Erlangga Nugrahabharata Eileen Chu TEMPLETON GROWTH FUND CASE

Erlangga Nugrahabharata Eileen Chu TEMPLETON GROWTH FUND

CASE BACKGROUND Templeton Growth Fund facts: � Introduced in November 1954 � Goal: LT capital appreciation in global equities � Average return : 12. 55% sinception � The last 10 years: 3. 66%

CASE OBJECTIVE 1. Determine Optimal Portfolio (OP) Identifying countries and weights Measure performance 2. Determine Optimal Constrained Portfolio (OCP) With Floor and Cap

CALCULATING TEMPLETON RETURN, Β, RVOL Market Weight ri σ β ri* β* RVOL US 0. 3548 0. 0734 15. 5 0. 89 0. 026054567 0. 3158 0. 0808 UK 0. 1477 0. 0843 22. 5 1. 1 0. 012451617 0. 1625 France 0. 0899 0. 0944 22. 6 1. 2 0. 008489179 0. 1079 Switzerland 0. 0672 0. 1076 18. 5 0. 93 0. 007229886 0. 0625 Germany 0. 0577 0. 0953 21. 8 1. 12 0. 005498676 0. 0646 Netherlands 0. 0441 0. 0955 19. 1 1. 07 0. 004209702 0. 0472 South Korea 0. 0372 0. 1273 39. 4 1. 32 0. 004735199 0. 0491 Sweden 0. 0672 0. 1301 24. 19 0. 78 0. 00874272 0. 0524 Italy 0. 0277 0. 0647 25. 4 1. 06 0. 001792923 0. 0294 Singapore 0. 0197 0. 1330 29. 4 1. 17 0. 002619471 0. 0230 Japan 0. 0182 0. 1020 22 0. 99 0. 00185554 0. 0180 Spain 0. 0162 0. 0731 22. 5 1. 2 0. 001183612 0. 0194 Hong Kong 0. 0086 0. 1703 36. 1 1. 18 0. 001464671 0. 0101 Ireland 0. 008 0. 0127 22. 7 1. 09 0. 000101991 0. 0087 Brazil 0. 0059 0. 3114 53. 7 1. 49 0. 001837263 0. 0088 Templeton 0. 9701 0. 088267018 0. 9795 0. 088585 *rf 2009: . 0015 � � Summary measures for Templeton- for the year of 2009 rtemp: 8. 82 % βtemp: . 98 RVOLtemp: . 0886

CONSTRUCT OPTIMAL PORTFOLIO (OP) 1. 2. 3. 4. 5. Calculate RVOL for individual countries (RVOLi) Rank countries based on RVOLi Calculate C* as the cutoff point Calculate each countries weights in OP Calculate OP performance

1. CALCULATING RVOL FOR EACH COUNTRY Market ri (ri-rf) σ β RVOLi US 0. 0734 0. 0719 15. 5 0. 89 0. 0808 UK 0. 0843 0. 0828 22. 5 1. 1 0. 0753 France 0. 0944 0. 0929 22. 6 1. 2 0. 0774 Switzerland 0. 1076 0. 1061 18. 5 0. 93 0. 1141 Germany 0. 0953 0. 0938 21. 8 1. 12 0. 0837 Netherlands 0. 0955 0. 0940 19. 1 1. 07 0. 0878 South Korea 0. 1273 0. 1258 39. 4 1. 32 0. 0953 Sweden 0. 1301 0. 1286 24. 19 0. 78 0. 1648 Italy 0. 0647 0. 0632 25. 4 1. 06 0. 0596 Singapore 0. 1330 0. 1315 29. 4 1. 17 0. 1124 Japan 0. 1020 0. 1005 22 0. 99 0. 1015 Spain 0. 0731 0. 0716 22. 5 1. 2 0. 0596 Hong Kong 0. 1703 0. 1688 36. 1 1. 18 0. 1431 Ireland 0. 0127 0. 0112 22. 7 1. 09 0. 0103 Brazil World 0. 3114 0. 080611313 0. 3099 0. 0791 53. 7 14. 6948 1. 49 0. 9979052 0. 2080 0. 0793

2. RANK RVOL Market ri (ri-rf) σ β RVOLi Brazil 0. 3114 0. 3099 53. 7 1. 49 0. 2080 Sweden 0. 1301 0. 1286 24. 19 0. 78 0. 1648 Hong Kong 0. 1703 0. 1688 36. 1 1. 18 0. 1431 Switzerland 0. 1076 0. 1061 18. 5 0. 93 0. 1141 Singapore 0. 1330 0. 1315 29. 4 1. 17 0. 1124 Japan 0. 1020 0. 1005 22 0. 99 0. 1015 South Korea 0. 1273 0. 1258 39. 4 1. 32 0. 0953 Netherlands 0. 0955 0. 0940 19. 1 1. 07 0. 0878 Germany 0. 0953 0. 0938 21. 8 1. 12 0. 0837 US 0. 0734 0. 0719 15. 5 0. 89 0. 0808 France 0. 0944 0. 0929 22. 6 1. 2 0. 0774 UK 0. 0843 0. 0828 22. 5 1. 1 0. 0753 Italy 0. 0647 0. 0632 25. 4 1. 06 0. 0596 Spain 0. 0731 0. 0716 22. 5 1. 2 0. 0596 Ireland 0. 0127 0. 0112 22. 7 1. 09 0. 0103

2. RVOL RANKS (CONT. )

3. CALCULATE C* AND DETERMINE THE OPTIMAL PORTFOLIO IN MARKETS FOR WHICH RVOLI>C*. Market (ri-rf) β RVOL σ σ2εi (ri-rf)βi/σ2εi σ2 mβi/σ2εi Ci Brazil 0. 3114 1. 49 0. 2080 53. 7 2, 404. 29 0. 000193 0. 19940 0. 03474 Sweden 0. 1301 0. 78 0. 1648 24. 19 453. 74 0. 000224 0. 28954 0. 06042 Hong Kong 0. 1703 1. 18 0. 1431 36. 1 1, 002. 54 0. 000200 0. 29991 0. 07448 Switzerland 0. 1076 0. 93 0. 1141 18. 5 155. 48 0. 000644 1. 20118 0. 09104 Singapore 0. 1330 1. 17 0. 1124 29. 4 568. 76 0. 000274 0. 51972 0. 09438 Japan 0. 1020 0. 99 0. 1015 22 272. 36 0. 000371 0. 77707 0. 09594 South Korea 0. 1273 1. 32 0. 0953 39. 4 1, 176. 11 0. 000143 0. 31991 0. 09598 Netherlands 0. 0955 1. 07 0. 0878 19. 1 117. 58 0. 000869 2. 10260 0. 09386 Germany 0. 0953 1. 12 0. 0837 21. 8 204. 37 0. 000522 1. 32543 0. 09241 US 0. 0734 0. 89 0. 0808 15. 5 69. 21 0. 000944 2. 47156 0. 09008 France 0. 0944 1. 2 0. 0774 22. 6 199. 81 0. 000567 1. 55625 0. 08861 UK 0. 0843 1. 1 0. 0753 22. 5 244. 96 0. 000379 1. 06663 0. 08764 Italy 0. 0647 1. 06 0. 0596 25. 4 402. 53 0. 000170 0. 60276 0. 08647 Spain 0. 0731 1. 2 0. 0596 22. 5 195. 30 0. 000449 1. 59218 0. 08381 Ireland 0. 0127 1. 09 0. 0103 22. 7 258. 73 0. 00005 0. 99159 0. 07943 � C*=CJapan= 0. 09594

4. CALCULATE THE WEIGHT OF THE OPTIMAL PORTFOLIO σ2εi RVOL C* 1. 49 2, 404. 29 0. 2080 0. 09594 0. 000069 0. 17119 Sweden 0. 78 453. 74 0. 1648 0. 09594 0. 000118 0. 29196 Hong Kong 1. 18 1, 002. 54 0. 1431 0. 09594 0. 000055 0. 13672 Switzerland 0. 93 155. 48 0. 1141 0. 09594 0. 000108 0. 26734 Singapore 1. 17 568. 76 0. 1124 0. 09594 0. 000034 0. 08329 Japan 0. 99 272. 36 0. 1015 0. 09594 0. 000020 0. 04950 0. 000406 1. 00000 Market β Brazil Zi Wi

5. CALCULATE THE PERFORMANCE OF OP Market Weight% ri (ri-rf) σ β ri* β*Weight Brazil 0. 17119 0. 3114 0. 3099 53. 7 1. 49 0. 0533 0. 2551 Sweden 0. 29196 0. 1301 0. 1286 36. 1 1. 14 0. 0380 0. 3328 Hong Kong 0. 13672 0. 1703 0. 1688 17. 1 1. 18 0. 0233 0. 1613 Switzerland 0. 26734 0. 1076 0. 1061 18. 5 0. 93 0. 0288 0. 2486 Singapore 0. 08329 0. 1330 0. 1315 29. 4 1. 17 0. 0111 0. 0974 Japan 0. 04950 0. 1020 0. 1005 22 0. 99 0. 0050 0. 0490 OP 1. 00000 0. 15946 1. 1443 Summary measures for Optimal Portfolio (OP) rop: 15. 94% βop: . 98 RVOLop: . 1380 RVOLop 0. 13804

CALCULATE OCP � OCPANGGA � OCPCHU

OCPANGGA � Maximize floor for US � Apply cap 6. 5% to RVOL-ranked countries up to US

OCP CHU � Floor 35% for US � Apply cap 6. 5% to RVOL-ranked countries up to Japan � International Diversification (keep all countries in the portfolio) � An Art not Science

CALCULATE THE PERFORMANCE OF OCPCHU Calculate the performance of OCP chu Market ri (ri-rf) β ri* β* US 0. 35000 0. 0734 0. 0719 0. 89 0. 0257 0. 3115 Brazil 0. 06500 0. 3114 0. 3099 1. 49 0. 0202 0. 0969 Sweden 0. 06500 0. 1703 0. 1688 1. 18 0. 0111 0. 0767 Hong Kong 0. 06500 0. 1076 0. 1061 0. 78 0. 0070 0. 0507 Switzerland 0. 06500 0. 1076 0. 1061 0. 93 0. 0070 0. 0605 Singapore 0. 06500 0. 1330 0. 1315 1. 17 0. 0086 0. 0761 Japan 0. 06500 0. 1020 0. 1005 0. 99 0. 0066 0. 0644 South Korea 0. 01077 0. 1273 0. 1258 1. 32 0. 0014 0. 0142 Netherlands 0. 06500 0. 0955 0. 0940 1. 07 0. 0062 0. 0696 Germany 0. 04623 0. 0953 0. 0938 1. 12 0. 0044 0. 0518 France 0. 04685 0. 0944 0. 0929 1. 2 0. 0044 0. 0562 UK 0. 03405 0. 0843 0. 0828 1. 1 0. 0029 0. 0375 Italy 0. 01582 0. 0647 0. 0632 1. 06 0. 0010 0. 0168 Spain 0. 03691 0. 0731 0. 0716 1. 2 0. 0027 0. 0443 Ireland 0. 00438 0. 0127 0. 0112 1. 09 0. 00006 0. 0048 OCPCHU Weight% 1 Summary measures for Optimal Portfolio (OP) rohu: 10. 93% βchu: 1. 0316 RVOLchu: . 1380 0. 1093 1. 0316 RVOL* 0. 10450

COMPARE THE PERFORMANCE 2009 Portfolio rp β RVOL Temple Growth 0. 08827 0. 98 0. 0886 OP 0. 15946 1. 14 0. 1380 OCP Angga 0. 11318 1. 04 0. 1068 OCP Chu 0. 10931 1. 03 0. 1045 MSCI USA 0. 07343 0. 89 0. 0808 MSCI World 0. 08061 1. 00 0. 0793 Rank rp Beta RVOL 1 OP OP OP 2 OCP Angga 3 OCP Chu 4 Templeton G World Templeton G 5 MSCI World Templeton G MSCI USA 6 MSCI USA MSCI World

COMPARE 2010 PERFORMACE OF PORTFOLIOS � Gather 2010 data www. msci. com/products/indices/country_and_regional/all_country/perfor mance. html Run the out of sample calculation for each country’s return, beta � Use the same weight of 2009 � Calculate the portfolio performance � (Templeton, OP, OCP, USA & World)

CALCULATE 2010 MONTHLY RETURN FOR EACH PORTFOLIO COUNTRY Index Level : Price Currency : USD r T = (V t+T -Vt) / Vt German Netherla SWITZE y nd RLANd UK Date/Country France 2009 -12 -31 USA HONG KONG ITALY JAPAN SINGAP ORE SPAIN 102. 240 101. 210 103. 730 101. 640 102. 560 101. 900 102. 030 101. 070 100. 700 105. 070 98. 240 SWEDE IRELAN AC N BRAZIL D KOREA WORLD 97. 490 99. 070 101. 230 105. 140 108. 330 101. 960 98. 230 95. 310 92. 520 102. 610 98. 720 85. 970 96. 600 90. 110 100. 490 103. 060 97. 500 95. 620 101. 030 98. 970 87. 350 103. 720 99. 430 79. 500 99. 380 94. 090 98. 580 2010 -1 -29 94. 680 92. 240 100. 060 2010 -2 -26 92. 480 90. 180 2010 -3 -31 98. 230 98. 340 102. 140 104. 950 100. 920 106. 920 104. 170 93. 710 108. 060 103. 610 82. 270 106. 240 100. 710 103. 290 111. 340 104. 680 2010 -4 -30 93. 160 95. 750 100. 590 98. 840 99. 550 108. 520 101. 190 87. 180 107. 850 108. 850 78. 190 109. 870 99. 360 111. 560 117. 600 104. 660 2010 -5 -31 79. 530 84. 260 88. 230 87. 910 88. 270 99. 550 94. 000 72. 830 99. 120 98. 560 64. 280 94. 360 88. 540 89. 430 101. 890 94. 380 2010 -6 -30 78. 050 84. 010 87. 630 91. 660 86. 090 94. 100 96. 700 71. 800 97. 100 102. 120 63. 960 97. 070 84. 570 82. 750 102. 830 91. 340 2010 -7 -30 87. 650 91. 990 97. 060 96. 070 96. 410 100. 560 102. 310 83. 170 100. 520 110. 140 77. 660 108. 420 96. 150 88. 460 110. 550 98. 670 2010 -8 -31 82. 210 86. 530 89. 610 98. 470 94. 020 76. 980 73. 160 102. 130 92. 700 74. 820 107. 560 95. 030 2010 -9 -30 94. 110 98. 000 101. 380 103. 840 102. 280 104. 420 117. 070 85. 620 101. 910 117. 170 80. 890 121. 050 102. 370 79. 360 120. 310 103. 910 2010 -10 -29 98. 900 105. 650 103. 080 106. 210 106. 150 108. 410 119. 500 91. 070 103. 990 120. 960 84. 320 121. 640 103. 640 80. 940 122. 140 107. 590 2010 -11 -30 87. 730 100. 280 92. 970 102. 380 100. 600 108. 270 121. 430 76. 530 106. 160 118. 870 66. 540 118. 270 98. 530 74. 320 122. 190 105. 010 2010 -12 -31 95. 350 107. 300 103. 080 111. 640 107. 860 115. 330 122. 100 83. 260 114. 150 124. 450 72. 740 130. 050 105. 050 84. 420 135. 720 112. 590 2010 -1 -29 -7. 394 -8. 863 -3. 538 -3. 345 -4. 875 -3. 602 -6. 586 -8. 459 1. 897 -6. 044 -11. 817 -2. 493 -10. 985 -4. 423 -4. 865 -4. 374 2010 -2 -26 -2. 324 -2. 233 -4. 717 1. 883 -1. 989 2. 850 3. 840 -5. 588 1. 082 0. 719 -7. 526 2. 878 4. 417 -3. 931 -1. 126 1. 108 2010 -3 -31 6. 218 9. 049 7. 132 4. 856 5. 543 5. 830 5. 254 7. 281 4. 184 4. 204 3. 484 6. 903 7. 036 6. 992 9. 264 6. 188 2010 -4 -30 -5. 161 -2. 634 -1. 518 -5. 822 -1. 358 1. 496 -2. 861 -6. 968 -0. 194 5. 057 -4. 959 3. 417 -1. 340 8. 007 5. 622 -0. 019 2010 -5 -31 -14. 631 -12. 000 -12. 288 -11. 058 -11. 331 -8. 266 -7. 105 -16. 460 -8. 095 -9. 453 -17. 790 -14. 117 -10. 890 -19. 837 -13. 359 -9. 822 2010 -6 -30 -1. 861 -0. 297 -0. 680 4. 266 -2. 470 -5. 475 2. 872 -1. 414 -2. 038 3. 612 -0. 498 2. 872 -4. 484 -7. 470 0. 923 -3. 221 2010 -7 -30 12. 300 9. 499 10. 761 4. 811 11. 987 6. 865 5. 801 15. 836 3. 522 7. 854 21. 420 11. 693 13. 693 6. 900 7. 508 8. 025 2010 -8 -31 -6. 207 -5. 935 -7. 676 2. 498 -2. 479 -4. 664 0. 743 -7. 443 -2. 318 -1. 425 -5. 794 -5. 802 -3. 588 -15. 419 -2. 705 -3. 689 9. 344 95. 340 100. 090 97. 560 95. 870 103. 070 98. 190 108. 570 96. 540 101. 900 Monthly Ri 2010 -9 -30 14. 475 13. 256 13. 135 5. 453 8. 785 8. 918 13. 583 11. 224 3. 789 7. 921 10. 566 18. 525 10. 431 6. 068 11. 854 2010 -10 -29 5. 090 7. 806 1. 677 2. 282 3. 784 3. 821 2. 076 6. 365 2. 041 3. 235 4. 240 0. 487 1. 241 1. 991 1. 521 3. 542 2010 -11 -30 -11. 294 -5. 083 -9. 808 -3. 606 -5. 228 -0. 129 1. 615 -15. 966 2. 087 -1. 728 -21. 086 -2. 770 -4. 931 -8. 179 0. 041 -2. 398 2010 -12 -31 8. 686 7. 000 10. 874 9. 045 7. 217 6. 521 0. 552 8. 794 7. 526 4. 694 9. 318 9. 960 6. 617 13. 590 11. 073 7. 218

CALCULATE 2010 OUT OF SAMPLE RETURN, ΒETA FOR ALL PORTFOLIO COUNTRIES (ANNUALIZED) 2009 2010 Market Weight ri β US 0. 3548 0. 073 0. 89 US 0. 3548 0. 075 0. 91 UK 0. 1477 0. 084 1. 13 France 0. 0899 0. 094 1. 2 France 0. 0899 0. 092 1. 24 Switzerland 0. 0672 0. 108 0. 93 Switzerland 0. 0672 0. 108 0. 94 Germany 0. 0577 0. 095 1. 12 Germany 0. 0577 0. 095 1. 16 Netherlands 0. 0441 0. 095 1. 07 Netherlands 0. 0441 0. 094 1. 10 South Korea 0. 0372 0. 127 1. 32 South Korea 0. 0372 0. 133 1. 35 * Sweden 0. 0672 0. 130 1. 14 Sweden 0. 0672 0. 135 1. 17 * Italy 0. 0277 0. 065 1. 06 Italy 0. 0277 0. 060 1. 11 Singapore 0. 0197 0. 133 1. 17 Singapore 0. 0197 0. 134 1. 18 * Japan 0. 0182 0. 102 0. 99 Japan 0. 0182 0. 103 0. 99 * Spain 0. 0162 0. 073 1. 2 Spain 0. 0162 0. 066 1. 06 Hong Kong 0. 0086 0. 170 1. 18 Hong Kong 0. 0086 0. 171 1. 19 Ireland 0. 008 0. 013 1. 09 Ireland 0. 008 0. 005 1. 15 Brazil 0. 0059 0. 311 1. 49 Brazil 0. 0059 0. 301 1. 52 0. 08061 1. 00 World 0. 0815 1. 02 World * *

CALCULATE THE 2010 PERFORMANCE OF TEMPLETON Market Weight ri β ri* β* US 0. 3548 0. 075 0. 91 0. 0266 0. 3222 UK 0. 1477 0. 084 1. 13 0. 0124 0. 1662 France 0. 0899 0. 092 1. 24 0. 0082 0. 1112 Switzerland 0. 0672 0. 108 0. 94 0. 0072 0. 0632 Germany 0. 0577 0. 095 1. 16 0. 0055 0. 0667 Netherlands 0. 0441 0. 094 1. 10 0. 0041 0. 0486 South Korea 0. 0372 0. 133 1. 35 0. 0049 0. 0501 Sweden 0. 0672 0. 135 1. 17 0. 0090 0. 0788 Italy 0. 0277 0. 060 1. 11 0. 0017 0. 0307 Singapore 0. 0197 0. 134 1. 18 0. 0026 0. 0232 Japan 0. 0182 0. 103 0. 99 0. 0019 0. 0180 Spain 0. 0162 0. 066 1. 06 0. 0011 0. 0171 Hong Kong 0. 0086 0. 171 1. 19 0. 0015 0. 0102 Ireland 0. 008 0. 005 1. 15 0. 0000 0. 0092 Brazil 0. 0059 0. 301 1. 52 0. 0018 0. 0090 Templeton 0. 9701 0. 0887 1. 0244 World 0. 0815 1. 02 Summary measures for Optimal Portfolio rtemp: 8. 87% βtemp: 1. 0244 RVOLUS, 2010 0. 0812 0. 0853 0. 0788

CALCULATE THE PERFORMANCE OF OP WITH 2010 DATA Market Weight% ri β ri* β* Brazil 0. 17119 0. 301 1. 52 0. 0515274 0. 2605 Sweden 0. 29196 0. 135 1. 17 0. 039299 0. 3422 Hong Kong 0. 13672 0. 171 1. 19 0. 0233771 0. 1623 Switzerland 0. 26734 0. 108 0. 94 0. 0287952 0. 2516 Singapore 0. 08329 0. 134 1. 18 0. 0111836 0. 0980 Japan 0. 04950 0. 103 0. 99 0. 0050869 0. 0490 0. 1593 1. 1636 1. 00000 Summary measures for Optimal Portfolio rop: 15. 93% βop: 1. 1636 RVOLop: . 1357 RVOLop, 2010 0. 1357

CALCULATE THE PERFORMANCE OF OCPCHU WITH 2010 DATA Market Weight% ri β ri* β* US 0. 3500 0. 075 0. 91 0. 0263 0. 3178 Brazil 0. 0650 0. 301 1. 52 0. 0196 0. 0989 Sweden 0. 0650 0. 135 1. 17 0. 0087 0. 0762 Hong Kong 0. 0650 0. 171 1. 19 0. 0111 0. 0772 Switzerland 0. 0650 0. 108 0. 94 0. 0070 0. 0612 Singapore 0. 0650 0. 134 1. 18 0. 0087 0. 0765 Japan 0. 0650 0. 103 0. 99 0. 0067 0. 0643 South Korea 0. 0108 0. 133 1. 35 0. 0014 0. 0145 Netherlands 0. 0650 0. 094 1. 10 0. 0061 0. 0717 Germany 0. 0462 0. 095 1. 16 0. 0044 0. 0534 France 0. 0468 0. 092 1. 24 0. 0043 0. 0579 UK 0. 0340 0. 084 1. 13 0. 0029 0. 0383 Italy 0. 0158 0. 060 1. 11 0. 0009 0. 0176 Spain 0. 0369 0. 066 1. 06 0. 0024 0. 0390 Ireland 0. 0044 0. 005 1. 15 0. 0000 0. 0051 0. 1106 1. 0695 1. 0000 Summary measures for Optimal Portfolio rchu: 11. 06% βchu: 1. 0695 RVOLocp 1, 2010 0. 1022

CALCULATE THE PERFORMANCE OF OCP ANGGA WITH 2010 DATA Market Weight% ri β ri* β* US 0. 415 0. 075 0. 91 0. 0312 0. 3768 Brazil 0. 065 0. 301 1. 52 0. 0196 0. 0989 Sweden 0. 065 0. 135 1. 17 0. 0087 0. 0762 Hong Kong 0. 065 0. 171 1. 19 0. 0111 0. 0772 Switzerland 0. 065 0. 108 0. 94 0. 0070 0. 0612 Singapore 0. 065 0. 134 1. 18 0. 0087 0. 0765 Japan 0. 065 0. 103 0. 99 0. 0067 0. 0643 South Korea 0. 065 0. 133 1. 35 0. 0086 0. 0876 Netherlands 0. 065 0. 094 1. 10 0. 0061 0. 0717 Germany 0. 065 0. 095 1. 16 0. 0062 0. 0751 0. 1139 1. 0654 1. 0000 Summary measures for Optimal Portfolio rangga: 11. 39% βangga: 1. 0654 RVOLangga: . 1057 RVOLocp 2, 2010 0. 1057

COMPARE THE PERFORMANCE 2010 Portfoli o Temple Growth OP OCP Chu OCP Angga MSCI USA MSCI World rp 0. 0887 0. 1593 0. 1106 0. 1139 0. 0751 0. 0815 β 1. 024 1. 164 1. 069 1. 065 0. 908 1. 018 RVOLp, 2010 0. 0853 0. 1357 0. 1022 0. 1057 0. 0812 0. 0788 Rank 1 2 3 4 5 6 rp OP OCP Angga OCP Chu Templeton G MSCI World MSCI USA Beta OP OCP Chu OCP Angga Templeton G MSCI World MSCI USA RVOL OP OCP Angga OCP Chu Templeton G MSCI USA MSCI World

XVII COMPARE THE PERFORMANCE 2009, 2010 2009 2010 Portfolio Temple Growth rp β RVOLp, 2009 rp β RVOLp, 2010 0. 0896 Portfolio Temple Growth 0. 0883 0. 97 0. 0887 1. 024 0. 0853 OP 0. 1595 1. 14 0. 1380 OP 0. 1593 1. 16 0. 1357 OCP Chu 0. 1093 1. 03 0. 1045 OCP Chu 0. 1106 1. 069 0. 1022 OCP Angga 0. 1117 1. 02 0. 1078 OCP Angga 0. 1139 1. 065 0. 1057 MSCI USA 0. 0734 0. 89 0. 0808 MSCI USA 0. 0751 0. 91 0. 0812 MSCI World 0. 0806 0. 01 0. 0054 MSCI World 0. 0815 1. 018 0. 0788 Rank rp Beta RVOL OP 1 OP OP 2 OCP A 2 OCP A OCP C OCP A 3 OCP C 3 OCP C OCP A OCP C 4 Templeton G World Templeton G 4 Templeton G 5 World Templeton G USA 5 World USA 6 USA USA World Op performs the best. OP Templeton G