Presentado por:

DÍA PFBCOLOM ECOPETROL PFAVAL

1 34,200.00 1,405.00 1,320.00

2 33,600.00 1,400.00 1,325.00
3 33,700.00 1,405.00 1,325.00
4 33,480.00 1,400.00 1,335.00
5 33,000.00 1,400.00 1,335.00
6 33,040.00 1,410.00 1,335.00
7 32,920.00 1,415.00 1,340.00
8 32,900.00 1,410.00 1,335.00
9 33,080.00 1,430.00 1,340.00
10 32,480.00 1,460.00 1,335.00
11 32,360.00 1,465.00 1,340.00
12 32,120.00 1,460.00 1,330.00
13 32,020.00 1,445.00 1,335.00
14 31,980.00 1,450.00 1,320.00
15 31,880.00 1,465.00 1,320.00
16 31,980.00 1,490.00 1,330.00
17 32,120.00 1,565.00 1,330.00
18 29,900.00 1,610.00 1,290.00
19 28,900.00 1,665.00 1,275.00
20 29,000.00 1,665.00 1,265.00
21 29,060.00 1,735.00 1,295.00
22 28,480.00 1,700.00 1,285.00
23 28,180.00 1,700.00 1,280.00
24 28,620.00 1,820.00 1,275.00
25 29,000.00 1,755.00 1,285.00
26 29,280.00 1,820.00 1,275.00
27 29,040.00 1,810.00 1,265.00
28 28,500.00 1,765.00 1,265.00
29 28,620.00 1,750.00 1,270.00
30 28,820.00 1,750.00 1,275.00
31 29,120.00 1,750.00 1,290.00
32 29,300.00 1,740.00 1,285.00
33 29,540.00 1,740.00 1,290.00
34 29,540.00 1,775.00 1,275.00
35 29,440.00 1,775.00 1,275.00
36 29,520.00 1,760.00 1,280.00
37 29,120.00 1,780.00 1,275.00
38 29,380.00 1,735.00 1,260.00
39 29,360.00 1,770.00 1,255.00
40 29,200.00 1,750.00 1,235.00
41 28,980.00 1,775.00 1,250.00
42 28,780.00 1,780.00 1,245.00
43 28,900.00 1,790.00 1,250.00
44 29,420.00 1,775.00 1,245.00
45 29,380.00 1,780.00 1,255.00
46 30,080.00 1,885.00 1,270.00
47 29,840.00 1,910.00 1,270.00
48 29,720.00 1,935.00 1,270.00
49 29,220.00 1,950.00 1,285.00
50 29,180.00 1,935.00 1,285.00
51 29,620.00 1,940.00 1,280.00
52 29,640.00 1,950.00 1,280.00
53 29,500.00 2,000.00 1,280.00
54 29,660.00 2,015.00 1,295.00
55 29,600.00 2,025.00 1,295.00
56 29,500.00 2,075.00 1,300.00
57 29,700.00 2,110.00 1,320.00
58 29,920.00 2,210.00 1,290.00
59 29,980.00 2,260.00 1,290.00
60 29,900.00 2,350.00 1,275.00
61 30,780.00 2,460.00 1,300.00
62 31,100.00 2,500.00 1,325.00
63 30,800.00 2,555.00 1,290.00
64 30,520.00 2,535.00 1,275.00
65 30,040.00 2,425.00 1,280.00
66 30,200.00 2,375.00 1,280.00
67 30,000.00 2,335.00 1,270.00
68 31,160.00 2,420.00 1,285.00
69 31,260.00 2,465.00 1,270.00
70 31,340.00 2,475.00 1,290.00
71 31,180.00 2,465.00 1,290.00
72 30,760.00 2,590.00 1,295.00
73 30,900.00 2,705.00 1,295.00
74 31,700.00 2,800.00 1,315.00
75 32,240.00 2,745.00 1,315.00
76 32,680.00 2,760.00 1,310.00
77 32,540.00 2,775.00 1,310.00
78 32,580.00 2,700.00 1,295.00
79 32,460.00 2,660.00 1,275.00
80 32,660.00 2,770.00 1,280.00
81 32,080.00 2,665.00 1,285.00
82 31,120.00 2,485.00 1,255.00
83 31,280.00 2,500.00 1,260.00
 84 31,560.00 2,430.00 1,260.00
85 31,200.00 2,335.00 1,240.00
86 31,260.00 2,445.00 1,245.00
87 31,520.00 2,420.00 1,260.00
88 31,580.00 2,385.00 1,295.00
89 32,060.00 2,500.00 1,290.00
90 31,820.00 2,490.00 1,290.00
91 32,060.00 2,485.00 1,270.00
92 31,840.00 2,480.00 1,275.00
93 32,240.00 2,485.00 1,275.00
94 32,380.00 2,475.00 1,300.00
95 32,660.00 2,565.00 1,295.00
96 32,360.00 2,625.00 1,270.00
97 31,780.00 2,655.00 1,270.00
98 31,400.00 2,630.00 1,270.00
99 30,180.00 2,510.00 1,240.00
100 30,000.00 2,480.00 1,230.00
101 30,240.00 2,480.00 1,225.00
102 30,620.00 2,510.00 1,220.00
103 31,040.00 2,505.00 1,215.00
104 31,300.00 2,450.00 1,225.00
105 31,300.00 2,475.00 1,220.00
106 31,580.00 2,505.00 1,215.00
107 31,300.00 2,480.00 1,220.00
108 30,820.00 2,505.00 1,220.00
109 30,600.00 2,505.00 1,225.00
110 30,560.00 2,535.00 1,225.00
111 31,200.00 2,590.00 1,210.00
112 30,900.00 2,670.00 1,210.00
113 30,540.00 2,750.00 1,210.00
114 30,180.00 2,620.00 1,210.00
115 29,380.00 2,700.00 1,200.00
116 30,400.00 2,775.00 1,165.00
117 29,780.00 2,645.00 1,155.00
118 29,280.00 2,615.00 1,165.00
119 30,160.00 2,690.00 1,165.00
Diana Camelo Malaver
 ACTIVOS

BCOLOMBIA PFDAVVNDA % PFBCOLOM % ECOPETROL

32,860.00 33,180.00 - -
32,500.00 33,120.00 -1.7544% -0.3559%
32,700.00 32,940.00 0.2976% 0.3571%
32,680.00 33,000.00 -0.6528% -0.3559%
32,000.00 32,840.00 -1.4337% 0.0000%
32,080.00 33,000.00 0.1212% 0.7143%
32,000.00 32,800.00 -0.3632% 0.3546%
31,980.00 32,580.00 -0.0608% -0.3534%
32,000.00 32,760.00 0.5471% 1.4184%
31,480.00 32,360.00 -1.8138% 2.0979%
31,260.00 32,380.00 -0.3695% 0.3425%
31,000.00 32,340.00 -0.7417% -0.3413%
30,880.00 32,400.00 -0.3113% -1.0274%
30,860.00 32,200.00 -0.1249% 0.3460%
30,480.00 32,240.00 -0.3127% 1.0345%
30,760.00 32,360.00 0.3137% 1.7065%
30,720.00 32,400.00 0.4378% 5.0336%
28,860.00 31,000.00 -6.9116% 2.8754%
28,060.00 30,580.00 -3.3445% 3.4161%
28,200.00 29,980.00 0.3460% 0.0000%
28,200.00 29,920.00 0.2069% 4.2042%
27,540.00 29,440.00 -1.9959% -2.0173%
27,260.00 29,900.00 -1.0534% 0.0000%
27,260.00 29,520.00 1.5614% 7.0588%
28,100.00 29,880.00 1.3277% -3.5714%
28,580.00 30,480.00 0.9655% 3.7037%
28,520.00 31,460.00 -0.8197% -0.5495%
27,960.00 31,260.00 -1.8595% -2.4862%
27,880.00 31,160.00 0.4211% -0.8499%
28,280.00 31,260.00 0.6988% 0.0000%
28,880.00 30,960.00 1.0409% 0.0000%
28,820.00 30,680.00 0.6181% -0.5714%
29,000.00 30,260.00 0.8191% 0.0000%
29,000.00 30,100.00 0.0000% 2.0115%
28,780.00 30,160.00 -0.3385% 0.0000%
28,900.00 30,220.00 0.2717% -0.8451%
28,780.00 29,860.00 -1.3550% 1.1364%
28,820.00 29,700.00 0.8929% -2.5281%
29,040.00 29,600.00 -0.0681% 2.0173%
29,000.00 29,000.00 -0.5450% -1.1299%
28,700.00 29,800.00 -0.7534% 1.4286%
28,500.00 29,400.00 -0.6901% 0.2817%
28,760.00 29,620.00 0.4170% 0.5618%
29,000.00 29,720.00 1.7993% -0.8380%
29,140.00 29,800.00 -0.1360% 0.2817%
29,700.00 29,800.00 2.3826% 5.8989%
29,700.00 29,800.00 -0.7979% 1.3263%
29,600.00 29,660.00 -0.4021% 1.3089%
29,280.00 29,420.00 -1.6824% 0.7752%
28,800.00 29,000.00 -0.1369% -0.7692%
29,640.00 29,000.00 1.5079% 0.2584%
29,400.00 29,080.00 0.0675% 0.5155%
29,400.00 29,200.00 -0.4723% 2.5641%
29,520.00 29,560.00 0.5424% 0.7500%
29,600.00 29,640.00 -0.2023% 0.4963%
29,600.00 29,680.00 -0.3378% 2.4691%
29,860.00 29,800.00 0.6780% 1.6867%
29,980.00 29,940.00 0.7407% 4.7393%
29,940.00 30,400.00 0.2005% 2.2624%
29,980.00 30,400.00 -0.2668% 3.9823%
30,280.00 30,240.00 2.9431% 4.6809%
30,800.00 30,300.00 1.0396% 1.6260%
30,700.00 30,000.00 -0.9646% 2.2000%
30,400.00 29,440.00 -0.9091% -0.7828%
30,000.00 29,460.00 -1.5727% -4.3393%
30,100.00 29,680.00 0.5326% -2.0619%
30,280.00 29,600.00 -0.6623% -1.6842%
31,260.00 29,720.00 3.8667% 3.6403%
31,160.00 30,480.00 0.3209% 1.8595%
31,360.00 30,740.00 0.2559% 0.4057%
31,000.00 30,720.00 -0.5105% -0.4040%
30,620.00 31,100.00 -1.3470% 5.0710%
30,980.00 31,320.00 0.4551% 4.4402%
31,300.00 31,820.00 2.5890% 3.5120%
31,840.00 31,980.00 1.7035% -1.9643%
32,380.00 32,300.00 1.3648% 0.5464%
32,360.00 32,400.00 -0.4284% 0.5435%
32,400.00 32,140.00 0.1229% -2.7027%
32,520.00 31,880.00 -0.3683% -1.4815%
32,380.00 31,820.00 0.6161% 4.1353%
32,100.00 31,680.00 -1.7759% -3.7906%
31,040.00 31,000.00 -2.9925% -6.7542%
31,100.00 31,400.00 0.5141% 0.6036%
31,700.00 31,840.00 0.8951% -2.8000%
31,220.00 31,500.00 -1.1407% -3.9095%
31,100.00 31,120.00 0.1923% 4.7109%
31,680.00 31,900.00 0.8317% -1.0225%
31,620.00 31,400.00 0.1904% -1.4463%
32,140.00 31,480.00 1.5199% 4.8218%
31,900.00 31,400.00 -0.7486% -0.4000%
32,060.00 31,460.00 0.7542% -0.2008%
31,840.00 31,200.00 -0.6862% -0.2012%
32,100.00 30,620.00 1.2563% 0.2016%
32,460.00 30,200.00 0.4342% -0.4024%
32,400.00 30,240.00 0.8647% 3.6364%
32,400.00 30,160.00 -0.9186% 2.3392%
31,760.00 29,940.00 -1.7923% 1.1429%
31,500.00 29,820.00 -1.1957% -0.9416%
30,160.00 29,700.00 -3.8854% -4.5627%
30,660.00 30,000.00 -0.5964% -1.1952%
30,540.00 30,000.00 0.8000% 0.0000%
31,000.00 29,760.00 1.2566% 1.2097%
31,120.00 29,820.00 1.3717% -0.1992%
31,920.00 29,880.00 0.8376% -2.1956%
32,100.00 30,200.00 0.0000% 1.0204%
32,600.00 30,200.00 0.8946% 1.2121%
32,600.00 29,780.00 -0.8866% -0.9980%
32,000.00 29,880.00 -1.5335% 1.0081%
31,540.00 30,200.00 -0.7138% 0.0000%
31,660.00 30,240.00 -0.1307% 1.1976%
32,200.00 30,220.00 2.0942% 2.1696%
31,660.00 30,100.00 -0.9615% 3.0888%
31,680.00 29,980.00 -1.1650% 2.9963%
31,400.00 29,980.00 -1.1788% -4.7273%
30,400.00 29,940.00 -2.6508% 3.0534%
30,500.00 29,940.00 3.4717% 2.7778%
29,700.00 30,160.00 -2.0395% -4.6847%
30,220.00 30,120.00 -1.6790% -1.1342%
30,780.00 30,280.00 3.0055% 2.8681%
% PFAVAL % BCOLOMBIA % PFDAVVNDA

- - -
0.3788% -1.0956% -0.1808%
0.0000% 0.6154% -0.5435%
0.7547% -0.0612% 0.1821%
0.0000% -2.0808% -0.4848%
0.0000% 0.2500% 0.4872%
0.3745% -0.2494% -0.6061%
-0.3731% -0.0625% -0.6707%
0.3745% 0.0625% 0.5525%
-0.3731% -1.6250% -1.2210%
0.3745% -0.6989% 0.0618%
-0.7463% -0.8317% -0.1235%
0.3759% -0.3871% 0.1855%
-1.1236% -0.0648% -0.6173%
0.0000% -1.2314% 0.1242%
0.7576% 0.9186% 0.3722%
0.0000% -0.1300% 0.1236%
-3.0075% -6.0547% -4.3210%
-1.1628% -2.7720% -1.3548%
-0.7843% 0.4989% -1.9621%
2.3715% 0.0000% -0.2001%
-0.7722% -2.3404% -1.6043%
-0.3891% -1.0167% 1.5625%
-0.3906% 0.0000% -1.2709%
0.7843% 3.0814% 1.2195%
-0.7782% 1.7082% 2.0080%
-0.7843% -0.2099% 3.2152%
0.0000% -1.9635% -0.6357%
0.3953% -0.2861% -0.3199%
0.3937% 1.4347% 0.3209%
1.1765% 2.1216% -0.9597%
-0.3876% -0.2078% -0.9044%
0.3891% 0.6246% -1.3690%
-1.1628% 0.0000% -0.5288%
0.0000% -0.7586% 0.1993%
0.3922% 0.4170% 0.1989%
-0.3906% -0.4152% -1.1913%
-1.1765% 0.1390% -0.5358%
-0.3968% 0.7634% -0.3367%
-1.5936% -0.1377% -2.0270%
1.2146% -1.0345% 2.7586%
-0.4000% -0.6969% -1.3423%
0.4016% 0.9123% 0.7483%
-0.4000% 0.8345% 0.3376%
0.8032% 0.4828% 0.2692%
1.1952% 1.9218% 0.0000%
0.0000% 0.0000% 0.0000%
0.0000% -0.3367% -0.4698%
1.1811% -1.0811% -0.8092%
0.0000% -1.6393% -1.4276%
-0.3891% 2.9167% 0.0000%
0.0000% -0.8097% 0.2759%
0.0000% 0.0000% 0.4127%
1.1719% 0.4082% 1.2329%
0.0000% 0.2710% 0.2706%
0.3861% 0.0000% 0.1350%
1.5385% 0.8784% 0.4043%
-2.2727% 0.4019% 0.4698%
0.0000% -0.1334% 1.5364%
-1.1628% 0.1336% 0.0000%
1.9608% 1.0007% -0.5263%
1.9231% 1.7173% 0.1984%
-2.6415% -0.3247% -0.9901%
-1.1628% -0.9772% -1.8667%
0.3922% -1.3158% 0.0679%
0.0000% 0.3333% 0.7468%
-0.7813% 0.5980% -0.2695%
1.1811% 3.2365% 0.4054%
-1.1673% -0.3199% 2.5572%
1.5748% 0.6418% 0.8530%
0.0000% -1.1480% -0.0651%
0.3876% -1.2258% 1.2370%
0.0000% 1.1757% 0.7074%
1.5444% 1.0329% 1.5964%
0.0000% 1.7252% 0.5028%
-0.3802% 1.6960% 1.0006%
0.0000% -0.0618% 0.3096%
-1.1450% 0.1236% -0.8025%
-1.5444% 0.3704% -0.8090%
0.3922% -0.4305% -0.1882%
0.3906% -0.8647% -0.4400%
-2.3346% -3.3022% -2.1465%
0.3984% 0.1933% 1.2903%
 0.0000% 1.9293% 1.4013%
-1.5873% -1.5142% -1.0678%
0.4032% -0.3844% -1.2063%
1.2048% 1.8650% 2.5064%
2.7778% -0.1894% -1.5674%
-0.3861% 1.6445% 0.2548%
0.0000% -0.7467% -0.2541%
-1.5504% 0.5016% 0.1911%
0.3937% -0.6862% -0.8264%
0.0000% 0.8166% -1.8590%
1.9608% 1.1215% -1.3717%
-0.3846% -0.1848% 0.1325%
-1.9305% 0.0000% -0.2646%
0.0000% -1.9753% -0.7294%
0.0000% -0.8186% -0.4008%
-2.3622% -4.2540% -0.4024%
-0.8065% 1.6578% 1.0101%
-0.4065% -0.3914% 0.0000%
-0.4082% 1.5062% -0.8000%
-0.4098% 0.3871% 0.2016%
0.8230% 2.5707% 0.2012%
-0.4082% 0.5639% 1.0710%
-0.4098% 1.5576% 0.0000%
0.4115% 0.0000% -1.3907%
0.0000% -1.8405% 0.3358%
0.4098% -1.4375% 1.0710%
0.0000% 0.3805% 0.1325%
-1.2245% 1.7056% -0.0661%
0.0000% -1.6770% -0.3971%
0.0000% 0.0632% -0.3987%
0.0000% -0.8838% 0.0000%
-0.8264% -3.1847% -0.1334%
-2.9167% 0.3289% 0.0000%
-0.8584% -2.6230% 0.7348%
0.8658% 1.7508% -0.1326%
0.0000% 1.8531% 0.5312%
 ACTIVOS

ÍNDICE RENTABILIDAD (m) RIESGO (s)

PFBCOLOM -0.0960% 1.44%
ECOPETROL 0.5810% 2.42%
PFAVAL -0.1006% 1.02%
BCOLOMBIA -0.0452% 1.42%
PFDAVVNDA -0.0718% 1.06%

PORTAFOLIO

TASA DE RETORNO -0.0975%

RIESGO 1.1215%

FRONTERA 1

ACTIVOS RENTABILIDAD (m) RIESGO (s)

0 -0.0960% 1.4400%
1 0.3404% 1.6025%
2 0.3908% 1.7651%
3 0.4401% 1.9276%
4 0.4881% 2.0901%
5 0.5349% 2.2526%
X 0.5810% 2.4152%

Diferencia Riesgo 0.1625%

FRONTERA 2

ACTIVOS RENTABILIDAD (m) RIESGO (s)

0 0.5810% 2.4152%
1 0.4994% 2.1825%
2 0.4116% 1.9498%
3 0.3121% 1.7171%
4 0.1795% 1.4844%
5 0.0968% 1.2518%
X -0.1006% 1.0191%
Diferencia Riesgo -0.2327%

FRONTERA 3

ACTIVOS RENTABILIDAD (m) RIESGO (s)

0 -0.1006% 1.0191%
1 -0.0977% 1.0867%
2 -0.0973% 1.1544%
3 -0.0970% 1.2220%
4 -0.0966% 1.2896%
5 -0.0963% 1.3573%
X -0.0452% 1.4249%

Diferencia Riesgo 0.0676%

FRONTERA 4

ACTIVOS RENTABILIDAD (m) RIESGO (s)

0 -0.0452% 1.4249%
1 -0.0963% 1.3642%
2 -0.0966% 1.3036%
3 -0.0969% 1.2429%
4 -0.0972% 1.1822%
5 -0.0975% 1.1215%
X -0.0718% 1.0608%

Diferencia Riesgo -0.0607%

 MATRIZ VAR - COV

PFBCOLOM ECOPETROL

PFBCOLOM 0.000209 0.000104

ECOPETROL 0.000104 0.000583
PFAVAL 0.000047 0.000025
BCOLOMBIA 0.000171 0.000057
PFDAVVNDA 0.000054 0.000023

FRONTERA EFICIENTE

1.440% -0.0960%
1.603% 0.3404% 0.7000%
1.765% 0.3908%
1.928% 0.4401%
2.090% 0.4881% 0.6000%
2.253% 0.5349%
2.415% 0.5810% 0.5000%
2.578% 0.4994%
2.740% 0.4116% 0.4000%

RENTABILIDAD
2.903% 0.3121%
3.065% 0.1795%
3.228% 0.0968% 0.3000%
3.390% -0.1006%
0.2000%

0.1000%

0.0000%
1.300

-0.1000%

-0.2000%
MATRIZ VAR - COV

PFAVAL BCOLOMBIA PFDAVVNDA

0.000047 0.000171 0.000054

0.000025 0.000057 0.000023
0.000104 0.000054 0.000028
0.000054 0.000203 0.000058
0.000028 0.000058 0.000113

FRONTERA EFICIENTE
0.7000%

0.6000%

0.5000%

0.4000%
RENTABILIDAD

0.3000%

0.2000%

0.1000%

0.0000%
1.300% 1.600% 1.900% 2.200% 2.500% 2.800%

-0.1000%

-0.2000%
RIESGO
 PONDERACIÓN

ÍNDICE PESO

PFBCOLOM 67.1231%
ECOPETROL 0.0000%
PFAVAL 32.8769%
BCOLOMBIA 0.0000%
PFDAVVNDA 0.0000%
TOTAL 100.00%

IENTE

2.800% 3.100% 3.400%