Investment Analysis and Management II Professor: Mr.

Argyrios Volis
Ntokou Aikaterini Maria id:252697

Portfolio
Management
Analysis
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

Table of Contents

Executive Summary………………………………………………………………………………………………………………4

Investment Policy Strategy……………………………………………………………………………………………………5

Strategy………………………………………………………………………………………………………………………………..9

Performance……………………………………………………………………………………………………………………….10

Appendix…………………………………………………………………………………………………………………………….12

Reference List……………………………………………………………………………………………………………………..14
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

Executive Summary

The purpose of this report is to construct a portfolio of shares that belong to S&P500. Broad
investment objectives as of expected return and level of risk will be firstly provided in the
investment policy statement. The target of our portfolio is to reach an 3% annual premium
with moderate risk, following the returns of our benchmark index, S&P500. The initial
amount of our investment portfolio is 100.000.000$ and its form consists of equity and cash.
There is a restriction for cash to not exceed 25% of the total amount. Constraints, investment
strategy and monitoring process will also be included in the first part. Analyzing our data,
based on expected return, standard deviation and correlation, we will carefully evaluate the
portfolio’s performance by comparing the actual return and level of risk with those we
initially expected while taking into consideration market and company news. In addition, the
contrast between key data and ratios of our portfolio and the benchmark such as standard
deviation, beta, Sharpe ratio and Treynor ratio will also be offered. This project is an
assignment for an undergraduate course and should not be taken as a guide. The views
contained in here, should not be taken as a recommendation to buy or sell any investment as
no guarantee for accuracy is given.
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

Investment Policy Statement

Investment Objective

Our investment fund aims on a total return strategy which is comprised of current income
with a maximum percentage of 25% of our initial capital and a maximum 6 stocks included to
S&P500 index. Our target is to follow and outperform by 3% the index’s return through
investing in a well-diversified portfolio that is focusing on the largest US companies. The time
horizon of this fund is 3 months from the date 12/01/3023 to 24/04/2023.

Portfolio Monitoring Process - Parameters

Our fund will check weekly the progress of the investment and daily the market and
company news. The components of the portfolio may be adjusted to ensure that we will
meet our objectives. Also, the cash position may be altered to prevent losses.

Starting to build our portfolio, we select the 50 companies with the highest market
capitalization. Then we group them into sectors in order to have a diversified portfolio and
we calculate the correlation coefficient. Based on the lowest possible correlation coefficient,
we end up into 15 stocks (Exxon Mobile, Tesla, Walmart, P&G, Eli Lilly, Pfizer, Oracle, Cisco,
Merck & Co, Verizon, Philip Morris, Wells Fargo, Nextera, Alphabet C, Bristol Myers Squibb).
As we can have a maximum of 6 stocks, we will take into consideration some important
parameters in order to filter our options. Our selection criteria will be market capitalization,
liquidity, beta, 52 week range, dividend yield, standard deviation, RoE, D/E ratio, PER and
PVB:

Market Capitalization corresponds to the company’s stage in business development. The

largest the capitalization, the more well known and mature the companies are and the lower
the risk return. As we target for the lowest risk possible, we want our companies to have
high capitalization, which means market cap over $10 bn.

A company’s liquidity indicates its ability to pay debt or current liabilities without having to
raise capital. This means that low liquidity implies high chances of bankruptcy. In order the
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

companies we will choose for our portfolio would have a safe margin to meet their liabilities,
we want the liquidity ratio to be over 2.

Beta is a measure of volatility between the stock and the market (systematic risk). If beta
exceeds 1, it means that the stock has higher volatility than the market. As we want our
portfolio to follow S&P500 and also have low risk, we will prefer stocks with beta between
0.8 and 1.

By the 52 week range criteria we get information about the fluctuation and the risk of stock
thought a year. We better consider stocks with 52 week range lower than 50.

Dividend yield is an indicator of the annual return on investment in each dollar of the stock.
A high dividend yield seems appealing as you get more income but it can also mean that the
stock’s price has fallen. We consider a 2.3%< dy <6.5% as a good conservative to approach
our objective.

Standard deviation is used to measure the spread of the values from the mean. The higher
the value for the standard deviation, the more spread out the values are in a sample. As we
want our sample to be close to the mean, we prefer a standard deviation of +/- 2%.
RoE is a profitability ratio that measures the return that the shareholders receive when they
invest into a company. As the higher the ratio, the better, we consider a ratio of 15-20% to be
good.

The D/E ratio indicates the allocation of debt and equity in the company’s financials. Taking
into consideration the industries of our assets, we believe that a healthy d/e ratio is between
0 and 1.6.
We use Price to Earnings Ratio in order to value a company considering its current share
price to its earning per share (EPS). It can help us identify if a stock is overvalued. We believe
that PER lower than 20 may provide good investment opportunities.

On the contrary, PVB is an effective approach to find if a company is undervalued. The lower
the price to book value, the better return in the future for the investors.

market cap ( bn) liquidity

ALPHABET 'C' 540010.8 TESLA 52.46
EXXON MOBIL 454215.4 VERIZON COMMUNICATIONS 5.39
TESLA 388971.9 WELLS FARGO & CO 4.85
WALMART 382379 CISCO SYSTEMS 4.34
PROCTER & GAMBLE 359151.8 EXXON MOBIL 4.19
ELI LILLY 347613.1 NEXTERA ENERGY 3.95
PFIZER 287626.2 PFIZER 3.92
MERCK & COMPANY 281302.3 BRISTOL MYERS SQUIBB 3.9
ORACLE 220391.5 MERCK & COMPANY 3.5
CISCO SYSTEMS 195709.9 PHILIP MORRIS INTL. 3.12
NEXTERA ENERGY 166127 ELI LILLY 2.96
VERIZON COMMUNICATIONS 165472.7 PROCTER & GAMBLE 2.8
WELLS FARGO & CO 157335.1 ORACLE 2.65
PHILIP MORRIS INTL. 156896 ALPHABET 'C' 2.21
BRISTOL MYERS SQUIBB 152977.2 WALMART 2.05
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697
beta
dividend yield
ALPHABET 'C' 0% TESLA 1.79
EXXON MOBIL 6.35% ALPHABET 'C' 1.31
TESLA 0% WELLS FARGO & CO 1.00
WALMART 1.85% ORACLE 0.86
PROCTER & GAMBLE 2.52% CISCO SYSTEMS 0.84
ELI LILLY 1.64% BRISTOL MYERS SQUIBB 0.74
PFIZER 3.48% NEXTERA ENERGY 0.74
MERCK & COMPANY 2.98% EXXON MOBIL 0.62
ORACLE 1.67% ELI LILLY 0.54
CISCO SYSTEMS 2.70% WALMART 0.45
NEXTERA ENERGY 1.84% PROCTER & GAMBLE 0.45
VERIZON COMMUNICATIONS 4.36% PHILIP MORRIS INTL. 0.45
WELLS FARGO & CO 2.95% PFIZER 0.40
PHILIP MORRIS INTL. 5.44% VERIZON COMMUNICATIONS 0.33
BRISTOL MYERS SQUIBB 2.93% MERCK & COMPANY 0.27

st dev d/e ratio

ALPHABET 'C' 1.99% ALPHABET 'C' 1.23
EXXON MOBIL 2.01% EXXON MOBIL 0.9267
TESLA 3.79% TESLA 2.08
WALMART 1.40% WALMART 1.05
PROCTER & GAMBLE 1.16% PROCTER & GAMBLE 1.5167
ELI LILLY 1.74% ELI LILLY 8.37
PFIZER 1.66% PFIZER 1.47
MERCK & COMPANY 1.35% MERCK & COMPANY 1.26
ORACLE 1.83% ORACLE 10.99
CISCO SYSTEMS 1.56% CISCO SYSTEMS 1.59
NEXTERA ENERGY 1.64% NEXTERA ENERGY 1.6
VERIZON COMMUNICATIONS 1.20% VERIZON COMMUNICATIONS 2.92
WELLS FARGO & CO 2.07% WELLS FARGO & CO 9.3
PHILIP MORRIS INTL. 1.35% PHILIP MORRIS INTL. -1.92
BRISTOL MYERS SQUIBB 1.19% BRISTOL MYERS SQUIBB 1.89

per roe
ALPHABET 'C' 27.63 ALPHABET 'C' 23.47%
EXXON MOBIL 7.82 EXXON MOBIL 5.92%
TESLA 411.33 TESLA 7.67%
WALMART 29.71667 WALMART 19.80%
PROCTER & GAMBLE 38.32667 PROCTER & GAMBLE 27.27%
ELI LILLY 28.24667 ELI LILLY 106.03%
PFIZER 16.93333 PFIZER 19.17%
MERCK & COMPANY 22.73 MERCK & COMPANY 50.30%
ORACLE 17.26 ORACLE 87.07%
CISCO SYSTEMS 20.43 CISCO SYSTEMS 36.17%
NEXTERA ENERGY 44.96 NEXTERA ENERGY 9.68%
VERIZON COMMUNICATIONS 12.22 VERIZON COMMUNICATIONS 31.63%
WELLS FARGO & CO 32.19 WELLS FARGO & CO 7.73%
PHILIP MORRIS INTL. 16.93 PHILIP MORRIS INTL. -84.74%
BRISTOL MYERS SQUIBB 47.99 BRISTOL MYERS SQUIBB 34.40%
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

53 week range pvb

ALPHABET 'C' 83.45 - 144.16 ALPHABET 'C' 5.78
EXXON MOBIL 76.25 - 119.63 EXXON MOBIL 1.4
TESLA 101.81 - 384.29 TESLA 5.84
WALMART 117.27 - 160.77 WALMART 4.38
PROCTER & GAMBLE 122.18 - 164.90 PROCTER & GAMBLE 6.37
ELI LILLY 257.86 - 384.44 ELI LILLY 35.43
PFIZER 39.81 - 56.32 PFIZER 3.65
MERCK & COMPANY 76.08 - 115.49 MERCK & COMPANY 7.41
ORACLE 60.78 - 91.22 ORACLE 19.26
CISCO SYSTEMS 38.60 - 56.94 CISCO SYSTEMS 6.1
NEXTERA ENERGY 67.22 - 91.35 NEXTERA ENERGY 4.09
VERIZON COMMUNICATIONS 32.79 - 55.51 VERIZON COMMUNICATIONS 3.44
WELLS FARGO & CO 36.54 - 54.20 WELLS FARGO & CO 1.06
PHILIP MORRIS INTL. 82.85 - 109.81 PHILIP MORRIS INTL. -12.1
BRISTOL MYERS SQUIBB 65.95 - 81.44 BRISTOL MYERS SQUIBB 3.18

For our portfolio, we will keep 15% of the budget ($15000000) in cash. Taking into
consideration these parameters, we finally selected the 6. Using the solver tool for our
optimum portfolio, we also defined their weights:

ASSETS WEIGHTS DOLLAR VALUE NUMBER OF STOCKS

Pfizer 39% 33150000 694823

Exxon Mobil 34% 28900000 255255
Walmart 17,22% 14638144,6 101085
Wells Fargo 3,78% 3211855,4 74992
Oracle 3% 2550000 28723
Cisco Systems 3% 2550000 52041
TOTAL 100% 85000000
 Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

Average Return
0,18%
0,16%
0,14%
0,12%
0,10%
0,08%
0,06%
0,04%
0,02%
0,00%
-0,02% EXXON WALMART CISCO ORACLE WELLS PFIZER s&p500
MOBIL SYSTEMS FARGO &
CO

As the majority of the average returns of the 6 stocks are above that of the benchmark and
the portfolio is well diversified (chosen stocks are from different sectors), we believe that by
constructing a portfolio of these assets, we will reach our objective.

r' EXXON MOBIL WALMART CISCO SYSTEMS ORACLE WELLS FARGO & CO PFIZER
0.16% -0.01% 0.01% 0.07% 0.04% 0.05%

Var-Cov EXXON MOBIL WALMART CISCO SYSTEMS ORACLE WELLS FARGO & CO PFIZER
EXXON MOBIL 0.0513% 0.0389% 0.2028% 0.1669% 0.1100% 0.0012%
WALMART 0.0389% 0.1246% 0.6073% 0.4968% 0.2921% 0.0049%
CISCO SYSTEMS 0.2028% 0.6073% 3.4504% 2.8108% 1.6492% 0.0048%
ORACLE 0.1669% 0.4968% 2.8108% 2.3178% 1.3501% 0.0057%
WELLS FARGO & CO 0.1100% 0.2921% 1.6492% 1.3501% 0.8248% -0.0046%
PFIZER 0.0012% 0.0049% 0.0048% 0.0057% -0.0046% 0.2033%
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

Strategy

In order to limit the potential losses, we decided to apply the stop loss order both to the
stocks and the whole portfolio. This order works automatically, and it closes the position if
the price drops to a certain level, known as stop price. In this project, we set the stop loss in
10%, meaning that if the return of the whole portfolio or the return of an individual stock
falls over 10% of the initial buy price, we close our position.

The first 3 weeks (12/1-2/2) the overall performance of our portfolio was stable with minor
losses and no adjustments needed to be done. However, there was a bad sentiment in the
market about the Pfizer company as analysts downgraded its stock due to the belief of profit
drops as Covid vaccine demand was fading. With the announcement of the annual and Q4
reports, that feeling was confirmed and in conjunction with the continuous drop of the
stock’s price, we decided to sell off our position on Pfizer at 3 February. In addition, we
invested that amount into 350.000 shares of Merck Company, a competitor of Pfizer, which
had better financial position and plans.

On 7/3, we bought 250.000 shares of Cisco, who reported strong Q2 results and guidance
and announced a 3% increase in its common share dividend. The banking sector turmoil
caused by SVB’s battle to survive from the massive bank run affected the price of Wells
Fargo. After a three continuous drops, on 9/3 we sell off our position and invested our
receivings to Walmart, buying 100.000 shares. On its recent report, Walmart seemed to have
a good growth, aiming to derive more profit from services through 2023.

The sudden decrease of oil price as a result of the continuing aggressive interest policy of
FED and the higher than anticipated inventories drugged down the stock price of Exxon
Mobil. These, in conjunction with the bad news, that US labour board judged Exxon for not
paying employer contributions, led to a huge stock’s price drop by 5%. The stop loss order
was activated as the losses from our initial buy price exceeded 10%. We decided to put that
amount we gained from the sell off to 200.000 shares of Oracle as its latest partnerships
seemed to help the company boost its top line and expand its customer base.

The announcement of Exxon for the successful startup of its refinery expansion project
sounded like good news for the company, whose shares had been trading in low levels for
over three continuous days. Believing that the price will hike in the next days, we bought
100.000 shares and at the same time we sold 100.000 shares of Merck Company after the
pharmaceutical company revealed disappointing trial results from one of its metastatic non-
small cell lung cancer drugs and the share’s price fell 3%.

During the last two weeks of March our portfolio’s performance was steady with a slight
increase both on our cash and stock position. On April 5, Morgan Stanley published a report
about the financial and banking sector where they revealed than Wells Fargo is one of the
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

most preferred banks and its capital position stands out from its peers. Believing that these
news will stop the downward direction of Wells Fargo’s stock, we bought 100.000 shares.

As some stocks performed lower than our expectations, we needed to restructure our
portfolio. So, at the closing day, our position was:

ASSETS WEIGHTS DOLLAR VALUE NUMBER OF STOCKS

Merck & Company 30.8% 28985000 250000

Oracle 28.2% 26601293.08 278723
Walmart 16.4% 15441771.76 101085
Exxon Mobil 12.5% 11820000 100000
Cisco 7.6% 7205214.29 152041
Wells Fargo 4.4% 4145000 100000
TOTAL 100% 94198279.13

As the overnight interest for our cash holdings is 0.5%, in the closing period, the cash
amount will be $17236716.44. Also, most of the companies gave dividend:

ASSETS DIVIDEND NUMBER OF STOCKS VALUE

Merck & Company $ 0.73 250000 $ 182500

Oracle $ 0.4 278723 $ 111489.2
Walmart $ 0.57 101085 $ 57618.45
Exxon Mobil $ 0.91 100000 $ 91000
Cisco $ 0.39 152041 $ 59295.99
Wells Fargo $ 0.3 100000 $ 30000
TOTAL $ 531903.64

Taking these into consideration, by the time the dividends are given, our cash will be
$17768620,08.

Performance

Return of portfolio and benchmark

The holding period return, or HPR, is the total return from income and asset appreciation
between 12/1 till 24/4/2023, expressed as a percentage.
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

HPR Portfolio HPR Index

14% 3.86%

It can be easily seen that the return on our portfolio is much higher than that of our
benchmark, showing a superb performance.

Standard Deviation Beta

Portfolio 0.0087593 0.5853
Index 0.0096 1

The portfolio has a lower standard deviation in comparison with the benchmark,
demonstrating a lower level of total risk. The lower beta of portfolio, on the other hand, also
shows a strong competitiveness to S&P500, revealing a lower level of systematic risk.

Sharpe Ratio and Treynor Ratio

The Sharpe ratio compares the return of an investment with its risk by dividing a portfolio's
excess returns with a measure of its volatility to assess risk-adjusted performance. Generally,
the higher the Sharpe ratio, the more attractive the risk-adjusted return.

Treynor Ratio is a risk-adjusted-return measure used for portfolio evaluation. It is similar to

the Sharpe Ratio except instead of total risk, it is the return per unit of market-related risk. A
higher ratio represents higher portfolio performance. For our project, the risk free rate is
given as 0%.

Sharpe Ratio Treynor Ratio

Portfolio 16.073 0.2405
Index 4.04 0.03863

As we see, both the Sharpe ratio and Treynor ratio show our portfolio superior. The higher
Sharpe ratio of this portfolio lead to a higher return related to a unit of total risk.
Additionally, our portfolio performed better than S&P500 due to a higher Treynor ratio,
which prove a higher level of return per unit of systematic risk.
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

APPENDIX
CLOSING PRICES

PFIZER CISCO WELLS FARGO WALMART EXXON MOBIL ORACLE MERCK & CO P&G VERIZON s&p500
12/1/2023 47.71 49 42.83 144.81 113.22 88.78 111.77 149.81 41.81 3983.17
13/1/2023 47.85 48.88 42.22 145.29 113.15 89.2 112.25 150.88 41.86 3999.09
17/1/2023 46.08 48.08 44.12 144.41 112.93 88.6 110.45 150.44 40.85 3990.97
18/1/2023 45.00 46.9 43.38 140.84 110.61 86.71 108.79 146.41 39.97 3928.86
19/1/2023 44.96 46.46 42.95 138.83 111.32 85.94 109.9 142.42 40.06 3898.85
20/1/2023 45.11 46.78 43.92 140.54 113.35 87.25 109.94 142.97 40 3972.61
23/1/2023 44.98 47.5 45.03 142.64 112.76 88.97 109.88 141.05 39.63 4019.81
24/1/2023 44.71 47.81 44.45 143.02 113.81 89.7 108.52 141.82 40.42 4016.95
25/1/2023 45.07 47.98 45.34 142.34 113.21 89.64 108.59 141.72 40.33 4016.22
26/1/2023 44.25 48.34 45.81 142.21 117.76 89.83 106.87 141.15 40.27 4060.43
27/1/2023 43.79 48.51 46.12 143.3 115.61 88.99 105.38 140.57 40.64 4070.56
30/1/2023 43.55 48.22 46.29 142.15 113.56 87.35 106.09 141.01 41.05 4017.77
31/1/2023 44.16 48.67 46.87 143.87 116.01 88.46 107.41 142.38 41.57 4076.6
1/2/2023 43.97 48.57 47.33 144.67 114.74 90.05 106.98 143.19 41.69 4119.21
2/2/2023 44.34 49.32 47.23 143.62 111.15 89.38 103.46 142.17 41.83 4179.76
3/2/2023 44.06 48.63 47.58 141.71 111.92 89.62 102.94 142.61 41.51 4136.48
6/2/2023 43.76 47.57 47.68 140.68 111.73 88.53 104.03 141.4 41.28 4111.08
7/2/2023 43.59 47.84 48.13 140.98 114.92 87.74 105.68 140.02 40.55 4164
8/2/2023 43.98 46.96 48.25 140.22 113.92 86.69 106.64 138.57 40.52 4117.86
9/2/2023 43.34 46.73 47.57 141.52 114.35 86.65 106.72 137.05 39.81 4081.5
10/2/2023 43.88 47.26 47.51 143.72 119.17 87.14 108.57 138.26 40.01 4090.46
13/2/2023 43.99 47.86 48.13 145.91 117.8 89.42 108.55 140.07 40.32 4137.29
14/2/2023 43.72 47.7 48.5 145.49 116.42 89.09 108.74 139.28 40.33 4136.13
15/2/2023 43.32 48.45 47.97 146.57 116.07 88.34 107.68 138.96 40.38 4147.6
16/2/2023 42.95 50.99 47.22 144.27 115.73 87.72 106.51 137.14 39.84 4090.41
17/2/2023 43.21 50.77 47.49 146.44 111.28 87.28 109.52 140.01 40.22 4079.09
21/2/2023 42.70 49.69 46.24 147.33 111.17 86.2 109.07 139.91 39.2 3997.34
22/2/2023 42.38 49.31 46.01 144.24 109.73 86.32 109.16 140.5 39.28 3991.05
23/2/2023 42.30 49.21 46.25 142.09 110.74 88.58 110.59 140.05 38.53 4012.32
24/2/2023 41.75 48.48 46.62 142.47 110.75 88.66 109.89 139.26 38.74 3970.04
27/2/2023 40.78 48.73 46.78 141.44 110.55 87.96 109.36 139.14 38.88 3982.24
28/2/2023 40.57 48.42 46.77 142.13 109.91 87.4 106.24 137.56 38.81 3970.15
1/3/2023 40.18 48.34 46.68 140.15 110.89 86.34 106.65 137.66 38.3 3951.39
2/3/2023 40.62 48.53 45.8 140.5 111.4 86.97 107.01 139.93 38.41 3981.35
3/3/2023 41.15 49.28 46.85 140.67 112.81 89.25 106.88 140.95 38.26 4045.64
6/3/2023 41.11 49.42 46.63 140.65 113.81 89.74 111.1 140.35 38.15 4048.42
7/3/2023 40.34 48.91 44.45 139.25 111.61 88.36 111.27 137.56 37.91 3986.37
8/3/2023 40.12 49.11 43.84 138.1 109.98 88.49 108.28 137.58 37.53 3992.01
9/3/2023 39.46 48.81 41.13 137.17 109.13 86.87 107.6 136.57 36.55 3918.32
10/3/2023 39.39 48.56 41.36 136.97 107.78 84.07 107.69 137.19 36.68 3861.59
13/3/2023 39.86 48.41 38.41 137.37 106.54 84.93 105.73 138.14 36.54 3855.76
14/3/2023 39.9 49.05 40.17 138.1 106.94 84.56 106.97 139.85 36.88 3919.29
15/3/2023 40.28 49.06 38.85 139.64 101.62 82.98 107.63 141.83 37.06 3891.93
16/3/2023 40.37 50.12 39.3 138.28 101.03 84.82 107.34 142.89 36.58 3960.28
17/3/2023 40.1 50.19 37.76 139.4 99.84 85.26 104.1 142.93 37.79 3916.64
20/3/2023 40.81 50.94 37.48 140.9 102.45 86.96 105.85 145.13 37.43 3951.57
21/3/2023 40.66 50.67 38.48 140.42 107.04 87.58 105.54 144.08 37.74 4002.87
22/3/2023 40.01 49.46 37.2 139.52 104.59 87.9 104.4 143.99 37.31 3936.97
23/3/2023 40.18 49.73 36.61 140.65 103.41 87.78 104.23 143.79 37.37 3948.72
24/3/2023 40.39 50.51 36.23 141.8 103.53 88.01 104.8 146.72 37.66 3970.99
27/3/2023 40.22 50.54 37.47 144.17 105.8 90.14 106.93 145.95 32.97 3977.53
28/3/2023 39.99 50.39 37.18 143.61 107.12 89.85 105.53 146.36 32.61 3971.27
29/3/2023 40.25 51.17 37.97 144.23 108.96 90.62 104.92 146.81 32.81 4027.81
30/3/2023 40.38 51.43 37.38 145.67 109.49 90.51 105.92 147.45 32.74 4050.83
31/3/2023 40.8 52.28 37.38 147.45 109.66 92.92 106.39 148.69 32.95 4109.31
3/4/2023 41.35 52.31 37.72 148.69 116.13 93.92 108.87 149.51 39.22 4124.51
4/4/2023 40.9 51.82 36.81 147.23 115.02 94 108.83 150.23 39.65 4100.6
5/4/2023 41.55 51.82 36.89 149.67 116.99 94.89 111.91 151.26 40.11 4090.38
6/4/2023 41.5 51.27 37.9 150.8 115.05 95.92 112.33 152.22 39.48 4105.02
10/4/2023 41.73 51.33 38.63 150.51 114.54 93.76 112.61 150.96 39.35 4109.11
11/4/2023 41.79 50.62 39.37 150.07 115.35 93.97 112.49 150.66 39.45 4108.94
12/4/2023 41.37 50.11 39.19 149.34 115.23 93.9 113.75 151.07 39.2 4091.95
13/4/2023 41.47 50.8 39.66 149.49 115.77 95.55 115.58 151.77 39.32 4146.22
14/4/2023 41.19 50.54 39.64 148.48 116.05 95.71 115.31 151 39.22 4137.64
17/4/2023 41.18 50.28 41.3 149.52 114.7 95.59 115.01 151.05 39.46 4151.32
18/4/2023 40.55 50.31 41.87 149.85 116.94 96.47 114.83 151.21 38.94 4154.87
19/4/2023 40.24 48.04 42.24 150.01 116.57 95.81 114.13 151.24 38.6 4154.52
20/4/2023 39.85 46.58 41.67 150.97 115.64 94.83 114.17 150.85 37.19 4129.79
21/4/2023 40.21 47.03 41.24 151.73 116.01 95.15 115.37 156.07 37.32 4133.52
24/4/2023 39.91 47.39 41.45 152.76 118.2 95.44 115.94 156.35 37.1 4137.04
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697
LOG-NORMAL RETURNS

PFIZER CISCO WELLS FARGO WALMART EXXON MOBIL ORACLE MERCK & CO P&G VERIZON s&p500
12/1/2023
13/1/2023 0.29% -0.25% -1.43% 0.33% -0.06% 0.47% 0.43% 0.71% 0.12% 0.40%
17/1/2023 -3.77% -1.65% 4.40% -0.61% -0.19% -0.67% -1.62% -0.29% -2.44% -0.20%
18/1/2023 -2.37% -2.48% -1.69% -2.50% -2.08% -2.16% -1.51% -2.72% -2.18% -1.57%
19/1/2023 -0.09% -0.94% -1.00% -1.44% 0.64% -0.89% 1.02% -2.76% 0.22% -0.77%
20/1/2023 0.33% 0.69% 2.23% 1.22% 1.81% 1.51% 0.04% 0.39% -0.15% 1.87%
23/1/2023 -0.29% 1.53% 2.50% 1.48% -0.52% 1.95% -0.05% -1.35% -0.93% 1.18%
24/1/2023 -0.60% 0.65% -1.30% 0.27% 0.93% 0.82% -1.25% 0.54% 1.97% -0.07%
25/1/2023 0.80% 0.35% 1.98% -0.48% -0.53% -0.07% 0.06% -0.07% -0.22% -0.02%
26/1/2023 -1.84% 0.75% 1.03% -0.09% 3.94% 0.21% -1.60% -0.40% -0.15% 1.09%
27/1/2023 -1.04% 0.35% 0.67% 0.76% -1.84% -0.94% -1.40% -0.41% 0.91% 0.25%
30/1/2023 -0.55% -0.60% 0.37% -0.81% -1.79% -1.86% 0.67% 0.31% 1.00% -1.31%
31/1/2023 1.39% 0.93% 1.25% 1.20% 2.13% 1.26% 1.24% 0.97% 1.26% 1.45%
1/2/2023 -0.43% -0.21% 0.98% 0.55% -1.10% 1.78% -0.40% 0.57% 0.29% 1.04%
2/2/2023 0.84% 1.53% -0.21% -0.73% -3.18% -0.75% -3.35% -0.71% 0.34% 1.46%
3/2/2023 -0.63% -1.41% 0.74% -1.34% 0.69% 0.27% -0.50% 0.31% -0.77% -1.04%
6/2/2023 -0.68% -2.20% 0.21% -0.73% -0.17% -1.22% 1.05% -0.85% -0.56% -0.62%
7/2/2023 -0.39% 0.57% 0.94% 0.21% 2.82% -0.90% 1.57% -0.98% -1.78% 1.28%
8/2/2023 0.89% -1.86% 0.25% -0.54% -0.87% -1.20% 0.90% -1.04% -0.07% -1.11%
9/2/2023 -1.47% -0.49% -1.42% 0.92% 0.38% -0.05% 0.07% -1.10% -1.77% -0.89%
10/2/2023 1.24% 1.13% -0.13% 1.54% 4.13% 0.56% 1.72% 0.88% 0.50% 0.22%
13/2/2023 0.25% 1.26% 1.30% 1.51% -1.16% 2.58% -0.02% 1.30% 0.77% 1.14%
14/2/2023 -0.62% -0.33% 0.77% -0.29% -1.18% -0.37% 0.17% -0.57% 0.02% -0.03%
15/2/2023 -0.92% 1.56% -1.10% 0.74% -0.30% -0.85% -0.98% -0.23% 0.12% 0.28%
16/2/2023 -0.86% 5.11% -1.58% -1.58% -0.29% -0.70% -1.09% -1.32% -1.35% -1.39%
17/2/2023 0.60% -0.43% 0.57% 1.49% -3.92% -0.50% 2.79% 2.07% 0.95% -0.28%
21/2/2023 -1.19% -2.15% -2.67% 0.61% -0.10% -1.25% -0.41% -0.07% -2.57% -2.02%
22/2/2023 -0.75% -0.77% -0.50% -2.12% -1.30% 0.14% 0.08% 0.42% 0.20% -0.16%
23/2/2023 -0.19% -0.20% 0.52% -1.50% 0.92% 2.58% 1.30% -0.32% -1.93% 0.53%
24/2/2023 -1.31% -1.49% 0.80% 0.27% 0.01% 0.09% -0.63% -0.57% 0.54% -1.06%
27/2/2023 -2.35% 0.51% 0.34% -0.73% -0.18% -0.79% -0.48% -0.09% 0.36% 0.31%
28/2/2023 -0.52% -0.64% -0.02% 0.49% -0.58% -0.64% -2.89% -1.14% -0.18% -0.30%
1/3/2023 -0.97% -0.17% -0.19% -1.40% 0.89% -1.22% 0.39% 0.07% -1.32% -0.47%
2/3/2023 1.09% 0.39% -1.90% 0.25% 0.46% 0.73% 0.34% 1.64% 0.29% 0.76%
3/3/2023 1.30% 1.53% 2.27% 0.12% 1.26% 2.59% -0.12% 0.73% -0.39% 1.60%
6/3/2023 -0.10% 0.28% -0.47% -0.01% 0.88% 0.55% 3.87% -0.43% -0.29% 0.07%
7/3/2023 -1.89% -1.04% -4.79% -1.00% -1.95% -1.55% 0.15% -2.01% -0.63% -1.54%
8/3/2023 -0.55% 0.41% -1.38% -0.83% -1.47% 0.15% -2.72% 0.01% -1.01% 0.14%
9/3/2023 -1.66% -0.61% -6.38% -0.68% -0.78% -1.85% -0.63% -0.74% -2.65% -1.86%
10/3/2023 -0.18% -0.51% 0.56% -0.15% -1.24% -3.28% 0.08% 0.45% 0.36% -1.46%
13/3/2023 1.19% -0.31% -7.40% 0.29% -1.16% 1.02% -1.84% 0.69% -0.38% -0.15%
14/3/2023 0.10% 1.31% 4.48% 0.53% 0.37% -0.44% 1.17% 1.23% 0.93% 1.63%
15/3/2023 0.95% 0.02% -3.34% 1.11% -5.10% -1.89% 0.62% 1.41% 0.49% -0.70%
16/3/2023 0.22% 2.14% 1.15% -0.98% -0.58% 2.19% -0.27% 0.74% -1.30% 1.74%
17/3/2023 -0.67% 0.14% -4.00% 0.81% -1.18% 0.52% -3.06% 0.03% 3.25% -1.11%
20/3/2023 1.76% 1.48% -0.74% 1.07% 2.58% 1.97% 1.67% 1.53% -0.96% 0.89%
21/3/2023 -0.37% -0.53% 2.63% -0.34% 4.38% 0.71% -0.29% -0.73% 0.82% 1.29%
22/3/2023 -1.61% -2.42% -3.38% -0.64% -2.32% 0.36% -1.09% -0.06% -1.15% -1.66%
23/3/2023 0.42% 0.54% -1.60% 0.81% -1.13% -0.14% -0.16% -0.14% 0.16% 0.30%
24/3/2023 0.52% 1.56% -1.04% 0.81% 0.12% 0.26% 0.55% 2.02% 0.77% 0.56%
27/3/2023 -0.42% 0.06% 3.37% 1.66% 2.17% 2.39% 2.01% -0.53% -13.30% 0.16%
28/3/2023 -0.57% -0.30% -0.78% -0.39% 1.24% -0.32% -1.32% 0.28% -1.10% -0.16%
29/3/2023 0.65% 1.54% 2.10% 0.43% 1.70% 0.85% -0.58% 0.31% 0.61% 1.41%
30/3/2023 0.32% 0.51% -1.57% 0.99% 0.49% -0.12% 0.95% 0.43% -0.21% 0.57%
31/3/2023 1.03% 1.64% 0.00% 1.21% 0.16% 2.63% 0.44% 0.84% 0.64% 1.43%
3/4/2023 1.34% 0.06% 0.91% 0.84% 5.73% 1.07% 2.30% 0.55% 17.42% 0.37%
4/4/2023 -1.09% -0.94% -2.44% -0.99% -0.96% 0.09% -0.04% 0.48% 1.09% -0.58%
5/4/2023 1.58% 0.00% 0.22% 1.64% 1.70% 0.94% 2.79% 0.68% 1.15% -0.25%
6/4/2023 -0.12% -1.07% 2.70% 0.75% -1.67% 1.08% 0.37% 0.63% -1.58% 0.36%
10/4/2023 0.55% 0.12% 1.91% -0.19% -0.44% -2.28% 0.25% -0.83% -0.33% 0.10%
11/4/2023 0.14% -1.39% 1.90% -0.29% 0.70% 0.22% -0.11% -0.20% 0.25% 0.00%
12/4/2023 -1.01% -1.01% -0.46% -0.49% -0.10% -0.07% 1.11% 0.27% -0.64% -0.41%
13/4/2023 0.24% 1.37% 1.19% 0.10% 0.47% 1.74% 1.60% 0.46% 0.31% 1.32%
14/4/2023 -0.68% -0.51% -0.05% -0.68% 0.24% 0.17% -0.23% -0.51% -0.25% -0.21%
17/4/2023 -0.02% -0.52% 4.10% 0.70% -1.17% -0.13% -0.26% 0.03% 0.61% 0.33%
18/4/2023 -1.54% 0.06% 1.37% 0.22% 1.93% 0.92% -0.16% 0.11% -1.33% 0.09%
19/4/2023 -0.77% -4.62% 0.88% 0.11% -0.32% -0.69% -0.61% 0.02% -0.88% -0.01%
20/4/2023 -0.97% -3.09% -1.36% 0.64% -0.80% -1.03% 0.04% -0.26% -3.72% -0.60%
21/4/2023 0.90% 0.96% -1.04% 0.50% 0.32% 0.34% 1.05% 3.40% 0.35% 0.09%
24/4/2023 -0.75% 0.76% 0.51% 0.68% 1.87% 0.30% 0.49% 0.18% -0.59% 0.09%
Investment Analysis and Management II Professor: Mr. Argyrios Volis
Ntokou Aikaterini Maria id:252697

Reference List

1) https://finance.yahoo.com/quote/VZ/history?p=VZ
2) https://www.investopedia.com/
3) https://www.investing.com/
4) https://www.reuters.com/markets/us/
5) Course’s Material