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TCWAX (B)

Date 3 Month T-bill DJI TCWAX RETURN
Dec 01, 2018 2.4238 23,327.46 18.36 RF DJI TCWAX Market Risk Premium (Rm) Excess Fund Returns
Oct 31, 2018 2.4121 25,538.46 14.68 0.0048523009 -0.0865753064 0.2506811989 -0.0914276074 0.245828898 SUMMARY OUTPUT
Sep 30, 2018 2.3740 25,115.76 17.76 0.0160510797 0.01683007 -0.1734234234 0.0007789904 -0.1894745031
Aug 31, 2018 2.2932 26,458.31 17.07 0.0352428147 -0.050742092 0.0404217926 -0.0859849067 0.005178978 Regression Statistics
Jul 31, 2018 2.1653 25,964.82 19.18 0.0590776506 0.0190061013 -0.1100104275 -0.0400715493 -0.1690880781 Multiple R 0.9925536924
Jun 30, 2018 2.0726 25,415.19 19.25 0.0447042717 0.0216260433 -0.0036363636 -0.0230782284 -0.0483406353 R Square 0.9851628324
May 31, 2018 1.9948 24,271.41 19.32 0.0390256054 0.0471245799 -0.0036231884 0.0080989745 -0.0426487938 Adjusted R Square 0.9849025312
Apr 30, 2018 1.9352 24,415.84 19.29 0.030757874 -0.0059154221 0.00155521 -0.0366732961 -0.0292026641 Standard Error 0.1135561665
Mar 31, 2018 1.8995 24,163.15 20 0.0187900956 0.0104576597 -0.0355 -0.0083324359 -0.0542900956 Observations 59
Mar 01, 2018 1.7881 24,103.11 19.54 0.0623290159 0.0024909649 0.0235414534 -0.059838051 -0.0387875624
Feb 01, 2018 1.7267 25,029.20 19.26 0.0355763927 -0.0370003836 0.0145379024 -0.0725767763 -0.0210384903 ANOVA
Jan 01, 2018 1.5879 26,149.39 19.57 0.0873936582 -0.042838093 -0.0158405723 -0.1302317511 -0.1032342305 df SS MS F Significance F
Dec 01, 2017 1.4324 24,719.22 20.55 0.1085701288 0.057856599 -0.0476885645 -0.0507135297 -0.1562586933 Regression 1 48.8037638149 48.8037638149 3784.7035773737 8.10469607477447E-54
Oct 31, 2017 1.3415 24,272.35 16.52 0.0677457714 0.0184106607 0.2439467312 -0.0493351107 0.1762009598 Residual 57 0.7350151684 0.012895003
Sep 30, 2017 1.2505 23,377.24 18.17 0.0727913176 0.0382898067 -0.0908090259 -0.0345015109 -0.1636003435 Total 58 49.5387789833
Aug 31, 2017 1.0933 22,405.09 18.52 0.143728223 0.043389694 -0.0188984881 -0.100338529 -0.1626267111
Jul 31, 2017 1.0465 21,948.10 18.09 0.0447523491 0.0208213923 0.0237700387 -0.0239309568 -0.0209823104 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jun 30, 2017 1.0322 21,891.12 17.93 0.0138795282 0.0026028819 0.0089235917 -0.0112766463 -0.0049559365 Intercept 0.0098136078 0.0150750665 0.650982723 0.5176734589 -0.0203736921 0.0400009078 -0.0203736921 0.0400009078
May 31, 2017 1.0865 21,349.63 17.29 -0.0500010004 0.0253629688 0.037015616 0.0753639692 0.0870166164 Beta 1.0286215616 0.0167201315 61.5199445495 8.10469607477424E-54 0.9951400759 1.0621030474 0.9951400759 1.0621030474
Apr 30, 2017 0.9991 21,008.65 16.49 0.087488626 0.0162304575 0.0485142511 -0.0712581686 -0.038974375
Mar 31, 2017 0.9032 20,940.51 16.01 0.1061902365 0.00325398 0.0299812617 -0.1029362566 -0.0762089748
Mar 01, 2017 0.8084 20,663.22 15.49 0.1172170928 0.0134194961 0.0335700452 -0.1037975967 -0.0836470476
Feb 01, 2017 0.7478 20,812.24 15.2 0.0810281518 -0.0071602096 0.0190789474 -0.0881883613 -0.0619492044
Jan 01, 2017 0.5263 19,864.09 15.27 0.4208695652 0.0477318619 -0.0045841519 -0.3731377034 -0.4254537171
Dec 01, 2016 0.5190 19,762.60 14.91 0.0140959335 0.0051354579 0.0241448692 -0.0089604756 0.0100489357
Oct 31, 2016 0.5119 19,123.58 12.05 0.0138604651 0.0334152915 0.2373443983 0.0195548264 0.2234839332
Sep 30, 2016 0.4525 18,142.42 14.19 0.1312812418 0.0540809881 -0.1508104299 -0.0772002537 -0.2820916717
Aug 31, 2016 0.3315 18,308.15 14.37 0.3650075415 -0.0090522527 -0.012526096 -0.3740597942 -0.3775336375
Jul 31, 2016 0.2943 18,400.88 14.67 0.1264563107 -0.0050394329 -0.0204498978 -0.1314957436 -0.1469062084
Jun 30, 2016 0.2996 18,432.24 14.25 -0.0176238855 -0.0017013667 0.0294736842 0.0159225188 0.0470975698
May 31, 2016 0.3010 17,929.99 13.77 -0.0047667196 0.0280117278 0.0348583878 0.0327784475 0.0396251074
Apr 30, 2016 0.2727 17,787.20 13.31 0.1036666667 0.0080276828 0.0345604808 -0.0956389838 -0.0691061858
Mar 31, 2016 0.2767 17,773.64 13.12 -0.0142387733 0.0007629276 0.0144817073 0.0150017008 0.0287204806
Mar 01, 2016 0.2281 17,685.09 13.38 0.2129436326 0.0050070427 -0.019431988 -0.2079365899 -0.2323756206
Feb 01, 2016 0.2973 16,516.50 13.19 -0.2327071501 0.0707528835 0.0144048522 0.3034600336 0.2471120023
Jan 01, 2016 0.3145 16,466.30 12.12 -0.0547767018 0.0030486509 0.0882838284 0.0578253527 0.1430605302
Dec 01, 2015 0.2574 17,425.03 12.16 0.2219836401 -0.0550202783 -0.0032894737 -0.2770039184 -0.2252731138
Oct 31, 2015 0.2286 17,719.92 9.83 0.1256670503 -0.016641723 0.2370295015 -0.1423087733 0.1113624512
Sep 30, 2015 0.1263 17,663.54 13.41 0.8100378788 0.0031918857 -0.2669649515 -0.8068459931 -1.0770028303
Aug 31, 2015 0.0167 16,284.70 13.79 6.5789473684 0.0846708874 -0.0275562001 -6.494276481 -6.6065035686
Jul 31, 2015 0.0243 16,528.03 12.59 -0.3137254902 -0.0147222627 0.0953137411 0.2990032275 0.4090392313
Jun 30, 2015 0.0719 17,689.86 12.8 -0.6622516556 -0.0656777385 -0.01640625 0.5965739171 0.6458454056
May 31, 2015 0.0323 17,619.51 14.77 1.2280348759 0.0039927331 -0.1333784699 -1.2240421429 -1.3614133458
Apr 30, 2015 0.0150 18,010.68 16.1 1.1515151515 -0.0217187802 -0.0826086957 -1.1732339317 -1.2341238472
Mar 31, 2015 0.0165 17,840.52 16.89 -0.0909090909 0.0095378386 -0.0467732386 0.1004469295 0.0441358523
Mar 01, 2015 0.0232 17,776.12 17.34 -0.2882352941 0.0036228378 -0.0259515571 0.2918581319 0.262283737
Feb 01, 2015 0.0277 18,132.70 15.46 -0.1639344262 -0.0196650251 0.1216041397 0.1442694012 0.2855385659
Jan 01, 2015 0.0179 17,164.95 15.42 0.5494652406 0.0563794244 0.0025940337 -0.4930858163 -0.5468712069
Dec 01, 2014 0.0275 17,823.07 15.13 -0.3492822967 -0.0369251762 0.0191672174 0.3123571205 0.3684495141
Oct 31, 2014 0.0291 17,828.24 11.01 -0.0546875 -0.0002899894 0.3742052679 0.0543975106 0.4288927679
Sep 30, 2014 0.0217 17,390.52 12.91 0.3426573427 0.0251700352 -0.1471727343 -0.3174873075 -0.489830077
Aug 31, 2014 0.0168 17,042.90 12.93 0.2882882883 0.0203967635 -0.0015467904 -0.2678915248 -0.2898350787
Jul 31, 2014 0.0200 17,098.45 12.75 -0.1590909091 -0.0032488325 0.0141176471 0.1558420766 0.1732085561
Jun 30, 2014 0.0329 16,563.30 13.69 -0.3913043478 0.0323093828 -0.0686632579 0.4236137306 0.32264109
May 31, 2014 0.0264 16,826.60 13.51 0.2463054187 -0.0156478433 0.0133234641 -0.261953262 -0.2329819546
Apr 30, 2014 0.0357 16,717.17 12.96 -0.2618181818 0.0065459644 0.0424382716 0.2683641462 0.3042564534
Mar 31, 2014 0.0324 16,580.84 12.59 0.1029411765 0.0082221407 0.0293884035 -0.0947190357 -0.073552773
Mar 01, 2014 0.0310 16,457.66 12.27 0.0461538462 0.0074846606 0.0260798696 -0.0386691855 -0.0200739766
Feb 01, 2014 0.0524 16,321.71 12.31 -0.4090909091 0.0083293969 -0.0032493907 0.4174203059 0.4058415184
Jan 01, 2014 0.0526 15,698.85 12.18 -0.0047619048 0.0396755176 0.0106732348 0.0444374224 0.0154351396

JIGAX (B)

Date 3 Month T-bill DJI JIGAX RETURN
Dec 01, 2018 2.4238 23,327.46 52.9 RF DJI JIGAX Market Risk Premium (Rm) Excess Fund Returns
Oct 31, 2018 2.4121 25,538.46 42.99 0.0048523009 -0.0865753064 0.2305187253 -0.0914276074 0.2256664243 SUMMARY OUTPUT
Sep 30, 2018 2.3740 25,115.76 52.46 0.0160510797 0.01683007 -0.1805184903 0.0007789904 -0.19656957
Aug 31, 2018 2.2932 26,458.31 52.22 0.0352428147 -0.050742092 0.0045959403 -0.0859849067 -0.0306468744 Regression Statistics
Jul 31, 2018 2.1653 25,964.82 57.46 0.0590776506 0.0190061013 -0.091193874 -0.0400715493 -0.1502715246 Multiple R 0.9974513318
Jun 30, 2018 2.0726 25,415.19 57.41 0.0447042717 0.0216260433 0.0008709284 -0.0230782284 -0.0438333433 R Square 0.9949091593
May 31, 2018 1.9948 24,271.41 54.51 0.0390256054 0.0471245799 0.0532012475 0.0080989745 0.0141756421 Adjusted R Square 0.9948198463
Apr 30, 2018 1.9352 24,415.84 52.83 0.030757874 -0.0059154221 0.0318001136 -0.0366732961 0.0010422396 Standard Error 0.0652145289
Mar 31, 2018 1.8995 24,163.15 52.77 0.0187900956 0.0104576597 0.0011370097 -0.0083324359 -0.0176530859 Observations 59
Mar 01, 2018 1.7881 24,103.11 50.64 0.0623290159 0.0024909649 0.0420616114 -0.059838051 -0.0202674045
Feb 01, 2018 1.7267 25,029.20 50.72 0.0355763927 -0.0370003836 -0.0015772871 -0.0725767763 -0.0371536798 ANOVA
Jan 01, 2018 1.5879 26,149.39 52.2 0.0873936582 -0.042838093 -0.0283524904 -0.1302317511 -0.1157461486 df SS MS F Significance F
Dec 01, 2017 1.4324 24,719.22 53.5 0.1085701288 0.057856599 -0.0242990654 -0.0507135297 -0.1328691942 Regression 1 47.3759025752 47.3759025752 11139.5789114695 4.64162024391139E-67
Oct 31, 2017 1.3415 24,272.35 49.7 0.0677457714 0.0184106607 0.0764587525 -0.0493351107 0.0087129811 Residual 57 0.2424172824 0.0042529348
Sep 30, 2017 1.2505 23,377.24 49.57 0.0727913176 0.0382898067 0.002622554 -0.0345015109 -0.0701687636 Total 58 47.6183198576
Aug 31, 2017 1.0933 22,405.09 48.32 0.143728223 0.043389694 0.0258692053 -0.100338529 -0.1178590177
Jul 31, 2017 1.0465 21,948.10 46.18 0.0447523491 0.0208213923 0.0463404071 -0.0239309568 0.001588058 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jun 30, 2017 1.0322 21,891.12 45.53 0.0138795282 0.0026028819 0.0142763013 -0.0112766463 0.0003967731 Intercept 0.005482161 0.0086575075 0.6332262484 0.5291184805 -0.0118541987 0.0228185206 -0.0118541987 0.0228185206
May 31, 2017 1.0865 21,349.63 44.75 -0.0500010004 0.0253629688 0.0174301676 0.0753639692 0.067431168 Beta 1.0134625703 0.009602257 105.5442035901 4.64162024391139E-67 0.9942343823 1.0326907583 0.9942343823 1.0326907583
Apr 30, 2017 0.9991 21,008.65 43.25 0.087488626 0.0162304575 0.0346820809 -0.0712581686 -0.0528065451
Mar 31, 2017 0.9032 20,940.51 43.38 0.1061902365 0.00325398 -0.0029967727 -0.1029362566 -0.1091870092
Mar 01, 2017 0.8084 20,663.22 42.54 0.1172170928 0.0134194961 0.0197461213 -0.1037975967 -0.0974709715
Feb 01, 2017 0.7478 20,812.24 41.57 0.0810281518 -0.0071602096 0.0233341352 -0.0881883613 -0.0576940166
Jan 01, 2017 0.5263 19,864.09 41.02 0.4208695652 0.0477318619 0.0134080936 -0.3731377034 -0.4074614716
Dec 01, 2016 0.5190 19,762.60 39.26 0.0140959335 0.0051354579 0.0448293428 -0.0089604756 0.0307334094
Oct 31, 2016 0.5119 19,123.58 38.63 0.0138604651 0.0334152915 0.0163085685 0.0195548264 0.0024481034
Sep 30, 2016 0.4525 18,142.42 37.81 0.1312812418 0.0540809881 0.0216873843 -0.0772002537 -0.1095938575
Aug 31, 2016 0.3315 18,308.15 36.53 0.3650075415 -0.0090522527 0.0350396934 -0.3740597942 -0.3299678481
Jul 31, 2016 0.2943 18,400.88 37.33 0.1264563107 -0.0050394329 -0.0214304849 -0.1314957436 -0.1478867955
Jun 30, 2016 0.2996 18,432.24 37.19 -0.0176238855 -0.0017013667 0.0037644528 0.0159225188 0.0213883384
May 31, 2016 0.3010 17,929.99 37.44 -0.0047667196 0.0280117278 -0.0066773504 0.0327784475 -0.0019106308
Apr 30, 2016 0.2727 17,787.20 35.71 0.1036666667 0.0080276828 0.0484458135 -0.0956389838 -0.0552208532
Mar 31, 2016 0.2767 17,773.64 35.94 -0.0142387733 0.0007629276 -0.0063995548 0.0150017008 0.0078392185
Mar 01, 2016 0.2281 17,685.09 35.26 0.2129436326 0.0050070427 0.0192853091 -0.2079365899 -0.1936583234
Feb 01, 2016 0.2973 16,516.50 35.86 -0.2327071501 0.0707528835 -0.0167317345 0.3034600336 0.2159754156
Jan 01, 2016 0.3145 16,466.30 33.83 -0.0547767018 0.0030486509 0.0600059119 0.0578253527 0.1147826137
Dec 01, 2015 0.2574 17,425.03 33.74 0.2219836401 -0.0550202783 0.002667457 -0.2770039184 -0.2193161831
Oct 31, 2015 0.2286 17,719.92 35.75 0.1256670503 -0.016641723 -0.0562237762 -0.1423087733 -0.1818908266
Sep 30, 2015 0.1263 17,663.54 36.53 0.8100378788 0.0031918857 -0.0213523132 -0.8068459931 -0.831390192
Aug 31, 2015 0.0167 16,284.70 36.54 6.5789473684 0.0846708874 -0.0002736727 -6.494276481 -6.5792210411
Jul 31, 2015 0.0243 16,528.03 33.7 -0.3137254902 -0.0147222627 0.084272997 0.2990032275 0.3979984872
Jun 30, 2015 0.0719 17,689.86 35.01 -0.6622516556 -0.0656777385 -0.0374178806 0.5965739171 0.624833775
May 31, 2015 0.0323 17,619.51 36.77 1.2280348759 0.0039927331 -0.0478651074 -1.2240421429 -1.2758999833
Apr 30, 2015 0.0150 18,010.68 36.03 1.1515151515 -0.0217187802 0.0205384402 -1.1732339317 -1.1309767113
Mar 31, 2015 0.0165 17,840.52 36.81 -0.0909090909 0.0095378386 -0.0211898941 0.1004469295 0.0697191969
Mar 01, 2015 0.0232 17,776.12 35.94 -0.2882352941 0.0036228378 0.0242070117 0.2918581319 0.3124423058
Feb 01, 2015 0.0277 18,132.70 35.72 -0.1639344262 -0.0196650251 0.0061590146 0.1442694012 0.1700934408
Jan 01, 2015 0.0179 17,164.95 36.3 0.5494652406 0.0563794244 -0.0159779614 -0.4930858163 -0.5654432021
Dec 01, 2014 0.0275 17,823.07 34.31 -0.3492822967 -0.0369251762 0.0580005829 0.3123571205 0.4072828796
Oct 31, 2014 0.0291 17,828.24 34.99 -0.0546875 -0.0002899894 -0.019434124 0.0543975106 0.035253376
Sep 30, 2014 0.0217 17,390.52 35.64 0.3426573427 0.0251700352 -0.0182379349 -0.3174873075 -0.3608952776
Aug 31, 2014 0.0168 17,042.90 34.25 0.2882882883 0.0203967635 0.0405839416 -0.2678915248 -0.2477043467
Jul 31, 2014 0.0200 17,098.45 33.34 -0.1590909091 -0.0032488325 0.0272945411 0.1558420766 0.1863854502
Jun 30, 2014 0.0329 16,563.30 33.89 -0.3913043478 0.0323093828 -0.0162289761 0.4236137306 0.3750753717
May 31, 2014 0.0264 16,826.60 32.18 0.2463054187 -0.0156478433 0.0531385954 -0.261953262 -0.1931668233
Apr 30, 2014 0.0357 16,717.17 32.25 -0.2618181818 0.0065459644 -0.0021705426 0.2683641462 0.2596476392
Mar 31, 2014 0.0324 16,580.84 31.82 0.1029411765 0.0082221407 0.0135135135 -0.0947190357 -0.089427663
Mar 01, 2014 0.0310 16,457.66 30.82 0.0461538462 0.0074846606 0.0324464633 -0.0386691855 -0.0137073828
Feb 01, 2014 0.0524 16,321.71 30.82 -0.4090909091 0.0083293969 0 0.4174203059 0.4090909091
Jan 01, 2014 0.0526 15,698.85 30.93 -0.0047619048 0.0396755176 -0.0035564177 0.0444374224 0.001205487

AVEFX (B)

Date 3 Month T-bill DJI AVEFX RETURN
Dec 01, 2018 2.4238 23,327.46 11.26 RF DJI GOEX Market Risk Premium (Rm) Excess Fund Returns
Oct 31, 2018 2.4121 25,538.46 10.93 0.0048523009 -0.0865753064 0.0301921317 -0.0914276074 0.0253398308 SUMMARY OUTPUT
Sep 30, 2018 2.3740 25,115.76 11.2 0.0160510797 0.01683007 -0.0241071429 0.0007789904 -0.0401582225
Aug 31, 2018 2.2932 26,458.31 11.08 0.0352428147 -0.050742092 0.0108303249 -0.0859849067 -0.0244124898 Regression Statistics
Jul 31, 2018 2.1653 25,964.82 11.2 0.0590776506 0.0190061013 -0.0107142857 -0.0400715493 -0.0697919363 Multiple R 0.9992444786
Jun 30, 2018 2.0726 25,415.19 11.21 0.0447042717 0.0216260433 -0.0008920607 -0.0230782284 -0.0455963324 R Square 0.9984895279
May 31, 2018 1.9948 24,271.41 11.16 0.0390256054 0.0471245799 0.0044802867 0.0080989745 -0.0345453186 Adjusted R Square 0.9984630284
Apr 30, 2018 1.9352 24,415.84 11.04 0.030757874 -0.0059154221 0.0108695652 -0.0366732961 -0.0198883088 Standard Error 0.0353922773
Mar 31, 2018 1.8995 24,163.15 11.05 0.0187900956 0.0104576597 -0.0009049774 -0.0083324359 -0.019695073 Observations 59
Mar 01, 2018 1.7881 24,103.11 10.97 0.0623290159 0.0024909649 0.0072926162 -0.059838051 -0.0550363996
Feb 01, 2018 1.7267 25,029.20 10.97 0.0355763927 -0.0370003836 0 -0.0725767763 -0.0355763927 ANOVA
Jan 01, 2018 1.5879 26,149.39 10.98 0.0873936582 -0.042838093 -0.0009107468 -0.1302317511 -0.088304405 df SS MS F Significance F
Dec 01, 2017 1.4324 24,719.22 11.08 0.1085701288 0.057856599 -0.0090252708 -0.0507135297 -0.1175953995 Regression 1 47.1979012413 47.1979012413 37679.5468833727 4.23766817972517E-82
Oct 31, 2017 1.3415 24,272.35 10.99 0.0677457714 0.0184106607 0.008189263 -0.0493351107 -0.0595565085 Residual 57 0.0713989576 0.0012526133
Sep 30, 2017 1.2505 23,377.24 11.02 0.0727913176 0.0382898067 -0.002722323 -0.0345015109 -0.0755136406 Total 58 47.269300199
Aug 31, 2017 1.0933 22,405.09 10.99 0.143728223 0.043389694 0.0027297543 -0.100338529 -0.1409984687
Jul 31, 2017 1.0465 21,948.10 10.94 0.0447523491 0.0208213923 0.0045703839 -0.0239309568 -0.0401819652 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jun 30, 2017 1.0322 21,891.12 10.88 0.0138795282 0.0026028819 0.0055147059 -0.0112766463 -0.0083648223 Intercept -0.0028924302 0.0046984761 -0.6156102898 0.5406021563 -0.0123009663 0.0065161059 -0.0123009663 0.0065161059
May 31, 2017 1.0865 21,349.63 10.86 -0.0500010004 0.0253629688 0.0018416206 0.0753639692 0.051842621 Beta 1.0115568815 0.0052111968 194.112201789 4.23766817972517E-82 1.0011216399 1.0219921231 1.0011216399 1.0219921231
Apr 30, 2017 0.9991 21,008.65 10.8 0.087488626 0.0162304575 0.0055555556 -0.0712581686 -0.0819330705
Mar 31, 2017 0.9032 20,940.51 10.79 0.1061902365 0.00325398 0.0009267841 -0.1029362566 -0.1052634525
Mar 01, 2017 0.8084 20,663.22 10.76 0.1172170928 0.0134194961 0.0027881041 -0.1037975967 -0.1144289887
Feb 01, 2017 0.7478 20,812.24 10.75 0.0810281518 -0.0071602096 0.0009302326 -0.0881883613 -0.0800979192
Jan 01, 2017 0.5263 19,864.09 10.73 0.4208695652 0.0477318619 0.0018639329 -0.3731377034 -0.4190056323
Dec 01, 2016 0.5190 19,762.60 10.65 0.0140959335 0.0051354579 0.0075117371 -0.0089604756 -0.0065841964
Oct 31, 2016 0.5119 19,123.58 10.44 0.0138604651 0.0334152915 0.0201149425 0.0195548264 0.0062544774
Sep 30, 2016 0.4525 18,142.42 10.6 0.1312812418 0.0540809881 -0.0150943396 -0.0772002537 -0.1463755814
Aug 31, 2016 0.3315 18,308.15 10.58 0.3650075415 -0.0090522527 0.0018903592 -0.3740597942 -0.3631171823
Jul 31, 2016 0.2943 18,400.88 10.65 0.1264563107 -0.0050394329 -0.00657277 -0.1314957436 -0.1330290806
Jun 30, 2016 0.2996 18,432.24 10.64 -0.0176238855 -0.0017013667 0.0009398496 0.0159225188 0.0185637352
May 31, 2016 0.3010 17,929.99 10.64 -0.0047667196 0.0280117278 0 0.0327784475 0.0047667196
Apr 30, 2016 0.2727 17,787.20 10.57 0.1036666667 0.0080276828 0.0066225166 -0.0956389838 -0.0970441501
Mar 31, 2016 0.2767 17,773.64 10.45 -0.0142387733 0.0007629276 0.0114832536 0.0150017008 0.0257220269
Mar 01, 2016 0.2281 17,685.09 10.46 0.2129436326 0.0050070427 -0.0009560229 -0.2079365899 -0.2138996555
Feb 01, 2016 0.2973 16,516.50 10.41 -0.2327071501 0.0707528835 0.004803074 0.3034600336 0.2375102241
Jan 01, 2016 0.3145 16,466.30 10.22 -0.0547767018 0.0030486509 0.018590998 0.0578253527 0.0733676999
Dec 01, 2015 0.2574 17,425.03 10.14 0.2219836401 -0.0550202783 0.0078895464 -0.2770039184 -0.2140940937
Oct 31, 2015 0.2286 17,719.92 10.09 0.1256670503 -0.016641723 0.0049554014 -0.1423087733 -0.1207116489
Sep 30, 2015 0.1263 17,663.54 10.21 0.8100378788 0.0031918857 -0.0117531832 -0.8068459931 -0.8217910619
Aug 31, 2015 0.0167 16,284.70 10.18 6.5789473684 0.0846708874 0.0029469548 -6.494276481 -6.5760004136
Jul 31, 2015 0.0243 16,528.03 10.06 -0.3137254902 -0.0147222627 0.0119284294 0.2990032275 0.3256539196
Jun 30, 2015 0.0719 17,689.86 10.06 -0.6622516556 -0.0656777385 0 0.5965739171 0.6622516556
May 31, 2015 0.0323 17,619.51 10.12 1.2280348759 0.0039927331 -0.0059288538 -1.2240421429 -1.2339637297
Apr 30, 2015 0.0150 18,010.68 10.13 1.1515151515 -0.0217187802 -0.0009871668 -1.1732339317 -1.1525023183
Mar 31, 2015 0.0165 17,840.52 10.2 -0.0909090909 0.0095378386 -0.0068627451 0.1004469295 0.0840463458
Mar 01, 2015 0.0232 17,776.12 10.19 -0.2882352941 0.0036228378 0.0009813543 0.2918581319 0.2892166484
Feb 01, 2015 0.0277 18,132.70 10.16 -0.1639344262 -0.0196650251 0.0029527559 0.1442694012 0.1668871821
Jan 01, 2015 0.0179 17,164.95 10.18 0.5494652406 0.0563794244 -0.0019646365 -0.4930858163 -0.5514298772
Dec 01, 2014 0.0275 17,823.07 10.14 -0.3492822967 -0.0369251762 0.0039447732 0.3123571205 0.3532270698
Oct 31, 2014 0.0291 17,828.24 9.77 -0.0546875 -0.0002899894 0.0378710338 0.0543975106 0.0925585338
Sep 30, 2014 0.0217 17,390.52 10.12 0.3426573427 0.0251700352 -0.0345849802 -0.3174873075 -0.3772423229
Aug 31, 2014 0.0168 17,042.90 10.04 0.2882882883 0.0203967635 0.0079681275 -0.2678915248 -0.2803201608
Jul 31, 2014 0.0200 17,098.45 10 -0.1590909091 -0.0032488325 0.004 0.1558420766 0.1630909091
Jun 30, 2014 0.0329 16,563.30 10.02 -0.3913043478 0.0323093828 -0.001996008 0.4236137306 0.3893083398
May 31, 2014 0.0264 16,826.60 9.95 0.2463054187 -0.0156478433 0.0070351759 -0.261953262 -0.2392702428
Apr 30, 2014 0.0357 16,717.17 10.01 -0.2618181818 0.0065459644 -0.005994006 0.2683641462 0.2558241758
Mar 31, 2014 0.0324 16,580.84 9.98 0.1029411765 0.0082221407 0.003006012 -0.0947190357 -0.0999351644
Mar 01, 2014 0.0310 16,457.66 9.92 0.0461538462 0.0074846606 0.0060483871 -0.0386691855 -0.0401054591
Feb 01, 2014 0.0524 16,321.71 9.87 -0.4090909091 0.0083293969 0.0050658561 0.4174203059 0.4141567652
Jan 01, 2014 0.0526 15,698.85 9.86 -0.0047619048 0.0396755176 0.0010141988 0.0444374224 0.0057761035

FTLB (B)

Date 3 Month T-bill DJI FTLB RETURN
Dec 01, 2018 2.4238 23,327.46 20.09 RF DJI GOEX Market Risk Premium (Rm) Excess Fund Returns
Oct 31, 2018 2.4121 25,538.46 21.74 0.0048523009 -0.0865753064 -0.0758969641 -0.0914276074 -0.0807492651 SUMMARY OUTPUT
Sep 30, 2018 2.3740 25,115.76 21.64 0.0160510797 0.01683007 0.0046210721 0.0007789904 -0.0114300076
Aug 31, 2018 2.2932 26,458.31 22.65 0.0352428147 -0.050742092 -0.0445916115 -0.0859849067 -0.0798344261 Regression Statistics
Jul 31, 2018 2.1653 25,964.82 22.79 0.0590776506 0.0190061013 -0.0061430452 -0.0400715493 -0.0652206958 Multiple R 0.9997817784
Jun 30, 2018 2.0726 25,415.19 22.29 0.0447042717 0.0216260433 0.0224315837 -0.0230782284 -0.022272688 R Square 0.9995636045
May 31, 2018 1.9948 24,271.41 22.04 0.0390256054 0.0471245799 0.0113430127 0.0080989745 -0.0276825927 Adjusted R Square 0.9995559484
Apr 30, 2018 1.9352 24,415.84 21.75 0.030757874 -0.0059154221 0.0133333333 -0.0366732961 -0.0174245407 Standard Error 0.0188417916
Mar 31, 2018 1.8995 24,163.15 21.21 0.0187900956 0.0104576597 0.0254596888 -0.0083324359 0.0066695932 Observations 59
Mar 01, 2018 1.7881 24,103.11 21.39 0.0623290159 0.0024909649 -0.0084151473 -0.059838051 -0.0707441631
Feb 01, 2018 1.7267 25,029.20 21.59 0.0355763927 -0.0370003836 -0.0092635479 -0.0725767763 -0.0448399407 ANOVA
Jan 01, 2018 1.5879 26,149.39 22.51 0.0873936582 -0.042838093 -0.0408707241 -0.1302317511 -0.1282643823 df SS MS F Significance F
Dec 01, 2017 1.4324 24,719.22 22.33 0.1085701288 0.057856599 0.0080609046 -0.0507135297 -0.1005092242 Regression 1 46.3499658123 46.3499658123 130558.462292266 1.8145837540221E-97
Oct 31, 2017 1.3415 24,272.35 22.05 0.0677457714 0.0184106607 0.0126984127 -0.0493351107 -0.0550473587 Residual 57 0.0202357473 0.0003550131
Sep 30, 2017 1.2505 23,377.24 21.75 0.0727913176 0.0382898067 0.0137931034 -0.0345015109 -0.0589982141 Total 58 46.3702015596
Aug 31, 2017 1.0933 22,405.09 21.5 0.143728223 0.043389694 0.011627907 -0.100338529 -0.132100316
Jul 31, 2017 1.0465 21,948.10 21.02 0.0447523491 0.0208213923 0.0228353949 -0.0239309568 -0.0219169542 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jun 30, 2017 1.0322 21,891.12 20.72 0.0138795282 0.0026028819 0.0144787645 -0.0112766463 0.0005992363 Intercept -0.0032978408 0.0025013284 -1.318435759 0.1926311816 -0.0083066644 0.0017109829 -0.0083066644 0.0017109829
May 31, 2017 1.0865 21,349.63 20.63 -0.0500010004 0.0253629688 0.0043625788 0.0753639692 0.0543635792 Beta 1.0024291204 0.0027742856 361.3287454553 1.8145837540221E-97 0.9968737094 1.0079845314 0.9968737094 1.0079845314
Apr 30, 2017 0.9991 21,008.65 19.99 0.087488626 0.0162304575 0.032016008 -0.0712581686 -0.055472618
Mar 31, 2017 0.9032 20,940.51 20.19 0.1061902365 0.00325398 -0.009905894 -0.1029362566 -0.1160961305
Mar 01, 2017 0.8084 20,663.22 19.97 0.1172170928 0.0134194961 0.0110165248 -0.1037975967 -0.106200568
Feb 01, 2017 0.7478 20,812.24 20 0.0810281518 -0.0071602096 -0.0015 -0.0881883613 -0.0825281518
Jan 01, 2017 0.5263 19,864.09 19.7 0.4208695652 0.0477318619 0.0152284264 -0.3731377034 -0.4056411388
Dec 01, 2016 0.5190 19,762.60 19.85 0.0140959335 0.0051354579 -0.0075566751 -0.0089604756 -0.0216526085
Oct 31, 2016 0.5119 19,123.58 19.53 0.0138604651 0.0334152915 0.0163850486 0.0195548264 0.0025245835
Sep 30, 2016 0.4525 18,142.42 18.66 0.1312812418 0.0540809881 0.0466237942 -0.0772002537 -0.0846574476
Aug 31, 2016 0.3315 18,308.15 18.59 0.3650075415 -0.0090522527 0.0037654653 -0.3740597942 -0.3612420762
Jul 31, 2016 0.2943 18,400.88 18.52 0.1264563107 -0.0050394329 0.0037796976 -0.1314957436 -0.1226766131
Jun 30, 2016 0.2996 18,432.24 18.65 -0.0176238855 -0.0017013667 -0.0069705094 0.0159225188 0.0106533762
May 31, 2016 0.3010 17,929.99 17.93 -0.0047667196 0.0280117278 0.0401561629 0.0327784475 0.0449228825
Apr 30, 2016 0.2727 17,787.20 18.15 0.1036666667 0.0080276828 -0.0121212121 -0.0956389838 -0.1157878788
Mar 31, 2016 0.2767 17,773.64 17.71 -0.0142387733 0.0007629276 0.0248447205 0.0150017008 0.0390834938
Mar 01, 2016 0.2281 17,685.09 18.19 0.2129436326 0.0050070427 -0.0263881253 -0.2079365899 -0.2393317579
Feb 01, 2016 0.2973 16,516.50 17.58 -0.2327071501 0.0707528835 0.034698521 0.3034600336 0.2674056712
Jan 01, 2016 0.3145 16,466.30 17.17 -0.0547767018 0.0030486509 0.0238788585 0.0578253527 0.0786555603
Dec 01, 2015 0.2574 17,425.03 18.02 0.2219836401 -0.0550202783 -0.0471698113 -0.2770039184 -0.2691534514
Oct 31, 2015 0.2286 17,719.92 18.39 0.1256670503 -0.016641723 -0.0201196302 -0.1423087733 -0.1457866806
Sep 30, 2015 0.1263 17,663.54 18.12 0.8100378788 0.0031918857 0.0149006623 -0.8068459931 -0.7951372165
Aug 31, 2015 0.0167 16,284.70 16.98 6.5789473684 0.0846708874 0.0671378092 -6.494276481 -6.5118095592
Jul 31, 2015 0.0243 16,528.03 17.41 -0.3137254902 -0.0147222627 -0.0246984492 0.2990032275 0.289027041
Jun 30, 2015 0.0719 17,689.86 18.33 -0.6622516556 -0.0656777385 -0.0501909438 0.5965739171 0.6120607118
May 31, 2015 0.0323 17,619.51 18.41 1.2280348759 0.0039927331 -0.0043454644 -1.2240421429 -1.2323803403
Apr 30, 2015 0.0150 18,010.68 18.49 1.1515151515 -0.0217187802 -0.0043266631 -1.1732339317 -1.1558418146
Mar 31, 2015 0.0165 17,840.52 18.46 -0.0909090909 0.0095378386 0.0016251354 0.1004469295 0.0925342263
Mar 01, 2015 0.0232 17,776.12 18.26 -0.2882352941 0.0036228378 0.0109529025 0.2918581319 0.2991881966
Feb 01, 2015 0.0277 18,132.70 18.55 -0.1639344262 -0.0196650251 -0.0156334232 0.1442694012 0.148301003
Jan 01, 2015 0.0179 17,164.95 17.85 0.5494652406 0.0563794244 0.0392156863 -0.4930858163 -0.5102495544
Dec 01, 2014 0.0275 17,823.07 18.02 -0.3492822967 -0.0369251762 -0.0094339623 0.3123571205 0.3398483344
Oct 31, 2014 0.0291 17,828.24 17.97 -0.0546875 -0.0002899894 0.0027824151 0.0543975106 0.0574699151
Sep 30, 2014 0.0217 17,390.52 17.73 0.3426573427 0.0251700352 0.013536379 -0.3174873075 -0.3291209636
Aug 31, 2014 0.0168 17,042.90 18.23 0.2882882883 0.0203967635 -0.0274273176 -0.2678915248 -0.3157156059
Jul 31, 2014 0.0200 17,098.45 17.74 -0.1590909091 -0.0032488325 0.027621195 0.1558420766 0.1867121041
Jun 30, 2014 0.0329 16,563.30 17.34 -0.3913043478 0.0323093828 0.0230680507 0.4236137306 0.4143723986
May 31, 2014 0.0264 16,826.60 17.73 0.2463054187 -0.0156478433 -0.0219966159 -0.261953262 -0.2683020346
Apr 30, 2014 0.0357 16,717.17 17.41 -0.2618181818 0.0065459644 0.0183802412 0.2683641462 0.2801984231
Mar 31, 2014 0.0324 16,580.84 17.26 0.1029411765 0.0082221407 0.0086906141 -0.0947190357 -0.0942505623
Mar 01, 2014 0.0310 16,457.66 17.19 0.0461538462 0.0074846606 0.004072135 -0.0386691855 -0.0420817112
Feb 01, 2014 0.0524 16,321.71 16.89 -0.4090909091 0.0083293969 0.0177619893 0.4174203059 0.4268528984
Jan 01, 2014 0.0526 15,698.85 16.64 -0.0047619048 0.0396755176 0.0150240385 0.0444374224 0.0197859432

GOEX (B)

Date 3 Month T-bill DJI GOEX RETURN
Dec 01, 2018 2.4238 23,327.46 21.78 RF DJI GOEX Market Risk Premium (Rm) Excess Fund Returns
Oct 31, 2018 2.4121 25,538.46 19.85 0.0048523009 -0.0865753064 0.0972292191 -0.0914276074 0.0923769182 SUMMARY OUTPUT
Sep 30, 2018 2.3740 25,115.76 17.9 0.0160510797 0.01683007 0.1089385475 0.0007789904 0.0928874678
Aug 31, 2018 2.2932 26,458.31 18.47 0.0352428147 -0.050742092 -0.0308608554 -0.0859849067 -0.0661036701 Regression Statistics
Jul 31, 2018 2.1653 25,964.82 18.62 0.0590776506 0.0190061013 -0.0080558539 -0.0400715493 -0.0671335045 Multiple R 0.987964058
Jun 30, 2018 2.0726 25,415.19 19.02 0.0447042717 0.0216260433 -0.0210304942 -0.0230782284 -0.0657347659 R Square 0.9760729799
May 31, 2018 1.9948 24,271.41 21.56 0.0390256054 0.0471245799 -0.1178107607 0.0080989745 -0.156836366 Adjusted R Square 0.9756532077
Apr 30, 2018 1.9352 24,415.84 22.18 0.030757874 -0.0059154221 -0.0279531109 -0.0366732961 -0.0587109849 Standard Error 0.1455072573
Mar 31, 2018 1.8995 24,163.15 22.91 0.0187900956 0.0104576597 -0.0318638149 -0.0083324359 -0.0506539105 Observations 59
Mar 01, 2018 1.7881 24,103.11 22.6 0.0623290159 0.0024909649 0.0137168142 -0.059838051 -0.0486122017
Feb 01, 2018 1.7267 25,029.20 21.54 0.0355763927 -0.0370003836 0.0492107707 -0.0725767763 0.0136343779 ANOVA
Jan 01, 2018 1.5879 26,149.39 21.5 0.0873936582 -0.042838093 0.0018604651 -0.1302317511 -0.085533193 df SS MS F Significance F
Dec 01, 2017 1.4324 24,719.22 22.77 0.1085701288 0.057856599 -0.0557751427 -0.0507135297 -0.1643452715 Regression 1 49.2309075611 49.2309075611 2325.244001118 6.69116921036616E-48
Oct 31, 2017 1.3415 24,272.35 23.31 0.0677457714 0.0184106607 -0.0231660232 -0.0493351107 -0.0909117946 Residual 57 1.2068246299 0.0211723619
Sep 30, 2017 1.2505 23,377.24 21.08 0.0727913176 0.0382898067 0.1057874763 -0.0345015109 0.0329961587 Total 58 50.4377321909
Aug 31, 2017 1.0933 22,405.09 21.5 0.143728223 0.043389694 -0.0195348837 -0.100338529 -0.1632631067
Jul 31, 2017 1.0465 21,948.10 22.96 0.0447523491 0.0208213923 -0.0635888502 -0.0239309568 -0.1083411993 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jun 30, 2017 1.0322 21,891.12 24.1 0.0138795282 0.0026028819 -0.0473029046 -0.0112766463 -0.0611824328 Intercept 0.0097353427 0.0193167104 0.5039855425 0.6162140512 -0.0289457025 0.048416388 -0.0289457025 0.048416388
May 31, 2017 1.0865 21,349.63 22.65 -0.0500010004 0.0253629688 0.06401766 0.0753639692 0.1140186605 Beta 1.0331131423 0.0214246443 48.2207839123 6.69116921036616E-48 0.9902110321 1.0760152524 0.9902110321 1.0760152524
Apr 30, 2017 0.9991 21,008.65 22.67 0.087488626 0.0162304575 -0.0008822232 -0.0712581686 -0.0883708492
Mar 31, 2017 0.9032 20,940.51 21.43 0.1061902365 0.00325398 0.0578628091 -0.1029362566 -0.0483274274
Mar 01, 2017 0.8084 20,663.22 22.12 0.1172170928 0.0134194961 -0.0311934901 -0.1037975967 -0.1484105829
Feb 01, 2017 0.7478 20,812.24 23.87 0.0810281518 -0.0071602096 -0.073313783 -0.0881883613 -0.1543419348
Jan 01, 2017 0.5263 19,864.09 23.39 0.4208695652 0.0477318619 0.0205215904 -0.3731377034 -0.4003479748
Dec 01, 2016 0.5190 19,762.60 24.2 0.0140959335 0.0051354579 -0.0334710744 -0.0089604756 -0.0475670079
Oct 31, 2016 0.5119 19,123.58 20.13 0.0138604651 0.0334152915 0.2021857923 0.0195548264 0.1883253272
Sep 30, 2016 0.4525 18,142.42 20.14 0.1312812418 0.0540809881 -0.0004965243 -0.0772002537 -0.1317777661
Aug 31, 2016 0.3315 18,308.15 24.25 0.3650075415 -0.0090522527 -0.1694845361 -0.3740597942 -0.5344920776
Jul 31, 2016 0.2943 18,400.88 29.04 0.1264563107 -0.0050394329 -0.1649449036 -0.1314957436 -0.2914012143
Jun 30, 2016 0.2996 18,432.24 25.88 -0.0176238855 -0.0017013667 0.1221020093 0.0159225188 0.1397258948
May 31, 2016 0.3010 17,929.99 31 -0.0047667196 0.0280117278 -0.1651612903 0.0327784475 -0.1603945707
Apr 30, 2016 0.2727 17,787.20 27.54 0.1036666667 0.0080276828 0.1256354394 -0.0956389838 0.0219687727
Mar 31, 2016 0.2767 17,773.64 21.49 -0.0142387733 0.0007629276 0.2815262913 0.0150017008 0.2957650646
Mar 01, 2016 0.2281 17,685.09 25.48 0.2129436326 0.0050070427 -0.1565934066 -0.2079365899 -0.3695370392
Feb 01, 2016 0.2973 16,516.50 15.89 -0.2327071501 0.0707528835 0.6035242291 0.3034600336 0.8362313792
Jan 01, 2016 0.3145 16,466.30 15.18 -0.0547767018 0.0030486509 0.0467720685 0.0578253527 0.1015487703
Dec 01, 2015 0.2574 17,425.03 11.23 0.2219836401 -0.0550202783 0.3517364203 -0.2770039184 0.1297527802
Oct 31, 2015 0.2286 17,719.92 10.28 0.1256670503 -0.016641723 0.0924124514 -0.1423087733 -0.033254599
Sep 30, 2015 0.1263 17,663.54 11.5 0.8100378788 0.0031918857 -0.1060869565 -0.8068459931 -0.9161248353
Aug 31, 2015 0.0167 16,284.70 12.55 6.5789473684 0.0846708874 -0.0836653386 -6.494276481 -6.6626127071
Jul 31, 2015 0.0243 16,528.03 11.29 -0.3137254902 -0.0147222627 0.1116031887 0.2990032275 0.4253286789
Jun 30, 2015 0.0719 17,689.86 11.01 -0.6622516556 -0.0656777385 0.025431426 0.5965739171 0.6876830816
May 31, 2015 0.0323 17,619.51 10.52 1.2280348759 0.0039927331 0.0465779468 -1.2240421429 -1.1814569292
Apr 30, 2015 0.0150 18,010.68 12.84 1.1515151515 -0.0217187802 -0.1806853583 -1.1732339317 -1.3322005098
Mar 31, 2015 0.0165 17,840.52 13.54 -0.0909090909 0.0095378386 -0.0516986706 0.1004469295 0.0392104203
Mar 01, 2015 0.0232 17,776.12 13.84 -0.2882352941 0.0036228378 -0.0216763006 0.2918581319 0.2665589935
Feb 01, 2015 0.0277 18,132.70 12.06 -0.1639344262 -0.0196650251 0.1475953566 0.1442694012 0.3115297828
Jan 01, 2015 0.0179 17,164.95 13.68 0.5494652406 0.0563794244 -0.1184210526 -0.4930858163 -0.6678862933
Dec 01, 2014 0.0275 17,823.07 14.45 -0.3492822967 -0.0369251762 -0.0532871972 0.3123571205 0.2959950994
Oct 31, 2014 0.0291 17,828.24 12.81 -0.0546875 -0.0002899894 0.1280249805 0.0543975106 0.1827124805
Sep 30, 2014 0.0217 17,390.52 12.71 0.3426573427 0.0251700352 0.0078678206 -0.3174873075 -0.334789522
Aug 31, 2014 0.0168 17,042.90 11.92 0.2882882883 0.0203967635 0.0662751678 -0.2678915248 -0.2220131205
Jul 31, 2014 0.0200 17,098.45 15.46 -0.1590909091 -0.0032488325 -0.2289780078 0.1558420766 -0.0698870987
Jun 30, 2014 0.0329 16,563.30 19.47 -0.3913043478 0.0323093828 -0.2059578839 0.4236137306 0.1853464639
May 31, 2014 0.0264 16,826.60 20.12 0.2463054187 -0.0156478433 -0.032306163 -0.261953262 -0.2786115817
Apr 30, 2014 0.0357 16,717.17 20.04 -0.2618181818 0.0065459644 0.003992016 0.2683641462 0.2658101978
Mar 31, 2014 0.0324 16,580.84 15.26 0.1029411765 0.0082221407 0.3132372215 -0.0947190357 0.210296045
Mar 01, 2014 0.0310 16,457.66 17.19 0.0461538462 0.0074846606 -0.1122745782 -0.0386691855 -0.1584284244
Feb 01, 2014 0.0524 16,321.71 17.09 -0.4090909091 0.0083293969 0.0058513751 0.4174203059 0.4149422842
Jan 01, 2014 0.0526 15,698.85 19.14 -0.0047619048 0.0396755176 -0.1071055381 0.0444374224 -0.1023436334

TCWAX (A)

Date 3 Month T-bill S&P TCWAX RETURN
Dec 01, 2018 2.4238 2704.100098 18.36 RF S & P TCWAX Market Risk Premium (Rm) Excess Fund Returns
Oct 31, 2018 2.4121 2506.850098 14.68 0.0048523009 0.0786844017 0.2506811989 0.0738321007 0.245828898 SUMMARY OUTPUT
Sep 30, 2018 2.3740 2760.169922 17.76 0.0160510797 -0.0917768946 -0.1734234234 -0.1078279743 -0.1894745031
Aug 31, 2018 2.2932 2711.73999 17.07 0.0352428147 0.0178593568 0.0404217926 -0.0173834579 0.005178978 Regression Statistics
Jul 31, 2018 2.1653 2913.97998 19.18 0.0590776506 -0.069403356 -0.1100104275 -0.1284810066 -0.1690880781 Multiple R 0.994547359
Jun 30, 2018 2.0726 2901.52002 19.25 0.0447042717 0.0042942871 -0.0036363636 -0.0404099846 -0.0483406353 R Square 0.9891244493
May 31, 2018 1.9948 2816.290039 19.32 0.0390256054 0.0302632115 -0.0036231884 -0.0087623939 -0.0426487938 Adjusted R Square 0.9889336502
Apr 30, 2018 1.9352 2718.370117 19.29 0.030757874 0.0360215562 0.00155521 0.0052636822 -0.0292026641 Standard Error 0.0972211714
Mar 31, 2018 1.8995 2705.27002 20 0.0187900956 0.004842436 -0.0355 -0.0139476596 -0.0542900956 Observations 59
Mar 01, 2018 1.7881 2648.050049 19.54 0.0623290159 0.021608342 0.0235414534 -0.0407206739 -0.0387875624
Feb 01, 2018 1.7267 2640.870117 19.26 0.0355763927 0.0027187751 0.0145379024 -0.0328576176 -0.0210384903 ANOVA
Jan 01, 2018 1.5879 2713.830078 19.57 0.0873936582 -0.0268844986 -0.0158405723 -0.1142781568 -0.1032342305 df SS MS F Significance F
Dec 01, 2017 1.4324 2823.810059 20.55 0.1085701288 -0.0389473721 -0.0476885645 -0.1475175008 -0.1562586933 Regression 1 49.000017482 49.000017482 5184.113916359 1.15678426405056E-57
Oct 31, 2017 1.3415 2673.610107 16.52 0.0677457714 0.0561787044 0.2439467312 -0.011567067 0.1762009598 Residual 57 0.5387615013 0.0094519562
Sep 30, 2017 1.2505 2584.840088 18.17 0.0727913176 0.0343425574 -0.0908090259 -0.0384487602 -0.1636003435 Total 58 49.5387789833
Aug 31, 2017 1.0933 2575.26001 18.52 0.143728223 0.003720043 -0.0188984881 -0.14000818 -0.1626267111
Jul 31, 2017 1.0465 2519.360107 18.09 0.0447523491 0.0221881353 0.0237700387 -0.0225642138 -0.0209823104 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jun 30, 2017 1.0322 2471.649902 17.93 0.0138795282 0.0193029785 0.0089235917 0.0054234503 -0.0049559365 Intercept 0.0078295725 0.0129001845 0.6069349255 0.5463041958 -0.0180026013 0.0336617463 -0.0180026013 0.0336617463
May 31, 2017 1.0865 2470.300049 17.29 -0.0500010004 0.0005464328 0.037015616 0.0505474332 0.0870166164 Beta 1.0153362687 0.0141017377 72.0007910815 1.15678426405056E-57 0.987098026 1.0435745113 0.987098026 1.0435745113
Apr 30, 2017 0.9991 2423.409912 16.49 0.087488626 0.0193488261 0.0485142511 -0.0681397999 -0.038974375
Mar 31, 2017 0.9032 2411.800049 16.01 0.1061902365 0.0048137751 0.0299812617 -0.1013764614 -0.0762089748
Mar 01, 2017 0.8084 2384.199951 15.49 0.1172170928 0.0115762514 0.0335700452 -0.1056408414 -0.0836470476
Feb 01, 2017 0.7478 2362.719971 15.2 0.0810281518 0.0090912085 0.0190789474 -0.0719369432 -0.0619492044
Jan 01, 2017 0.5263 2363.639893 15.27 0.4208695652 -0.0003891972 -0.0045841519 -0.4212587624 -0.4254537171
Dec 01, 2016 0.5190 2278.870117 14.91 0.0140959335 0.0371981603 0.0241448692 0.0231022269 0.0100489357
Oct 31, 2016 0.5119 2238.830078 12.05 0.0138604651 0.0178843582 0.2373443983 0.0040238931 0.2234839332
Sep 30, 2016 0.4525 2198.810059 14.19 0.1312812418 0.0182007622 -0.1508104299 -0.1130804796 -0.2820916717
Aug 31, 2016 0.3315 2126.149902 14.37 0.3650075415 0.0341745222 -0.012526096 -0.3308330193 -0.3775336375
Jul 31, 2016 0.2943 2168.27002 14.67 0.1264563107 -0.0194256793 -0.0204498978 -0.14588199 -0.1469062084
Jun 30, 2016 0.2996 2170.949951 14.25 -0.0176238855 -0.0012344508 0.0294736842 0.0163894347 0.0470975698
May 31, 2016 0.3010 2173.600098 13.77 -0.0047667196 -0.0012192431 0.0348583878 0.0035474765 0.0396251074
Apr 30, 2016 0.2727 2098.860107 13.31 0.1036666667 0.0356098011 0.0345604808 -0.0680568655 -0.0691061858
Mar 31, 2016 0.2767 2096.949951 13.12 -0.0142387733 0.0009109211 0.0144817073 0.0151496944 0.0287204806
Mar 01, 2016 0.2281 2065.300049 13.38 0.2129436326 0.0153246024 -0.019431988 -0.1976190302 -0.2323756206
Feb 01, 2016 0.2973 2059.73999 13.19 -0.2327071501 0.0026993985 0.0144048522 0.2354065486 0.2471120023
Jan 01, 2016 0.3145 1932.22998 12.12 -0.0547767018 0.0659911146 0.0882838284 0.1207678164 0.1430605302
Dec 01, 2015 0.2574 1940.23999 12.16 0.2219836401 -0.0041283604 -0.0032894737 -0.2261120005 -0.2252731138
Oct 31, 2015 0.2286 2043.939941 9.83 0.1256670503 -0.050735322 0.2370295015 -0.1764023723 0.1113624512
Sep 30, 2015 0.1263 2080.409912 13.41 0.8100378788 -0.0175301852 -0.2669649515 -0.827568064 -1.0770028303
Aug 31, 2015 0.0167 2079.360107 13.79 6.5789473684 0.0005048693 -0.0275562001 -6.5784424992 -6.6065035686
Jul 31, 2015 0.0243 1920.030029 12.59 -0.3137254902 0.0829831178 0.0953137411 0.396708608 0.4090392313
Jun 30, 2015 0.0719 1972.180054 12.8 -0.6622516556 -0.0264428316 -0.01640625 0.6358088241 0.6458454056
May 31, 2015 0.0323 2103.840088 14.77 1.2280348759 -0.0625808182 -0.1333784699 -1.2906156941 -1.3614133458
Apr 30, 2015 0.0150 2063.110107 16.1 1.1515151515 0.0197420297 -0.0826086957 -1.1317731218 -1.2341238472
Mar 31, 2015 0.0165 2107.389893 16.89 -0.0909090909 -0.0210116724 -0.0467732386 0.0698974185 0.0441358523
Mar 01, 2015 0.0232 2085.51001 17.34 -0.2882352941 0.0104913824 -0.0259515571 0.2987266765 0.262283737
Feb 01, 2015 0.0277 2067.889893 15.46 -0.1639344262 0.0085208197 0.1216041397 0.172455246 0.2855385659
Jan 01, 2015 0.0179 2104.5 15.42 0.5494652406 -0.0173961069 0.0025940337 -0.5668613476 -0.5468712069
Dec 01, 2014 0.0275 1994.98999 15.13 -0.3492822967 0.054892511 0.0191672174 0.4041748077 0.3684495141
Oct 31, 2014 0.0291 2058.899902 11.01 -0.0546875 -0.0310408058 0.3742052679 0.0236466942 0.4288927679
Sep 30, 2014 0.0217 2067.560059 12.91 0.3426573427 -0.0041885879 -0.1471727343 -0.3468459305 -0.489830077
Aug 31, 2014 0.0168 2018.050049 12.93 0.2882882883 0.0245335888 -0.0015467904 -0.2637546995 -0.2898350787
Jul 31, 2014 0.0200 1972.290039 12.75 -0.1590909091 0.0232014608 0.0141176471 0.1822923699 0.1732085561
Jun 30, 2014 0.0329 2003.369995 13.69 -0.3913043478 -0.0155138372 -0.0686632579 0.3757905106 0.32264109
May 31, 2014 0.0264 1930.670044 13.51 0.2463054187 0.0376552955 0.0133234641 -0.2086501232 -0.2329819546
Apr 30, 2014 0.0357 1960.22998 12.96 -0.2618181818 -0.0150798306 0.0424382716 0.2467383512 0.3042564534
Mar 31, 2014 0.0324 1923.569946 12.59 0.1029411765 0.0190583317 0.0293884035 -0.0838828448 -0.073552773
Mar 01, 2014 0.0310 1883.949951 12.27 0.0461538462 0.02103028 0.0260798696 -0.0251235661 -0.0200739766
Feb 01, 2014 0.0524 1872.339966 12.31 -0.4090909091 0.006200789 -0.0032493907 0.4152916981 0.4058415184
Jan 01, 2014 0.0526 1859.449951 12.18 -0.0047619048 0.0069321656 0.0106732348 0.0116940704 0.0154351396

JIGAX (A)

Date 3 Month T-bill S&P JIGAX RETURN
Dec 01, 2018 2.4238 2704.100098 52.9 RF S & P JIGAX Market Risk Premium (Rm) Excess Fund Returns SUMMARY OUTPUT
Oct 31, 2018 2.4121 2506.850098 42.99 0.0048523009 0.0786844017 0.2305187253 0.0738321007 0.2256664243
Sep 30, 2018 2.3740 2760.169922 52.46 0.0160510797 -0.0917768946 -0.1805184903 -0.1078279743 -0.19656957 Regression Statistics
Aug 31, 2018 2.2932 2711.73999 52.22 0.0352428147 0.0178593568 0.0045959403 -0.0173834579 -0.0306468744 Multiple R 0.999596928
Jul 31, 2018 2.1653 2913.97998 57.46 0.0590776506 -0.069403356 -0.091193874 -0.1284810066 -0.1502715246 R Square 0.9991940184
Jun 30, 2018 2.0726 2901.52002 57.41 0.0447042717 0.0042942871 0.0008709284 -0.0404099846 -0.0438333433 Adjusted R Square 0.9991798784
May 31, 2018 1.9948 2816.290039 54.51 0.0390256054 0.0302632115 0.0532012475 -0.0087623939 0.0141756421 Standard Error 0.0259484945
Apr 30, 2018 1.9352 2718.370117 52.83 0.030757874 0.0360215562 0.0318001136 0.0052636822 0.0010422396 Observations 59
Mar 31, 2018 1.8995 2705.27002 52.77 0.0187900956 0.004842436 0.0011370097 -0.0139476596 -0.0176530859
Mar 01, 2018 1.7881 2648.050049 50.64 0.0623290159 0.021608342 0.0420616114 -0.0407206739 -0.0202674045 ANOVA
Feb 01, 2018 1.7267 2640.870117 50.72 0.0355763927 0.0027187751 -0.0015772871 -0.0328576176 -0.0371536798 df SS MS F Significance F
Jan 01, 2018 1.5879 2713.830078 52.2 0.0873936582 -0.0268844986 -0.0283524904 -0.1142781568 -0.1157461486 Regression 1 47.5799403686 47.5799403686 70664.2186024913 7.12086918839473E-90
Dec 01, 2017 1.4324 2823.810059 53.5 0.1085701288 -0.0389473721 -0.0242990654 -0.1475175008 -0.1328691942 Residual 57 0.038379489 0.0006733244
Oct 31, 2017 1.3415 2673.610107 49.7 0.0677457714 0.0561787044 0.0764587525 -0.011567067 0.0087129811 Total 58 47.6183198576
Sep 30, 2017 1.2505 2584.840088 49.57 0.0727913176 0.0343425574 0.002622554 -0.0384487602 -0.0701687636
Aug 31, 2017 1.0933 2575.26001 48.32 0.143728223 0.003720043 0.0258692053 -0.14000818 -0.1178590177 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jul 31, 2017 1.0465 2519.360107 46.18 0.0447523491 0.0221881353 0.0463404071 -0.0225642138 0.001588058 Intercept 0.0035525019 0.003443081 1.0317799359 0.3065333598 -0.0033421489 0.0104471526 -0.0033421489 0.0104471526
Jun 30, 2017 1.0322 2471.649902 45.53 0.0138795282 0.0193029785 0.0142763013 0.0054234503 0.0003967731 Beta 1.0005152879 0.0037637776 265.8274225931 7.12086918839473E-90 0.9929784533 1.0080521224 0.9929784533 1.0080521224
May 31, 2017 1.0865 2470.300049 44.75 -0.0500010004 0.0005464328 0.0174301676 0.0505474332 0.067431168
Apr 30, 2017 0.9991 2423.409912 43.25 0.087488626 0.0193488261 0.0346820809 -0.0681397999 -0.0528065451
Mar 31, 2017 0.9032 2411.800049 43.38 0.1061902365 0.0048137751 -0.0029967727 -0.1013764614 -0.1091870092
Mar 01, 2017 0.8084 2384.199951 42.54 0.1172170928 0.0115762514 0.0197461213 -0.1056408414 -0.0974709715
Feb 01, 2017 0.7478 2362.719971 41.57 0.0810281518 0.0090912085 0.0233341352 -0.0719369432 -0.0576940166
Jan 01, 2017 0.5263 2363.639893 41.02 0.4208695652 -0.0003891972 0.0134080936 -0.4212587624 -0.4074614716
Dec 01, 2016 0.5190 2278.870117 39.26 0.0140959335 0.0371981603 0.0448293428 0.0231022269 0.0307334094
Oct 31, 2016 0.5119 2238.830078 38.63 0.0138604651 0.0178843582 0.0163085685 0.0040238931 0.0024481034
Sep 30, 2016 0.4525 2198.810059 37.81 0.1312812418 0.0182007622 0.0216873843 -0.1130804796 -0.1095938575
Aug 31, 2016 0.3315 2126.149902 36.53 0.3650075415 0.0341745222 0.0350396934 -0.3308330193 -0.3299678481
Jul 31, 2016 0.2943 2168.27002 37.33 0.1264563107 -0.0194256793 -0.0214304849 -0.14588199 -0.1478867955
Jun 30, 2016 0.2996 2170.949951 37.19 -0.0176238855 -0.0012344508 0.0037644528 0.0163894347 0.0213883384
May 31, 2016 0.3010 2173.600098 37.44 -0.0047667196 -0.0012192431 -0.0066773504 0.0035474765 -0.0019106308
Apr 30, 2016 0.2727 2098.860107 35.71 0.1036666667 0.0356098011 0.0484458135 -0.0680568655 -0.0552208532
Mar 31, 2016 0.2767 2096.949951 35.94 -0.0142387733 0.0009109211 -0.0063995548 0.0151496944 0.0078392185
Mar 01, 2016 0.2281 2065.300049 35.26 0.2129436326 0.0153246024 0.0192853091 -0.1976190302 -0.1936583234
Feb 01, 2016 0.2973 2059.73999 35.86 -0.2327071501 0.0026993985 -0.0167317345 0.2354065486 0.2159754156
Jan 01, 2016 0.3145 1932.22998 33.83 -0.0547767018 0.0659911146 0.0600059119 0.1207678164 0.1147826137
Dec 01, 2015 0.2574 1940.23999 33.74 0.2219836401 -0.0041283604 0.002667457 -0.2261120005 -0.2193161831
Oct 31, 2015 0.2286 2043.939941 35.75 0.1256670503 -0.050735322 -0.0562237762 -0.1764023723 -0.1818908266
Sep 30, 2015 0.1263 2080.409912 36.53 0.8100378788 -0.0175301852 -0.0213523132 -0.827568064 -0.831390192
Aug 31, 2015 0.0167 2079.360107 36.54 6.5789473684 0.0005048693 -0.0002736727 -6.5784424992 -6.5792210411
Jul 31, 2015 0.0243 1920.030029 33.7 -0.3137254902 0.0829831178 0.084272997 0.396708608 0.3979984872
Jun 30, 2015 0.0719 1972.180054 35.01 -0.6622516556 -0.0264428316 -0.0374178806 0.6358088241 0.624833775
May 31, 2015 0.0323 2103.840088 36.77 1.2280348759 -0.0625808182 -0.0478651074 -1.2906156941 -1.2758999833
Apr 30, 2015 0.0150 2063.110107 36.03 1.1515151515 0.0197420297 0.0205384402 -1.1317731218 -1.1309767113
Mar 31, 2015 0.0165 2107.389893 36.81 -0.0909090909 -0.0210116724 -0.0211898941 0.0698974185 0.0697191969
Mar 01, 2015 0.0232 2085.51001 35.94 -0.2882352941 0.0104913824 0.0242070117 0.2987266765 0.3124423058
Feb 01, 2015 0.0277 2067.889893 35.72 -0.1639344262 0.0085208197 0.0061590146 0.172455246 0.1700934408
Jan 01, 2015 0.0179 2104.5 36.3 0.5494652406 -0.0173961069 -0.0159779614 -0.5668613476 -0.5654432021
Dec 01, 2014 0.0275 1994.98999 34.31 -0.3492822967 0.054892511 0.0580005829 0.4041748077 0.4072828796
Oct 31, 2014 0.0291 2058.899902 34.99 -0.0546875 -0.0310408058 -0.019434124 0.0236466942 0.035253376
Sep 30, 2014 0.0217 2067.560059 35.64 0.3426573427 -0.0041885879 -0.0182379349 -0.3468459305 -0.3608952776
Aug 31, 2014 0.0168 2018.050049 34.25 0.2882882883 0.0245335888 0.0405839416 -0.2637546995 -0.2477043467
Jul 31, 2014 0.0200 1972.290039 33.34 -0.1590909091 0.0232014608 0.0272945411 0.1822923699 0.1863854502
Jun 30, 2014 0.0329 2003.369995 33.89 -0.3913043478 -0.0155138372 -0.0162289761 0.3757905106 0.3750753717
May 31, 2014 0.0264 1930.670044 32.18 0.2463054187 0.0376552955 0.0531385954 -0.2086501232 -0.1931668233
Apr 30, 2014 0.0357 1960.22998 32.25 -0.2618181818 -0.0150798306 -0.0021705426 0.2467383512 0.2596476392
Mar 31, 2014 0.0324 1923.569946 31.82 0.1029411765 0.0190583317 0.0135135135 -0.0838828448 -0.089427663
Mar 01, 2014 0.0310 1883.949951 30.82 0.0461538462 0.02103028 0.0324464633 -0.0251235661 -0.0137073828
Feb 01, 2014 0.0524 1872.339966 30.82 -0.4090909091 0.006200789 0 0.4152916981 0.4090909091
Jan 01, 2014 0.0526 1859.449951 30.93 -0.0047619048 0.0069321656 -0.0035564177 0.0116940704 0.001205487

AVEFX (A)

Date 3 Month T-bill S&P AVEFX RETURN
Dec 01, 2018 2.4238 2704.100098 11.26 RF S & P AVEFX Market Risk Premium (Rm) Excess Fund Returns
Oct 31, 2018 2.4121 2506.850098 10.93 0.0048523009 0.0786844017 0.0301921317 0.0738321007 0.0253398308 SUMMARY OUTPUT
Sep 30, 2018 2.3740 2760.169922 11.2 0.0160510797 -0.0917768946 -0.0241071429 -0.1078279743 -0.0401582225
Aug 31, 2018 2.2932 2711.73999 11.08 0.0352428147 0.0178593568 0.0108303249 -0.0173834579 -0.0244124898 Regression Statistics
Jul 31, 2018 2.1653 2913.97998 11.2 0.0590776506 -0.069403356 -0.0107142857 -0.1284810066 -0.0697919363 Multiple R 0.9995037642
Jun 30, 2018 2.0726 2901.52002 11.21 0.0447042717 0.0042942871 -0.0008920607 -0.0404099846 -0.0455963324 R Square 0.9990077747
May 31, 2018 1.9948 2816.290039 11.16 0.0390256054 0.0302632115 0.0044802867 -0.0087623939 -0.0345453186 Adjusted R Square 0.9989903672
Apr 30, 2018 1.9352 2718.370117 11.04 0.030757874 0.0360215562 0.0108695652 0.0052636822 -0.0198883088 Standard Error 0.0286851627
Mar 31, 2018 1.8995 2705.27002 11.05 0.0187900956 0.004842436 -0.0009049774 -0.0139476596 -0.019695073 Observations 59
Mar 01, 2018 1.7881 2648.050049 10.97 0.0623290159 0.021608342 0.0072926162 -0.0407206739 -0.0550363996
Feb 01, 2018 1.7267 2640.870117 10.97 0.0355763927 0.0027187751 0 -0.0328576176 -0.0355763927 ANOVA
Jan 01, 2018 1.5879 2713.830078 10.98 0.0873936582 -0.0268844986 -0.0009107468 -0.1142781568 -0.088304405 df SS MS F Significance F
Dec 01, 2017 1.4324 2823.810059 11.08 0.1085701288 -0.0389473721 -0.0090252708 -0.1475175008 -0.1175953995 Regression 1 47.2223984011 47.2223984011 57389.6275186328 2.66501858415884E-87
Oct 31, 2017 1.3415 2673.610107 10.99 0.0677457714 0.0561787044 0.008189263 -0.011567067 -0.0595565085 Residual 57 0.0469017979 0.0008228386
Sep 30, 2017 1.2505 2584.840088 11.02 0.0727913176 0.0343425574 -0.002722323 -0.0384487602 -0.0755136406 Total 58 47.269300199
Aug 31, 2017 1.0933 2575.26001 10.99 0.143728223 0.003720043 0.0027297543 -0.14000818 -0.1409984687
Jul 31, 2017 1.0465 2519.360107 10.94 0.0447523491 0.0221881353 0.0045703839 -0.0225642138 -0.0401819652 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jun 30, 2017 1.0322 2471.649902 10.88 0.0138795282 0.0193029785 0.0055147059 0.0054234503 -0.0083648223 Intercept -0.0051516177 0.0038062069 -1.3534781123 0.181246124 -0.0127734155 0.0024701801 -0.0127734155 0.0024701801
May 31, 2017 1.0865 2470.300049 10.86 -0.0500010004 0.0005464328 0.0018416206 0.0505474332 0.051842621 Beta 0.9967489866 0.0041607258 239.5613230858 2.66501858415884E-87 0.9884172768 1.0050806964 0.9884172768 1.0050806964
Apr 30, 2017 0.9991 2423.409912 10.8 0.087488626 0.0193488261 0.0055555556 -0.0681397999 -0.0819330705
Mar 31, 2017 0.9032 2411.800049 10.79 0.1061902365 0.0048137751 0.0009267841 -0.1013764614 -0.1052634525
Mar 01, 2017 0.8084 2384.199951 10.76 0.1172170928 0.0115762514 0.0027881041 -0.1056408414 -0.1144289887
Feb 01, 2017 0.7478 2362.719971 10.75 0.0810281518 0.0090912085 0.0009302326 -0.0719369432 -0.0800979192
Jan 01, 2017 0.5263 2363.639893 10.73 0.4208695652 -0.0003891972 0.0018639329 -0.4212587624 -0.4190056323
Dec 01, 2016 0.5190 2278.870117 10.65 0.0140959335 0.0371981603 0.0075117371 0.0231022269 -0.0065841964
Oct 31, 2016 0.5119 2238.830078 10.44 0.0138604651 0.0178843582 0.0201149425 0.0040238931 0.0062544774
Sep 30, 2016 0.4525 2198.810059 10.6 0.1312812418 0.0182007622 -0.0150943396 -0.1130804796 -0.1463755814
Aug 31, 2016 0.3315 2126.149902 10.58 0.3650075415 0.0341745222 0.0018903592 -0.3308330193 -0.3631171823
Jul 31, 2016 0.2943 2168.27002 10.65 0.1264563107 -0.0194256793 -0.00657277 -0.14588199 -0.1330290806
Jun 30, 2016 0.2996 2170.949951 10.64 -0.0176238855 -0.0012344508 0.0009398496 0.0163894347 0.0185637352
May 31, 2016 0.3010 2173.600098 10.64 -0.0047667196 -0.0012192431 0 0.0035474765 0.0047667196
Apr 30, 2016 0.2727 2098.860107 10.57 0.1036666667 0.0356098011 0.0066225166 -0.0680568655 -0.0970441501
Mar 31, 2016 0.2767 2096.949951 10.45 -0.0142387733 0.0009109211 0.0114832536 0.0151496944 0.0257220269
Mar 01, 2016 0.2281 2065.300049 10.46 0.2129436326 0.0153246024 -0.0009560229 -0.1976190302 -0.2138996555
Feb 01, 2016 0.2973 2059.73999 10.41 -0.2327071501 0.0026993985 0.004803074 0.2354065486 0.2375102241
Jan 01, 2016 0.3145 1932.22998 10.22 -0.0547767018 0.0659911146 0.018590998 0.1207678164 0.0733676999
Dec 01, 2015 0.2574 1940.23999 10.14 0.2219836401 -0.0041283604 0.0078895464 -0.2261120005 -0.2140940937
Oct 31, 2015 0.2286 2043.939941 10.09 0.1256670503 -0.050735322 0.0049554014 -0.1764023723 -0.1207116489
Sep 30, 2015 0.1263 2080.409912 10.21 0.8100378788 -0.0175301852 -0.0117531832 -0.827568064 -0.8217910619
Aug 31, 2015 0.0167 2079.360107 10.18 6.5789473684 0.0005048693 0.0029469548 -6.5784424992 -6.5760004136
Jul 31, 2015 0.0243 1920.030029 10.06 -0.3137254902 0.0829831178 0.0119284294 0.396708608 0.3256539196
Jun 30, 2015 0.0719 1972.180054 10.06 -0.6622516556 -0.0264428316 0 0.6358088241 0.6622516556
May 31, 2015 0.0323 2103.840088 10.12 1.2280348759 -0.0625808182 -0.0059288538 -1.2906156941 -1.2339637297
Apr 30, 2015 0.0150 2063.110107 10.13 1.1515151515 0.0197420297 -0.0009871668 -1.1317731218 -1.1525023183
Mar 31, 2015 0.0165 2107.389893 10.2 -0.0909090909 -0.0210116724 -0.0068627451 0.0698974185 0.0840463458
Mar 01, 2015 0.0232 2085.51001 10.19 -0.2882352941 0.0104913824 0.0009813543 0.2987266765 0.2892166484
Feb 01, 2015 0.0277 2067.889893 10.16 -0.1639344262 0.0085208197 0.0029527559 0.172455246 0.1668871821
Jan 01, 2015 0.0179 2104.5 10.18 0.5494652406 -0.0173961069 -0.0019646365 -0.5668613476 -0.5514298772
Dec 01, 2014 0.0275 1994.98999 10.14 -0.3492822967 0.054892511 0.0039447732 0.4041748077 0.3532270698
Oct 31, 2014 0.0291 2058.899902 9.77 -0.0546875 -0.0310408058 0.0378710338 0.0236466942 0.0925585338
Sep 30, 2014 0.0217 2067.560059 10.12 0.3426573427 -0.0041885879 -0.0345849802 -0.3468459305 -0.3772423229
Aug 31, 2014 0.0168 2018.050049 10.04 0.2882882883 0.0245335888 0.0079681275 -0.2637546995 -0.2803201608
Jul 31, 2014 0.0200 1972.290039 10 -0.1590909091 0.0232014608 0.004 0.1822923699 0.1630909091
Jun 30, 2014 0.0329 2003.369995 10.02 -0.3913043478 -0.0155138372 -0.001996008 0.3757905106 0.3893083398
May 31, 2014 0.0264 1930.670044 9.95 0.2463054187 0.0376552955 0.0070351759 -0.2086501232 -0.2392702428
Apr 30, 2014 0.0357 1960.22998 10.01 -0.2618181818 -0.0150798306 -0.005994006 0.2467383512 0.2558241758
Mar 31, 2014 0.0324 1923.569946 9.98 0.1029411765 0.0190583317 0.003006012 -0.0838828448 -0.0999351644
Mar 01, 2014 0.0310 1883.949951 9.92 0.0461538462 0.02103028 0.0060483871 -0.0251235661 -0.0401054591
Feb 01, 2014 0.0524 1872.339966 9.87 -0.4090909091 0.006200789 0.0050658561 0.4152916981 0.4141567652
Jan 01, 2014 0.0526 1859.449951 9.86 -0.0047619048 0.0069321656 0.0010141988 0.0116940704 0.0057761035

FTLB (A)

Date 3 Month T-bill S&P FTLB RETURN
Dec 01, 2018 2.4238 2704.100098 20.09 RF S & P FTLB Market Risk Premium (Rm) Excess Fund Returns
Oct 31, 2018 2.4121 2506.850098 21.74 0.0048523009 0.0786844017 -0.0758969641 0.0738321007 -0.0807492651 SUMMARY OUTPUT
Sep 30, 2018 2.3740 2760.169922 21.64 0.0160510797 -0.0917768946 0.0046210721 -0.1078279743 -0.0114300076
Aug 31, 2018 2.2932 2711.73999 22.65 0.0352428147 0.0178593568 -0.0445916115 -0.0173834579 -0.0798344261 Regression Statistics
Jul 31, 2018 2.1653 2913.97998 22.79 0.0590776506 -0.069403356 -0.0061430452 -0.1284810066 -0.0652206958 Multiple R 0.9989491646
Jun 30, 2018 2.0726 2901.52002 22.29 0.0447042717 0.0042942871 0.0224315837 -0.0404099846 -0.022272688 R Square 0.9978994335
May 31, 2018 1.9948 2816.290039 22.04 0.0390256054 0.0302632115 0.0113430127 -0.0087623939 -0.0276825927 Adjusted R Square 0.9978625814
Apr 30, 2018 1.9352 2718.370117 21.75 0.030757874 0.0360215562 0.0133333333 0.0052636822 -0.0174245407 Standard Error 0.0413380784
Mar 31, 2018 1.8995 2705.27002 21.21 0.0187900956 0.004842436 0.0254596888 -0.0139476596 0.0066695932 Observations 59
Mar 01, 2018 1.7881 2648.050049 21.39 0.0623290159 0.021608342 -0.0084151473 -0.0407206739 -0.0707441631
Feb 01, 2018 1.7267 2640.870117 21.59 0.0355763927 0.0027187751 -0.0092635479 -0.0328576176 -0.0448399407 ANOVA
Jan 01, 2018 1.5879 2713.830078 22.51 0.0873936582 -0.0268844986 -0.0408707241 -0.1142781568 -0.1282643823 df SS MS F Significance F
Dec 01, 2017 1.4324 2823.810059 22.33 0.1085701288 -0.0389473721 0.0080609046 -0.1475175008 -0.1005092242 Regression 1 46.2727978664 46.2727978664 27078.5366746663 5.11832195555604E-78
Oct 31, 2017 1.3415 2673.610107 22.05 0.0677457714 0.0561787044 0.0126984127 -0.011567067 -0.0550473587 Residual 57 0.0974036932 0.0017088367
Sep 30, 2017 1.2505 2584.840088 21.75 0.0727913176 0.0343425574 0.0137931034 -0.0384487602 -0.0589982141 Total 58 46.3702015596
Aug 31, 2017 1.0933 2575.26001 21.5 0.143728223 0.003720043 0.011627907 -0.14000818 -0.132100316
Jul 31, 2017 1.0465 2519.360107 21.02 0.0447523491 0.0221881353 0.0228353949 -0.0225642138 -0.0219169542 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jun 30, 2017 1.0322 2471.649902 20.72 0.0138795282 0.0193029785 0.0144787645 0.0054234503 0.0005992363 Intercept -0.0057272835 0.0054851102 -1.0441510484 0.3008236579 -0.0167110272 0.0052564601 -0.0167110272 0.0052564601
May 31, 2017 1.0865 2470.300049 20.63 -0.0500010004 0.0005464328 0.0043625788 0.0505474332 0.0543635792 Beta 0.986676222 0.0059960061 164.5555732106 5.11832195555619E-78 0.9746694268 0.9986830171 0.9746694268 0.9986830171
Apr 30, 2017 0.9991 2423.409912 19.99 0.087488626 0.0193488261 0.032016008 -0.0681397999 -0.055472618
Mar 31, 2017 0.9032 2411.800049 20.19 0.1061902365 0.0048137751 -0.009905894 -0.1013764614 -0.1160961305
Mar 01, 2017 0.8084 2384.199951 19.97 0.1172170928 0.0115762514 0.0110165248 -0.1056408414 -0.106200568
Feb 01, 2017 0.7478 2362.719971 20 0.0810281518 0.0090912085 -0.0015 -0.0719369432 -0.0825281518
Jan 01, 2017 0.5263 2363.639893 19.7 0.4208695652 -0.0003891972 0.0152284264 -0.4212587624 -0.4056411388
Dec 01, 2016 0.5190 2278.870117 19.85 0.0140959335 0.0371981603 -0.0075566751 0.0231022269 -0.0216526085
Oct 31, 2016 0.5119 2238.830078 19.53 0.0138604651 0.0178843582 0.0163850486 0.0040238931 0.0025245835
Sep 30, 2016 0.4525 2198.810059 18.66 0.1312812418 0.0182007622 0.0466237942 -0.1130804796 -0.0846574476
Aug 31, 2016 0.3315 2126.149902 18.59 0.3650075415 0.0341745222 0.0037654653 -0.3308330193 -0.3612420762
Jul 31, 2016 0.2943 2168.27002 18.52 0.1264563107 -0.0194256793 0.0037796976 -0.14588199 -0.1226766131
Jun 30, 2016 0.2996 2170.949951 18.65 -0.0176238855 -0.0012344508 -0.0069705094 0.0163894347 0.0106533762
May 31, 2016 0.3010 2173.600098 17.93 -0.0047667196 -0.0012192431 0.0401561629 0.0035474765 0.0449228825
Apr 30, 2016 0.2727 2098.860107 18.15 0.1036666667 0.0356098011 -0.0121212121 -0.0680568655 -0.1157878788
Mar 31, 2016 0.2767 2096.949951 17.71 -0.0142387733 0.0009109211 0.0248447205 0.0151496944 0.0390834938
Mar 01, 2016 0.2281 2065.300049 18.19 0.2129436326 0.0153246024 -0.0263881253 -0.1976190302 -0.2393317579
Feb 01, 2016 0.2973 2059.73999 17.58 -0.2327071501 0.0026993985 0.034698521 0.2354065486 0.2674056712
Jan 01, 2016 0.3145 1932.22998 17.17 -0.0547767018 0.0659911146 0.0238788585 0.1207678164 0.0786555603
Dec 01, 2015 0.2574 1940.23999 18.02 0.2219836401 -0.0041283604 -0.0471698113 -0.2261120005 -0.2691534514
Oct 31, 2015 0.2286 2043.939941 18.39 0.1256670503 -0.050735322 -0.0201196302 -0.1764023723 -0.1457866806
Sep 30, 2015 0.1263 2080.409912 18.12 0.8100378788 -0.0175301852 0.0149006623 -0.827568064 -0.7951372165
Aug 31, 2015 0.0167 2079.360107 16.98 6.5789473684 0.0005048693 0.0671378092 -6.5784424992 -6.5118095592
Jul 31, 2015 0.0243 1920.030029 17.41 -0.3137254902 0.0829831178 -0.0246984492 0.396708608 0.289027041
Jun 30, 2015 0.0719 1972.180054 18.33 -0.6622516556 -0.0264428316 -0.0501909438 0.6358088241 0.6120607118
May 31, 2015 0.0323 2103.840088 18.41 1.2280348759 -0.0625808182 -0.0043454644 -1.2906156941 -1.2323803403
Apr 30, 2015 0.0150 2063.110107 18.49 1.1515151515 0.0197420297 -0.0043266631 -1.1317731218 -1.1558418146
Mar 31, 2015 0.0165 2107.389893 18.46 -0.0909090909 -0.0210116724 0.0016251354 0.0698974185 0.0925342263
Mar 01, 2015 0.0232 2085.51001 18.26 -0.2882352941 0.0104913824 0.0109529025 0.2987266765 0.2991881966
Feb 01, 2015 0.0277 2067.889893 18.55 -0.1639344262 0.0085208197 -0.0156334232 0.172455246 0.148301003
Jan 01, 2015 0.0179 2104.5 17.85 0.5494652406 -0.0173961069 0.0392156863 -0.5668613476 -0.5102495544
Dec 01, 2014 0.0275 1994.98999 18.02 -0.3492822967 0.054892511 -0.0094339623 0.4041748077 0.3398483344
Oct 31, 2014 0.0291 2058.899902 17.97 -0.0546875 -0.0310408058 0.0027824151 0.0236466942 0.0574699151
Sep 30, 2014 0.0217 2067.560059 17.73 0.3426573427 -0.0041885879 0.013536379 -0.3468459305 -0.3291209636
Aug 31, 2014 0.0168 2018.050049 18.23 0.2882882883 0.0245335888 -0.0274273176 -0.2637546995 -0.3157156059
Jul 31, 2014 0.0200 1972.290039 17.74 -0.1590909091 0.0232014608 0.027621195 0.1822923699 0.1867121041
Jun 30, 2014 0.0329 2003.369995 17.34 -0.3913043478 -0.0155138372 0.0230680507 0.3757905106 0.4143723986
May 31, 2014 0.0264 1930.670044 17.73 0.2463054187 0.0376552955 -0.0219966159 -0.2086501232 -0.2683020346
Apr 30, 2014 0.0357 1960.22998 17.41 -0.2618181818 -0.0150798306 0.0183802412 0.2467383512 0.2801984231
Mar 31, 2014 0.0324 1923.569946 17.26 0.1029411765 0.0190583317 0.0086906141 -0.0838828448 -0.0942505623
Mar 01, 2014 0.0310 1883.949951 17.19 0.0461538462 0.02103028 0.004072135 -0.0251235661 -0.0420817112
Feb 01, 2014 0.0524 1872.339966 16.89 -0.4090909091 0.006200789 0.0177619893 0.4152916981 0.4268528984
Jan 01, 2014 0.0526 1859.449951 16.64 -0.0047619048 0.0069321656 0.0150240385 0.0116940704 0.0197859432

GOEX (A)

Date 3 Month T-bill S&P GOEX RETURN
Dec 01, 2018 2.4238 2704.100098 21.78 RF S & P GOEX Market Risk Premium (Rm) Excess Fund Returns
Oct 31, 2018 2.4121 2506.850098 19.85 0.0048523009 0.0786844017 0.0972292191 0.0738321007 0.0923769182 SUMMARY OUTPUT
Sep 30, 2018 2.3740 2760.169922 17.9 0.0160510797 -0.0917768946 0.1089385475 -0.1078279743 0.0928874678
Aug 31, 2018 2.2932 2711.73999 18.47 0.0352428147 0.0178593568 -0.0308608554 -0.0173834579 -0.0661036701 Regression Statistics
Jul 31, 2018 2.1653 2913.97998 18.62 0.0590776506 -0.069403356 -0.0080558539 -0.1284810066 -0.0671335045 Multiple R 0.9876816413
Jun 30, 2018 2.0726 2901.52002 19.02 0.0447042717 0.0042942871 -0.0210304942 -0.0404099846 -0.0657347659 R Square 0.9755150245
May 31, 2018 1.9948 2816.290039 21.56 0.0390256054 0.0302632115 -0.1178107607 -0.0087623939 -0.156836366 Adjusted R Square 0.9750854636
Apr 30, 2018 1.9352 2718.370117 22.18 0.030757874 0.0360215562 -0.0279531109 0.0052636822 -0.0587109849 Standard Error 0.1471940261
Mar 31, 2018 1.8995 2705.27002 22.91 0.0187900956 0.004842436 -0.0318638149 -0.0139476596 -0.0506539105 Observations 59
Mar 01, 2018 1.7881 2648.050049 22.6 0.0623290159 0.021608342 0.0137168142 -0.0407206739 -0.0486122017
Feb 01, 2018 1.7267 2640.870117 21.54 0.0355763927 0.0027187751 0.0492107707 -0.0328576176 0.0136343779 ANOVA
Jan 01, 2018 1.5879 2713.830078 21.5 0.0873936582 -0.0268844986 0.0018604651 -0.1142781568 -0.085533193 df SS MS F Significance F
Dec 01, 2017 1.4324 2823.810059 22.77 0.1085701288 -0.0389473721 -0.0557751427 -0.1475175008 -0.1643452715 Regression 1 49.2027655564 49.2027655564 2270.9582254145 1.29103215929054E-47
Oct 31, 2017 1.3415 2673.610107 23.31 0.0677457714 0.0561787044 -0.0231660232 -0.011567067 -0.0909117946 Residual 57 1.2349666345 0.0216660813
Sep 30, 2017 1.2505 2584.840088 21.08 0.0727913176 0.0343425574 0.1057874763 -0.0384487602 0.0329961587 Total 58 50.4377321909
Aug 31, 2017 1.0933 2575.26001 21.5 0.143728223 0.003720043 -0.0195348837 -0.14000818 -0.1632631067
Jul 31, 2017 1.0465 2519.360107 22.96 0.0447523491 0.0221881353 -0.0635888502 -0.0225642138 -0.1083411993 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Jun 30, 2017 1.0322 2471.649902 24.1 0.0138795282 0.0193029785 -0.0473029046 0.0054234503 -0.0611824328 Intercept 0.0073299176 0.0195310349 0.3752959169 0.7088333506 -0.0317803051 0.0464401403 -0.0317803051 0.0464401403
May 31, 2017 1.0865 2470.300049 22.65 -0.0500010004 0.0005464328 0.06401766 0.0505474332 0.1140186605 Beta 1.017434686 0.0213502009 47.6545719256 1.29103215929056E-47 0.974681646 1.0601877259 0.974681646 1.0601877259
Apr 30, 2017 0.9991 2423.409912 22.67 0.087488626 0.0193488261 -0.0008822232 -0.0681397999 -0.0883708492
Mar 31, 2017 0.9032 2411.800049 21.43 0.1061902365 0.0048137751 0.0578628091 -0.1013764614 -0.0483274274
Mar 01, 2017 0.8084 2384.199951 22.12 0.1172170928 0.0115762514 -0.0311934901 -0.1056408414 -0.1484105829
Feb 01, 2017 0.7478 2362.719971 23.87 0.0810281518 0.0090912085 -0.073313783 -0.0719369432 -0.1543419348
Jan 01, 2017 0.5263 2363.639893 23.39 0.4208695652 -0.0003891972 0.0205215904 -0.4212587624 -0.4003479748
Dec 01, 2016 0.5190 2278.870117 24.2 0.0140959335 0.0371981603 -0.0334710744 0.0231022269 -0.0475670079
Oct 31, 2016 0.5119 2238.830078 20.13 0.0138604651 0.0178843582 0.2021857923 0.0040238931 0.1883253272
Sep 30, 2016 0.4525 2198.810059 20.14 0.1312812418 0.0182007622 -0.0004965243 -0.1130804796 -0.1317777661
Aug 31, 2016 0.3315 2126.149902 24.25 0.3650075415 0.0341745222 -0.1694845361 -0.3308330193 -0.5344920776
Jul 31, 2016 0.2943 2168.27002 29.04 0.1264563107 -0.0194256793 -0.1649449036 -0.14588199 -0.2914012143
Jun 30, 2016 0.2996 2170.949951 25.88 -0.0176238855 -0.0012344508 0.1221020093 0.0163894347 0.1397258948
May 31, 2016 0.3010 2173.600098 31 -0.0047667196 -0.0012192431 -0.1651612903 0.0035474765 -0.1603945707
Apr 30, 2016 0.2727 2098.860107 27.54 0.1036666667 0.0356098011 0.1256354394 -0.0680568655 0.0219687727
Mar 31, 2016 0.2767 2096.949951 21.49 -0.0142387733 0.0009109211 0.2815262913 0.0151496944 0.2957650646
Mar 01, 2016 0.2281 2065.300049 25.48 0.2129436326 0.0153246024 -0.1565934066 -0.1976190302 -0.3695370392
Feb 01, 2016 0.2973 2059.73999 15.89 -0.2327071501 0.0026993985 0.6035242291 0.2354065486 0.8362313792
Jan 01, 2016 0.3145 1932.22998 15.18 -0.0547767018 0.0659911146 0.0467720685 0.1207678164 0.1015487703
Dec 01, 2015 0.2574 1940.23999 11.23 0.2219836401 -0.0041283604 0.3517364203 -0.2261120005 0.1297527802
Oct 31, 2015 0.2286 2043.939941 10.28 0.1256670503 -0.050735322 0.0924124514 -0.1764023723 -0.033254599
Sep 30, 2015 0.1263 2080.409912 11.5 0.8100378788 -0.0175301852 -0.1060869565 -0.827568064 -0.9161248353
Aug 31, 2015 0.0167 2079.360107 12.55 6.5789473684 0.0005048693 -0.0836653386 -6.5784424992 -6.6626127071
Jul 31, 2015 0.0243 1920.030029 11.29 -0.3137254902 0.0829831178 0.1116031887 0.396708608 0.4253286789
Jun 30, 2015 0.0719 1972.180054 11.01 -0.6622516556 -0.0264428316 0.025431426 0.6358088241 0.6876830816
May 31, 2015 0.0323 2103.840088 10.52 1.2280348759 -0.0625808182 0.0465779468 -1.2906156941 -1.1814569292
Apr 30, 2015 0.0150 2063.110107 12.84 1.1515151515 0.0197420297 -0.1806853583 -1.1317731218 -1.3322005098
Mar 31, 2015 0.0165 2107.389893 13.54 -0.0909090909 -0.0210116724 -0.0516986706 0.0698974185 0.0392104203
Mar 01, 2015 0.0232 2085.51001 13.84 -0.2882352941 0.0104913824 -0.0216763006 0.2987266765 0.2665589935
Feb 01, 2015 0.0277 2067.889893 12.06 -0.1639344262 0.0085208197 0.1475953566 0.172455246 0.3115297828
Jan 01, 2015 0.0179 2104.5 13.68 0.5494652406 -0.0173961069 -0.1184210526 -0.5668613476 -0.6678862933
Dec 01, 2014 0.0275 1994.98999 14.45 -0.3492822967 0.054892511 -0.0532871972 0.4041748077 0.2959950994
Oct 31, 2014 0.0291 2058.899902 12.81 -0.0546875 -0.0310408058 0.1280249805 0.0236466942 0.1827124805
Sep 30, 2014 0.0217 2067.560059 12.71 0.3426573427 -0.0041885879 0.0078678206 -0.3468459305 -0.334789522
Aug 31, 2014 0.0168 2018.050049 11.92 0.2882882883 0.0245335888 0.0662751678 -0.2637546995 -0.2220131205
Jul 31, 2014 0.0200 1972.290039 15.46 -0.1590909091 0.0232014608 -0.2289780078 0.1822923699 -0.0698870987
Jun 30, 2014 0.0329 2003.369995 19.47 -0.3913043478 -0.0155138372 -0.2059578839 0.3757905106 0.1853464639
May 31, 2014 0.0264 1930.670044 20.12 0.2463054187 0.0376552955 -0.032306163 -0.2086501232 -0.2786115817
Apr 30, 2014 0.0357 1960.22998 20.04 -0.2618181818 -0.0150798306 0.003992016 0.2467383512 0.2658101978
Mar 31, 2014 0.0324 1923.569946 15.26 0.1029411765 0.0190583317 0.3132372215 -0.0838828448 0.210296045
Mar 01, 2014 0.0310 1883.949951 17.19 0.0461538462 0.02103028 -0.1122745782 -0.0251235661 -0.1584284244
Feb 01, 2014 0.0524 1872.339966 17.09 -0.4090909091 0.006200789 0.0058513751 0.4152916981 0.4149422842
Jan 01, 2014 0.0526 1859.449951 19.14 -0.0047619048 0.0069321656 -0.1071055381 0.0116940704 -0.1023436334