Lab Exercise: Markowitz 3 Asset Portfolio Efficient Frontier

Students are encouraged to work in teams of 4 individuals or less. A diffierent team member should gather the data fo
This exercise is designed to illustrate the creation of Efficient Frontiers using various weights for 2 or 3 asset portfoli
After completing the exercise students should have a better understanding of how Efficient Frontiers are created in pr
and theory. Students should be able to explain the role correlation plays in creating a minimum risk portfolio.
Download the "Markowitz 3 Asset Portfolio EF" file from ANGEL. SAVE and OPEN file in Excel NOT ANG
Step 1
Print the graph for combinations of 3 stocks: Oracle, Cisco, and Citigroup by clicking on tab E below & printi
Answer the following questions related to the printout. You should also click on tabs B and C below to see how the i
Efficient Frontier graphs were calculated. The objective of step 1 is to understand how the spreadsheet works.
Lable and answer the following questions on the printout of the overlapping 3 EF sets (Tab E graph below).
(You may first wish to examine Tab D, 2 stock combinations shown separately. 3 stocks are graphed together i
1. Label the three points on the graph that represent 100% investment in each stock.
(Label with the ticker symbol of the stock for example ORCL, CSCO, C)
ORCL and C would provide the largest benef
as apparent by the EF showing that the range
range of standard deviation with this combina
any other combo.
3.a. Which stocks provide the greatest diversification benefits? Why?
b. Put a square around your optimal portfolio and identify the E(R) and standard deviation for this portfolio. answe
(Note: There is more than one correct answer.)
4. Based on this historical information which stocks would you choose for a portfolio?
We would choose a combination of ORCL and C, as these provide the highest rates of return with the lowest r
evident by the frontier. The other combinations fall under the EF of the ORCL and C combo, meaning that are
efficient as this combination historically (past 5 years at least).
Why?
5. Assume you require a monthly return of 1.5% on $10,000, and can only choose one of the portfolios out of the port
What portfolio most closely meets this and how much money ($10,000 must be invested) would you put in each sto
Cirlce this portfolio and write MRP for 1.5% next to it.

Step 2: Gather the most recent 61 monthly stock prices for three common stocks from http://finance.yahoo.com
a. Go to yahoo.com and enter a ticker symbol for a stock in the Investment Challenge game in the Get Quotes a
b. Click on Chart to view a graph of historical stock prices. If a company does not have 5 years of data choose a
c. At the bottom of the chart, click on Historical Prices.
d. Make the start date five years from today and change to monthly data then click Get Historical Data to get 61
(You need 61 observations to calculate 60 returns.)
e. Scroll down to the bottom of the page click on Download Spreadsheet Format and save the data on a floppy d
f. Copy (DO NOT Cut & Paste) the adjusted close prices from the 3 stocks into the highlighted areas of B.Input
g. Repeat steps 2.a-f for two more stocks.
Note: You may need to request to show all files when pulling up the yahoo data, since it did not save as an Exce
Notice how the expected returns, standard deviations, covariances and correlations are calculated by look
h. Make a print out of the tab E graph and label your optimal investment in two of the three stocks.

Step 3: Replace the stock you did not choose in Step 2 with another stock under consideration in the Investmen
 a. Go to Yahoo.com and gather monthly adjusted close prices for your new stock and replace one stock in the B.Input Se
b. Make a print out of the tab E graph and label your optimal investment in two of the three stocks.

Step 4: Staple the graphs from the previous steps in order to this instruction sheet and turn in one set per team
1) Do you think this exercise would be useful for a first time investor who is trying to decide on two stocks to invest?

Yes this exercise would be very useful for a first time investor to pick stocks with a calculated minim
information that is necessary for investing, and it would allow the investor to compare any two stock
correlation of each in relation to their risk/return frontier. It also allows for an easily interpretable visu
Why or Why Not? choose their risk/return balance.
2) Do you think this exercise would be a useful strategy for an investor trying to pick an optimal portfolio of 30 stocks?
Why or Why Not? The information that we are provided will be useful for an investor to pick an optimal portfolio with 3
the more stocks that are being researched the longer the process will take, but when calculating the
beneficial. There are several articles that suggets applying the Markowitz would become too cumbe
analysis tools.
ient Frontier
ould gather the data for steps 3-5.
or 2 or 3 asset portfolios.
ntiers are created in practice
m risk portfolio.
le in Excel NOT ANGEL.

tab E below & printing.

below to see how the inputs for the
eadsheet works.
ab E graph below).
re graphed together in tab E.)

provide the largest benefit of diversification

EF showing that the range of return and
eviation with this combination is greater than

r this portfolio. answer.

f return with the lowest risk as

ombo, meaning that are not as

ortfolios out of the portfolios graphed.

ould you put in each stock?

p://finance.yahoo.com/.
me in the Get Quotes area of Yahoo! Finance.
years of data choose another one.

istorical Data to get 61 months of data.

e the data on a floppy disk or P: drive.

ghted areas of B.Input Series tab below.

did not save as an Excel file.

are calculated by looking at the formulas.
he three stocks.

ation in the Investment Challenge Game.

 e stock in the B.Input Series tab below.
he three stocks.

rn in one set per team next class period.

o stocks to invest?

s with a calculated minimal risk. This is crucial piece of

o compare any two stock options quickly and see the
n easily interpretable visual and for the investor to

ortfolio of 30 stocks?
n optimal portfolio with 30 or more stocks. However,
but when calculating the risk this exercise is very
would become too cumbersome in comparison to other
Date ORCL RARA-E(RA) varA CSCO RB RB-E(RB) varB C RC
1-Oct-02 89.75 0.0000 -0.0101 0.0001 47.6 0.0000 -0.0120 0.0001 64.04 0.0000
3-Sep-02 89.75 0.0279 0.0178 0.0003 47.6 0.0215 0.0095 0.0001 64.04 -0.0235
1-Aug-02 87.31 0.0281 0.0180 0.0003 46.6 -0.0269 -0.0389 0.0015 65.58 0.0174
1-Jul-02 84.92 0.0110 0.0008 0.0000 47.89 0.0652 0.0532 0.0028 64.46 0.0660
3-Jun-02 84 0.0452 0.0351 0.0012 44.96 0.0480 0.0361 0.0013 60.47 -0.0764
1-May-02 80.37 0.0202 0.0101 0.0001 42.9 -0.0241 -0.0361 0.0013 65.47 0.0096
1-Apr-02 78.78 -0.0270 -0.0372 0.0014 43.96 0.0801 0.0681 0.0046 64.85 0.0663
1-Mar-02 80.97 0.0256 0.0155 0.0002 40.7 0.0401 0.0282 0.0008 60.82 0.1058
1-Feb-02 78.95 -0.0093 -0.0194 0.0004 39.13 0.0803 0.0684 0.0047 55 0.0450
2-Jan-02 79.69 0.0295 0.0193 0.0004 36.22 -0.0382 -0.0502 0.0025 52.63 -0.2337
3-Dec-01 77.41 0.0627 0.0526 0.0028 37.66 0.0135 0.0015 0.0000 68.68 -0.0295
1-Nov-01 72.84 -0.0118 -0.0219 0.0005 37.16 0.0070 -0.0049 0.0000 70.77 -0.0184
1-Oct-01 73.71 0.0641 0.0540 0.0029 36.9 0.1445 0.1326 0.0176 72.1 -0.0119
4-Sep-01 69.27 0.0187 0.0086 0.0001 32.24 -0.1511 -0.1631 0.0266 72.97 -0.0343
1-Aug-01 68 -0.0732 -0.0833 0.0069 37.98 -0.0378 -0.0497 0.0025 75.56 0.0088
2-Jul-01 73.37 -0.0206 -0.0307 0.0009 39.47 0.0559 0.0439 0.0019 74.9 -0.0180
1-Jun-01 74.91 -0.0020 -0.0121 0.0001 37.38 0.0592 0.0473 0.0022 76.27 -0.0256
1-May-01 75.06 -0.0061 -0.0162 0.0003 35.29 -0.0318 -0.0438 0.0019 78.27 0.0299
2-Apr-01 75.52 -0.0312 -0.0413 0.0017 36.45 0.0114 -0.0006 0.0000 76 -0.0054
1-Mar-01 77.95 -0.0393 -0.0494 0.0024 36.04 -0.0096 -0.0216 0.0005 76.41 -0.0434
1-Feb-01 81.14 0.0187 0.0086 0.0001 36.39 -0.0170 -0.0290 0.0008 79.88 0.0147
2-Jan-01 79.65 -0.0787 -0.0888 0.0079 37.02 -0.0349 -0.0469 0.0022 78.72 -0.1356
1-Dec-00 86.45 0.0077 -0.0024 0.0000 38.36 0.0042 -0.0078 0.0001 91.07 0.0069
1-Nov-00 85.79 0.0463 0.0362 0.0013 38.2 0.0423 0.0303 0.0009 90.45 0.0311
2-Oct-00 81.99 0.0450 0.0349 0.0012 36.65 -0.0161 -0.0281 0.0008 87.72 0.0282
1-Sep-00 78.46 0.0081 -0.0020 0.0000 37.25 -0.0446 -0.0566 0.0032 85.31 -0.0230
1-Aug-00 77.83 0.0901 0.0799 0.0064 38.99 0.0039 -0.0081 0.0001 87.32 0.0212
3-Jul-00 71.4 -0.0175 -0.0276 0.0008 38.84 0.0427 0.0307 0.0009 85.51 -0.0744
1-Jun-00 72.67 -0.0294 -0.0395 0.0016 37.25 -0.0299 -0.0419 0.0018 92.38 0.0379
1-May-00 74.87 -0.0146 -0.0247 0.0006 38.4 0.0235 0.0115 0.0001 89.01 0.0508
3-Apr-00 75.98 0.0263 0.0162 0.0003 37.52 -0.0042 -0.0162 0.0003 84.71 -0.0298
1-Mar-00 74.03 0.0269 0.0168 0.0003 37.68 0.0623 0.0503 0.0025 87.31 -0.0141
1-Feb-00 72.09 0.0380 0.0279 0.0008 35.47 0.0187 0.0067 0.0000 88.56 0.0791
3-Jan-00 69.45 -0.0645 -0.0746 0.0056 34.82 -0.0116 -0.0236 0.0006 82.07 -0.0650
1-Dec-99 74.24 -0.0365 -0.0466 0.0022 35.23 0.0173 0.0054 0.0000 87.78 0.0595
1-Nov-99 77.05 0.0558 0.0457 0.0021 34.63 0.0421 0.0302 0.0009 82.85 0.0538
1-Oct-99 72.98 0.0761 0.0660 0.0044 33.23 0.0110 -0.0010 0.0000 78.62 0.0868
1-Sep-99 67.82 -0.0328 -0.0429 0.0018 32.87 -0.0601 -0.0720 0.0052 72.34 0.0525
2-Aug-99 70.12 -0.0252 -0.0353 0.0012 34.97 -0.0513 -0.0632 0.0040 68.73 -0.0232
1-Jul-99 71.93 0.0482 0.0381 0.0015 36.86 0.0672 0.0552 0.0030 70.36 -0.0139
1-Jun-99 68.62 0.0034 -0.0067 0.0000 34.54 -0.0165 -0.0285 0.0008 71.35 -0.0131
3-May-99 68.39 0.0089 -0.0013 0.0000 35.12 0.0072 -0.0048 0.0000 72.3 0.1157
1-Apr-99 67.79 -0.0043 -0.0144 0.0002 34.87 -0.0349 -0.0468 0.0022 64.8 0.0149
1-Mar-99 68.08 0.0131 0.0030 0.0000 36.13 0.0821 0.0701 0.0049 63.85 0.0907
1-Feb-99 67.2 0.0241 0.0140 0.0002 33.39 -0.0039 -0.0158 0.0003 58.54 0.0644
4-Jan-99 65.62 0.1246 0.1145 0.0131 33.52 0.0270 0.0150 0.0002 55 0.0248
1-Dec-98 58.35 -0.0322 -0.0423 0.0018 32.64 0.0065 -0.0055 0.0000 53.67 0.0303
2-Nov-98 60.29 0.0194 0.0093 0.0001 32.43 0.0650 0.0531 0.0028 52.09 0.0025
1-Oct-98 59.14 -0.0020 -0.0121 0.0001 30.45 0.0529 0.0409 0.0017 51.96 -0.0168
1-Sep-98 59.26 0.0380 0.0279 0.0008 28.92 0.0306 0.0187 0.0003 52.85 -0.0265
3-Aug-98 57.09 0.0596 0.0495 0.0024 28.06 0.0032 -0.0087 0.0001 54.29 0.0148
1-Jul-98 53.88 0.0650 0.0549 0.0030 27.97 0.1246 0.1127 0.0127 53.5 -0.0093
1-Jun-98 50.59 -0.0201 -0.0303 0.0009 24.87 0.0583 0.0463 0.0021 54 0.0461
1-May-98 51.63 -0.0151 -0.0252 0.0006 23.5 -0.0996 -0.1116 0.0125 51.62 -0.0749
1-Apr-98 52.42 -0.0638 -0.0739 0.0055 26.1 -0.0774 -0.0894 0.0080 55.8 0.0440
2-Mar-98 55.99 -0.0073 -0.0174 0.0003 28.29 0.0325 0.0205 0.0004 53.45 0.1025
2-Feb-98 56.4 0.0996 0.0895 0.0080 27.4 0.0555 0.0435 0.0019 48.48 0.0643
2-Jan-98 51.29 -0.0668 -0.0769 0.0059 25.96 0.1528 0.1408 0.0198 45.55 0.0698
1-Dec-97 54.96 0.0405 0.0304 0.0009 22.52 -0.0498 -0.0618 0.0038 42.58 -0.0200
3-Nov-97 52.82 0.0213 0.0112 0.0001 23.7 -0.0706 -0.0826 0.0068 43.45 -0.0523
1-Oct-97 51.72 25.5 45.85
SUMS: 0.6066 0.1071 0.7178 0.1819 0.4439

variance (A) = 0.0018 variance (B) = 0.0030 variance (C) =

E(RA)= 0.0101 E(RB)= 0.0120
standard deviation (A)= 0.0422 standard deviation (B)= 0.0551 standard deviation (C)=

Covariance Matrix Correlation Matrix

A B C A B C
A 0.0018 A 1.000
B 0.0005 0.0030 B 0.202 1.000
C 0.0002 0.0009 0.0035 C 0.087 0.292 1.000
RC-E(RC) varC cov(A,B) cov(A,C) cov(B,C)
-0.0074 0.0001 0.0001 0.0001 0.0001
-0.0309 0.0010 0.0002 -0.0006 -0.0003
0.0100 0.0001 -0.0007 0.0002 -0.0004
0.0586 0.0034 0.0000 0.0000 0.0031
-0.0838 0.0070 0.0013 -0.0029 -0.0030
0.0022 0.0000 -0.0004 0.0000 -0.0001
0.0589 0.0035 -0.0025 -0.0022 0.0040
0.0984 0.0097 0.0004 0.0015 0.0028
0.0376 0.0014 -0.0013 -0.0007 0.0026
-0.2411 0.0581 -0.0010 -0.0047 0.0121
-0.0369 0.0014 0.0001 -0.0019 -0.0001
-0.0258 0.0007 0.0001 0.0006 0.0001
-0.0193 0.0004 0.0072 -0.0010 -0.0026
-0.0417 0.0017 -0.0014 -0.0004 0.0068
0.0014 0.0000 0.0041 -0.0001 -0.0001
-0.0254 0.0006 -0.0013 0.0008 -0.0011
-0.0330 0.0011 -0.0006 0.0004 -0.0016
0.0225 0.0005 0.0007 -0.0004 -0.0010
-0.0128 0.0002 0.0000 0.0005 0.0000
-0.0508 0.0026 0.0011 0.0025 0.0011
0.0073 0.0001 -0.0002 0.0001 -0.0002
-0.1430 0.0205 0.0042 0.0127 0.0067
-0.0005 0.0000 0.0000 0.0000 0.0000
0.0237 0.0006 0.0011 0.0009 0.0007
0.0209 0.0004 -0.0010 0.0007 -0.0006
-0.0304 0.0009 0.0001 0.0001 0.0017
0.0138 0.0002 -0.0006 0.0011 -0.0001
-0.0818 0.0067 -0.0008 0.0023 -0.0025
0.0305 0.0009 0.0017 -0.0012 -0.0013
0.0434 0.0019 -0.0003 -0.0011 0.0005
-0.0372 0.0014 -0.0003 -0.0006 0.0006
-0.0215 0.0005 0.0008 -0.0004 -0.0011
0.0717 0.0051 0.0002 0.0020 0.0005
-0.0724 0.0052 0.0018 0.0054 0.0017
0.0521 0.0027 -0.0002 -0.0024 0.0003
0.0464 0.0022 0.0014 0.0021 0.0014
0.0794 0.0063 -0.0001 0.0052 -0.0001
0.0451 0.0020 0.0031 -0.0019 -0.0032
-0.0306 0.0009 0.0022 0.0011 0.0019
-0.0213 0.0005 0.0021 -0.0008 -0.0012
-0.0205 0.0004 0.0002 0.0001 0.0006
0.1083 0.0117 0.0000 -0.0001 -0.0005
0.0075 0.0001 0.0007 -0.0001 -0.0004
0.0833 0.0069 0.0002 0.0002 0.0058
0.0570 0.0032 -0.0002 0.0008 -0.0009
0.0174 0.0003 0.0017 0.0020 0.0003
0.0229 0.0005 0.0002 -0.0010 -0.0001
-0.0049 0.0000 0.0005 0.0000 -0.0003
-0.0242 0.0006 -0.0005 0.0003 -0.0010
-0.0339 0.0012 0.0005 -0.0009 -0.0006
0.0074 0.0001 -0.0004 0.0004 -0.0001
-0.0167 0.0003 0.0062 -0.0009 -0.0019
 0.0387 0.0015 -0.0014 -0.0012 0.0018
-0.0823 0.0068 0.0028 0.0021 0.0092
0.0366 0.0013 0.0066 -0.0027 -0.0033
0.0951 0.0090 -0.0004 -0.0017 0.0020
0.0569 0.0032 0.0039 0.0051 0.0025
0.0624 0.0039 -0.0108 -0.0048 0.0088
-0.0274 0.0008 -0.0019 -0.0008 0.0017
-0.0597 0.0036 -0.0009 -0.0007 0.0049

0.2078 0.0282 0.0130 0.0568

cov(A,B) cov(A,C) cov(B,C)
variance (C) = 0.0035 0.0005 0.0002 0.0009
E(RC)= 0.0074 Corr(A,B) Corr(A,C) Corr(B,C)
standard deviation (C)= 0.0588 0.2019 0.0871 0.2924
Correlation Matrix Set 1 1 2 3 4 5 6 7 8 9
A B C wA 0% 10% 20% 30% 40% 50% 60% 70% 80%
A 1.0000 wB 100% 90% 80% 70% 60% 50% 40% 30% 20%
B 0.2019 1.0000 wC 0% 0% 0% 0% 0% 0% 0% 0% 0%
C 0.0871 0.2924 1.0000 s.d. 0.055 0.051 0.046 0.043 0.040 0.038 0.037 0.037 0.038
RPortfolio 1.20% 1.18% 1.16% 1.14% 1.12% 1.10% 1.09% 1.07% 1.05%
Expected Returns
A B C Set 2 12 13 14 15 16 17 18 19 20
1.01% 1.20% 0.74% wA 0% 10% 20% 30% 40% 50% 60% 70% 80%
wB 0% 0% 0% 0% 0% 0% 0% 0% 0%
Standard Deviations wC 100% 90% 80% 70% 60% 50% 40% 30% 20%
A B C s.d. 0.059 0.053 0.049 0.044 0.040 0.038 0.036 0.036 0.037
0.0422 0.0551 0.0588 RPortfolio 0.74% 0.77% 0.79% 0.82% 0.85% 0.88% 0.90% 0.93% 0.96%

Set 3 23 24 25 26 27 28 29 30 31
wA 0% 0% 0% 0% 0% 0% 0% 0% 0%
wB 0% 10% 20% 30% 40% 50% 60% 70% 80%
wC 100% 90% 80% 70% 60% 50% 40% 30% 20%
s.d. 0.059 0.055 0.051 0.049 0.047 0.046 0.046 0.047 0.049
RPortfolio 0.74% 0.79% 0.83% 0.88% 0.92% 0.97% 1.01% 1.06% 1.10%
 10 11
90% 100%
10% 0%
0% 0%
0.040 0.042
1.03% 1.01%

21 22
90% 100%
0% 0%
10% 0%
0.039 0.042
0.98% 1.01%

32 33
0% 0%
90% 100%
10% 0%
0.052 0.055
1.15% 1.20%
 Efficient Frontier Set 1 (A&B)
1.25%

Portfolio Expected Return 1.20%

1.15%

1.10%

1.05%

1.00%

0.95%

0.90%
0.035 0.040 0.045 0.050 0.055 0.060

Portfolio Standard Deviation

1.20%
Efficient Frontier 2 (A&C)
1.00%
Portfolio Exp. Ret.

0.80%

0.60%

0.40%

0.20%

0.00%
0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065
Portfolio Standard Deviation

EF Set 3 (B&C)
1.40%
1.20%
Portfolio Exp. Ret.

1.00%
0.80%
0.60%
0.40%
0.20%
0.00%
0.044 0.046 0.048 0.050 0.052 0.054 0.056 0.058 0.060
Portfolio Standard Deviation
 0.40%

Portfol
0.20%
0.00%
0.044 0.046 0.048 0.050 0.052 0.054 0.056 0.058 0.060
Portfolio Standard Deviation
 0.055 0.060

5 0.060 0.065

56 0.058 0.060
56 0.058 0.060
 Efficient Frontier
1.40% StDev:0.038 BA
1.20% Ret: 1.10% X

Portfolio Expected Return 1.00% PG

0.80%
AP
0.60% X

0.40%
0.20%
0.00%
0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065
Portfolio Standard Deviation
 AP
X

0.055 0.060 0.065

Portfolio 1 2 3 4 5 6 7 8 9 10 11 12 13
s.d. 0.055 0.051 0.046 0.043 0.040 0.038 0.037 0.037 0.038 0.040 0.042 0.059 0.053
ortfolio 1.20% 1.18% 1.16% 1.14% 1.12% 1.10% 1.09% 1.07% 1.05% 1.03% 1.01% 0.74% 0.77%
 14 15 16 17 18 19 20 21 22 23 24 25 26 27
0.049 0.044 0.040 0.038 0.036 0.036 0.037 0.039 0.042 0.059 0.055 0.051 0.049 0.047
0.79% 0.82% 0.85% 0.88% 0.90% 0.93% 0.96% 0.98% 1.01% 0.74% 0.79% 0.83% 0.88% 0.92%
 28 29 30 31 32
0.046 0.046 0.047 0.049 0.052
0.97% 1.01% 1.06% 1.10% 1.15%
Date Open High Low Close Adj Close* Volume
30-Sep-16 88.3 90.22 88.29 89.75 89.75 122,456,865
1-Sep-16 87.36 90.22 85.96 89.75 89.75 846,292,800
1-Aug-16 85.44 88.5 85.13 87.31 87.31 185,975,600
1-Jul-16 83.85 86.22 83.65 85.59 84.92 145,119,200
1-Jun-16 80.28 84.13 80.19 84.67 84 160,561,600
1-May-16 79.35 82.22 78.74 81.04 80.37 137,374,900
1-Apr-16 80.66 82.5 77.76 80.12 78.78 161,687,300
1-Mar-16 79.2 82.53 79.14 82.31 80.97 215,175,400
1-Feb-16 79.87 81.66 78.29 80.29 78.95 192,561,100
1-Jan-16 76.36 80 72.46 81.69 79.69 229,300,200
1-Dec-15 72.87 79.23 72.87 79.41 77.41 207,456,000
1-Nov-15 74.57 75.42 71.95 74.84 72.84 146,640,000
1-Oct-15 69.09 75.78 68.62 76.38 73.71 201,617,700
1-Sep-15 66.7 70.71 64.66 71.94 69.27 229,174,600
1-Aug-15 73.84 74.42 62.35 70.67 68 239,833,200
1-Jul-15 75.06 79.22 73.33 76.7 73.37 180,118,500
1-Jun-15 75.32 77.89 73.77 78.24 74.91 188,528,800
1-May-15 76.43 77.88 74.86 78.39 75.06 136,581,700
1-Apr-15 78.45 80.21 75.08 79.51 75.52 169,776,700
1-Mar-15 81.14 81.45 76.82 81.94 77.95 201,716,100
1-Feb-15 80.59 82.79 79.69 85.13 81.14 151,845,800
1-Jan-15 86.2 87.15 79.61 84.29 79.65 170,691,800
1-Dec-14 85.53 89.25 83.74 91.09 86.45 141,970,700
1-Nov-14 82.02 85.92 81.56 90.43 85.79 136,839,200
1-Oct-14 78.74 82.08 76.29 87.27 81.99 221,888,300
1-Sep-14 77.93 80.12 77.43 83.74 78.46 149,281,200
1-Aug-14 73.97 78.55 73.38 83.11 77.83 156,922,800
1-Jul-14 72.95 75.99 71.37 77.32 71.4 163,843,000
1-Jun-14 74.74 74.75 72.51 78.59 72.67 157,871,600
1-May-14 76.47 76.88 73.62 80.79 74.87 133,914,500
1-Apr-14 74.03 76.41 72.81 82.55 75.98 190,028,500
1-Mar-14 71.69 74.26 70.78 80.6 74.03 187,701,800
1-Feb-14 70.12 73.18 68.83 78.66 72.09 179,529,200
1-Jan-14 74.16 74.53 68.09 76.62 69.45 223,479,100
1-Dec-13 76.87 77.77 73.31 81.41 74.24 162,155,800
1-Nov-13 73.51 78.65 73.47 84.22 77.05 151,274,200
1-Oct-13 67.75 74.85 67.43 80.75 72.98 187,970,900
1-Sep-13 70.5 72.76 67.58 75.59 67.82 148,988,500
1-Aug-13 73.85 74.63 65.84 77.89 70.12 145,746,000
1-Jul-13 68.65 73.27 68.63 80.3 71.93 173,226,400
1-Jun-13 68.5 71.1 66.73 76.99 68.62 197,044,800
1-May-13 68.46 73.98 68.35 76.76 68.39 217,685,100
1-Apr-13 67.87 73.56 67.37 76.77 67.79 227,545,000
1-Mar-13 66.72 68.84 66.58 77.06 68.08 154,532,700
1-Feb-13 66.32 68.79 65.97 76.18 67.2 191,904,000
1-Jan-13 59.11 65.94 58.81 75.16 65.62 222,560,700
1-Dec-12 60.3 61.45 57.29 67.89 58.35 181,564,600
1-Nov-12 59.62 60.35 56.29 69.83 60.29 165,939,000
1-Oct-12 59.23 60.73 57.16 69.24 59.14 196,136,900
1-Sep-12 57.12 59.87 56.91 69.36 59.26 192,197,500
1-Aug-12 54.77 57.35 53.14 67.19 57.09 205,192,800
1-Jul-12 50.38 55.09 50.12 64.54 53.88 326,914,900
1-Jun-12 51.1 53.01 48.41 61.25 50.59 253,133,100
1-May-12 52.68 54.15 51.32 62.29 51.63 230,071,300
1-Apr-12 56.21 56.7 52.07 63.64 52.42 260,484,800
1-Mar-12 56.22 56.73 54.98 67.21 55.99 176,509,200
1-Feb-12 52.2 56.55 51.34 67.62 56.4 235,104,300
1-Jan-12 54.55 55.25 50.95 63.04 51.29 286,695,300
1-Dec-11 52.83 55.23 52.12 66.71 54.96 181,383,300
1-Nov-11 51.62 52.84 49.25 64.57 52.82 176,927,600
1-Oct-11 51.42 54.03 49.51 63.99 51.72 205,920,800
Date Open High Low Close Adj Close* Volume
30-Sep-16 47.14 47.77 47.01 47.6 47.6 3,000,448
1-Sep-16 46.75 48.26 44.69 47.6 47.6 96,395,800
1-Aug-16 47.93 49.36 46.39 46.73 46.6 75,327,000
1-Jul-16 45.05 48.37 44.86 48.02 47.89 71,292,700
1-Jun-16 42.77 45.7 41.96 45.22 44.96 106,720,200
1-May-16 44.13 46.69 42.31 43.16 42.9 392,487,600
1-Apr-16 40.46 44.52 40.26 44.22 43.96 162,002,800
1-Mar-16 39.27 41.12 38.61 41.08 40.7 88,186,300
1-Feb-16 35.99 40.18 35.16 39.51 39.13 117,158,400
1-Jan-16 37.28 37.31 33.68 36.6 36.22 114,903,300
1-Dec-15 37.39 38.2 35.59 38.15 37.66 79,133,900
1-Nov-15 37.02 38.3 36.73 37.65 37.16 79,473,300
1-Oct-15 32.2 37.27 31.69 37.39 36.9 140,700,400
1-Sep-15 37.06 37.38 31.62 32.85 32.24 113,548,900
1-Aug-15 39.31 42.83 33.89 38.59 37.98 304,583,900
1-Jul-15 36.94 39.54 35.79 73.79 39.47 254,968,600
1-Jun-15 35.67 38.96 34.16 69.93 37.38 308,826,500
1-May-15 36.54 37.2 35.05 66.61 35.29 137,386,900
1-Apr-15 36.16 38.26 35.57 68.74 36.45 113,535,000
1-Mar-15 36.39 36.87 35.09 68.5 36.04 140,898,600
1-Feb-15 37.05 37.84 34.65 69.15 36.39 129,608,000
1-Jan-15 38.81 39.04 36.87 70.31 37.02 116,497,600
1-Dec-14 38.27 39.44 36.92 73.29 38.36 92,991,900
1-Nov-14 36.64 38.31 35.58 73 38.2 108,824,100
1-Oct-14 37.25 38.5 34.6 70.14 36.65 128,316,900
1-Sep-14 38.98 39.2 36.93 71.77 37.25 90,551,100
1-Aug-14 38.82 39.73 38.06 74.98 38.99 69,728,700
1-Jul-14 37.72 40.26 37.72 74.69 38.84 94,793,100
1-Jun-14 38.4 38.53 37.1 72.3 37.25 94,441,700
1-May-14 37.55 39.2 37.55 74.41 38.4 101,624,000
1-Apr-14 38.11 38.24 37.01 72.79 37.52 113,858,800
1-Mar-14 35.15 38.82 33.75 73.58 37.68 173,398,100
1-Feb-14 34.84 35.82 33.81 69.5 35.47 104,144,400
1-Jan-14 35.49 36.14 34.28 68.3 34.82 130,728,700
1-Dec-13 34.94 35.37 33.05 69.55 35.23 126,749,700
1-Nov-13 33.31 35.1 32.64 68.45 34.63 129,300,900
1-Oct-13 33.13 34.25 31.56 65.87 33.23 168,169,800
1-Sep-13 35.35 36.76 32.77 65.69 32.87 116,884,500
1-Aug-13 37.11 37.44 34.83 69.56 34.97 121,877,300
1-Jul-13 35.01 37.71 34.69 73.04 36.86 95,622,900
1-Jun-13 35.17 35.66 33.81 69.27 34.54 105,051,800
1-May-13 34.7 37.09 33.59 70.33 35.12 183,294,600
1-Apr-13 36.28 36.49 34.24 69.87 34.87 126,879,200
1-Mar-13 33.29 36.18 33.18 72.64 36.13 101,551,300
1-Feb-13 33.6 34.34 32.74 67.6 33.39 100,162,500
1-Jan-13 33.26 34.15 32.46 67.84 33.52 119,479,400
1-Dec-12 32.61 33.26 31.12 66.66 32.64 90,205,100
1-Nov-12 30.44 33.86 30.35 66.27 32.43 155,630,600
1-Oct-12 29.25 30.68 28.93 62.63 30.45 100,908,000
1-Sep-12 28.02 29.68 27.66 60.27 28.92 95,012,700
1-Aug-12 28.17 28.63 27.36 58.68 28.06 80,771,900
1-Jul-12 25.22 28.75 25.1 58.51 27.97 125,996,200
1-Jun-12 23.3 24.88 22.61 53.15 24.87 135,715,200
1-May-12 26.01 26.47 23.47 50.62 23.5 103,125,900
1-Apr-12 28.39 28.84 25.14 55.41 26.1 123,240,100
1-Mar-12 27.34 28.71 26.84 59.78 28.29 101,550,100
1-Feb-12 26.08 27.54 26.02 58.13 27.4 100,743,500
1-Jan-12 23.05 26.61 22.71 55.48 25.96 145,364,600
1-Dec-11 23.62 24.31 21.47 49.48 22.52 126,453,800
1-Nov-11 24.82 25.62 21.54 51.66 23.7 161,565,600
1-Oct-11 25.65 26.76 24.13 54.98 25.5 165,608,400
Date Open High Low Close Adj Close* Volume
30-Sep-16 159.95 162.41 157.8 161.27 161.27 4,349,204
1-Sep-16 170 172.42 157.77 161.27 161.27 55,288,700
1-Aug-16 158.16 169.59 154.72 169.46 168.81 50,549,000
1-Jul-16 147.84 163.44 141.97 158.81 158.16 65,644,400
1-Jun-16 157.25 159.9 137.55 148.58 147.93 84,225,300
1-May-16 163.78 165.89 152.44 159.48 158.18 58,432,900
1-Apr-16 155.16 167.6 148.07 164.11 162.81 71,372,200
1-Mar-16 149.65 157.6 147.45 156.98 155.68 88,703,100
1-Feb-16 158.46 159.05 137.1 149.53 147.58 123,724,900
1-Jan-16 173.84 175.55 149.17 161.56 159.61 100,189,800
1-Dec-15 189.27 191.89 170.95 180.23 178.28 65,465,400
1-Nov-15 185.72 197.3 183.96 190.02 187.42 50,690,700
1-Oct-15 171.8 189.36 167.27 187.5 184.9 68,572,600
1-Sep-15 181.64 189.15 164.89 173.76 171.16 75,963,800
1-Aug-15 202.5 204.53 168.85 189.21 185.96 74,974,700
1-Jul-15 208.38 211.36 199.95 205.07 201.82 51,974,500
1-Jun-15 204.07 215.52 202.4 208.79 205.54 57,901,900
1-May-15 194.55 205.78 190.11 206.19 202.29 46,697,000
1-Apr-15 184.04 198.97 183.06 196.42 192.52 55,748,200
1-Mar-15 186.1 190.35 178.81 187.97 184.07 50,310,800
1-Feb-15 168.49 188.78 167.76 189.79 185.29 50,123,400
1-Jan-15 190.8 191.23 167.82 172.41 167.91 64,102,500
1-Dec-14 183.5 193.56 177.9 193.83 189.33 70,217,700
1-Nov-14 185.25 187.58 182.45 188.41 183.31 40,105,200
1-Oct-14 178.09 184.9 166.16 189.99 184.89 82,923,700
1-Sep-14 174.16 183.48 171.52 183.57 178.47 52,395,400
1-Aug-14 166.73 174.21 162.37 179.11 173.46 45,999,300
1-Jul-14 160.7 171.83 155.88 172.87 167.22 59,896,200
1-Jun-14 154.13 165.43 152.26 167.44 161.79 48,257,200
1-May-14 153.6 157.23 147.51 159.81 153.61 51,072,500
1-Apr-14 158.56 161.47 145.45 159.82 153.62 78,693,500
1-Mar-14 158.02 169.39 154.57 163.85 157.65 69,380,700
1-Feb-14 158.4 161.07 153.02 166.45 159.7 70,386,800
1-Jan-14 170.2 174.38 156.55 164.12 157.37 67,649,400
1-Dec-13 163.13 170.69 158.02 177.26 170.51 55,718,100
1-Nov-13 153.73 163.39 152.31 168.94 161.64 57,399,200
1-Oct-13 151.56 156.05 145.53 160.86 153.56 75,131,900
1-Sep-13 147.18 162.7 146.12 158.21 150.91 78,759,300
1-Aug-13 157.94 161.89 143.53 152.13 144.33 52,123,900
1-Jul-13 144.98 159.61 141.48 164.03 156.23 65,295,900
1-Jun-13 153.76 160.4 140.91 151.25 143.45 76,021,100
1-May-13 137.53 157.53 132.09 162.08 153.78 89,480,300
1-Apr-13 138.37 143.15 128.99 146.07 137.77 81,816,700
1-Mar-13 139.82 148.89 136.38 147.15 138.85 82,855,700
1-Feb-13 139.71 150.2 137.82 149.76 140.96 92,481,400
1-Jan-13 122.5 139.2 120.82 147.86 139.06 98,912,700
1-Dec-12 109.62 120.92 106.82 127.56 118.76 80,380,300
1-Nov-12 113.52 117.43 104.54 117.79 108.49 78,473,200
1-Oct-12 107.37 117.18 106.92 122.39 113.09 96,115,200
1-Sep-12 96.25 113.3 96.24 113.68 104.38 91,155,600
1-Aug-12 91.51 97.58 86.96 105.72 95.96 70,895,400
1-Jul-12 86.8 92.42 81.39 100.9 91.14 96,498,800
1-Jun-12 84.31 87.84 80.67 95.86 86.1 104,497,000
1-May-12 104.62 106.26 83.48 95.7 85.48 121,117,300
1-Apr-12 113.92 115.32 99.85 115.15 104.93 118,236,700
1-Mar-12 105.75 118.5 102.89 124.37 114.15 148,682,900
1-Feb-12 102.04 108.09 100.83 115.14 104.57 114,450,200
1-Jan-12 82.4 101.93 81.85 111.47 100.9 159,706,200
1-Dec-11 84.01 95.53 76.33 90.43 79.86 158,615,200
1-Nov-11 92.57 98.34 76.68 95.86 84.94 150,193,800
1-Oct-11 82.82 107.15 73.35 109.55 98.63 179,485,000
Date Open High Low Close Adj Close* Volume
30-Sep-16 63.78 64.37 63.63 64.04 64.04 4,068,447
1-Sep-16 65.55 66.71 62.85 64.04 64.04 95,453,400
1-Aug-16 64.49 66.28 63.2 65.58 65.58 77,514,100
1-Jul-16 60.76 64.97 58.25 64.46 64.46 90,064,900
1-Jun-16 65.47 66.31 56.86 60.76 60.47 121,690,700
1-May-16 65.29 65.76 62.03 65.76 65.47 96,794,800
1-Apr-16 60.4 66.76 58.12 65.43 64.85 99,858,200
1-Mar-16 55.45 60.94 55.04 61.4 60.82 129,864,200
1-Feb-16 52.83 55.57 49.69 55.58 55 159,711,400
1-Jan-16 67.22 67.31 51.28 53.5 52.63 237,308,200
1-Dec-15 71.13 71.57 66.7 69.55 68.68 124,219,300
1-Nov-15 72.56 73.98 69.34 71.64 70.77 106,839,600
1-Oct-15 73 76.69 70.23 73.26 72.1 122,095,600
1-Sep-15 73.69 77.24 71.5 74.13 72.97 110,385,200
1-Aug-15 74.7 80.5 70.55 76.72 75.56 155,122,400
1-Jul-15 77.48 78.47 73.14 76.06 74.9 117,895,600
1-Jun-15 78.49 80.47 76.2 77.72 76.27 141,794,200
1-May-15 76.4 80.15 75.86 79.72 78.27 103,420,200
1-Apr-15 76.6 79.72 75.08 77.45 76 133,853,700
1-Mar-15 79.88 81.83 75.91 78.12 76.41 154,668,200
1-Feb-15 79.25 84.47 75.41 81.59 79.88 211,894,500
1-Jan-15 91.2 91.97 78.59 80.69 78.72 122,783,500
1-Dec-14 90.1 92.92 86.22 93.04 91.07 81,715,600
1-Nov-14 88.35 90.62 87.68 92.42 90.45 62,026,200
1-Oct-14 84.67 88.37 76.18 89.95 87.72 120,822,100
1-Sep-14 87.67 88.45 84.53 87.54 85.31 85,341,400
1-Aug-14 85.18 87.99 83.52 89.55 87.32 83,077,800
1-Jul-14 92.93 93.75 85.5 88 85.51 68,452,900
1-Jun-14 89.3 93.55 88.78 94.87 92.38 60,522,000
1-May-14 85.04 89.19 83.26 91.5 89.01 65,091,900
1-Apr-14 87.68 88.68 81.27 87.43 84.71 84,786,400
1-Mar-14 87.88 91.63 86.44 90.03 87.31 71,488,400
1-Feb-14 82.27 89.42 79.91 91.28 88.56 76,173,800
1-Jan-14 87.95 90.67 81.96 85.02 82.07 104,874,000
1-Dec-13 83.07 87.84 80.26 90.73 87.78 67,589,400
1-Nov-13 79.17 83.24 77.27 85.8 82.85 62,754,400
1-Oct-13 72.46 80.65 68.9 81.8 78.62 102,592,600
1-Sep-13 69.41 74.72 68.96 75.52 72.34 74,592,300
1-Aug-13 71.35 74.09 68.29 71.91 68.73 69,917,600
1-Jul-13 72.12 75.22 70.06 73.77 70.36 126,314,000
1-Jun-13 72.48 75.2 68.27 74.76 71.35 121,769,400
1-May-13 64.84 73.98 64.75 75.71 72.3 121,571,700
1-Apr-13 63.81 65.44 59.82 68.41 64.8 121,827,000
1-Mar-13 58.23 63.87 57.9 67.46 63.85 101,367,800
1-Feb-13 55.72 59.39 55.6 62.15 58.54 107,254,600
1-Jan-13 54.52 58.16 54.5 58.81 55 122,718,400
1-Dec-12 52.28 54.54 51.66 57.48 53.67 103,366,200
1-Nov-12 52.34 53.67 49.21 55.9 52.09 112,897,900
1-Oct-12 53.17 55.39 50.94 55.97 51.96 110,170,500
1-Sep-12 54.3 55.36 52.04 56.86 52.85 102,389,100
1-Aug-12 53.51 54.43 51.36 58.3 54.29 99,516,100
1-Jul-12 54.3 55.52 50.14 57.71 53.5 115,339,800
1-Jun-12 50.41 54 48.97 58.21 54 115,585,100
1-May-12 55.74 57.21 50.59 55.83 51.62 130,999,300
1-Apr-12 53.49 56.55 51.73 60.21 55.8 130,045,000
1-Mar-12 48.62 54.85 47.13 57.86 53.45 139,018,900
1-Feb-12 45.96 50.04 45.86 52.89 48.48 120,114,000
1-Jan-12 43.71 46.41 42.81 50.14 45.55 127,316,500
1-Dec-11 43.11 44.8 41.3 47.17 42.58 125,137,900
1-Nov-11 44.99 47.23 40.11 48.04 43.45 144,928,800
1-Oct-11 39.75 47.58 36.53 50.62 45.85 216,452,700