6 page finance (stock analysis) paper
rutus21
last_year_paper.docx
Portfolio I: Underlying Strategy
For portfolio I our team combined both growth and sector rotation to form a multi-filter like stock selection strategy. We picked up candidate sector from all sector indices and then industry inside the targeted sector by deriving Sharpe ratio, and selected final five stocks by evaluating their performance on profitability, growth, and financial health. “Long position only” rule and 15% stop loss sale applied on portfolio D are also applicable on portfolio I. We also decided buy and hold strategy that we will keep all the stock purchased unless it drops over 15% from its buy price.
Portfolio I: Stock Selection
Similar to portfolio D, we selected S&P 500 sector index as the beginning point. There are three steps involved in order to pick up our five favorite equities to invest from the U.S. equity markets. First, we chose our preferred sector by considering both 1-year and 3-year Sharpe ratio, and then picked up the preferred industry by same parameter. On that industry we selected five stocks according to corresponding companies’ pervious performances and potential profitability.
Step One – Sector Selection from S&P 500 sector indices
We derived in total 10 sector indices’ Sharpe ratios, on both 1-year and 3-year period, from their monthly index changes, shown as Exhibit 1, as the primary filter choosing our preferred sector which have the best performance in this parameter. The higher Sharpe ratio the sector index is, the higher risk premium the sector can reach with a given level of risk, and we compared each index’s short term and medium term performance to figure out if we have to make further tradeoffs. Fortunately, the only candidate for the next filter, highlighted in the table, is Consumer Discretionary , which performs the best on both 1-year and 3-year Sharpe ratios.
Step Two – Industry Selection from Consumer Discretionary Sector
As the second filter, we set up two criteria to choose our preferred industry. First we kicked out all industries which have negative YTD index changes to ensure the reminded industry indices have raised from the beginning of 2014. The result shown in Exhibit 2 indicated only five industries in Consumer Discretionary sector are in positive YTD index changes. Similar to the step one we then derived 5-year CAGR Sharpe ratio to search the industry which has the higher value. Under these two filters the final winner industry in this step was Casinos & Gaming , as highlighted.
Final Step – Stocks Selection from Casinos & Gaming Industry
We searched ten listed companies inside the industry available on U.S. Commercial Casino Industry: Facts at Your Fingertips from American Gaming Association as follow. All of them are traded in U.S. equity markets, including Boyd Gaming Crop., Bally Technologies Inc., Caesars Entertainment Crop., Las Vegas Sand Corp., Int’l Game Technology, Isle of Capri Casinos Inc., Multimedia Games Holding Co. Inc., MGM Resorts Int’l, Melco Crown Entertainment Ltd. (ADR), and Wynn Resrots Ltd.
For comparing the above companies’ overall performance such as profitability, growth, and financial health, we chose one parameter for each perspective. For profitability, we had ROE; for growth and financial health, YOY Revenue Growth and Financial Leverage respectively. Those parameters were in three-year average between 2010 and 2012, shown in Exhibit 3.
We highlighted five highest values on each 3-year average ROE and YOY Revenue Growth representing which companies performed above cross-company average on profitability and growth. In Financial Leverage the five lowest values were also highlighted indicating the healthier of those companies’ financial state, which shareholders have a higher probability to be nourished for those companies’ lower risk bearing attributes.
After we marked all the preferred values on each parameters, our five final favorite equities for constructing portfolio I were based on the count of attributes of each stocks performed better than the cross-company average. We decided purchase Wynn Resorts Ltd. (WYNN) and Las Vegas Sands Corp. (LVS) as all three attributes were highlighted, implying the strongest buy signal among options. Multimedia Games Holding Co. Inc. (MGAM), Int’l Game Technology (IGT), and Melco Crown Entertainment Ltd. ADR (MPEL) also showed strong buy signal, having two of all attributes highlighted, to fill in our purchase list in portfolio I.
For better understanding of the purchase-supportive information and potential risks of the above stocks, the following are the firm-specific events we have found and keep in mind when holding those stock during the simulation.
Wynn Resorts Ltd. (WYNN)
Wynn is expanding $4 billion project, which is building a 1,700-room hotel and casino that's expected to open in 2016 in Macau. Based on this knowledge, we think as though this stock could provide some benefits it held on to in the long run as the project will bring a new source of cash inflow. However, it also has some potential risk in Macau such as keen competition.
Las Vegas Sands Corp. (LVS)
Las Vegas Sands Corp. intends to make huge investments to set up a casino project in Japan, which is one of the largest untapped gambling markets in the world. Share price of this Las Vegas, Nev.-based casino and hotel operator shot up 4.4% after the announcement. However, gambling is illegal in Japan; Japanese lawmakers are considering the legalization of casino resorts and gambling and are likely to begin parliamentary discussions on the bill soon. Las Vegas is considered to be a strong candidate to tap the Japanese market.
Multimedia Games Holding Co. Inc. (MGAM)
Multimedia Games is excited to announce the rollout of its National TournEvent of Champions, a nationwide slot tournament spanning more than 7 months and including over 80 casinos across the country. It will attract more players after the announcement. And the share price will be increased.
Int’l Game Technology (IGT)
IGT announced that Seven Feathers Casino Resort in Canyonville, Ore recently. It will enhance its connection with players. Therefore, we can believe there is a potential for an increase in stock price.
Melco Crown Entertainment Ltd. ADR (MPEL)
Melco Crown is a Hong Kong-based casino company with a 98 Composite Rating. The company has plans to enter Japan and is teaming up with the Philippines-based SM Group's Bell Corp. to develop a casino complex in Manila. We think the share price will be increased after the announcement. However, MPEL will have a potential some risks and competitors in Japan.
Portfolio I: Performance Tracking & Expectation
Since all five equities on portfolio I are in Casinos and Gaming industry, our team applies Dow Jones U.S. Gambling Index as primary benchmark and S&P 500 as secondary benchmark for monitoring this portfolio performance. We expect the period return of the portfolio during the simulation (02/19/2014-03/28/2014) is not lower than period change on Dow Jones U.S. Gambling Index, and excess S&P 500 period change by 2.5% due to actively select stocks that have above average performance, i.e.
E(RI) >= E(HPRD.J. U.S.Gambling Index) >= E(HPRS&P 500)+2.5%
Portfolio I: Start-up
We have finished purchasing target stocks in sector Consumer Discretionary on 02/19/2014. Exhibit 4 shows the summary of the Portfolio I start-up. We approximately equally invested in Multimedia Games Holding Co. Inc, Int'l Game Technology, Melco Crown Entertainment Ltd. ADR, Wynn Resorts Ltd, and Las Vegas Sands Corp. each stock takes around $90,000 in our start-up portfolio. We spent CAD 454,712 and the remained cash was CAD 45,288.
Portfolio D: Market Value on 02/28/2014
Portfolio D: Returns on 02/28/2014
By the end of February 28, 2014, the weighted return of our portfolio D (cash excluded) was 4.24%. The weighted return of each stocks varied from the lowest -0.65% (AMZN) to the highest 1.36% (PCLN) of the total weighted return of portfolio D (Exhibit 7.1 & 7.3). In sector level (Exhibit 7.2), Health Care contributed 1.85%; Consumer Discretionary contributed 1.33%, Industrial contributed 0.79% and Consumer Staples contributed 0.26%. Exhibit 7.4 shows the descriptive statistics of the weighted return in both stock and sector level of Portfolio D. We did not trade any stocks between 01/21/2014 02/28/2014 in portfolio D as no purchased equity fail over 15% of its original buy price, but received dividend in total CAD 451.62 from HON, UNP, and PM (Exhibit 7.1).
How Portfolio I acted on Portfolio D
Our portfolio consists of portfolio I and D as of February 28, 2014. the weighted total return for portfolio I is 2.68% and it is higher than the weighted total return 2.19% of portfolio D, shown as Exhibit 6. Correspondingly, portfolio I also has higher risk 0.3453% than portfolio D 0.2766%. Our whole portfolio balances these two portfolios and provides a considerable return with acceptable risk level, since portfolio I brought higher return and risk to the original portfolio D.
According to StockTrak record as of February 28, 2014, our over portfolio (D + I + Cash) was ranked 1 out of 32 teams in return 5.23%, 5 in Sharpe ratio 4.78 and 2 in Alpha 5.03% with Beta 0.99, as another evidence to appreciate our stock selection processes and expectations to some extent.
Exhibits
1 – Sector Pickup by Sharpe ratio
|
S&P 500 Indices |
Period Returns |
Risk (SD) |
Sharpe Ratio |
|||
|
|
1-year |
3-year |
1-year |
3-year |
1-year |
3-year |
|
S&P 500 |
29.60% |
46.94% |
- |
- |
- |
- |
|
Consumer Discretionary |
40.96% |
79.37% |
41.69 |
68.71 |
0.00273 |
0.00472 |
|
Consumer Staples |
22.68% |
45.80% |
17.88 |
42.57 |
-0.00387 |
-0.00027 |
|
Energy |
22.27% |
28.60% |
24.79 |
43.13 |
-0.00296 |
-0.00425 |
|
Financials |
33.21% |
37.22% |
18.35 |
34.41 |
0.00197 |
-0.00283 |
|
Health Care |
38.74% |
76.08% |
45.21 |
80.34 |
0.00202 |
0.00363 |
|
Industrials |
37.63% |
50.26% |
32.24 |
43.58 |
0.00249 |
0.00076 |
|
Information Technology |
26.23% |
44.72% |
34.53 |
46.52 |
-0.00098 |
-0.00048 |
|
Materials |
22.73% |
21.71% |
15.34 |
20.18 |
-0.00448 |
-0.01250 |
|
Telecommunication Service |
6.49% |
20.80% |
4.93 |
13.28 |
-0.04692 |
-0.01968 |
|
Utilities |
8.75% |
21.26% |
6.38 |
11.36 |
-0.03265 |
-0.02262 |
Monthly Indices Changes Data Source: Google Finance (Date Accessed: 02/15/2014)
2 – Industry Pickup from Consumer Discretionary
|
Consumer Discretionary Industries |
Index Changes (%) |
5-year StdDev |
5-year Sharpe Ratio |
|
|
|
YTD |
5-year CAGR |
|
|
|
All |
-4.1 |
29.7 |
18.1 |
N/A |
|
Consumer Electronics |
11.9 |
44 |
48.7 |
0.29363 |
|
Automotive Retail |
9.9 |
32.8 |
19 |
0.16316 |
|
Casinos & Gaming |
6.9 |
42.7 |
41.8 |
0.31100 |
|
Cable & Satellite |
3.4 |
32.4 |
21.2 |
0.12736 |
|
Homebuilding |
3.1 |
26.8 |
38.2 |
-0.07592 |
|
Home Furnishings |
-1.2 |
22.4 |
24.6 |
-0.29675 |
|
Tires & Rubber |
-1.3 |
39.6 |
59.9 |
0.16528 |
|
Advertising |
-1.9 |
27.2 |
29.8 |
-0.08389 |
|
Distributors |
-1.9 |
23.7 |
16.8 |
-0.35714 |
|
Hotels, Resorts & Cruise Lines |
-2.1 |
30.6 |
30.3 |
0.02970 |
|
Specialized Consumer Services |
-2.1 |
9.2 |
30.7 |
-0.66775 |
|
Education Services |
-2.3 |
- |
NA |
N/A |
|
Restaurants |
-3 |
20.9 |
13.1 |
-0.67176 |
|
Internet Retail |
-3.2 |
48.2 |
27.7 |
0.66787 |
|
Department Stores |
-4.2 |
20.7 |
27.4 |
-0.32847 |
|
Auto Parts & Equipment |
-4.6 |
33.9 |
37.4 |
0.11230 |
|
Publishing & Printing |
-4.6 |
33.5 |
26.3 |
0.14449 |
|
Housewares & Specialties |
-4.9 |
43.1 |
38.6 |
0.34715 |
|
Movies & Entertainment |
-4.9 |
37.1 |
21.8 |
0.33945 |
|
Apparel. Accessories & Luxury Goods |
-4.9 |
33.1 |
26.3 |
0.12928 |
|
Apparel Retail |
-5.9 |
36.8 |
19.8 |
0.35859 |
|
Motorcycle Manufacturers |
-6.2 |
45.1 |
49.2 |
0.31301 |
|
Automobile Manufacturers |
-6.7 |
43.6 |
59 |
0.23559 |
|
Broadcasting |
-7.1 |
59.2 |
46.9 |
0.62900 |
|
Home Improvement Retail |
-7.1 |
27.5 |
22.9 |
-0.09607 |
|
Footwear |
-7.6 |
28.5 |
24.3 |
-0.04938 |
|
General Merchandise Stores |
-8.7 |
16.9 |
20.6 |
-0.62136 |
|
Household Appliances |
-12.9 |
39.1 |
41.8 |
0.22488 |
|
Specialty Stores |
-13.3 |
6.8 |
27.8 |
-0.82374 |
|
Leisure Products |
-18.6 |
22.1 |
20.9 |
-0.36364 |
|
Home furnishing Retail |
-20.2 |
24.7 |
28.2 |
-0.17730 |
|
Computer & Electronics Retail |
-34.8 |
0.6 |
37.6 |
-0.77394 |
Source: S&P 500 GICS Sector Scorecard (2/7/14) - S&P Dow Jones Indices
3 – Pickup Five Stocks from Casinos & Gaming
|
Company |
Ticker |
ROE (%) |
Financial Leverage |
YOY Revenue Growth (%) |
# of Attribute better than Cross-company Average |
|||||||||
|
|
|
2010 |
2011 |
2012 |
3-yr Avg. |
2010 |
2011 |
2012 |
3-yr Avg. |
2010 |
2011 |
2012 |
3-yr Avg. |
|
|
Boyd Gaming Corp. |
BYD |
0.88 |
-0.32 |
-120.71 |
-40.05 |
4.8 |
4.89 |
20.84 |
10.18 |
30.46 |
9.12 |
6.47 |
15.35 |
1 |
|
Bally Technologies Inc. |
BYI |
28.11 |
26.04 |
49.46 |
34.54 |
1.69 |
4.36 |
4.95 |
3.67 |
-11.91 |
-2.57 |
16.04 |
0.52 |
1 |
|
Multimedia Games Holding Co. Inc. |
MGAM |
2.37 |
4.93 |
20.8 |
9.37 |
1.62 |
1.56 |
1.46 |
1.55 |
-7.25 |
8.41 |
22.15 |
7.77 |
2 |
|
Isle of Capri Casinos Inc. |
ISLE |
-1.4 |
1.65 |
-52.68 |
-17.48 |
6.97 |
5.61 |
8.58 |
7.05 |
-10.62 |
0.52 |
-2.75 |
-4.28 |
0 |
|
Int'l Game Technology |
IGT |
16.9 |
21.19 |
18.63 |
18.91 |
3.25 |
2.88 |
3.58 |
3.24 |
-6 |
-1.52 |
9.9 |
0.79 |
2 |
|
Caesars Entertainment Corp. |
CZR |
-234.15 |
-52.1 |
-503.36 |
-263.20 |
17.51 |
28.33 |
0 |
15.28 |
-1 |
0.18 |
-2.8 |
-1.21 |
0 |
|
Wynn Resorts Ltd. |
WYNN |
6.07 |
28.35 |
54.87 |
29.76 |
2.98 |
3.3 |
0 |
2.09 |
37.4 |
25.93 |
-2.19 |
20.38 |
3 |
|
Las Vegas Sands Corp. |
LVS |
6.67 |
18.39 |
20.44 |
15.17 |
3.54 |
2.83 |
3.14 |
3.17 |
50.19 |
37.32 |
18.28 |
35.26 |
3 |
|
MGM Resorts Int'l |
MGM |
-41.85 |
68.57 |
-33.82 |
-2.37 |
6.32 |
4.56 |
6.02 |
5.63 |
0.68 |
30.4 |
16.71 |
15.93 |
1 |
|
Melco Crown Entertainment Ltd. ADR |
MPEL |
-0.42 |
10.76 |
13.16 |
7.83 |
1.94 |
2.12 |
2.35 |
2.14 |
98.22 |
45 |
6.45 |
49.89 |
2 |
Source: Morningstar.ca (Date Accessed: 02/18/2014)
4 - Portfolio I Start-up (02/19/2014)
|
Company |
Ticker |
Sector |
Buy Price |
QTY |
CAD |
|
Multimedia Games Holding Co. Inc. |
MGAM |
Consumer Discretionary |
29.86 |
2,755 |
90549.38 |
|
Int'l Game Technology |
IGT |
Consumer Discretionary |
14.62 |
5,625 |
91939.91 |
|
Melco Crown Entertainment Ltd. ADR |
MPEL |
Consumer Discretionary |
42.91 |
1,920 |
89992.01 |
|
Wynn Resorts Ltd. |
WYNN |
Consumer Discretionary |
223.64 |
367 |
91016.98 |
|
Las Vegas Sands Corp. |
LVS |
Consumer Discretionary |
80.47 |
1,020 |
91213.72 |
|
Remained Cash |
45288.00 |
||||
|
Total |
500000 |
EMBED MSGraph.Chart.8 \s EMBED MSGraph.Chart.8 \s
5.1 – Market Value of Portfolio D (Stock Level)
|
Portfolio |
Sector |
Ticker |
Exchange |
Company Name |
Market Value (CAD) 02/28/2014 |
|
D |
Consumer Discretionary |
PCLN |
US |
Priceline.com Inc |
46166.42 |
|
D |
Consumer Discretionary |
AMZN |
US |
Amazon.com Inc |
35943.21 |
|
D |
Health Care |
BIIB |
US |
Biogen Idec Inc |
50839.09 |
|
D |
Industrials |
UNP |
US |
Union Pacific Corp |
41890.73 |
|
D |
Health Care |
CELG |
US |
Celgene Corp |
40018.27 |
|
D |
Consumer Staples |
KMB |
US |
Kimberly-Clark Corp |
41475.26 |
|
D |
Industrials |
HON |
US |
Honeywell International Inc |
41775.71 |
|
D |
Consumer Staples |
PM |
US |
Philip Morris International Inc |
40750.03 |
|
D |
Industrials |
DHR |
US |
Danaher Corp |
40672.2 |
|
D |
Health Care |
UNH |
US |
Unitedhealth Group Inc |
43159.53 |
|
D |
Consumer Staples |
MO |
US |
Altria Group Inc |
39696.45 |
|
D |
Consumer Discretionary |
FOXA |
US |
Twenty-First Century Fox Inc |
43045.72 |
|
D |
Total |
505432.62 |
5.2 – Market Value of Portfolio D (Sector Level)
|
Portfolio |
Sector |
Stocks Hold |
Market Value (CAD) 02/28/2013 |
|
D |
Consumer Discretionary |
3 |
125155.35 |
|
D |
Consumer Staples |
3 |
121921.74 |
|
D |
Industrials |
3 |
124338.64 |
|
D |
Health Care |
3 |
134016.89 |
|
D |
Total |
12 |
505432.62 |
5.3 – Market Value Distributions in Portfolio D (Cash Excluded)
EMBED MSGraph.Chart.8 \s EMBED MSGraph.Chart.8 \s
5.4 – Market Value Descriptive Statistics in Portfolio D
|
Items |
Stock Level |
Sector Level |
|
N |
12 |
4 |
|
Max |
50839.09 |
134016.89 |
|
Min |
35943.21 |
121921.74 |
|
Mean |
42119.39 |
126358.1550 |
|
Stdev |
3504.0090 |
4578.8421 |
6 – Weighted Return & Stdev in Portfolios (Cash Excluded)
|
Items |
Portfolio D |
Portfolio I |
Portfolio D + I |
*Formula for Portfolio D + I Items |
|
Weight |
51.63% |
48.37% |
100.00% |
Weighted Total Return = Sum of (Weight*Unweighted Total Return) Stdev (Risk) = Sum of [(# of stocks on Portfolio/# of stocks in all Portfolio)*Stdev] |
|
# of Stock |
12 |
5 |
17 |
|
|
Unweighted Total Return |
4.24% |
5.54% |
4.87% |
|
|
Weighted Total Return |
2.19% |
2.68% |
4.87% |
|
|
Stdev (Risk) |
0.2766% |
0.3453% |
0.3392% |
|
7.1 – Returns of Portfolio D (Stock Level)
|
Portfolio |
Sector |
Symbol |
Exchange |
Company Name |
QTY |
Buy Amount (CAD) |
Market Value (CAD) 02/28/2014 |
Dividend (CAD) |
Return |
Weighted Return |
|
D |
Consumer Discretionary |
PCLN |
US |
Priceline.com Inc |
31 |
39542 |
46166.42 |
0 |
16.75% |
1.36% |
|
D |
Consumer Discretionary |
AMZN |
US |
Amazon.com Inc |
90 |
39076.03 |
35943.21 |
0 |
-8.02% |
-0.65% |
|
D |
Health Care |
BIIB |
US |
Biogen Idec Inc |
135 |
44707.4 |
50839.09 |
0 |
13.72% |
1.26% |
|
D |
Industrials |
UNP |
US |
Union Pacific Corp |
210 |
40365.55 |
41890.73 |
212.14 |
4.30% |
0.36% |
|
D |
Health Care |
CELG |
US |
Celgene Corp |
225 |
39983.33 |
40018.27 |
0 |
0.09% |
0.01% |
|
D |
Consumer Staples |
KMB |
US |
Kimberly-Clark Corp |
340 |
40367.68 |
41475.26 |
0 |
2.74% |
0.23% |
|
D |
Industrials |
HON |
US |
Honeywell International Inc |
400 |
40209.33 |
41775.71 |
199.31 |
4.39% |
0.36% |
|
D |
Consumer Staples |
PM |
US |
Philip Morris International Inc |
455 |
40114.58 |
40750.03 |
40.07 |
1.68% |
0.14% |
|
D |
Industrials |
DHR |
US |
Danaher Corp |
480 |
40344.11 |
40672.2 |
0 |
0.81% |
0.07% |
|
D |
Health Care |
UNH |
US |
Unitedhealth Group Inc |
505 |
40340.5 |
43159.53 |
0 |
6.99% |
0.58% |
|
D |
Consumer Staples |
MO |
US |
Altria Group Inc |
990 |
40212.89 |
39696.45 |
0 |
-1.28% |
-0.11% |
|
D |
Consumer Discretionary |
FOXA |
US |
Twenty-First Century Fox Inc |
1160 |
40059.13 |
43045.72 |
0 |
7.46% |
0.62% |
|
D |
Total |
5021 |
485322.53 |
505432.62 |
451.52 |
|
4.24% |
7.2 – Returns of Portfolio D (Sector Level)
|
Portfolio |
Sector |
Weights |
Buy Amount (CAD) |
Market Value (CAD) 02/28/2014 |
Dividend (CAD) |
Return |
Weighted Return |
|
D |
Consumer Discretionary |
24.45% |
118677.16 |
125155.35 |
0 |
16.19% |
1.33% |
|
D |
Consumer Staples |
24.87% |
120695.15 |
121921.74 |
40.07 |
3.14% |
0.26% |
|
D |
Industrials |
24.92% |
120918.99 |
124338.64 |
411.45 |
9.51% |
0.79% |
|
D |
Health Care |
25.76% |
125031.23 |
134016.89 |
0 |
20.79% |
1.85% |
|
D |
Total |
|
485322.53 |
505432.62 |
451.52 |
|
4.24% |
7.3 – Weighted Return Distributions in Portfolio D (Cash Excluded)
EMBED MSGraph.Chart.8 \s EMBED MSGraph.Chart.8 \s
7.4 – Weighted Return Descriptive Statistics in Portfolio D
|
Items |
Stock Level |
Sector Level |
|
N |
12 |
4 |
|
Max |
1.36% |
1.85% |
|
Min |
-0.65% |
0.26% |
|
Mean |
0.3531% |
1.0592% |
|
Stdev |
0.5357% |
0.5945% |
Sector Level (02/28/2014)
Consumer Discretionary
Weighted Return 0.013348 Consumer Staples
Weighted Return 0.002610 Industrials
Weighted Return 0.007894 Health Care
Weighted Return 0.018515
Stock Distribution (02/19/2014)
MGAM
CAD 90549.380000 IGT
CAD 91939.910000 MPEL
CAD 89992.010000 WYNN
CAD 91016.980000 LVS
CAD 91213.720000 Cash
CAD 45288.000000
Sector Distribution (02/19/2014)
Consumer Discretionary
454712.000000 Cash
45288.000000
Stock Level (02/28/2014)
PCLN
46166.420000 AMZN
35943.210000 BIIB
50839.090000 UNP
41890.730000 CELG
40018.270000 KMB
41475.260000 HON
41775.710000 PM
40750.030000 DHR
40672.200000 UNH
43159.530000 MO
39696.450000 FOXA
43045.720000
Sector Level (02/28/2014)
Consumer Discretionary
Market Value (CAD) 125155.350000 Consumer Staples
Market Value (CAD) 121921.740000 Industrials
Market Value (CAD) 124338.640000 Health Care
Market Value (CAD) 134016.890000
Stock Level (02/28/2014)
PCLN
0.013650 AMZN
-0.006455 BIIB
0.012634 UNP
0.003580 CELG
0.000072 KMB
0.002282 HON
0.003638 PM
0.001392 DHR
0.000676 UNH
0.005809 MO
-0.001064 FOXA
0.006154
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