P500.

In the subsection of Market Statistics, there is information, such as the trade volume, time of last trade, about the stocks in US sorted by volume traded, percentages of price change everyday. Also, it provides the function showing any unusual volume rise or decline in a particular day.

Apart from the above two functions, Yahoo! Finance also provides the detail information of financial instruments, such as bonds, funds, ETFs provided in the world and mainly in US, etc. The information includes the historical quotes, real time quotes, screener, financial report of the firms, etc. The data could be presented in numbers or charts, so people can analyze this data and design their investing preference.

For the section of News and Opinion, there are news and articles related to the market, the earnings of the listed companies and some official announcements from the companies. More, the experts opinion and advices are also provided.

2.There are 81 indexes covered by the “Market Stats” page. It includes the indexes in US, Americans, Asia/ Pacific, Europe and Africa/ Middle East.

3. There are three steps of fundamental analysis. They are domestic and global economic analysis, industry analysis and fundamental company analysis. Therefore, news related to macroeconomic analysis will first be discussed.

For macroeconomic analysis, it is the analysis assessing the macro-economic environment. Macroeconomic events or variables will bring impacts on every industries or firms in a country, region or even the whole word.

Heading: Fed action boosts dollar, hurts commodities, stocks Feb 19, 2010

This article stated that as the interest rate was increased by Federal Reserve on 18th February, 2009, stock price of most of the stock in United State of America was dropped. The present value of the stocks or firm value is calculated by the dividend divided by the interest rate. After the increase of the interest rate, the present value of all firms in USA dropped in the same night result a decrease in the stock price.

As Hong Kong Dollar is linked to US Dollar, there were same effects in Hong Kong. Stock price of many stocks in Hong Kong dropped in the day after the announcement of the decrease of interest rate. For example, shares of HSBC (HKSE: 0005) dropped 1.9% on 19th February, 2010. As HSBC contributes the heaviest part of Hang Seng Index among all its components, there was a 2.5% decline of Hang Seng Index on the same day.

This is the news shows that there are some events or variables that affect all the industries or firms. Even a company performs very well; the stock price could still drop because of macro-economic affairs. Apart from the interest rate, gross domestic product (GDP), unemployment rate, inflation, budget deficits and consumer sentiment, etc are the macro-economic variables.

Industry analysis is the analysis that assesses the firms' performances by analyzing the industry performance in the economy. It is a useful analysis because it is not possible for a firm perform very well in a very week industry or the industry which is in the last stage of the life cycle.

Heading: China Mobile (HKSE:0941) growth prospects improve Mar 18, 2010

In this article, it describes how China mobile increased their revenue after introduction the value-added service and third Generation service. Before introducing these two services, the revenue of companies in the telecom industry was decreasing stably because of keen competition. However, after the introduction, the average revenue per users (ARPU) of China Mobile increased from 75 Yuan to 77 Yuan in 2010. From this article, we can see that the value of China mobile and its shares have increased because of the introduction of new services. These services have made the position of the industry from maturity backward to stable growth in the industry life cycle1.

After macroeconomic analysis and industry analysis, fundamental analysis can be performed. News related to fundamental analysis are news that provide descriptions or information for reader to forecast and estimate the future share price of a firm predicting and estimating the future intrinsic value of the firm.

Heading: HK shares may ease from 8-mth high; China Mobile eyed Mar 18, 2009

This article describes the sales performance of China Mobile in 2009. There is also the prediction on revenue of China Mobile in 2010 that there should be a little growth of revenue in 2010 because of the prediction of the interest rate to be increased. The prediction in this news is more comprehensive in the previous two, including the company internal performance, macroeconomic analysis and industry general performance.

4. On 19 Feb 2010, the Federal Reserve decided to raise the discount rate from 0.5% to 0.72% boosting the rate banks pay for emergency loans. This is as a means to pull back the extraordinary aid it provided to fight the worst financial and economic crisis since the 1930s. By responding to the news, U.S. dollar rose, commodity prices dropped and stocks fell. This led to a fall in the financial markets worldwide, including Hong Kong and European stocks markets. The following chart shows the performance of Hang Seng Index for a month including 19 Feb.

*HSI. Source from:

As depicted in the chart, Hang Seng Index had a sharp fall on 19 Feb, with a decrease of 2.5%. Besides, HSBC2 and HSB3 experienced a great fall in their share prices. This was the response of investors to the decision of the Fed.

Due to the linked exchange rate between U.S. dollar and Hong Kong dollar, a rise in the U.S. interest rate will trigger an increase in the Hong Kong interest rate. Borrowing costs rise since the investors have to pay more for loans with an increased interest rate. This also means a higher cost of investment, causing a drop in the demand for stocks. Share prices fall as a result. On the other hand, an increased interest rate will lead to a decrease in the present value of stocks. (Present value of stocks is calculated by having the expected dividends divided by interest rate.) A fall in present value of stocks will result in a drop in the current share prices. Finally, this will contribute a decrease in the Hang Seng Index, with the prices of its composite stocks fall at the same time.

5a.In the website, for a particular stock, you can find some basic information (summary) of the stock like the last trade price, the opening price today, the previous day's closing price, the price range in a particular day and within 52week, the bid price, ask price, information of call and put options stock's historical price and some ratio analysis likes P/E ratio, EPS and dividend yield ratio, etc. Apart from these information, some chart analysis like basic technique analysis which showing the movement of the stock in recent time is included. You can also find some information about the company, in the website; you are able to take a look of the profile of the company, their competitors, some major event and news in the company as well as their financial reports like the income statement, cash flow and balance statement.

5b. Take China Mobile Limited as an example, from the website, we can see that China Mobile Limited ,listed in HKSE (0941) and NYSE (CHL) in 1997, it is the mobile telecommunications company providing services primarily in China, Hong Kong, and internationally. In NYSE, the price of CML was 48.96 on 19 March 2010, with price day range of 48.81 - 49.31. There are total 4.01 billion of shares outstanding with market capitalization is around 196.40 billion. The five year average dividend yield is 2.7% with payout ratio of 40%. The last dividend date was on 12 October 2009 and besides, the shares of CHL has split 4 for 1 on 5 July 2000

China Mobile Limited main competitors are China Telecom Corp. Ltd. (CHA), China Unicom Hong Kong Limited. (CHU) and Hutchison Telecommunications International Ltd. (HTX), however, CHL occupied around 66% (196.4 billion out of 295.74 billion) of the market capitalization in the industry and with gross margin of 83.52%, which was the highest among its competitors.

6a. There are different classification of the mutual fund, but generally, the mutual fund are board classified as equity fund, bond fund, money market fund, balanced fund, and index fund

Equity fund is the mutual fund that mainly invests into stock and there are different types of equity fund, they are large cap, Mid cap, Small Cap, international and sector equity fund. Many of the investors want to buy equity mutual fund because in long term, stock can outperform other type of the other investment

Bond fund is the mutual fund that invests in different type of bonds which is mainly issued by corporations, municipalities, and the government and it is mainly designed for providing a steady income stream.

Money market fund is the mutual fund that invests in short-term security such as Treasury bill and it is designed to provide a steady income on the investment amount with more stability.

Balanced Funds is those invested in stocks, bonds, and cash investments, in varying proportions.

Index fund is the mutual fund that trying to replicate the performance of a market index such as the S&P 500 or Dow Jones Industrial Average.

6b. One of the examples of mutual fund is Schwab S&P 500 Index Fund (SWPPX). This is an index fund which tries to replicate and track the total return of the S&P 500 index. SWPPX normally invests at least 80% of net assets in S&P 500's stocks and typically, the actual percentage is considerably higher. It also may invest in futures contracts and lend its securities to minimize the performance gap that naturally exists between the index fund and its corresponding index. As one of the advantages of the index fund is that they charge a low management expense, and SWPPX has charge only 0.13% of its total investment, which means when you invest $10,000 now, you just need to pay $115 after 10 years.

On 19 March 2010, SWPPX's net asset value is 18.12 with 9.32 billion of net assets with 0.4% of the 5 year average return. The year with the best total return was in 2003 with 28.47% total return and the year with the worst total return was in 2008 with -36.72% of the total return.

Another example of the mutual fund is Diamond Hill Select I (DHLTX). It is a stock fund which normally invests in 30 to 40 selected stocks of U.S. companies that the adviser believes are undervalued. As stock fund unlike index fund, it charges certain amount service fees. For DHLTX, it charges 0.87% of the total expense which means when you invest $10,000 now; you just need to pay $1131 after 10 years.

The minimum initial investment of this fund is $50,000 and it has 32.72 million of net assets now. On 19 March 2010, DHLTX's net asset value is 9.32 with 0.78% of year to date return. The year with the best total return was in 2009 with 33.64% total return and the year with the worst total return was in 2008 with -32.85% of the total return.

Part 2

The time frame for analysis is 28 Feb 2005 to 28 Feb 2010. We have chosen five mutual funds, in which four of them consist of mostly Hong Kong stocks to ensure comparability with Hang Seng Index.These four funds are categorized as large capitalization, middle capitalization, small capitalization and sector fund. Large, middle and small capitalization fund invest mainly in stocks that have large, middle and small capitalization in Hong Kong stock market respectively. Sector fund invest mainly in a particular sector, e.g. servicing industry. The last category of mutual fund we have chosen is international fund, which diversify its portfolio globally.

Since there are not many Hong Kong mutual funds available, some of the funds chosen are not purely consist of Hong Kong stocks.

Namely, the five funds being chosen are:

Large Cap.:

UBS (Lux) Equity Fund - Hong Kong (USD) P-acc

Middle Cap:

(Lyxor) Altus Trust (Lyxor) Altus Trust : Alpha Equity Fund - Hang Seng Index

Small Cap.:

Hang Seng Index ETF

Sector:

Hang Seng Investment Series Hang Seng Property Sector Flexipower A Acc

International:

AllianceBernstein Global Equity Blend Portfolio Euro B EUR

  1. The month-end prices and monthly holding-period return over 60 consecutive months of the five funds, the index, and RFR are shown in appendix.
  2. The summary statistics of the five funds:

SC

MC

LC

Sector

Int.

H.S.I.

mean return

0.77

1.35

0.86

1.47

-0.20

0.98

standard deviation

7.21

5.63

6.80

8.60

5.90

7.25

skewness

-0.64

1.91

-0.42

-0.29

-1.21

-0.55

kurtosis

3.10

9.62

1.89

0.47

2.71

1.60

maximum return

19.95

29.22

18.03

23.21

10.11

17.07

minimum return

-24.50

-10.25

-20.16

-22.01

-22.22

-22.47

3. The correlation matrix:

SC

MC

LC

Sector

Int.

H.S.I.

SC

N/A

0.64

0.93

0.88

0.72

0.19

MC

N/A

0.77

0.65

0.51

0.08

LC

N/A

0.84

0.84

0.26

Sector

N/A

0.72

0.25

Int.

N/A

0.26

H.S.I.

N/A

4. By using RP = 20% x (RSC + RMC + RLC + RSector + RInt.), we have calculated the portfolio return each month and using this 60 months returns to calculate the summary statistics of the portfolio:

mean return

0.85

standard deviation

6.19

skewness

-0.43

kurtosis

1.10

maximum return

15.42

minimum return

-16.27

correlation with H.S.I.

0.24

5. The performance measure that we have used are Jensen's Alpha, Sharpe ratio, M square, Treynor measure ,T square and Information ratio. These performance measures of the five funds and portfolio are shown in appendix. Since we want to compare the performance with Hang Seng Index, we assume Hang Seng Index is the market index for calculation.

SC

MC

LC

Sector

Int.

Portfolio

Jensen's Alpha

-0.12

0.45

-0.03

0.58

-1.09

0.85

Sharpe ratio

-0.02

0.08

-0.01

0.07

-0.19

-0.01

M square

0.77

1.47

0.85

1.38

-0.45

0.84

Treynor measure

-0.70

7.12

-0.19

1.90

-5.13

-0.06

T square

-0.79

7.04

-0.27

1.82

-5.22

-0.15

Information ratio

-0.02

0.04

-0.02

0.05

-0.15

-0.02

6. Risk-return characteristics

The following is the risk and return graph of the five funds and portfolio:

International fund performed badly in the period as it had a negative return.

Hang Seng Index was outperforming small capitalization fund as for the nearly same level of risk, Hang Seng Index provided a higher return.

Middle capitalization fund was outstanding as it provided highest return (except sector fund) with lowest risk.

Sector fund has a highest return among the funds and the index, but also highest risk.

We cannot see a significant proportional relationship of risk and return, i.e. higher risk with higher return. This may due to the time frame of five years is not statically large enough to show the relationship of risk and return.

Correlation with Hang Seng Index

Heng Seng Index consists mostly of large companies or MNCs like HSBC and Bank of East Asia, Ltd. Therefore, small capitalization and middle capitalization fund each have a relatively lower correlation with the Index, 0.19 and 0.05 respectively. We can also see a relatively higher index correlation of large capitalization and international fund, they are both 0.26.

The index also consists of a large portion of stocks in the property sector, e.g. Cheung Kong (Holdings) Ltd, Henderson Land Development Co. Ltd and Sun Hung Kai Properties Ltd. The sector fund, which concentrates investment in property sector, has a high correlation with the index (0.26).

The correlation between the funds are high, all of which are higher than 0.5. Therefore, the diversification effect of holding the portfolio of these five funds is low. As a result, the correlation between the portfolio and the index remains high (0.24).

Performance of the funds and portfolio

Jensen's Alpha, Sharpe ratio, M square, Treynor measure, T square and Information ratio are all the higher the better. However, small capitalization and international fund are both having negative figures on these measures. In other words, they were performing badly compared to the index.

For the other funds, whether they are good for investing depends on different type of investors.

For investors attempting to add the fund as a fraction of the investor's overall portfolio, the portfolio of the five funds would be the most attractive as it has the highest Jensen's Alpha.

For investors attempting to invest entirely in the fund, or when the fund represents one of many actively managed portfolios of the investor, middle capitalization fund would be the most attractive as it has the highest Sharpe ratio, M square, Treynor measure and T square.

When the portfolio represents the single actively managed portfolio to be optimally mixed with the passive portfolio, sector fund would be worthwhile to invest as it has the highest Information ratio.

Appendix

1. Industry life cycle

5. *HSBC. Source from:

6. *HSB. Source from:

4. Month-end prices and monthly holding-period return over 60 consecutive months of the five funds, the index, and RFR

Small Cap

Mid Cap

Large Cap

Sector

international

Hang Seng Index

Price

HPR

Price

HPR

Price

HPR

Price

HPR

Price

HPR

Index

HPR

RFR

28-Feb-05

10000.0

10000.0

10000.0

10000.0

10000.0

13516.9

0.92

31-Mar-05

9666.7

-3.3

9363.1

-6.4

9669.7

-3.3

9441.2

-5.6

9739.7

-2.6

13909.0

2.9

0.93

30-Apr-05

10016.1

3.6

9591.3

2.4

9881.4

2.2

9876.5

4.6

9456.4

-2.9

13867.1

-0.3

0.97

31-May-05

10029.1

0.1

9724.3

1.4

9970.5

0.9

9811.6

-0.7

9701.4

2.6

14201.1

2.4

1.00

30-Jun-05

10344.3

3.1

9943.0

2.2

10013.3

0.4

10065.0

2.6

9831.6

1.3

14881.0

4.8

0.71

31-Jul-05

10849.9

4.9

10380.2

4.4

10491.8

4.8

11026.8

9.6

10237.4

4.1

14903.6

0.2

1.14

31-Aug-05

10754.7

-0.9

10418.3

0.4

10562.0

0.7

11033.1

0.1

10436.5

1.9

15428.5

3.5

1.17

30-Sep-05

11031.3

2.6

10712.9

2.8

10967.5

3.8

11169.6

1.2

10796.3

3.4

14386.4

-6.8

1.18

31-Oct-05

10279.0

-6.8

10095.1

-5.8

10243.4

-6.6

10259.9

-8.1

10467.1

-3.0

14937.1

3.8

1.33

30-Nov-05

10643.4

3.5

10598.9

5.0

10675.6

4.2

10786.2

5.1

10857.6

3.7

14876.4

-0.4

1.32

31-Dec-05

10884.6

2.3

10892.1

2.8

10879.2

1.9

11085.1

2.8

11125.6

2.5

15753.1

5.9

1.36

31-Jan-06

11454.9

5.2

11074.1

1.7

11116.2

2.2

12131.3

9.4

11791.7

6.0

15918.5

1.0

1.49

28-Feb-06

11493.8

0.3

11226.2

1.4

11161.8

0.4

12215.7

0.7

11676.9

-1.0

15805.0

-0.7

1.54

31-Mar-06

11585.9

0.8

11150.2

-0.7

11235.4

0.7

12878.5

5.4

11937.2

2.2

16661.3

5.4

1.54

30-Apr-06

12090.1

4.4

11825.1

6.1

11845.1

5.4

13489.3

4.7

12320.1

3.2

15857.9

-4.8

1.59

31-May-06

11507.5

-4.8

11444.9

-3.2

11422.1

-3.6

12417.2

-7.9

11738.1

-4.7

16267.6

2.6

1.62

30-Jun-06

11420.9

-0.8

11406.8

-0.3

11466.3

0.4

12573.1

1.3

11638.6

-0.8

16971.3

4.3

1.67

31-Jul-06

11700.4

2.4

11958.2

4.8

11886.5

3.7

13108.0

4.3

11707.5

0.6

17392.3

2.5

1.70

31-Aug-06

12077.1

3.2

12252.9

2.5

12295.5

3.4

13359.3

1.9

11990.8

2.4

17543.1

0.9

1.68

30-Sep-06

12208.1

1.1

12457.8

1.7

12473.7

1.4

13814.2

3.4

12038.8

0.4

18324.4

4.5

1.63

31-Oct-06

12318.8

0.9

13317.5

6.9

12950.8

3.8

14132.6

2.3

12457.9

3.5

18960.5

3.5

1.69

30-Nov-06

12999.3

5.5

13773.8

3.4

13524.6

4.4

15724.5

11.3

12794.8

2.7

19964.7

5.3

1.68

31-Dec-06

13629.0

4.8

14429.7

4.8

14068.3

4.0

16887.6

7.4

13139.4

2.7

20106.4

0.7

1.67

31-Jan-07

14065.4

3.2

15133.1

4.9

14168.0

0.7

16881.1

0.0

13223.6

0.6

19651.5

-2.3

1.71

28-Feb-07

13695.4

-2.6

15199.6

0.4

13874.3

-2.1

16640.7

-1.4

13085.8

-1.0

19800.9

0.8

1.72

31-Mar-07

14041.7

2.5

14828.9

-2.4

14038.9

1.2

17361.9

4.3

13261.9

1.3

20319.0

2.6

1.68

30-Apr-07

14360.5

2.3

15370.7

3.7

14426.8

2.8

18336.6

5.6

13774.9

3.9

20634.5

1.6

1.64

31-May-07

14656.7

2.1

15836.5

3.0

14787.4

2.5

21195.6

15.6

14196.0

3.1

21772.7

5.5

1.58

30-Jun-07

14990.3

2.3

16359.3

3.3

15347.3

3.8

21377.5

0.9

14050.5

-1.0

23184.9

6.5

1.61

31-Jul-07

15968.3

6.5

17138.8

4.8

16283.7

6.1

24606.9

15.1

13698.3

-2.5

23984.1

3.4

1.65

31-Aug-07

16325.8

2.2

18346.0

7.0

16947.2

4.1

24347.0

-1.1

13568.2

-1.0

27142.5

13.2

1.34

30-Sep-07

17489.9

7.1

20950.6

14.2

19257.1

13.6

26965.6

10.8

14349.2

5.8

31352.6

15.5

1.27

31-Oct-07

19423.0

11.1

27072.2

29.2

22090.6

14.7

30324.9

12.5

14793.3

3.1

28643.6

-8.6

1.31

30-Nov-07

18903.5

-2.7

24296.6

-10.3

20314.2

-8.0

28654.0

-5.5

14004.6

-5.3

27812.7

-2.9

1.05

31-Dec-07

19041.2

0.7

24325.1

0.1

20137.4

-0.9

27738.8

-3.2

13767.2

-1.7

23455.7

-15.7

1.12

31-Jan-08

16629.0

-12.7

22100.8

-9.1

16924.4

-16.0

24191.0

-12.8

12649.3

-8.1

24331.7

3.7

0.65

29-Feb-08

16266.6

-2.2

21806.1

-1.3

16372.8

-3.3

24236.5

0.2

12335.4

-2.5

22849.2

-6.1

0.63

31-Mar-08

15177.4

-6.7

20608.4

-5.5

16159.3

-1.3

21741.4

-10.3

11998.5

-2.7

25755.4

12.7

0.46

30-Apr-08

16272.6

7.2

21739.5

5.5

17659.0

9.3

23372.3

7.5

12817.8

6.8

24533.1

-4.7

0.48

31-May-08

16354.9

0.5

20998.1

-3.4

17582.8

-0.4

22189.7

-5.1

12879.0

0.5

22102.0

-9.9

0.63

30-Jun-08

14409.9

-11.9

19610.3

-6.6

15550.6

-11.6

18330.1

-17.4

11600.3

-9.9

22731.1

2.8

0.63

31-Jul-08

14169.8

-1.7

19733.8

0.6

15470.6

-0.5

18752.4

2.3

11072.0

-4.6

21261.9

-6.5

0.56

31-Aug-08

13292.6

-6.2

19163.5

-2.9

14998.7

-3.1

17271.0

-7.9

10673.8

-3.6

18016.2

-15.3

0.57

30-Sep-08

10782.2

-18.9

18127.4

-5.4

12797.9

-14.7

13469.8

-22.0

8958.7

-16.1

13968.7

-22.5

0.31

31-Oct-08

8140.2

-24.5

17357.4

-4.2

10217.3

-20.2

12092.3

-10.2

6967.8

-22.2

13888.2

-0.6

0.15

30-Nov-08

8060.0

-1.0

17490.5

0.8

9974.7

-2.4

12176.7

0.7

6309.3

-9.5

14387.5

3.6

0.00

31-Dec-08

8501.5

5.5

18003.8

2.9

10132.2

1.6

12911.0

6.0

6485.5

2.8

13278.2

-7.7

0.04

31-Jan-09

8415.2

-1.0

17595.1

-2.3

9354.6

-7.7

13047.4

1.1

5857.6

-9.7

12811.6

-3.5

0.08

28-Feb-09

8085.0

-3.9

17481.0

-0.6

9028.0

-3.5

12033.8

-7.8

5275.7

-9.9

13576.0

6.0

0.09

31-Mar-09

8524.3

5.4

17880.2

2.3

9595.4

6.3

13671.2

13.6

5758.0

9.1

15521.0

14.3

0.07

30-Apr-09

10026.1

17.6

18526.6

3.6

10979.1

14.4

15789.5

15.5

6340.0

10.1

18171.0

17.1

0.05

31-May-09

12026.6

20.0

19752.9

6.6

12959.0

18.0

19454.2

23.2

6929.6

9.3

18378.7

1.1

0.05

30-Jun-09

11770.6

-2.1

20104.6

1.8

13197.1

1.8

19642.6

1.0

6860.6

-1.0

20573.3

11.9

0.06

31-Jul-09

13421.1

14.0

20912.6

4.0

14511.7

10.0

21767.4

10.8

7434.9

8.4

19724.2

-4.1

0.06

31-Aug-09

12488.7

-6.9

20636.9

-1.3

13940.6

-3.9

18804.4

-13.6

7687.6

3.4

20955.3

6.2

0.05

30-Sep-09

13433.0

7.6

21017.1

1.8

14869.1

6.7

20214.4

7.5

8078.1

5.1

21752.9

3.8

0.05

31-Oct-09

13700.8

2.0

21302.3

1.4

15432.8

3.8

21130.6

4.5

7840.7

-2.9

21821.5

0.3

0.02

30-Nov-09

13587.4

-0.8

21159.7

-0.7

15513.2

0.5

20682.3

-2.1

8215.9

4.8

21872.5

0.2

0.02

31-Dec-09

13954.8

2.7

20988.6

-0.8

15409.6

-0.7

20786.2

0.5

8384.4

2.1

20122.0

-8.0

0.02

31-Jan-10

13035.0

-6.6

20456.3

-2.5

14639.5

-5.0

18031.2

-13.3

7871.4

-6.1

20608.7

2.4

0.03

28-Feb-10

13496.2

3.5

20456.3

0.0

14520.7

-0.8

19259.3

6.8

7940.3

0.9

20788.0

0.9

0.00

Reference

1. http://finance.yahoo.com

2. http://www.reuters.com/

3. http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20100219/BUSINESS07/2190342/-1/BUSINESS09

4. http://www.reuters.com/article/idCALDE61I0BP20100219?rpc=44

5. http://www.investopedia.com/university/mutualfunds/mutualfunds1.asp

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