Portfolio Management
Frank.Reigns
gallowayb_portfoliomgmtdraft05.docxPortfolio Management Report (DRAFT)
Portfolio Management Report (DRAFT)
UMUC Portfolio Management, Inc
Portfolio Management Report (Draft)
for
Dr. Darryl & Rosita Baccus, Clients
June 19, 2015
Financial Planner: Barbara Galloway
Position: Research Analyst
Company: UMUC Portfolio Management
Address: 123 Prosperity Lane, Suite 1
College Park, MD 20772
Phone: (301) 555-1234
Email: [email protected]
This Portfolio Management Report (draft) was prepared as a project for FINC 340 6380 Investments (2155), taught by Professor Kathleen Sindell, Ph.D., University of Maryland University College.
Table of Contents
Executive Summary 3
Investment Policy Statement 4
Current Status 4
Objectives & Constraints 4
Investment Strategy 6
Rate of Return, Monitoring & Review 6
Current Holdings 7
Investment Analysis in Brief 7
Stocks 7
Bond Funds 10
Options 12
Futures 13
Stocks & Bonds Performance Measurement 15
Comparison against New York Stock Exchange Index 15
Portfolio Beta 17
Conclusion and Recommendations 17
Executive Summary
Over the course of 4 weeks we have invested $400,000 in Dr. Darryl and Rosita Baccus’ portfolio, by purchasing an equal amount of stocks, bond funds, options and futures. Based on our clients risk profile we chose relatively high risk, high reward holdings. The stocks had a Beta portfolio of 1.11 and the stocks outperformed the New York stock exchange in total over the holding period. While, the stocks were the big winner, the debt holdings were stable, losing less than 1%, but are currently trending upward, and based on news of the Feds raising rates by the end of the summer, we are encouraged by their potential. The Options and Futures were short holdings, in which we didn’t get the market swings we had anticipated. The current total portfolio market value is $335,104, reflecting a total loss of approximately $64,896 from our original costs basis. The big winner in the portfolio was Globant SA, which earned a 46% gain, and represents 5% of the total portfolio.
Investment Policy Statement
POLICY STATERETATUS
Current Status
Dr. Darryl Baccus and his wife Rosita live in Fort Washington, MD and have been married for 33 years. Dr. Baccus has a home-based Psychology practice and Rosita is a Senior Executive with the US Federal Government, with over 32 years of service. About 15 years ago, they founded Cornerstone International Church, a modest-sized church, where they serve as Apostle/Pastor & First Lady. The Baccuses have no debt (they’ve even paid off their 4,000 sq foot luxury home) and have amassed a hefty savings account (partly due to an inheritance Rosita received several years ago). Rosita has a full pension, in which she’ll received 60% of her salary upon retirement. Darryl has an IRA which he’s been contributing the maximum amount for over 30 years. As such, they will not be dependent on their current cash accounts to maintain their standard of living when they retire. They have 4 children, 3 of which are out of the house and self-sufficient. Their youngest, just graduated from high school and will attend Community College in the fall. They both have a 37% marginal tax rate. Darryl’s home-based business has provided some tax relief.
CONSTRAINTS
Objectives and Constraints
Dr. Baccus and his wife would like to be more aggressive with their cash reserves which have been sitting in a bank savings account earning a pittance of interest. They want to earn a high rate of return in a relatively short period by investing $100,000 in a small portfolio of 5 diversified, high risk securities. One of Cornerstone’s primary missions is reaching and serving homeless and transitional citizens (those recently released from prison, drug rehabilitation centers and other re-entries into society). While their church has grown in numbers over the years, most of its members cannot afford to give tithes and offerings. As such, Apostle Darryl and Rosita cover 90% of the church’s expenses and needs from their own pockets, and receive no salary from his work as Pastor.
Their primary objective for their portfolio is to maximize after-tax investment returns as quickly as possible in order to establish an employment center and transitional home in the next 5 years. After much research, prayer and Godly counsel (Proverbs 15:22 New International Version), the Baccuses decided not to become a 501c3 (non-profit status that facilitates application for grants and faith-based loans), as they did not want to be subjected to the State’s rules, only God’s.[footnoteRef:1] [1: Fritz, Joanne (undated). Does My Non Profit Really Need to Apply for 501(c)(3) Status? Retrieved from http://nonprofit.about.com]
These objectives are to be achieved subject to the following constraints.
*Risk tolerance – Darryl and Rosita have a high tolerance for market risk and do not need a regular income from their portfolio. As such, the portfolio should be structured so that annual losses of more than 30% are expected to occur at least one year out of 5.
*Time horizon – The capital of the portfolio can be invested for a period of 5-10 years.
*Diversification – The Baccuses have asked that their portfolio be diversified to minimize risk as the Bible extols the virtues of diversification: “Invest in 7 ventures, yes in 8; you do not know what disaster may come upon the land.” (Ecclesiastes 11:2).
*Moral Alignment – Pastor Darryl and Rosita have also requested that their portfolio only include stock in companies that represent what they deem as “ethical and moral” businesses in line with Scriptures that states “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.” (Proverbs 13:11). They have requested a company synopsis of each of the companies selected for inclusion in their investment portfolio.
Other constraints: For high risk clients, such as the Baccuses, UMUC’s philosophy is to avoid mutual funds and S&P 500 stock.
Investment Strategy
The specific investments will be selected next week, but a recommended overall strategy target will focus on volatile stocks, which historically have produced higher than average market returns[footnoteRef:2]. Other types of stocks, which may or may not include volatile stocks which will be considered across industries and sectors, are shown in this sample target strategy being considered for the Baccuses: [2: Motley Fool Staff (December 15, 2014.) Best Stocks for High-Risk Investors. Retrieved from http://m.fool.com]
Cash and equivalents 0%
High Beta Stock 40%
Momentum Stock 30% Emerging Stock 30%
The expected return from this asset mix is 20-30% per year
Rate of Return, Monitoring and Review
A high rate of return is the driving force of this portfolio’s strategy and investment selection criteria. Risk management controls are minimal, i.e, diversification of small portfolio. The portfolio will be evaluated annually, and allocations re-adjusted to meet the strategic target mix, as appropriate. However, small deviations from the target mix (less than 5%) will not be acted upon to minimize the commission costs per of $9.95/trade for stocks and ETFs and $14.95/trade for options. Likewise, this investment policy statement will be reviewed annually. Any changes to Mr. & Mrs Baccus’ personal situation that impact their risk tolerance, need for income, or time horizon should be addressed and accounted for in an updated statement.
CONTROL
Current Holdings
Investment Analysis in Brief
Stocks
These stocks were selected because of their history of producing higher than average market returns. Since the Baccuses have a high tolerance for market risk and do not need regular income from their portfolio, most of the stocks are very volatile in nature. However, in order to minimize the portfolio’s risk, the chosen stocks are diversified by sector, geography and external influences. The following is a detail justification for each stock holding:
Michael Kors Holding LTD (KORS) – is a growth stock in the consumer discretionary sector. It is considered very volatile because of its relatively high beta (1.77). A 1.77 beta reflects that the stock is theoretically 77% more volatile than the market. In a recent CNBC article, reported Amanda Diaz cited the stock’s potential, particularly against its rival Coach. According to the valuation the stock looks cheap with EPS rate down 11%.[footnoteRef:3] Although American focused, the company is headquartered in London. [3: Diaz, Amanda (2015, May 28). Kors is a bargain – here’s why: Trader. CNBC Business News and Finance. Retrieved from http://cnbc.com]
Three out of four Wall Street Analyst companies (Sabrient, The Street Ratings, and Markit Research Team) featured on the Capital One Investing (www.sharebuilder.com) webpage, rate KORS a “Strong Buy” based on its superior value and growth profiles, which typically mean the stock will perform better than the market. This supports the Baccuses strategy of higher than average growth.
Joy Global (JOY) – is also a growth stock, but within the Industrial Products sector. It is considered very volatile with a beta of 1.97. The company is also thought to be undervalued based on growth of its normalized earnings (EPSmg) from $3.89 in 2010 to roughly $4.85 in 2014. The company is headquartered in Milwaukee, WI and is a growing presence[footnoteRef:4] in the machinery industry. [4: Clark, Benjamin (2015, January 5). 5 Undervalued Companies for Value Investors with a High Beta – January 2015. Modern Graham. Retrieved from http://moderngraham.com]
Vulcan Materials Co (VMC) – is a growth stock which meets our investment strategy of higher than average market returns. While it can be considered a Beta stock with a BETA of 1.4, it is more commonly classified as a momentum stock due to the upswing in its valuation. VMC is in the Building Products Industry, within the Construction sector. They are a domestic company headquartered in Birmingham, AL.
Global SA (GLOB) – another momentum stock, they are international with their base in Luxemborg. Global SA provides technology, engineering and design services for clients across the world. They are in the technology sector. Any growth portfolio should have a portion of stock in this fast growing, dynamic, but oft volatile sector. Globant reported record annual revenues and EPS for 2014. They meet the Baccuses criteria of socially-consciousness by partnering with The National Geographic to develop an online experience for kids to help infuse their interest in science and exploration of the world.[footnoteRef:5] [5: Globant. (2015). Globant collaborates with National Geographic Kids to Create a Webby-Nominated Web Property. Retrieved from finance.yahoo.com.]
Embraer (ERJ) – An emerging, growth stock in the Aerospace sector makes up 30% of the Baccuses portfolio. They are a young international company based in Brazil. With an average ROE of 10%, it has performed better than its industry. This is perhaps the most volatile of the stocks in the portfolio because historically the airline industry is a hard equity sell. However Forbes (http://forbes.com) lists Embraer as a strong buy
In summary the portfolio is aligned with the Investment Policy statement and strategy outlined for the Baccuses. We did not have to modify our strategy or policy. We have chosen 5 stocks that are expected to yield higher than average return but minimized the risk by choosing stocks across five entirely different sectors: Consumer discretionary, Industrial products, Construction, Technology and Aerospace. We also have three domestically-based companies and two internationally based ones.
Bonds
These bonds were selected because of their history of producing higher than average yields. Since the Baccuses have a high tolerance for market risk and do not need regular income from their portfolio, most of the bonds are risky in nature. However, in order to minimize the portfolio’s risk, the chosen bonds are diversified by sector, geography and type of external influences. The following is a detail justification for each bond holding:
PowerShares Chinese Yuan Dim Sum Bond Portfolio (DSUM) – is a high yield, emerging markets bond that was rated in the top 25% in 2010, 2011 and 2013 in terms of Total Return within Category. The Historic Return vs category is “above average” and the historic risk is low. The Fund’s inception date is 9/23/2011 and the Fund Company is Invesco PowerShares Capital Mgmt LLC, with total net assets of 100M. DSUM price has trended upward since September 2011, though 2015 marked a considerable drop, the fund is expected to make a rebound. China represents 34.45% of the Fund’s global exposure, followed by British Virgin Islands at a distant 2nd with 5.57% of the fund. 42.16% of the fund’s global exposure is “undefined/other.” http://www.sharebuilder.com.
Market Vectors Emerging Markets Aggregate Bond (EMAG) – is also a high yield, emerging markets bond. It was rated in the top 25% in Total Return within Category in 2010 and 2011 and has been in the top 50% from 2012 to 2015. It has a historical Risk of Average and a historical return of average. EMAG process have been trending down since 2013. The bond risk is balanced a little as the primary sector holding is government (53.60%) and Corporate Bonds (38.99%). 50% of its global exposure is spread out among countries such as Mexico (8.16%), Brazil (6.04%), Cayman Islands (5.55%), Indonesia (5.21%) and several other countries at less than 5% each. 49.68% is “undefined/other.” http://www.sharebuilder.com
iShares J.P. Morgan USD Emerging Markets Bonds ETF (EMB) – provides diversity to this bond portfolio by offering an investment composed of U.S. dollar-denominated, emerging market bonds. Also consider a high yield bond fund, it broke into the top 25% in Total return rank within category in 2015, and was well in the Top 25% in 2012 and 2014. We have high income expectations for this bond based on its historic return vs category rating of “high” with a slightly below average historic risk. 77.40% of the fund’s holdings is in the Government sector, with 21.37% in Corporate Bonds. http://www.sharebuilder.com
Income Opportunities Fund (KIO) – is comprised of 57% high yield securities and 41% of leveraged loans and 60.5% of the fund has a credit quality of B; 10.2% is rated BB. KIO’s top 5 industries (as of 3/31/15) were Software, construction materials, media, specialty retail, hotels/restaurants/leisure. To balance the other bond investments which have a heavy global exposure, KIO was selected because 87% is covered in the U.S, with the remaining spread across 4 other countries. The fund’s primary goal is in line with the Baccuses’ Portfolio Strategy, a high level of current income, followed by capital appreciation. http://kkrfunds.com) We feel that this investment nicely balances the other bond holdings.
Wisdom Tree Australia & New Zealand Debt Fund (AUNZ) – makes up the final 20% of the bond holdings offers the portfolio diversity because it is a World bond. It has ranked in the top 25% of Total return within category in 2010-2012. The Fund’s returns took a hit in 2013, but have been showing a steady comeback in 2014 and 2015. We have positive expectations for this high yield fund. World bond funds invest 40% or more of their assets in foreign bonds. This fund specifically strives for a high level of total return from income and capital appreciation.
In summary the bond purchases are aligned with the Investment Policy statement and strategy outlined for the Baccuses. We did not have to modify our strategy or policy. We have chosen 5 income holdings that are expected to yield higher than average return but minimized the risk by choosing bonds in both emerging sectors, domestically-focused as well as a World bond.
Options
These Options for Close were selected because of their higher than average volume and their activity (http://www.yahoo.finance.com). Since the Baccuses have a high tolerance for market risk and do not need regular income from their portfolio, risk is not a factor, but can be minimalized with the options strategy in general. However, in order to minimize the portfolio’s risk even further, the chosen options were selected with careful consideration. I’ll strategy is to get in and out quickly, as the call date for four of these are within a purchase.
Three of our option purchases are relatively affordable (cheap) as they are below $1.00. The JP Morgan Chase & Co option is being purchased at a very high price and only gives leverage of 2 times the stock price and as such is a risky purchase. However, we expect a major catalytic event to occur prior to the option’s expiration. AAPL and XLF were specifically selected due to their low volatility, as they have been in a squirrel pattern for several months now. Additionally, Apple Inc stock has been in a relatively flat pattern. The call’s strike price is $129 and purchase price is a little higher than we normally like to pay ($1.30), however compared to the stock price of $128.59 we have 100 times leverage on the stock.
These options were also selected because it is important to select options in which you can make 200% or more on the option.[footnoteRef:6] We have set a goal/sell point that makes it worthwhile from a risk reward perspective. The options on average have at least 200% (2 to 1 reward to risk) or more upside. [6: Mead, Will (2013, June 20). A Billionaires 5 Rules for Options Trading. Billionaire’s Portfolio. Retrieved from (billionairesportfolio.com) ]
In summary the option purchases are aligned with the Investment Policy statement and strategy outlined for the Baccuses. We did not have to modify our strategy or policy. We have chosen holdings that are expected to yield higher than average return but minimized the risk by choosing options that have an upside and will respond favorably to recent events in the market.
Futures
In line with our investment policy for the Baccuses, we have selected futures contracts with the greatest chance for short term growth based on several industry factors. We have also limited risk by purchasing futures contracts across 4 different asset classes, representing 5 different product types. We have provided a brief insight into our investment selections.
CN15 – Corn Futures from the asset class represent the greatest risk, but also the greatest opportunity for return. We ordered 25 contracts using a limit order given the current high price of the contract. We are taking a risk that we might not get in, as we have agreed to buy if the market hits at $345 or better. If the market doesn’t reach this limit, we will initiate a market order for the purchase of Corn contracts. Based on the recent trending of this commodity, we feel it is a good position to have within our portfolio. Nevertheless, to reduce risk, we have a short margin period (ending July 2015) to hedge against potential bushel corn problems due to a Bird Flu impact. The U.S. is currently on the tail end of the worst bird flu outbreak in history. However, the USDA has not revised feed and residual use of corn lower as a result of the recent outbreak. (http://www.agweb.com)
CLQ15 – Crude Oil futures have been climbing on the heels of the fledgling US dollar and seven weeks of declining US crude inventories. We feel that through August 2015 is the tail end of an opportunity to capitalize on its oil gains, prior to the end of summer driving peaks. Having reached the $60 mark, it very well could be reaching full price near current levels. Oil’s direct relationship to the dollar, makes it cheaper for those trading in other currencies, as the dollar weakens.[footnoteRef:7] Some analysts feel that oil is about to turn from its bullish trend, but we feel there’s still short term gain to be realized, as such we’ve purchased 5 crude oil futures contracts at a price of $60.80 with a Futures requirement of $27,390. [7: Saefong, Myra P. (2015, July 18). “Oil Gains on Weaker Dollar”. MarketWatch. Retrieved from (http://sharebuilder.com) ]
ECU15 – We purchased 5 Euro futures contracts at a price of $1.14 and with a $22,900 futures requirement. We selected this particular product from the Interest Rates asset class to provide us geographical diversity by providing a global/internationally-based product. This provides a hedge against our other Futures holdings that are dollar-based. With the current price and a $250 maintenance margin, this is an affordable investment with a potential for sizeable upswing between now and September 2015.
GCN15 – Gold futures were added to the portfolio at a price of $25.40 for 5 contracts, which provides adequate leverage, with a futures requirements of $8,250. An investment from the Metal asset class provides risk mitigation via diversity. Most recently gold futures settled above $1,200 an ounce, which is their highest level in almost a month, buoyed by investor’s confidence in no immediate interest-rate hikes. “Gold for August delivery leapt $25.20 or 2.1%, to settle at $1,202 an ounce on COMEX. That was the highest settlement since May 22 for a most-active contract.”[footnoteRef:8] [8: Myra P. Saefong; (2015, June 18.) Gold Tops $1,200 for Highest Settlement in Nearly a Month. MarketWatch ]
NGN15 – At $2.79 we purchased 5 Natural Gas contracts with a futures requirement of $12,100, with an end period of 2015. Although this is the second holding from within the Energy class, it provides diversity of product type. It casts a slightly greater risk, then the crude oil futures due to the recent report that supplies of natural gas rose by 89 billion cubic feet for the week ended June 12 (http://ir.eia.gov/ngs/ngs.html). Despite the recent news, we feel this is an important investment to include in the Baccuses portfolio. They are not risk averse and concerned with large gains, so this is a risk that has potentially significant gains, at our current margins.
In summary the futures contract purchases are aligned with the Investment Policy statement and strategy outlined for the Baccuses. We did not have to modify our strategy or policy. We have chosen holdings that are expected to yield higher than average return but minimized the risk by choosing futures that have a potential for higher than average profit.
Stocks & Bonds Performance Measurement
On May 28 we used $100,000 to purchase shares of common stock in five different companies whose performance we tracked daily. We also tracked the NYSE during this time to assess our stocks’ performance against the overall market. As expected with high risk, volatile stocks, there were lots of price movement in both directions, while the overall market (as measured for this report’s purpose, by the NYSE) remained relatively stable. (See Graphic) While only two of the stocks had a price increase, the overall stock portion of the portfolio increased by a total value of $592.67 . (see Table 1) The greatest gain was recognized by KORS, a $3 price increase from date of purchase for the 794 shares. The greatest loss was ERJ, which only had an 83 cent drop, but we hold 882 shares, as it represents the largest portion (30%) of the Baccus stock portfolio. GLOB had a nearly 6% spike on June 3 but dropped 1.15% the following day. U.S. stocks were higher in early trading on June 3 (reflected in the June 1 closing trade prices) due to the private sector adding more jobs than expected in May and the European Central Bank left interest rates unchanged at record lows.[footnoteRef:9] [9: Taylor, Jenny. (2015, June 3.) Market Alert. NeUventure on Wall Street. Retrieved from private market alert subscripton.]
Some relevant news that may have impacted stock prices is as follows: Michael Kors had a disappointing 4th quarter earnings report and forecast but still remains a strong recommended buy by analysts since it is up approximately 144% since its Initial Public Offering at the end of 2011.[footnoteRef:10] [10: Cwalinski, Kristin (2015, June 3.) Go Long This Beaten-Down Retailer: Trader. CNBC Business News and Finance. (Retrieved from http://cnbc.com)]
Table 1. Stock Performance Raw Data
|
|
May 28 (Purch) |
June 1 |
June 2 |
June 3 |
June 4 |
June 5 |
June 8 |
June 9 |
June 10 |
|
KORS |
$45.82 |
$47.74 +2.67% |
$48.71 +2.03% |
$48.58 -0.04% |
$48.80 +0.45% |
$48.73 -1.12% |
$48.15 1.47% |
$48.57 |
$48.21 -.74% |
|
JOY |
$39.86 |
$38.95 +0.03% |
$39.40 +1.68% |
$38.93 -0.82% |
$38.67 -0.67% |
$38.81 +0.47% |
$38.52 0.85% |
$39.07 |
$40.20 2.89% |
|
VMC |
$95.00 |
$89.57 -0.40% |
$90.38 +0.90% |
$89.14 -1.18% |
$88.77 -0.42% |
$89.34 +0.81% |
$88.55 0.64% |
$88.08 |
$89.62 +1.75 |
|
GLOB |
$24.40 |
$26.24 +0.77% |
$26.33 +0.34% |
$27.82 +5.65% |
$27.50 -1.15% |
$28.20 +1.60% |
$28.52 +0.74 |
$27.15 |
$29.28 +1.85% |
|
ERJ |
$31.45 |
$29.84 -0.93% |
$30.69 +2.58% |
$30.62 -0.42% |
$30.10 -1.70% |
$30.14 +0.37% |
$30.13 +0.37 |
$29.65 |
$30.12 +1.59% |
|
NYSE |
$11,138 |
$11,073 +0.05% |
$11,086 +0.22% |
$11,108 +0.24% |
$11,005 -0.92% |
$10,961 -0.36% |
$10,918 .56% |
$10,916 |
$11,058 +1.30% |
[footnoteRef:11] [11: As compared to the New York Stock Exchange Index for the same time period]
Portfolio Beta
|
Code |
Beta |
% of Portfolio |
|
|
KORS |
1.79 |
12.67% |
.23 |
|
JOY |
2.06 |
7.34% |
.15 |
|
VMC |
1.40 |
5.59% |
.08 |
|
GLOB |
1.92 |
6.93% |
.13 |
|
ERJ |
1.19 |
11.55% |
.14 |
|
|
|
|
|
|
Code |
|
|
|
|
DSUM |
0.13 |
8.23% |
.01 |
|
EMAG |
1.22 |
8.21% |
.10 |
|
EMB |
1.67 |
8.49% |
.14 |
|
KIO |
.28 |
8.52% |
.02 |
|
AUNZ |
1.48 |
7.49% |
.11 |
|
TOTAL BETA |
|
|
1.11 |
Conclusion & Recommendations
The Baccus Portfolio has lost $38,906 in the 4 week period since its first stock purchases. The equity holdings as a hold have done well, outperforming the New York Stock Exchange during this period, for a total gain of $5,915. However, all other investment types lost value. However, the bond funds held relatively steady with a modest loss of less than 1%. A beta of 1.11% relative to the market means that the security price is moving with the market, i.e, is at least as volatile as the market. Since the Baccuses have a high risk tolerance, and the stocks have fared well, we recommend putting more money in the volatile stocks and keeping and balancing the risk with individual bond holdings as opposed to the current bond funds.
UMUC Portfolio Management -- BACCUS
10-Day Stock Performance vs NYSE
KORS 42156 42157 42158 42159 42160 42163 42165 2.6700000000000002E-2 2.0299999999999999E-2 -4.0000000000000002E-4 4.4999999999999997E-3 -1.12E-2 1.47E-2 -7.4000000000000003E-3 JOY 42156 42157 42158 42159 42160 42163 42165 2.9999999999999997E-4 1.6799999999999999E-2 -8.2000000000000007E-3 -6.7000000000000002E-3 4.7000000000000002E-3 8.5000000000000006E-3 2.8899999999999999E-2 VMC 42156 42157 42158 42159 42160 42163 42165 -4.0000000000000001E-3 8.9999999999999993E-3 -1.18E-2 -4.1999999999999997E-3 8.0999999999999996E-3 -6.4000000000000003E-3 1.750000000000000 2E-2 GLOB 42156 42157 42158 42159 42160 42163 42165 7.7000000000000002E-3 3.3999999999999998E-3 5.6500000000000002E-2 -1.15E-2 1.6E-2 7.4000000000000003E-3 1.8499999999999999E-2 ERJ 42156 42157 42158 42159 42160 42163 42165 -9.2999999999999992E-3 2.58E-2 -4.1999999999999997E-3 -1.7000000000000001E-2 3.7000000000000002E-3 3.7000000000000002E-3 1.5900000000000001E-2 NYSE 42156 42157 42158 42159 42160 42163 42165 5.0000000000000001E-4 2.2000000000000001E-3 2.3999999999999998E-3 -9.2000000000000003E-4 -3.5999999999999999E-3 -5.5999999999999999E-3 1.2999999999999999E-2
18
