ANALISIS PERBANDINGAN OPTIMASI PORTOFOLIO METODE MEAN-VARIANS DENGAN METODE MEAN-SEMIVARIANS STUDI KASUS : SAHAM SYARI AH JAKARTA ISLAMIC INDEX (JII)

ANALISIS PERBANDINGAN OPTIMASI PORTOFOLIO METODE MEAN-VARIANS DENGAN METODE MEAN-SEMIVARIANS STUDI KASUS : SAHAM SYARI’AH JAKARTA ISLAMIC INDEX (JII)

SKRIPSI untuk memenuhi sebagian persyaratan guna memperoleh derajat Sarjana S-1

Program Studi Matematika

diajukan oleh Fantika Vera Entrisnasari 11610047

Kepada PROGRAM STUDI MATEMATIKA FAKULTAS SAINS DAN TEKNOLOGI UNIVERSITAS ISLAM NEGERI SUNAN KALIJAGA YOGYAKARTA 2015

Halaman Persembahan Skripsi yang saya buat ini, saya persembahkan kepada:  Kampus kebanggaanku UIN Sunan Kalijaga Yogyakarta  Ibuku tercinta yang selalu mendukungku, menjadi orang tua dan juga sahabat terbaikku, yang selalu menjaga dan merawatku saat aku sakit dan yang selalu tangguh dan kuat berusaha untuk anakanaknya.  Ayahku tersayang yang selalu mendukungku dan memberikan perhatian dari tempat yang jauh selama ini.  Mbakku Fantika Febry yang selalu paling mengerti diriku dan membuatku bahagia didekatnya meskipun kadang bertengkar.  Adik-adikku Dek Niko dan Dek Uta yang selalu membuat hidupku berwarna dengan senyuman, kenakalan dan kasih sayang mereka.  Alm. Mas Joko Purnawan yang tak pernah ingin kulupakan, masukan dan nasehatmu akan kuingat.  Keluarga besar yang ikut mendukung perjalananku.  Sahabat-sahabatku yang mewarnai kehidupanku yang tak bisa kusebutkan satu per satu.  Especially for 3d, he, im, a, ch, m, ns, my.

Thank’s for All...

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Motto

“Dan hendaklah ada di antara kamu segolongan umat yang menyeru kepada kebajikan, menyuruh kepada yang ma'ruf dan mencegah dari yang munkar, merekalah orang-orang yang beruntung.” (Q.S. Ali-‘Imran ayat 104)

Hidup untuk mencari ridha Allah Subhanahu wata’ala Sabar Ikhlas Syukur Tawakkal

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Kata Pengantar Puji syukur penulis panjatkan kehadirat Allah SWT, yang telah melimpahkan rahmat dan hidayah-Nya, sehingga skripsi yang berjudul “Analisis Perbandingan Optimasi Portofolio Metode Mean-Varians dengan Metode MeanSemivarians. Studi Kasus : Saham Syari’ah Jakarta Islamic Index (JII)” dapat terselesaikan guna memenuhi syarat untuk memperoleh gelar Sarjana Sains di Prodi Matematika Fakultas Sains dan Teknologi, Universitas Islam Negeri Sunan Kalijaga Yogyakarta. Sholawat serta salam senantiasa tercurah kepada Nabi Muhammad SAW sebagai cahaya bagi seluruh alam. Penulis menyadari skripsi ini tidak akan selesai tanpa dukungan, bantuan, bimbingan dan arahan dari berbagai pihak. Oleh karena itu, penulis mengucapkan terimakasih kepada: 1.

Bapak Prof. Drs. H. Akh. Minhaji, M.A, Ph.D selaku Rektor Universitas Islam Negeri Sunan Kalijaga Yogyakarta.

2.

Ibu Dr. Maizer Said Nahdi, M.Si. selaku Dekan Fakultas Sains dan Teknologi Univeristas Islam Negeri Sunan Kalijaga Yogyakarta.

3.

Bapak Dr. M. Wakhid Mustofa S.Si, M.Si selaku ketua Prodi Matematika Fakultas Sains dan Teknologi Universitas Islam Negeri Yogyakarta.

4.

Bapak Mohammad Farhan Qudratullah S.Si, M.Si selaku pembimbing skripsi, atas bimbingan dan arahannya, yang memberikan semangat serta berkenan meluangkan waktunya sehingga skripsi ini dapat terselesaikan.

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5.

Bapak/Ibu Dosen dan Staf Fakultas Sains dan Teknologi Universitas Islam Negeri Sunan Kalijaga Yogyakarta, atas ilmu, bimbingan dan pelayanan yang diberikan selama perkuliahan hingga skripsi ini terselesaikan.

6.

Kedua orang tuaku tercinta (Titik Suryani dan Sri Panto), atas do’a, kasih sayang, perhatian, dukungan moral maupun finansial dan atas seluruh pengorbanan selama ini.

7.

Kakak dan adik-adikku (Fantika Febry P., Aditya Niko dan Adhinka Putra) atas kasih sayang yang senantiasa membuat penulis semangat.

8.

Om (Alm. Joko Purnawan) atas semua bantuan, perhatian, nasehat dan kasih sayang yang telah diberikan selama hidup beliau.

9.

Keluarga besarku yang telah memberikan bantuan untuk mendukung kesuksesan penulis.

10. Teman-teman aktivis dakwah kampus atas motivasi, perhatian dan bantuannya selama ini. 11. Teman-teman Salsabila yang menemani disetiap hari dengan penuh keceriaan (Dek Novi, Dek Rohmah, Elok, Mbak Nurul, Dek Afi, Mbak Nuri, Dek Dwi) 12. Teman-teman prodi matematika 2011 yang menemani penulis dan membantu penulis selama ini terutama saat sakit (Ulul, Dina, Arum, Rista, Ita, Endah, Dwi, Fuji, Agustin, Nining, Nesa dkk). 13. Teman-teman KKN Bogem yang telah memberi semangat (Ari, Nurul, Rosi, Nisa, Ozi, Oki, Afwan). 14. Semua pihak yang tidak dapat penulis sebutkan satu per satu, yang telah membantu dalam penyusunan skripsi ini.

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Penulis menyadari bahwa penyusunan skripsi ini masih banyak kekurangan dan kesalahan. Namun penulis berharap semoga skripsi ini dapat bermanfaat bagi semua pihak.

Yogyakarta, 20 Agustus 2015 Penyusun,

Fantika Vera Entrisnasari 11610047

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Daftar Isi Halaman Judul................................................................................................... i Surat Persetujuan Skripsi ................................................................................. ii Halaman Pengesaham ..................................................................................... iii Halaman Pernyataan Keaslian......................................................................... iv Halaman Persembahan ......................................................................................v Halaman Motto................................................................................................ vi Kata Pengantar ............................................................................................... vii Daftar Isi............................................................................................................x Daftar Gambar ............................................................................................... xiv Daftar Tabel ....................................................................................................xv Daftar Lampiran ............................................................................................ xvi Daftar Simbol ............................................................................................... xvii Abstrak ........................................................................................................ xviii BAB I PENDAHULUAN .................................................................................1 1.1 Latar Belakang......................................................................................1 1.2 Rumusan Masalah.................................................................................4 1.3 Batasan Masalah...................................................................................5 1.4 Tujuan Penelitian..................................................................................5 1.5 Manfaat Penelitian............................................................................... 6 1.6 Tinjauan Pustaka.................................................................................. 7 1.7 Sistematika Penulisan..........................................................................10 BAB II LANDASAN TEORI ................................................................................12

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2.1 Pasar Modal .....................................................................................12 2.2 Saham ...............................................................................................13 2.3 Investasi ...........................................................................................16 2.4 Transaksi Saham ..............................................................................17 2.5 Pasar Modal Syari’ah .......................................................................18 2.6 Saham JII .........................................................................................20 2.7 Proses Investasi ................................................................................22 2.8 Teori Portofolio ................................................................................24 2.9 Risiko dalam Investasi .....................................................................25 2.10 Return (Tingkat Keuntungan) ..........................................................26 2.11 Portofolio Efisien dan Portofolio Optimal .......................................27 2.12 Nilai Ekspektasi ...............................................................................28 2.13 Variansi dan Kovariansi ..................................................................30 2.14 Distribusi Normal.............................................................................32 2.14.1 Uji Normalitas Jarque-Bera ...................................................33 2.15 Matriks .............................................................................................34 2.15.1 Definisi Matriks .....................................................................34 2.15.2 Operasi Matriks ......................................................................35 2.15.3 Transpose Matriks ..................................................................36 2.15.4 Determinan Matriks ...............................................................37 2.15.5 Invers Matriks ........................................................................37 2.15.6 Nilai Eigen dan Vetor Eigen ..................................................38 2.16 Statistika Multivariat ........................................................................41

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2.16.1 Matriks Data Mutivariat .........................................................41 2.16.2 Mean dan Varians-Kovarians Vektor Random .....................41 2.16.3 Kombinasi Linier untuk Matriks Mean dan Kovarians .........43 2.17 Turunan Parsial ................................................................................45 2.18 Metode Lagrange .............................................................................46 2.18.1 Metode Lagrange Satu Pengali ..............................................46 2.18.2 Metode Lagrange Lebih dari Satu Pengali ............................46 2.19 Kinerja Portofolio ............................................................................47 BAB III METODOLOGI PENELITIAN........................................................50 3.1 Jenis dan Sumber Data .......................................................................50 3.2 Metode Pengumpulan Data ................................................................50 3.3 Populasi dan Sampel ..........................................................................51 3.4 Metode Analisa Data ..........................................................................51 3.5 Flowchart ...........................................................................................54 BAB IV OPTIMASI PORTOFOLIO DENGAN METODE MEAN-VARIANS DAN METODE MEAN-SEMIVARIANS ....................57 4.1 Return dan Risiko Portofolio .............................................................58 4.2 Portofolio Optimum Mean-Varians ...................................................61 4.2.1 Portofolio Optimum Mean-Varians ...........................................61 4.2.2 Pembobotan Portofolio Metode Mean-Varians .........................62 4.3 Portofolio Optimum Mean-Semivarians ............................................65 4.3.1 Optimasi Portofolio Mean-Semivarians dengan Pendekatan Heuristik.....................................................................................66

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4.3.2 Pembobotan Portofolio Metode Mean-Semivarians ..................70 4.4 Perbandingan Optimasi Portofolio Metode Mean-Varians dengan Metode Mean-Semivarians ...............................................................73 BAB V HASIL PENELITIAN DAN PEMBAHASAN .................................76 5.1 Deskripsi Data ....................................................................................76 5.2 Pemilihan Sampel ..............................................................................77 5.3 Uji Normalitas Data Return Saham ...................................................82 5.4 Pembentukan Portofolio Optimal Mean-Varians ..............................86 5.5 Pembentukan Portofolio Optimal Mean-Semivarians .......................88 5.6 Perbandingan Portofolio Optimal Metode Mean-Varians dengan Metode Mean-Semivarians ...............................................................91 5.6.1 Perhitungan Return, Risiko dan Indeks Sharpe Portofolio Optimal dengan Metode Mean-Varians ..................................91 5.6.2 Perhitungan Return, Risiko dan Indeks Sharpe Portofolio Optimal dengan Metode Mean-Semivarians ...........................93 5.6.3 Perbandingan Portofolio Optimal Metode Mean-Varians dengan Mean-Semivarians Berdasarkan Return, Risiko dan Indeks Sharpe....................................................................94 BAB VI PENUTUP ........................................................................................96 6.1 Kesimpulan ........................................................................................96 6.2 Saran ..................................................................................................98 Daftar Pustaka .................................................................................................99 Lampiran .......................................................................................................102

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Daftar Gambar Gambar 3.1 Flowchart Perbandingan Metode Mean-Varians dan Mean-Semivarians ........................................................................53 Gambar 5.1 Plot Data (Return dan Risiko) Saham JII ....................................80

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Daftar Tabel Tabel 1.1 Tinjauan Pustaka ...............................................................................9 Tabel 2.1 Data Multivariat ..............................................................................41 Tabel 5.1 Daftar Saham Syari’ah Jakarta Islamic Index (JII) ........................77 Tabel 5.2 Daftar Return dan Risiko Saham ....................................................78 Tabel 5.3 Daftar Indeks sharpe Saham ...........................................................81 Tabel 5.4 Proporsi Saham Metode Mean-Varians ..........................................88 Tabel 5.5 Proporsi Saham Metode Mean-Semivarians ...................................90 Tabel 5.6 Perhitungan Return Ekspektasi Portofolio Metode Mean-Varians .................................................................................91 Tabel 5.7 Perhitungan Return Ekspektasi Portofolio Metode Mean-Semivarians ..........................................................................93 Tabel 5.8 Return, Risiko dan Indeks Sharpe Portofolio Optimal Metode Mean-Varians dan Mean-Semivarians ...........................................94

xv

Daftar Lampiran Lampiran 1 Data Saham AALI, ADRO, AKRA dan ASII ........................ 102 Lampiran 2 Data Saham ASRI, BMTR, BSDE dan CPIN ........................ 116 Lampiran 3 Data Saham ICBP, INDF, INTP dan ITMG........................... 129 Lampiran 4 Data Saham KLBF, LPKR, LSIP dan MNCN ....................... 142 Lampiran 5 Data Saham PGAS, PTBA, SMGR dan TLKM ..................... 155 Lampiran 6 Data Saham UNTR, UNVR dan WIKA ................................. 168 Lampiran 7 Perhitungan semivarians-semikovarians dengan Microsoft Excel .......................................................................................... 181 Lampiran 7.a Semivarians.......................................................................... 193 Lampiran 7.b Semikovarians...................................................................... 206 Lampiran 8 Program Matlab 6.1 ................................................................ 219 Lampiran 9 Output Program Matlab 6.1 .................................................... 221

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Daftar Simbol

= Simple Net Return saham i pada periode ke-t = Expected return saham i = Return realisasi portofolio = Expected return portofolio = Variansi dari aset i (risiko dari aset i) = Variansi dari portofolio p (risiko dari suatu portofolio p) = Kovariansi dari aset i dan j = Semivariansi dari aset i dengan benchmark B = Semikovariansi dari aset i dan j dengan benchmark B = Matriks varians-kovarians = Matriks semivarians-semikovarians = Risk free rate = Proporsi bobot saham

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ANALISIS PERBANDINGAN OPTIMASI PORTOFOLIO METODE MEANVARIANS DENGAN METODE MEAN-SEMIVARIANS STUDI KASUS : SAHAM SYARI’AH JAKARTA ISLAMIC INDEX (JII) Oleh : Fantika Vera Entrisnasari 11610047 ABSTRAK Saham adalah salah satu sekuritas yang sering dipilih untuk melakukan investasi. Dalam investasi saham, seorang investor harus membuat portofolio optimal agar memperoleh hasil yang memuaskan (return tinggi atau risiko rendah). Salah satu metode untuk membentuk portofolio optimal adalah metode mean-varians yang diperkenalkan Markowitz, tapi metode ini mempunyai asumsi yang sering tidak terpenuhi dalam kenyataannya. Sehingga Markowitz memperkenalkan metode mean-semivarians dari pendekatan risiko menurun. Dalam prakteknya, metode mean-varians lebih sering digunakan daripada metode mean-semivarians karena perhitungan mean-semivarians yang lebih sulit. Populasi pada penelitian ini adalah seluruh saham yang termasuk pada saham Jakarta Islamic Index (JII) periode Juni 2013 – Mei 2015. Menggunakan metode purposive sampling, yaitu pada penelitian ini diambil 23 saham yang konsisten termasuk pada saham JII periode Juni 2013 – Mei 2015. Dari 23 saham tersebut dipilih 11 saham yang termasuk pada kuadran kanan bawah pada scatter plot data return dan risiko. Berikutnya dihitung Indeks Sharpe tertinggi dari 11 saham terpilih untuk menentukan 4 saham yang akan dibentuk portofolio meanvarians dan mean-semivarians. Kinerja kedua portofolio tersebut dibandingkan dengan menghitung Indeks Sharpe masing-masing. Indeks Sharpe portofolio metode mean-varians adalah 0,016824174, dan portofolio metode mean-semivarians adalah 0,020098155. Kinerja portofolio mean-semivarians yang dihitung dengan Indeks Sharpe lebih tinggi daripada portofolio mean-varians, sehingga dalam kasus ini disimpulkan bahwa portofolio mean-semivarians lebih baik daripada mean-varians.

Kata Kunci : Portofolio Optimal, Saham, Mean-varians, Mean-semivarians.

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BAB I PENDAHULUAN 1.1. Latar Belakang Modern ini, masyarakat dituntut untuk mengoptimalkan pendapatannya untuk memenuhi kebutuhan hidup. Pendapatan tidak lagi dialokasikan hanya untuk memenuhi kebutuhan konsumsi, tapi juga investasi. Investasi adalah komitmen sejumlah dana atau sumber daya lainnya yang dilakukan saat ini, dengan tujuan untuk memperoleh keuntungan di masa yang akan datang (Tandelilin, 2012:3). Keputusan investasi yang dilakukan tiap-tiap investor akan berbeda bergantung pada tujuan investasi dan keberanian mereka dalam menanggung risiko atas investasi yang dilakukan. Lima tahapan yang dilalui dalam mengambil keputusan investasi yaitu, menentukan kebijakan investasi, memilih strategi portofolio, memilih aset yang akan diinvestasikan, dan melakukan pengukuran serta evaluasi kinerja portofolio (Tandelilin, 2012:12). Saham merupakan salah satu sekuritas yang sering dipilih untuk melakukan investasi. Saham dapat diartikan klaim atas pendapatan yang diperoleh dari aktivitas pengelolaan aset bisnis atau perusahaan (Manurung dan Adler, 2009:5). Dari hasil jual-beli saham, investor mendapatkan keuntungan berupa capital gain/loss. Investor juga bisa memperoleh keuntungan berupa dividen dengan menanamkan dana pada suatu sekuritas dalam rentang waktu yang relatif lama dibandingkan investasi untuk jual-beli saham. Capital gain/loss dan dividen biasanya disebut return atau tingkat pengembalian atas suatu investasi.

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Investor yang berinvestasi dalam bentuk portofolio perlu melakukan analisis terhadap peluang return dan risiko yang akan dihadapi. Return dan risiko berhubungan searah, dengan kata lain saham memiliki karakteristik high risk-high return. Artinya saham merupakan surat berharga yang memberikan peluang keuntungan yang tinggi namun juga berpotensi risiko yang tinggi. Investasi dapat dilakukan, salah satunya dengan membentuk portofolio optimum. Portofolio optimum merupakan portofolio yang dipilih seorang investor dari sekian banyak alternatif yang ada pada kumpulan portofolio yang efisien. Pemilihan portofolio tersebut disesuaikan dengan preferensi investor yang bersangkutan terhadap return maupun risiko yang melekat pada portofolio yang dipilihnya. Model penentuan portofolio optimum yang menekankan pada hubungan return

dan

risiko

investasinya

adalah

model

Markowitz.

Markowitz

memperkenalkan model mean-varians pada tahun 1952. Pada model ini, Markowitz menggunakan mean untuk merepresentasikan nilai return dan varians untuk ukuran risiko yang didapat. Model portofolio markowitz memanfaatkan hubungan rata-rata return dengan variansi return untuk memperoleh variansi (risiko) yang paling kecil. Dengan menggunakan portofolio ini investor dapat meminimalkan risiko dengan tingkat harapan keuntungan (expected return) tertentu. Model mean-varians Markowitz (1959) telah dikritik oleh para peneliti karena asumsi pada model tersebut. Model mean-varians mempunyai dua asumsi yang harus dipenuhi yaitu distribusi data return aset berdistribusi normal dan investor mempunyai fungsi utilitas kuadrat. Model ini tidak konsisten dengan

3

maksimalisasi prinsip utilitas yang diharapkan jika dua kondisi tersebut tidak terjadi. Namun, dua kondisi ini tidak terjadi dalam praktek. Banyak peneliti telah menunjukkan bahwa distribusi return aset asimetris dan menunjukkan skewness. Fungsi utilitas kuadrat juga sangat tidak mungkin karena menyiratkan investor sama-sama menolak return positif maupun negatif (Saiful dkk, 2011). Kelemahan dari model mean-varians membuat para peneliti menawarkan model-model lain dalam membuat portofolio optimal, salah satunya adalah model mean-semivarians. Markowitz (1959) menyatakan bahwa analisis berdasarkan semivarians menghasilkan portofolio yang lebih optimal daripada mean-varians yang menggunakan varians sebagai ukuran risiko, karena semivarians adalah ukuran yang lebih masuk akal sebagai ukuran risiko. Tapi meski demikian model mean-varians lebih sering digunakan daripada model mean-semivarians. Hal tersebut dikarenakan model mean-varians menggunakan matriks varianskovarians yang bersifat simetrik dan endogen sehingga perhitungan lebih mudah, daripada model mean-semivarians yang menggunakan matriks semivarianssemikovarians yang berifat asimetrik dan endogen, yang artinya perubahan pada bobot berpengaruh pada periode saat portofolio underperform terhadap Benchmark, sehingga untuk menghitungnya harus menggunakan algoritma numerik yang jarang digunakan praktisi atau akademisi. Untuk mengatasi masalah ini, Estrada (2008) menyarankan untuk menggunakan pendekatan heuristik untuk mengubah matriks semivarians-semikovarians menjadi simetrik dan eksogen, sehingga dapat dihitung seperti cara pada model mean-varians.

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JII (Jakarta Islamic Index) menawarkan 30 saham yang halal yang dapat dijadikan pilihan investasi, terutama dalam membentuk portofolio. Saham JII dapat menjadi alternatif pilihan bagi investor untuk melakukan investasi pada saham berbasis syariah dan menjalankan syariah Islam untuk melakukan investasi di bursa efek. JII menjadi jawaban atas keinginan investor yang ingin berinvestasi sesuai syariah. Dengan kata lain, JII menjadi pemandu bagi investor yang ingin menanamkan dananya secara syariah tanpa takut tercampur dengan dana ribawi. Maka dari itu, penulis menjadikan JII sebagai studi kasus untuk membuat portofolio optimal dengan menggunakan model mean-varians dan meansemivarians yang selanjutnya akan dibandingkan model yang lebih baik untuk digunakan dari keduanya.

1.2. Rumusan Masalah Berdasarkan latar belakang masalah yang telah dikemukakan di atas, maka rumusan masalah dalam penelitian ini adalah untuk mengetahui 1.

Bagaimana kekurangan dan kelebihan portofolio optimal dengan metode mean-varians?

2.

Bagaimana kekurangan dan kelebihan portofolio optimal dengan metode mean-semivarians?

3.

Berapa return dan risiko portofolio yang menggunakan metode meanvarians dan mean-semivarians pada saham JII?

4.

Bagaimana perbandingan kinerja portofolio optimal yang terbentuk antara metode mean-varians dengan mean-semivarians pada saham JII?

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1.3. Batasan Masalah Pembatasan masalah dalam suatu penelitian sangat penting untuk menghindari kesimpangsiuran terhadap obyek penelitian dan untuk membantu peneliti agar lebih fokus serta terararah sesuai dengan tema penelitian. Sehingga peneliti membatasi masalah dalam penelitian ini sebagai berikut: 1.

Pembentukan portofolio optimal dari beberapa saham menggunakan metode mean-varians dan mean-semivarians.

2.

Pembahasan optimasi model mean-semivarians menggunakan pendekatan heuristik.

3.

Objek yang diteliti adalah Indeks Sharpe saham syariah di Jakarta Islamic Index (JII) periode Juni 2013 – Mei 2015.

4.

Menggunakan bantuan software Microsoft Office Excel 2007 dan Matlab 6.1.

1.4. Tujuan Penelitian Berdasarkan rumusan masalah di atas, maka tujuan dari penelitian ini yaitu: 1.

Mengetahui kekurangan dan kelebihan portofolio optimal dengan metode mean-varians?

2.

Mengetahui kekurangan dan kelebihan portofolio optimal dengan metode mean-semivarians?

3.

Mengetahui return dan risiko portofolio yang menggunakan metode meanvarians dan mean-semivarians pada saham JII?

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4.

Mengetahui perbandingan kinerja portofolio optimal yang terbentuk antara metode mean-varians dengan mean-semivarians pada saham JII?

1.5. Manfaat Penelitian Penelitian ini diharapkan dapat memberikan manfaat antara lain: 1.

Bagi penulis a. Menambah wawasan tentang dunia saham dengan dinamika untungruginya. b. Menambah pengetahuan tentang cara pembentukan portofolio optimal dengan metode mean-varians dan mean-semivarians.

2.

Bagi prodi Matematika a. Mengetahui

kemampuan

mahasiswa

dalam

menerapkan

teori

Matematika, khususnya dalam bidang Statistika. b. Menambah

referensi

perkuliahan

guna

meningkatkan

proses

pembelajaran. 3.

Bagi investor Dapat memberikan informasi atau masukan kepada para investor dalam membentuk dan menentukan pilihan portofolio optimal yang akan digunakan sebagai acuan untuk berinvestasi atau membeli saham.

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1.6. Tinjauan Pustaka Berikut merupakan beberapa penelitian yang telah dilakukan sebelumnya mengenai portofolio optimal menggunakan model mean-varians dan model meansemivarians serta perbandingan antara keduanya. Hal itu diperlukan untuk membedakan penelitian ini dengan penelitian yang telah ada sebelumnya. Pertama, jurnal Jiten Vasant, dkk (2014) dari University of Cape Town, Afrika Selatan yang berjudul “A Comparison of Mean-Variance and MeanSemivariance Optimisation on The JSE (Johannesburg Stock Exchange)”. Jurnal ini membandingkan model mean-varians dan mean-semivarians dengan sampel 5 saham dari 40 saham terbaik JSE dengan peride data dari tahun 1996-2006. Dalam jurnal ini terdapat 3 hipotesis, yaitu : pertama, membandingkan model mean-varians dan mean-semivarians dengan menggunakan risk-adjusted return. Kedua, membandingkan model mean-varians dan mean-semivarians dengan memasukkan aset pendapatan tetap di setiap portofolio berdasarkan data indeks Govi 1998-2006. Ketiga, membandingkan model mean-varians dan meansemivarians dengan data periode 1998-2006 (sebelum krisis) dan periode 20032013 (pasca krisis). Hasil yang didapat adalah model mean-semivarians terbukti mempunyai nilai risk-adjusted return yang lebih tingi daripada model meanvarians, artinya model mean-semivarians memberikan risiko yang lebih kecil daripada model mean-varians. Tapi, untuk penelitian kedua model mean-varians memberikan nilai return yang lebih tinggi daripada model mean-semivarians setelah memasukkan aset pendapatan tetap di setiap portofolio berdasarkan data indeks Govi. Penelitian ketiga berusaha membuktikan bahwa model mean-

8

semivarians dapat mengungguli model mean-varians pada masa krisis, tapi tidak terbukti karena fakta bahwa saham Afrika Selatan di JSE dilindungi dari krisis keuangan. Untuk jurnal ini, penulis lebih memfokuskan pada penelitian untuk hipotesis pertama. Kedua, skripsi Septi Wahyuni (2013), dengan judul “Perbandingan Optimisasi

Portofoilo

Metode

Mean-Variance

dengan

Metode

Mean-

Semivariance”. Skripsi ini membandingkan dua portofolio yang dibentuk dari 5 saham terpilih LQ-45 pada periode 1 Maret-28 Agustus 2013. Dari hasil penelitian didapatkan hasil risk-adjusted return portofolio dari model meanvarians 1,63619 dan untuk model mean-semivarians didapat nilai risk-adjusted return 3,31168. Sehingga dapat diambil kesimpulan bahwa kinerja portofolio optimasi model mean-semivarians lebih baik daripada kinerja portofolio optimasi model mean-varians. Ketiga, jurnal Ni Wayan Y.I. dan Ni Putu A.D., dengan judul “Penentuan Portofolio Optimal dengan Model Markowitz pada Saham Perbankan di Bursa Efek Indonesia”. Jurnal ini menjelaskan pembentukkan portofolio optimal 5 saham terpilih dari Bursa Efek Indonesia periode Juli 2011 – Juli 2012. Bobot 5 saham dari portofolio yang terbentuk ialah saham Bank of India Indonesia Tbk dengan proporsi dana 8,48 persen, Bank Pundi Indonesia Tbk sebesar 3,59 persen, Bank Mayapada Internasional Tbk sebesar 4,10 persen, Bank Tabungan Pensiunan Nasional Tbk sebesar 68,83 persen, dan Bank Negara Indonesia (Persero) Tbk sebesar 15,00 persen. Tingkat pengembalian yang ditawarkan oleh

9

portofolio pada saham ini adalah 2,135 persen dengan tingkat penyimpangan risiko (varians) portofolio sebesar 0,293 persen. Tabel 1.1 Tinjauan Pustaka No.

Nama Peneliti

1.

Jiten Vasant, Laurent Irgolic, Kanshukan Rajaratnam, dan Ryan Kruger (University of Cape Town, South Africa, 2013)

Judul

Metode

A Comparison of

Mean-varians

Mean-Variance and

dan Mean-

Mean-Semivariance

semivarians

Obyek JSE

Optimisation on The JSE

2.

Septi Wahyuni

Perbandingan

Mean-varians

(UGM 2013)

Optimisasi Portofoilo

dan Mean-

Metode Mean-

semivarians

LQ-45

Variane dengan Metode MeanSemivariance 3.

Ni Wayan Yuli Indrayanti dan Ni Putu Ayu

Penentuan Portofolio

Metode

Saham

Optimal dengan

Markowitz

Perbankan

Darmayanti

Model Markowitz

di Bursa

(Universitas

pada Saham

Efek

Udayana)

Perbankan di Bursa

Indonesia

Efek Indonesia

10

Perbedaan penelitian ini dengan penelitian sebelumnya adalah pada metode pendekatan yang dipilih dan studi kasus yang diambil, jika pada penelitian sebelumnya objek yang diteliti adalah saham-saham JSE (Afrika Selatan), LQ-45 dan saham perbankan di Bursa Efek Indonesia, sedangkan penelitian ini objek yang diteliti adalah saham-saham yang tergabung dalam Jakarta Islamic Index (JII). Selain kedua hal tersebut, peneliti juga menggunakan software Microsoft Office Excel 2007 dan Matlab 6.1. sebagai alat bantu dalam menyelesaikan penelitian ini.

1.7. Sistematika Penulisan Dalam memberikan gambaran yang menyeluruh dan memudahkan dalam memahami isi penelitian, maka secara garis besar sistematika skripsi terdiri dari: BAB I

: PENDAHULUAN

Bab ini membahas tentang pendahuluan dari tema penelitian yang berisi latar belakang, rumusan masalah, batasan masalah, tujuan penelitian, manfaat penulisan, tinjauan pustaka dan sistematika penulisan. BAB II

: LANDASAN TEORI

Bab ini membahas tentang dasar-dasar teori yang digunakan sebagai landasan dalam penelitian. BAB III

: METODE PENELITIAN

Bab ini membahas tentang data yang digunakan untuk penelitian, metode penelitian dan alat yang digunakan untuk mengolah data.

11

BAB IV

: Optimasi Portofolio Metode dengan Mean-varians dan Metode

Mean-semivarians Bab ini merupakan bab inti dari penelitian. Dalam bab ini akan dibahas tentang model mean-varians dan mean-semivarians dengan pembobotannya masingmasing, kemudian membandingkan portofolio optimal yang menggunakan model mean-varians dan mean-semivarians dengan menggunakan Indeks Sharpe. BAB V

: STUDI KASUS

Pada bab ini akan dibahas analisis data dan pembahasan hasil penelitian. BAB VI

: KESIMPULAN DAN SARAN

Pada bab ini berisi tentang kesimpulan dari pembahasan pada bab sebelumnya dan saran-saran yang perlu disampaikan untuk penelitian selanjutnya.

77

5.2 Pemilihan Sampel Pemilihan sampel data dilakukan secara purposive sampling dengan kriteria yang telah disebutkan sebelumnya, pada saham JII terdapat 7 saham yang tidak konsisten terdaftar di JII selama periode Juni 2013 – Mei 2015, sehingga data yang digunakan adalah 23 saham JII yang konsisten terdaftar di JII selama periode Juni 2013 – Mei 2015 dan mempunyai data historical price yang lengkap. Data yang

digunakan

merupakan

data

sekunder

yang

diambil

dari

www.finance.yahoo.com. Berikut daftar saham Jakarta Islamic Index (JII) yang digunakan dalam penelitian ini. Tabel 5.1 Daftar Saham Syariah Jakarta Islamic Index (JII) No Kode Saham AALI 1

Nama Emiten Astra Agro Lestari Tbk.

2

ADRO

Adaro Energy Tbk.

3

AKRA

AKR Corporindo Tbk.

4

ASII

Astra International Tbk.

5

ASRI

Alam Sutera Realty Tbk.

6

BMTR

Global Mediacom Tbk.

7

BSDE

Bumi Serpong Damai Tbk.

8

CPIN

Charoen Pokphand Indonesia Tbk.

9

ICBP

Indofood CBP Sukses Makmur Tbk.

10

INDF

Indofood Sukses Makmur Tbk.

11

INTP

Indocement Tunggal Prakarsa Tbk.

12

ITMG

Indo Tambangraya Megah Tbk.

78

13

KLBF

Kalbe Farma Tbk.

14

LPKR

Lippo Karawaci Tbk.

15

LSIP

PP London Sumatra Indonesia Tbk.

16

MNCN

Media Nusantara Citra Tbk.

17

PGAS

Perusahaan Gas Negara (Persero) Tbk.

18

PTBA

Tambang Batubara Bukit Asam (Persero) Tbk.

19

SMGR

Semen Indonesia (Persero) Tbk.

20

TLKM

Telekomunikasi Indonesia (Persero) Tbk.

21

UNTR

United Tractors Tbk.

22

UNVR

Unilever Indonesia Tbk.

23

WIKA

Wijaya Karya (Persero) Tbk.

Saham-saham pada tabel 5.1 dihitung return dan risiko dengan menggunakan mean dan varians. Berikut daftar return dan risiko saham di atas: Tabel 5.2 Daftar Return dan Risiko Saham No Saham

Kode

Nama Emiten

Return

Risiko

1

AALI

Astra Agro Lestari Tbk.

0,056519

2,402444

2

ADRO

Adaro Energy Tbk.

3,45E-16

3,711397

3

AKRA

AKR Corporindo Tbk.

-0,00464

2,446764

4

ASII


0,01281

2,052015

5

ASRI

Alam Sutera Realty Tbk.

-0,10067

3,197045

6

BMTR

Global Mediacom Tbk.

-0,1107

2,783372

7

BSDE


-0,0242

2,585917

79

Charoen Pokphand Indonesia Tbk. Indofood CBP Sukses Makmur Tbk.

-0,08479

2,887464

0,00772

2,028669

INDF


0,010509

1,329128

11

INTP


-0,0063

2,314238

12

ITMG

Indo Tambangraya Megah Tbk.

-0,13618

2,536833

13

KLBF

Kalbe Farma Tbk.

0,040285

1,925741

14

LPKR

Lippo Karawaci Tbk.

-0,06901

2,626621

15

LSIP

PP London Sumatra Indonesia Tbk.

-0,02047

2,690768

16

MNCN

Media Nusantara Citra Tbk.

-0,0782

2,712012

17

PGAS

-0,04927

1,968027

18

PTBA

Perusahaan Gas Negara (Persero) Tbk. Tambang Batubara Bukit Asam (Persero) Tbk.

-0,03326

2,559952

19

SMGR

Semen Indonesia (Persero) Tbk.

-0,06356

2,169421

20

TLKM

Telekomunikasi Indonesia (Persero) Tbk.

-0,26727

7,099351

21

UNTR


0,073538

2,289392

22

UNVR


0,064255

2,025205

23

WIKA

Wijaya Karya (Persero) Tbk.

0,016979

2,873515

8

CPIN

9

ICBP

10

80

Untuk mengetahui saham positif yang mempunyai return lebih tinggi dan risiko lebih rendah daripada rata-rata return dan risiko saham seluruhnya. Maka, dibentuk scatter plot data (return dan risiko) saham JII sebagai berikut:

8.00

20

7.00

6.00

RISIKO

5.00

4.00

2

5

3.00

6 12

23

8 16

14

7 3

21

18 17

2.00

1

15

19

4 11 9

13 22

10

1.00

-0.20

0.00

RETURN

Gambar 5.1 Scatter Plot Data (Return dan Risiko) Saham JII Dalam gambar 5.1 terlihat bahwa saham-saham yang mempunyai return lebih tinggi dan risiko lebih rendah dari rata-rata adalah AALI, AKRA, ASII, BSDE, ICBP, INDF, INTP, KLBF, PTBA, UNTR, dan UNVR. Dipilih empat saham dari sebelas saham yang dipilih sebagai sampel dengan menghitung Indeks Sharpe tertinggi. Berikut adalah data Indeks Sharpe dari sebelas saham efisien di atas.

81

Tabel 5.3 Daftar Indeks Sharpe Saham No Saham

Kode

Nama Emiten

Indeks Sharpe

1

AALI

Astra Agro Lestari Tbk.

3

AKRA

AKR Corporindo Tbk.

-0,014670294

4

ASII


-0,008986259

7

BSDE


-0,021444395

9

ICBP

Indofood CBP Sukses Makmur Tbk.

-0,011598802

10

INDF


-0,015605283

11

INTP


-0,016227455

13

KLBF

Kalbe Farma Tbk.

18

PTBA

Tambang Batubara Bukit Asam (Persero) Tbk.

21

UNTR


0,018471413

22

UNVR


0,016297351

0,01051807

0,004691615 -0,025199589

Dari tabel 5.3 dapat diketahui bahwa empat saham yang mempunyai Indeks Sharpe tertinggi sekaligus terpilih sebagai sampel pembentukkan portofolio optimal adalah Astra Agro Lestari Tbk. (AALI), Kalbe Farma Tbk. (KLBF), United Tractors Tbk. (UNTR), dan Unilever Indonesia Tbk. (UNVR). Dalam penelitian ini hanya dipilih empat saham karena mengacu pada permainan saham virtual pada ISTC (www.istc.indosat.com).

82

5.3 Uji Normalitas Data Return Saham Saham-saham yang memiliki nilai Indeks Sharpe tertinggi terpilih empat saham yaitu AALI, KLBF, UNTR, dan UNVR. Diketahui bahwa pembentukkan portofolio metode mean-varians mempunyai asumsi bahwa data return yang dimiliki berdistribusi normal, sehingga data return 4 saham yang terpilih akan di uji normalitas menggunakan Jarque-Bera. Hipotesis Uji Normalitas Jarque-Bera adalah: H0 : Data berdistribusi normal. H1 : Data tidak berditribusi normal. Statistik uji dari normalitas Jarque-Bera adalah : (Kotchlamazashvili, 2014)

(5.1) Dengan, (5.2)

(5.3) Dimana

= Jarque-Bera,

= jumlah sampel,

= Skewness,

= Kurtosis.

Uji Jarque-Bera mempunyai distribusi chi-kuadrat dengan derajat bebas (

) dan dalam penelitian ini menggunakan taraf signifikansi

. Jika hasil

Jarque-Bera lebih besar dari distribusi chi-kuadrat, maka H0 ditolak yang berarti tidak berdistribusi normal dan jika sebaliknya maka berarti berdistribusi normal.

83

Berikut adalah perhitungan uji Jarque-Bera data return saham AALI, KLBF, UNTR, dan UNVR dengan banyak data 1.

:

Uji Normalitas data return saham AALI Didapatkan

Keputusan yang diambil adalah H0 ditolak karena .

2.

Uji Normalitas data return saham KLBF Didapatkan

84


3.

Uji Normalitas data return saham UNTR Didapatkan

85


4.

Uji Normalitas data return saham UNVR Didapatkan

86


Semua hasil keputusan uji normalitas Jarque-Bera adalah menolak H0 pada taraf signifikansi

dan derajat bebas

, karena

,

sehingga dapat disimpulkan bahwa data return saham AALI, KLBF, UNTR dan UNVR tidak berdistribusi normal.

5.4 Pembentukan Portofolio Optimal Mean-Varians Seperti yang telah dijelaskan sebelumnya bahwa untuk membentuk portofolio dengan metode mean-varians, maka harus menghitung matriks varians-kovarian dari data return yang telah ada terlebih dahulu. Matriks varians-kovarians dibentuk dari varians dan kovarians saham-saham yang terpilih, sebagai berikut:

dengan 1 = AALI, 2 = KLBF, 3 =UNTR dan 4 = UNVR. Untuk menghitung varians menggunakan rumus sebagai berikut:

(5.4)

87

dan menghitung kovarians dengan rumus sebagai berikut:

(5.5) Setelah dilakukan perhitungan dengan menggunakan Mirosoft Office Excel 2007 dan Matlab 6.1 didapatkan hasil varians-kovarians sebagai berikut:

Matriks varians-kovarians di atas kemudian dihitung invers matriksnya dengan menggunakan Mirosoft Office Excel 2007 didapatkan matriks invers varianskovarians sebagai berikut:

Berikutnya,

menghitung

proporsi

masing-masing

saham

dengan

rumus

pembobotan saham metode mean-varians yang sudah ditulis pada bab sebelumnya, yaitu sebagai berikut:

(5.6)

88

=

Sehingga didapat proporsi saham yang dihitung dengan metode mean-varians adalah sebagai berikut: Tabel 5.4 Proporsi Saham Metode Mean-Varians No 1

Kode AALI


Proporsi 23,897%

2

KLBF

Kalbe Farma Tbk.

35,359%

3

UNTR


19,312%

4

UNVR


21,432%

5.5 Pembentukan Portofolio Optimal Mean-Semivarians Pada metode mean-semivarians dengan pendekatan heuristic menggunakan matriks semivarians-semikovarians untuk menghitung proporsi masing-masing saham. Matriks semivarians-semikovarians dibentuk dari semivarians dan semikovarians saham-saham yang terpilih, sebagai berikut:

89

dengan 1 = AALI, 2 = KLBF, 3 =UNTR, 4 = UNVR dan

= return benchmark.

Untuk menghitung semivarians menggunakan rumus sebagai berikut: (5.7) dan menghitung semikovarians dengan rumus sebagai berikut: (5.8) Setelah dilakukan perhitungan dengan menggunakan Mirosoft Office Excel 2007 dan Matlab 6.1 didapatkan hasil semivarians-semikovarians sebagai berikut:

Matrik semivarians-semikovarians di atas kemudian dihitung invers matriksnya dengan menggunakan Mirosoft Office Excel 2007 didapatkan matriks invers semivarians-semikovarians sebagai berikut:

Berikutnya,

menghitung

proporsi

masing-masing

saham

dengan

rumus

pembobotan saham metode mean-semivarians yang sudah ditulis pada bab sebelumnya, yaitu sebagai berikut:

90

(5.9)

=

=

=

=

Sehingga didapat proporsi saham yang dihitung dengan metode mean-semivarians adalah sebagai berikut: Tabel 5.5 Proporsi Saham Metode Mean-Semivarians No 1

Kode AALI


2

KLBF

Kalbe Farma Tbk.

3

UNTR


4

UNVR


Proporsi 20,665% 38,767% 9,179% 31,389%

91

5.6 Perbandingan Portofolio Optimal Metode Mean-Varians dengan MeanSemivarians 5.6.1 Perhitungan Return, Risiko dan Indeks Sharpe Portofolio Optimal dengan Metode Mean-Varians Berdasarkan proporsi yang diperoleh dengan metode mean-varians maka didapatkan nilai return ekspektasi portofolio

dengan rumus sebagai

berikut:

(5.10)

Tabel 5.6 Perhitungan Return Ekspektasi Portofolio Metode Mean-Varians No

Kode Saham

1

AALI

Wi E(Ri) 0,23897 0,056519

2

KLBF

0,353588 0,040285

0,014244

3

UNTR

0,193123 0,073538

0,014202

4

UNVR

0,214318 0,064255

0,013771

Return Ekspektasi Portofolio

Wi . E(Ri) 0,013506

0,055724

Dengan risiko portofolio yang dihitung dengan mengunakan rumus berikut:

(5.11)

92

= [0,2389 0,3535 0,1931 0,2143]

Risiko portofolio adalah akar kuadrat dari

, sehingga didapat risiko portofolio

dengan metode mean-varians adalah 1,454674604 Indeks Sharpe adalah rasio dari nilai ekspektasi return dari suatu investasi terhadap volatilitas dari return. Dari data tingkat suku bunga pada bulan Mei 2015 yang didapat dari www.bi.go.id adalah 7,5%, maka risk free rate yang digunakan untuk menghitung Indeks Sharpe adalah 0,03125. Dengan demikian, didapatkan Indeks Sharpe pada portofolio dengan metode mean-varians adalah sebagai berikut:

93

5.6.2 Perhitungan Return, Risiko dan Indeks Sharpe Portofolio Optimal dengan Metode Mean-Semivarians Berdasarkan proporsi yang diperoleh dengan metode mean-semivarians maka didapatkan nilai return ekspektasi portofolio

dengan rumus (5.10)

sebagai berikut: Tabel 5.7 Perhitungan Return Ekspektasi Portofolio Metode MeanSemivarians No 1

Kode Saham AALI

Wi E(Ri) 0,206654 0,056519

Wi . E(Ri) 0,01168

2

KLBF

0,387669 0,040285

0,015617

3

UNTR

0,091792 0,073538

0,00675

4

UNVR

0,313886 0,064255

0,020169 0,054216

Return Ekspektasi Portofolio

Dengan risiko portofolio yang dihitung dengan mengunakan rumus (5.11) berikut:

Risiko portofolio adalah akar kuadrat dari

, sehingga didapat risiko portofolio

dengan metode mean-semivarians adalah 1,142698961

94

Indeks Sharpe pada portofolio dengan metode mean-semivarians dihitung dengan tingkat suku bunga pada bulan Mei 2015 yang didapat dari www.bi.go.id adalah 7,5%, maka risk free rate

yang digunakan untuk menghitung Indeks

Sharpe adalah 0,03125. Dengan demikian, didapatkan Indeks Sharpe pada portofolio dengan metode mean-semivarians adalah sebagai berikut:

5.6.3 Perbandingan Portofolio Optimal Metode Mean-Varians dengan MeanSemivarians Berdasarkan Return, Risiko dan Indeks Sharpe Berdasarkan perhitungan sebelumnya telah didapatkan return, risiko dan Indeks Sharpe masing-masing portofolio. Berikutnya akan disajikan dalam tabel berikut: Tabel 5.8 Return, Risiko dan Indeks Sharpe Portofolio Optimal Metode Mean-Varians dan Mean-Semivarians Metode Mean-Varians

MeanSemivarians

Return

0,055723699

0,05421614

Risiko

1,454674604

1,142698961

Indeks Sharpe

0,016824174

0,020098155

95

Tabel 5.8 menunjukkan bahwa meskipun return portofolio meansemivarians lebih rendah daripada return portofolio mean-varians, dan risiko portofolio mean-semivarians juga lebih rendah daripada risiko portofolio meanvarians. Portofolio saham yang lebih optimal adalah portofolio saham yang memiliki kinerja atau nilai Indeks Sharpe yang lebih tinggi, karena menunjukkan rasio antara return dan risiko. Dari nilai Indeks Sharpe di atas dapat diketahui bahwa portofolio saham dengan metode mean-semivarians lebih baik daripada portofolio saham dengan metode mean-varians.

BAB VI PENUTUP 6.1

Kesimpulan Dari hasil penelitian serta pengolahan data yang telah dilakukan maka hasil

dari penelitian ini dapat disimpulkan sebagai berikut: 1.

Kekurangan metode mean-varians adalah asumsi data return yang berdistribusi normal dan investor memiliki fungsi utilitas kuadrat. Pada kenyataannya distribusi data return tidak selalu normal, hal ini membuat portofolio yang terbentuk tidak sesuai dengan yang diharapkan. Model ini juga tidak konsisten dengan maksimalisasi prinsip utilitas yang diharapkan jika dua kondisi di atas tidak terjadi. Sedangkan kelebihannya adalah menghasilkan matriks varian-kovarians yang bersifat simetris dan eksogen, sehingga membuat perhitungan dalam pembobotan saham menjadi mudah. 2. Kekurangan metode mean-semivarians adalah menghasilkan matriks semivarians-semikovarians yang bersifat asimetris dan endogen (terjadi perubahan

bobot

saat

periode

portofolio

underperform

terhadap

benchmark), sehingga menyulitkan perhitungan dalam pembentukkan portofolio atau pembobotan saham. Sedangkan kelebihannya adalah menggunakan semivarians sebagai ukuran risiko, ukuran yang lebih masuk akal untuk menghitung risiko, karena seorang investor lebih mengkhawatirkan portofolio yang underperform daripada overperform, sehingga semideviasi lebih tepat digunakan sebagai ukuran risiko daripada varians. Selain itu mean-semivarians tidak memiliki asumsi distribusi

96

97

apapun. Dan kekurangan mean-semivarians tidak berarti lagi setelah perhitungan model ini menggunakan pendekatan heuristik yang membuat matriks

semivarians-semikovarians

bersifat

simetris

dan eksogen,

sehingga dapat dihitung seperti cara mean-varians. 3.

Pembentukkan portofolio saham dengan menggunakan metode meanvarians dengan menggunakan data saham JII pada periode Juni 2013 – Mei 2015 menghasilkan proporsi masing-masing saham, yaitu : AALI 23,897%, KLBF 35,359%, UNTR 19,312%, UNVR 21,432%, dengan ekspektasi return portofolio 5,572 % dan risiko portofolio 145,467 %. Sedangkan proporsi masing-masing saham pada portofolio dengan metode meansemivarians, yaitu : AALI 20,665%, 38,767%, UNTR 9,179%, UNVR 31,389%, dengan ekspektasi return portofolio 5,421 % dan risiko portofolio 114,269%.

4.

Secara empiris dapat dibandingkan kinerja antara portofolio metode meanvarians dan mean-semivarians dengan menghitung Indeks Sharpe kedua portofolio tersebut. Didapatkan Indeks Sharpe portofolio metode meanvarians adalah 0,016824174, dan Indeks Sharpe portofolio metode meansemivarians adalah 0,020098155. Portofolio yang memiliki nilai Indeks Sharpe yang lebih tinggi adalah portofolio yang memiliki kinerja yang lebih bagus. Sehingga dari penelitian ini dapat disimpulkan bahwa pembentukkan portofolio dengan metode mean-semivarians lebih baik digunakan dari metode mean-varians.

98

6.2

Saran 1. Peneliti berikutnya hendaknya melakukan penelitian dengan periode data penelitian yang lebih lama, karena semakin lama periode data yang digunakan untuk penelitian maka akan menghasilkan nilai yang lebih baik dan dapat memberikan informasi yang lebih mendukung. 2. Peneliti berikutnya disarankan untuk menggunaan model Lower Partial Moment (LPM) untuk menyelesaikan perhitungan portofolio meansemivarians, dan membandingkannya dengan portofolio mean-varians.

99

DAFTAR PUSTAKA Anton, Howard. Chris Rorres. 2004. Aljabar Linear Elementer. Edisi Kedelapan. Jilid 1. Jakarta : Erlangga. Bain, L. J., Engelhardt M. 1992. Introduction To Probability and Matheatical Statistics. California: Duxbury. Bodie, Zvi. Alex Kane dan Alan J. Marcus. 2006. Investasi. Jakarta: Salemba Empat. Cumova, D., Nawrocki D. 2007. A Symmetric LPM Model for MeanSemivariance Optimization. Elton, E.J, dan Grubber. 1995. Modern Portfolio Theory and Invesment Analysis. Edisi Kelima. New York: John Wiley & Sons Inc. Estrada, Javier. 2002. Mean-Semivariance Behavior: An Alternative Behavioral Model. IESE Bussiness School, Spain. Hal: 1-17. Estrada, Javier. 2003. Mean-Semivariance optimization: A Note. Journal of Finance. Hal: 9-14. Estrada, Javier. 2007. Mean-Semivariance Behavior: Downside Risk and Capital Asset Pricing. International Review of Economics and Finance 16 (No. 2). Hal: 169-185. Estrada, Javier. 2008. Mean-Semivariance optimization: A Heuristic Approach. Journal of Applied Finance. Hal: 57-72. Fahmi, Irham. 2013. Pengantar Pasar Modal. Bandung : Alfabeta. Hal 54-67, 81, 219-228. Fahmi, Irham. 2014. Manajemen Keuangan Perusahaan dan Pasar Modal. Jakarta: Mitra Wacana Media. Firdaus, M. Sofiniyah Ghufron. Muhammad Aziz Hakim dan Mukhtar Alshodiq. 2005. Sistem Kerja Pasar Modal Syariah. Jakarta: Renaisan. Hafizah, Saiful. Weng Hoelan dan Zaidi Isa. 2011. Different Downside Risk Approaches in Portofolio Optimisation. Journal of Qualit Measurement and Analysis. JQMA 7 (1). Hal: 77-84. Hogan, William W. dan James M. Warren. 1974. Toward The Development Of An Equilibrium Capital-Market Model Based On Semivariance. Journal of Financial and Quantitative Analysis. Hal: 1-11.

100

Husnan, Suad. 2005. Dasar-dasar Teori Portofolio & Analisis Sekuritas. Edisi Keempat. Yogyakarta:UPP STIM YKPN. Jin, H. Markowitz, H. dan Xun Yu Zhou. 2006. A Note on Semivariance. Mathematical Finance. Hal: 53-61. Jogiyanto. 2003. Analisis Investasi dan Teori Portofolio. Yogyakarta: Gajah Mada Press. Jogiyanto. 2010. Teori Portofolio dan Analisis Investasi. Edisi Ketujuh. Yogyakarta: BPFE. Kotchlamazashvili, Zurab. 2014. Empirical Analysis of The EU Term Structure of interest Rates. Berlin: Logos Verlag. Hal: 25-27. Manurung, Adler Haymans. 2000. Mengukur Kinerja Portofolio. Majalah Usahawan. No 11 Nopember XXIX. Hal: 41-46. Manurung, Adler Haymans. 2006. Ke Mana Investasi? Kiat dan Panduan Investasi Keuangan Indonesia. Jakarta: Kompas. Hal : 153-155. Manurung, Jonni. Dan Adler Haymans Manurung. 2009. Ekonomi Keuangan dan Kebijakan Moneter. Jakarta: Salemba Empat. Markowitz H. 1959. Portofolio Selection: efficient Diversification of Investments. Edisi Pertama. New York: John Wiley & Sons. Markowitz H. 1991. Foundations of Portfolio Theory. Journal of Finance. Hal: 469-477. Markowitz H. Todd P. Xu G. Yamane Y. 1993. Computation of meansemivariance efficient sets by the critical line algorithm. Annals ofr operations research. Hal: 307-317. Panggabean, A. B. 2008. Kalkulus. Yogyakarta: Graha Ilmu. Hal: 57-61. Rosadi, D. 2009. Diktat Kuliah Manajemen Resiko Kuantitatif. Program Studi Statistika. FMIPA Universitas Gadjah Mada. Samsul, Mohamad. 2007. Pasar Modal & Manajemen Portofolio. Jakarta: Erlangga. Setyanto, Budi. 2006. Menyusun Portofolio Investasi Optimal Reksa Dana Batasa Syariah dengan Metode Markowitz. Jurnal Ekonomi Keuangan dan Bisnis. Vol. 2 No. 4. Hal: 39-58.

101

Suryomurti, Wiku. 2011. Supercerdas Investasi Syariah. Jakarta: Qultum Media. Tandelilin, E. 2001. Analisis Investasi dan Manajemen Portofolio. Edisi Pertama. Yogyakarta: BPFE. Vasant, Jiten. Laurent Irgolic. Kanshukan Rajaratnam. dan Ryan Kruger.2014. A Comparison of Mean-Variance and Mean-Semivariance Optimisation on The JSE. The Journal of Applied Business Research 30 (No:6). Hal: 1587-1596. Wahyuni, Septi. 2013. Perbandingan Optimisasi Portofoilo Metode MeanVariane dengan Metode Mean-Semivariance. Tugas Akhir. Yogyakarta: Universitas Gadjah Mada. Wayan, I Degeng. 2007. Kalkulus Lanjut: Persamaan Differensial dan Aplikasinya. Yogyakarta : Graha Ilmu. Hal 13-17. www.bi.go.id. Diakses pada tanggal 20 Mei 2015 pukul 22:03. www.finance.yahoo.com. Diakses pada tanggal 16 Mei 2015 pukul 21:11. www.istc.indosat.com. Diakses pada tanggal 20 Mei 2015 pukul 10:16. www.jii-analisa.com. Diakses pada tanggal 15 Mei 2015 pukul 13:53. Zivot, Eric. Jiahui Wang. 2013. Modeling Financial Time Series with S-PLUS. New York: Springer Science+Business Media. Hal: 43-45.

102

Lampiran 1 Historical Price, Simple Net Return (rt), Return, dan Risiko Saham AALI, ADRO, AKRA dan ASII Periode Juni 2013 – Mei 2015 AALI Rt ADRO 19500 930 18350 -6,07849 890 18600 1,353201 910 19300 3,694352 910 19300 0 910 18550 -3,96353 840 19150 3,183293 860 19450 1,554435 820 20950 7,429158 830 20600 -1,68476 830 20000 -2,95588 840 19650 -1,76549 850 20200 2,760527 850 19750 -2,25291 810 19000 -3,87145 790 18700 -1,59155 830 18250 -2,43584 770 19050 4,290202 770 19300 1,303799 810 19200 -0,51948 800 19700 2,570836 860 19600 -0,50891 830 19200 -2,06193 800 18100 -5,89983 770 17350 -4,23194 770 18000 3,677925 790 17450 -3,10321 760 17450 0 740 17500 0,286123 720 18000 2,817088 700 18150 0,82988 710

Rt -4,396312 2,222314 0 0 -8,004271 2,35305 -4,762805 1,212136 0 1,197619 1,183446 0 -4,82021 -2,50013 4,939276 -7,503519 0 5,064373 -1,242252 7,232066 -3,550669 -3,681397 -3,822121 0 2,564243 -3,871451 -2,666825 -2,739897 -2,817088 1,418463

Rt AKRA Rt ASII 5350 7050 5800 8,076136 7050 0 5900 1,709443 7150 1,408474 5950 0,843887 7100 -0,70176 5950 0 7100 0 5700 -4,2925 6800 -4,31722 5500 -3,57181 6850 0,732604 5450 -0,91325 6650 -2,96318 5300 -2,79088 7150 7,24955 4900 -7,84716 6900 -3,55909 5100 4,000533 7050 2,150621 5200 1,941809 6950 -1,4286 5400 3,774033 7000 0,716849 5550 2,739897 6850 -2,16615 5250 -5,55699 6600 -3,7179 4800 -8,96122 6350 -3,86148 4800 0 6300 -0,79052 4725 -1,57484 6150 -2,40976 4850 2,611114 6500 5,53501 5200 6,967992 6700 3,030535 5300 1,904819 7000 4,380262 5300 0 6850 -2,16615 5400 1,869213 6700 -2,21411 4900 -9,71637 6550 -2,26425 4875 -0,51151 6550 0 4825 -1,03094 6750 3,007746 4525 -6,41932 6500 -3,77403 4600 1,643873 6500 0 4650 1,081092 6500 0 4900 5,236799 6600 1,526747 4775 -2,58412 6600 0

103

17850 17300 17100 17500 17500 17200 17350 16750 16000 16000 15850 15850 15550 15350 15200 15200 15200 15200 15200 15200 14600 14600 14850 14800 14600 14100 13300 14450 15850 16000 18300 18250 18050 18400 19750 20100 20650 20600 20800

-1,66671 -3,1297 -1,1628 2,312242 0 -1,72915 0,868312 -3,51942 -4,58095 0 -0,94192 0 -1,91089 -1,29452 -0,982 0 0 0 0 0 -4,02739 0 1,697834 -0,33727 -1,36057 -3,48467 -5,84108 8,293038 9,247509 0,941922 13,43123 -0,2736 -1,10194 1,920498 7,080283 1,756632 2,69955 -0,24242 0,966191

700 690 700 710 700 700 710 720 710 710 700 710 700 680 650 650 650 650 650 650 770 790 770 790 800 740 710 720 850 850 870 860 870 910 930 960 970 960 990

-1,418463 -1,438874 1,438874 1,418463 -1,418463 0 1,418463 1,398624 -1,398624 0 -1,418463 1,418463 -1,418463 -2,898754 -4,512044 0 0 0 0 0 16,94182 2,564243 -2,564243 2,564243 1,257878 -7,796154 -4,138522 1,398624 16,59851 0 2,325686 -1,156082 1,156082 4,495139 2,173999 3,17487 1,036279 -1,036279 3,077166

4700 4650 4750 4675 4650 4650 4725 4900 4875 4775 4750 4650 4325 4400 4475 4475 4475 4475 4475 4475 4725 4850 4900 4900 4900 4500 4400 4650 4250 4250 4150 3875 3550 3900 3975 3975 4000 3900 3600

-1,58315 -1,06953 2,12774 -1,59155 -0,53619 0 1,600034 3,636764 -0,51151 -2,07261 -0,52494 -2,12774 -7,24551 1,71924 1,690181 0 0 0 0 0 5,436121 2,611114 1,02565 0 0 -8,51578 -2,24729 5,526268 -8,99482 0 -2,38106 -6,85627 -8,75981 9,402895 1,904819 0 0,626961 -2,53178 -8,00427

6650 6850 6750 6650 6650 6550 6700 6600 6600 6450 6300 6450 6500 6750 6700 6700 6700 6700 6700 6700 6450 6600 6750 6500 6300 5950 5950 5900 5900 5850 5650 5300 5600 5850 6050 5900 5900 5700 5550

0,754721 2,96318 -1,47061 -1,49257 0 -1,51518 2,264248 -1,50379 0 -2,29895 -2,35305 2,35305 0,772205 3,774033 -0,7435 0 0 0 0 0 -3,80274 2,298952 2,247286 -3,77403 -3,12525 -5,71584 0 -0,84389 0 -0,85107 -3,47861 -6,39487 5,505978 4,367506 3,361661 -2,51059 0 -3,44862 -2,66682

104

21000 21600 21750 21700 21600 20100 19750 20300 20550 20450 19150 19350 19050 19600 19800 19450 19500 19300 19400 19400 18550 18700 19600 20100 20750 21100 21100 21100 21050 20950 20750 21050 21000 21100 20900 20650 20600 20250 19600

0,956945 2,817088 0,692044 -0,23015 -0,46189 -7,19735 -1,75663 2,746739 1,224005 -0,48781 -6,56802 1,03897 -1,56253 2,846246 1,015237 -1,78349 0,25674 -1,03094 0,516797 0 -4,48033 0,805373 4,700604 2,519025 3,182643 1,672679 0 0 -0,23725 -0,47619 -0,95924 1,435431 -0,23781 0,47506 -0,95239 -1,20338 -0,24242 -1,71363 -3,26252

990 1010 910 950 970 940 950 950 950 970 960 960 930 930 920 910 900 890 900 940 900 910 920 990 990 990 990 990 970 1040 1120 1070 1070 1060 1070 1060 1040 1020 1050

0 2,000067 -10,4261 4,301739 2,083409 -3,14162 1,058211 0 0 2,083409 -1,036279 0 -3,17487 0 -1,081092 -1,092907 -1,104984 -1,11733 1,11733 4,348511 -4,348511 1,104984 1,092907 7,333127 0 0 0 0 -2,040887 6,967992 7,410797 -4,567004 0 -0,938974 0,938974 -0,938974 -1,904819 -1,941809 2,898754

3525 3625 3775 3950 4175 4100 4300 4275 4250 4475 4475 4425 4200 4200 4250 4300 4000 4150 4225 4250 4250 4375 4575 4725 4625 4650 4650 4650 4725 4725 4900 4900 4725 4750 4950 5050 5300 5100 5050

-2,10534 2,797385 4,054609 4,53152 5,539878 -1,81274 4,762805 -0,58309 -0,58651 5,158737 0 -1,12361 -5,21858 0 1,183446 1,169604 -7,23207 3,681397 1,791093 0,589972 0 2,898754 4,470018 3,226086 -2,13912 0,539085 0 0 1,600034 0 3,636764 0 -3,63676 0,527706 4,124296 2,000067 4,831858 -3,84663 -0,98523

5700 5850 6350 6200 6150 6200 6900 6750 6750 7100 6900 6850 6400 6300 6400 6500 6450 6350 6350 6450 6400 6350 6500 6550 6800 6900 6900 6900 7000 6850 6900 6900 6650 6700 6950 6950 6800 6800 6900

2,666825 2,597549 8,201315 -2,39055 -0,80972 0,809721 10,69721 -2,19789 0 5,055228 -2,85734 -0,72728 -6,79507 -1,57484 1,574836 1,550419 -0,7722 -1,56253 0 1,562532 -0,77821 -0,78432 2,334736 0,766287 3,745756 1,45988 0 0 1,438874 -2,16615 0,727276 0 -3,69046 0,749067 3,663413 0 -2,1819 0 1,45988

105

18600 19600 20300 20300 20700 21050 20850 20550 20900 21200 21550 21900 22000 22400 22500 22650 22950 22000 21650 21900 22150 22250 22450 22700 23050 24050 24700 24750 25100 25150 23600 23800 22550 22650 23200 23550 24100 24000 24350

-5,2368 5,236799 3,509132 0 1,951281 1,676686 -0,95466 -1,4493 1,688822 1,425202 1,637463 1,611082 0,455582 1,801851 0,445435 0,664454 1,315808 -4,22755 -1,6037 1,148118 1,135086 0,450451 0,894861 1,107431 1,530084 4,246923 2,666825 0,202225 1,404236 0,199005 -6,36112 0,843887 -5,39505 0,442479 2,399243 1,497354 2,308602 -0,4158 1,447802

1020 1040 1060 1060 1030 1080 1160 1190 1150 1140 1180 1170 1220 1190 1170 1150 1180 1210 1140 1130 1120 1130 1140 1120 1170 1190 1170 1200 1230 1220 1180 1160 1110 1130 1150 1150 1130 1120 1120

-2,898754 1,941809 1,904819 0 -2,871011 4,740224 7,145896 2,55333 -3,419136 -0,873368 3,448618 -0,851069 4,184711 -2,489755 -1,694956 -1,724181 2,57525 2,510592 -5,95921 -0,881063 -0,888895 0,888895 0,881063 -1,769958 4,367506 1,694956 -1,694956 2,531781 2,469261 -0,816331 -3,333642 -1,709443 -4,405999 1,785762 1,754431 0 -1,754431 -0,888895 0

4850 4725 4775 4775 4850 4925 4925 4900 4750 4425 4550 4500 4525 4675 4950 4850 4825 4775 4550 4675 4725 4675 4800 4850 4800 4825 4900 4900 4850 4700 4825 4750 4725 4750 4775 4750 4775 4525 4475

-4,04095 -2,61111 1,052641 0 1,558473 1,534557 0 -0,50891 -3,10906 -7,08743 2,785695 -1,10498 0,554018 3,261159 5,715841 -2,04089 -0,5168 -1,04168 -4,82667 2,710193 1,06384 -1,06384 2,638676 1,036279 -1,03628 0,519482 1,542447 0 -1,02565 -3,14162 2,624823 -1,56661 -0,52771 0,527706 0,524936 -0,52494 0,524936 -5,37764 -1,11112

6650 6500 6450 6450 6550 6700 6700 6750 6600 6350 6450 6300 6650 6750 6550 6700 6600 6550 6300 6300 6300 6250 6400 6350 6250 6150 6150 6300 6550 6450 6300 6100 6100 6200 6250 6500 6400 6450 6600

-3,69046 -2,28147 -0,7722 0 1,538492 2,264248 0 0,743498 -2,24729 -3,86148 1,562532 -2,35305 5,406722 1,492565 -3,00775 2,264248 -1,50379 -0,76046 -3,89154 0 0 -0,79682 2,371653 -0,78432 -1,58733 -1,61294 0 2,409755 3,891542 -1,53849 -2,35305 -3,22609 0 1,626052 0,803217 3,922071 -1,55042 0,778214 2,298952

106

24350 24350 24650 25100 25100 25100 24650 23450 22025 21500 22800 22500 21350 21175 21175 20825 20950 20875 21700 21900 22050 22950 22750 21250 21425 21575 21475 21475 21650 21350 21400 22000 22150 22375 23125 23500 23150 23200 22900

0 0 1,224505 1,809095 0 0 -1,80909 -4,99064 -6,26923 -2,41252 5,87076 -1,32452 -5,24636 -0,82305 0 -1,66671 0,598446 -0,35864 3,875999 0,917438 0,682597 4,000533 -0,87528 -6,82083 0,820157 0,697677 -0,46458 0 0,811599 -1,39537 0,233918 2,765153 0,679504 1,010677 3,297002 1,608614 -1,50056 0,21575 -1,30154

1120 1120 1080 1090 1090 1090 1060 1010 930 880 940 945 940 955 955 950 975 975 975 980 1025 1025 1040 965 935 955 950 950 910 895 905 910 905 910 945 940 935 945 975

0 0 -3,636764 0,921666 0 0 -2,790879 -4,831858 -8,252102 -5,526268 6,595797 0,530505 -0,530505 1,583147 0 -0,524936 2,597549 0 0 0,51151 4,489532 0 1,45281 -7,484789 -3,158157 2,116481 -0,524936 0 -4,301739 -1,662088 1,111123 0,550966 -0,550966 0,550966 3,774033 -0,530505 -0,533335 1,06384 3,125254

4475 4475 4400 4375 4375 4375 4475 4475 4435 4420 4445 4460 4520 4750 4750 4750 4630 4685 4640 4630 4580 4445 4470 4350 4190 4410 4400 4400 4400 4370 4285 4200 4285 4440 4505 4500 4485 4500 4560

0 0 -1,69018 -0,5698 0 0 2,259983 0 -0,89787 -0,33879 0,564017 0,33689 1,336323 4,963262 0 0 -2,55877 1,180905 -0,96515 -0,21575 -1,08579 -2,99191 0,560854 -2,72126 -3,74751 5,117396 -0,22701 0 0 -0,68415 -1,96425 -2,0036 2,003603 3,553382 1,453351 -0,11105 -0,33389 0,33389 1,324523

6600 6600 6600 6800 6800 6800 6950 6750 6850 6825 6800 6775 6750 7000 7000 7300 7300 6925 6825 6750 6800 6800 6525 6400 6375 6425 6425 6425 6350 6250 6375 6400 6525 6500 6575 6650 6650 6700 6825

0 0 0 2,985296 0 0 2,181905 -2,91992 1,470615 -0,36563 -0,36697 -0,36832 -0,36969 3,636764 0 4,19642 0 -5,27363 -1,45457 -1,10498 0,738011 0 -4,12817 -1,9343 -0,39139 0,781254 0 0 -1,17418 -1,58733 1,980263 0,39139 1,934296 -0,38388 1,14724 1,134228 0 0,749067 1,848481

107

23200 23850 23750 23500 23800 23750 23825 25175 25500 25400 25350 27100 27600 27575 27900 27825 27450 26300 26075 26150 26050 26425 25900 26100 26325 24925 25400 25400 26000 26000 26175 25800 25350 25350 25700 26250 26250 26300 27700

1,301537 2,763194 -0,42017 -1,05821 1,268516 -0,21031 0,315292 5,511599 1,282701 -0,39293 -0,19704 6,6755 1,828204 -0,09062 1,171712 -0,26918 -1,35687 -4,27972 -0,85919 0,287219 -0,38314 1,429276 -2,00676 0,769235 0,858374 -5,46477 1,887786 0 2,334736 0 0,670822 -1,44303 -1,75958 0 1,371226 2,1175 0 0,190295 5,186347

955 950 975 970 970 940 935 950 995 980 1015 1020 1020 1015 1000 965 945 970 970 980 975 1000 960 990 975 980 975 970 980 980 985 980 985 970 980 970 970 955 1010

-2,072613 -0,524936 2,597549 -0,51414 0 -3,14162 -0,533335 1,591546 4,628075 -1,519017 3,509132 0,491401 0 -0,491401 -1,488861 -3,562718 -2,094317 2,611114 0 1,02565 -0,51151 2,531781 -4,082199 3,077166 -1,526747 0,51151 -0,51151 -0,51414 1,02565 0 0,508907 -0,508907 0,508907 -1,534557 1,02565 -1,02565 0 -1,558473 5,599427

4580 4475 4535 4575 4590 4545 4545 4600 4560 4600 4720 4780 4750 4745 4795 4760 4675 4650 4780 5050 5025 4875 4830 4875 4715 4800 4835 4825 4835 4835 5075 5075 4930 4875 4930 4900 4900 4715 4660

0,437637 -2,31926 1,331873 0,878162 0,327333 -0,98523 0 1,202858 -0,87337 0,873368 2,57525 1,263175 -0,62959 -0,10532 1,048228 -0,7326 -1,80185 -0,53619 2,757333 5,49477 -0,49628 -3,03053 -0,92736 0,927364 -3,33712 1,7867 0,726521 -0,20704 0,207039 0 4,84454 0 -2,89875 -1,12189 1,121888 -0,61038 0 -3,84863 -1,17335

6800 6950 6900 6975 6775 6700 6550 6700 6950 6800 6825 7025 7025 7000 7275 7250 7225 7275 7800 7925 7700 7875 7550 7350 7275 7250 7300 7250 7375 7375 7675 7725 7800 7800 8000 8025 8025 7525 7675

-0,36697 2,181905 -0,72202 1,081092 -2,9093 -1,11318 -2,26425 2,264248 3,663413 -2,1819 0,366973 2,888287 0 -0,35651 3,853366 -0,34423 -0,34542 0,689658 6,967992 1,589859 -2,8802 2,247286 -4,21456 -2,68473 -1,02565 -0,34423 0,687288 -0,68729 1,709443 0 3,987239 0,649353 0,966191 0 2,531781 0,312013 0 -6,43309 1,973748

108

27750 27225 27100 28350 28350 28000 28275 29100 29000 28300 28500 29000 29400 29400 29425 29675 29100 29225 29025 29225 29000 28500 28775 28775 28975 29125 27500 26800 26900 27000 26850 26850 27800 27800 27325 26875 26850 26800 26875

0,180343 -1,91002 -0,46019 4,50933 0 -1,24225 0,977351 2,876015 -0,34423 -2,4434 0,704228 1,739174 1,369884 0 0,084998 0,846029 -1,95668 0,428633 -0,6867 0,686698 -0,77287 -1,73917 0,960287 0 0,692643 0,516352 -5,74109 -2,57841 0,37244 0,371058 -0,5571 0 3,47702 0 -1,7234 -1,66055 -0,09307 -0,18639 0,27946

1010 970 985 980 980 975 1010 1070 1085 1090 1135 1125 1185 1185 1140 1165 1180 1135 1100 1120 1195 1230 1235 1235 1245 1275 1300 1285 1300 1305 1305 1305 1290 1290 1225 1270 1275 1280 1280

0 -4,040954 1,534557 -0,508907 0 -0,51151 3,526814 5,770832 1,392134 0,459771 4,045495 -0,884962 5,195974 0 -3,871451 2,169282 1,279335 -3,888179 -3,132247 1,801851 6,48175 2,886798 0,40568 0 0,806456 2,381065 1,941809 -1,160555 1,160555 0,383878 0 0 -1,156082 0 -5,170137 3,607606 0,392928 0,39139 0

4750 4855 4800 4775 4775 4730 4785 4760 4790 4785 4800 4770 4770 4770 4655 4615 4575 4555 4555 4550 4655 4660 4710 4710 4640 4560 4380 4420 4445 4435 4440 4440 4460 4460 4125 4300 4360 4385 4345

1,912917 2,186448 -1,13932 -0,52219 0 -0,94688 1,156082 -0,52384 0,628274 -0,10444 0,312989 -0,62696 0 0 -2,44044 -0,863 -0,87052 -0,43812 0 -0,10983 2,281468 0,107354 1,067246 0 -1,49735 -1,73917 -4,02739 0,909097 0,564017 -0,22523 0,112676 0 0,449439 0 -7,80827 4,1549 1,385703 0,571757 -0,91639

7700 7725 7750 7825 7825 7900 7850 7900 7950 7875 7600 7475 7425 7425 7425 7425 7400 7500 7475 7475 7500 7425 7575 7575 7675 7700 7500 7500 7600 7500 7450 7450 7450 7450 7075 7225 7225 7175 7150

0,325204 0,324149 0,323102 0,963089 0 0,953902 -0,63492 0,634923 0,630917 -0,94787 -3,55449 -1,65841 -0,67114 0 0 0 -0,33727 1,342302 -0,33389 0 0,33389 -1,00503 2,000067 0 1,311494 0,325204 -2,63173 0 1,324523 -1,32452 -0,6689 0 0 0 -5,16466 2,097979 0 -0,69445 -0,34904

109

26850 26250 26650 26650 26400 26475 26600 27025 27150 27000 27400 27400 28400 29000 29300 28700 28175 27300 27600 27225 27500 27775 27000 27000 27150 26500 26475 25950 26075 25900 26150 26250 26000 26000 26575 26700 26700 26700 26700

-0,09307 -2,25998 1,512316 0 -0,94251 0,283688 0,471032 1,585115 0,461468 -0,55402 1,470615 0 3,584613 2,090668 1,029169 -2,06904 -1,84621 -3,15484 1,092907 -1,36801 1,005034 0,995033 -2,82995 0 0,554018 -2,42323 -0,09438 -2,00293 0,480539 -0,6734 0,960622 0,38168 -0,95695 0 2,187439 0,469264 0 0 0

1320 1280 1300 1325 1270 1280 1225 1285 1265 1230 1185 1155 1135 1145 1200 1185 1175 1165 1200 1190 1190 1195 1180 1180 1180 1130 1105 1145 1150 1110 1115 1130 1095 1105 1155 1185 1185 1185 1185

3,077166 -3,077166 1,550419 1,904819 -4,239556 0,784318 -4,391923 4,781787 -1,56866 -2,805795 -3,727139 -2,564243 -1,746769 0,877199 4,691692 -1,257878 -0,847463 -0,854706 2,960047 -0,836825 0 0,419288 -1,263175 0 0 -4,329681 -2,23723 3,55593 0,435731 -3,540193 0,449439 1,336323 -3,146327 0,909097 4,425501 2,564243 0 0 0

4295 4260 4395 4520 4550 4605 4600 4550 4580 4510 4410 4435 4500 4530 4435 4380 4330 4280 4370 4485 4520 4575 4515 4515 4715 4655 4550 4625 4710 4550 4510 4520 4405 4435 4495 4400 4400 4400 4400

-1,15742 -0,81824 3,119837 2,804446 0,661524 1,201544 -0,10864 -1,09291 0,657177 -1,54018 -2,24225 0,565293 1,454978 0,664454 -2,11943 -1,24789 -1,14812 -1,16145 2,081 2,597549 0,77735 1,20947 -1,32015 0 4,334373 -1,2807 -2,28147 1,634914 1,821154 -3,45607 -0,88301 0,221484 -2,57717 0,678736 1,343805 -2,13611 0 0 0

7200 7225 7400 7525 7450 7400 7250 7225 7175 7150 7150 7225 7275 7200 7225 7350 7275 7350 7450 7350 7350 7500 7650 7650 7825 7550 7500 7600 7600 7600 7650 7725 7725 7700 7675 7725 7725 7725 7725

0,696867 0,346621 2,393277 1,675081 -1,00168 -0,6734 -2,04785 -0,34542 -0,69445 -0,34904 0 1,043488 0,689658 -1,03628 0,346621 1,715308 -1,02565 1,02565 1,351372 -1,35137 0 2,020271 1,980263 0 2,261809 -3,57762 -0,66445 1,324523 0 0 0,65574 0,975617 0 -0,32415 -0,3252 0,649353 0 0 0

110

26700 26700 26250 26275 26650 26450 26225 26500 26250 26275 26275 26050 26075 26550 26350 26175 26150 25900 25850 25900 26000 25500 25550 25625 25850 25500 25800 25775 25300 24425 23550 23350 23300 23000 23075 23850 23875 23600 23150

0 0 -1,69976 0,095193 1,417123 -0,7533 -0,8543 1,043158 -0,94787 0,095193 0 -0,86001 0,095923 1,805275 -0,75615 -0,66635 -0,09556 -0,96062 -0,19324 0,193237 0,385357 -1,94181 0,195886 0,293112 0,874216 -1,36321 1,169604 -0,09695 -1,86006 -3,51972 -3,64814 -0,85288 -0,21436 -1,29591 0,325556 3,303444 0,104767 -1,15852 -1,92519

1185 1185 1235 1255 1255 1270 1255 1265 1265 1285 1295 1295 1320 1330 1320 1280 1255 1230 1270 1340 1315 1315 1320 1335 1370 1375 1355 1385 1330 1285 1285 1305 1275 1270 1320 1290 1265 1255 1270

0 0 4,13282 1,60646 0 1,188133 -1,188133 0,793655 0 1,56866 0,775198 0 1,912104 0,754721 -0,754721 -3,077166 -1,972451 -2,01214 3,200273 5,365271 -1,883295 0 0,379507 1,129956 2,587945 0,364299 -1,465228 2,189869 -4,05212 -3,442022 0 1,544432 -2,325686 -0,392928 3,861484 -2,298952 -1,95701 -0,793655 1,188133

4400 4400 4620 4620 4650 4605 4600 4690 4675 4800 4800 4930 5050 4950 4845 4990 5050 5000 4980 4915 5100 5250 5500 5675 5600 5300 5250 5300 5325 5325 5250 5225 5225 5225 5225 5250 5250 5250 5225

0 0 4,879016 0 0,647251 -0,97245 -0,10864 1,937628 -0,32034 2,638676 0 2,672307 2,404926 -2,00007 -2,14403 2,948866 1,195233 -0,99503 -0,4008 -1,31381 3,694879 2,898754 4,652002 3,132247 -1,3304 -5,50598 -0,94787 0,947874 0,470589 0 -1,41846 -0,47733 0 0 0 0,477328 0 0 -0,47733

7725 7725 7900 7800 7625 7675 7550 7650 7650 7725 7725 7650 7675 7675 7725 7775 7725 7625 7600 7600 7675 7575 7625 7725 7675 7550 7650 7575 7500 7325 7250 7225 7300 7250 7275 7375 7350 7350 7250

0 0 2,240094 -1,2739 -2,26914 0,653597 -1,64207 1,315808 0 0,975617 0 -0,97562 0,326265 0 0,649353 0,645164 -0,64516 -1,30295 -0,32841 0 0,982005 -1,31149 0,657897 1,30295 -0,64935 -1,64207 1,315808 -0,98523 -0,99503 -2,36099 -1,02917 -0,34542 1,032711 -0,68729 0,344234 1,365209 -0,33956 0 -1,36988

111

23175 23500 23200 23000 23000 23100 22600 22025 22100 22475 22100 22325 21900 21900 21800 20825 20100 19950 19600 19425 19625 19675 20300 20300 19975 21075 23000 23500 23850 23200 23000 23025 22925 22925 23600 24150 23650 23250 23550

0,107933 1,392631 -1,28481 -0,86581 0 0,43384 -2,18827 -2,57717 0,339944 1,682597 -1,6826 1,012952 -1,92205 0 -0,45767 -4,57558 -3,54344 -0,74907 -1,76996 -0,89687 1,024337 0,254453 3,127209 0 -1,61394 5,360601 8,740671 2,150621 1,47838 -2,76319 -0,86581 0,108637 -0,43526 0 2,901869 2,303767 -2,09213 -1,7058 1,282069

1265 1275 1195 1165 1175 1160 1120 1105 1140 1140 1155 1140 1090 1010 1010 940 965 980 960 975 1030 1050 1055 1045 1030 1100 1100 1135 1150 1140 1100 1080 1095 1085 1090 1020 1000 1000 1500

-0,394478 0,787406 -6,479999 -2,54251 0,854706 -1,284814 -3,509132 -1,348335 3,118293 0 1,307208 -1,307208 -4,485057 -7,622737 0 -7,182573 2,624823 1,542447 -2,061929 1,550419 5,487661 1,923136 0,47506 -0,952388 -1,445808 6,575138 0 3,132247 1,312929 -0,873368 -3,571808 -1,834914 1,379332 -0,917438 0,459771 -6,637507 -1,980263 0 40,54651

5275 5225 5200 5325 5450 5350 5175 5150 5050 5025 4880 4870 4760 4800 4705 4805 4880 4920 4890 4810 4965 4905 4920 4945 4805 4765 4800 4925 4850 4880 4840 4820 4775 4685 4565 4620 4640 4685 4660

0,952388 -0,95239 -0,47962 2,375409 2,32029 -1,8519 -3,32572 -0,48426 -1,96085 -0,49628 -2,92802 -0,20513 -2,28463 0,836825 -1,99901 2,103127 1,548818 0,816331 -0,61162 -1,64952 3,171621 -1,21582 0,305344 0,506843 -2,87199 -0,83595 0,731838 2,570836 -1,53456 0,616651 -0,82305 -0,41408 -0,938 -1,90281 -2,59474 1,197619 0,431966 0,965155 -0,53505

7200 7175 7000 7050 7050 7000 6600 6600 6725 6800 6700 6725 6500 6350 6400 6400 6350 6550 6600 6500 6550 6700 6600 6525 6650 6875 6900 6775 6875 6775 6950 6950 6950 6725 6875 7100 7100 7175 7125

-0,69204 -0,34783 -2,46926 0,711747 0 -0,71175 -5,88405 0 1,876228 1,109069 -1,48151 0,37244 -3,40297 -2,33474 0,784318 0 -0,78432 3,101024 0,76046 -1,52675 0,766287 2,264248 -1,50379 -1,14287 1,89759 3,327479 0,362977 -1,8282 1,465228 -1,46523 2,550229 0 0 -3,29097 2,205972 3,220314 0 1,050798 -0,6993

112

23750 23975 24775 25100 24975 24025 24175 24450 24000 23025 23200 23125 23425 24400 23900 23875 23900 24000 23675 23125 22500 22400 23300 22900 22950 23275 23300 23300 23300 23750 24250 24250 24250 24575 24675 24300 24700 25225 25975

0,845671 0,942909 3,282346 1,303277 -0,49925 -3,87804 0,622409 1,131117 -1,85764 -4,14732 0,75717 -0,3238 1,288954 4,07793 -2,07047 -0,10466 0,104657 0,417537 -1,36342 -2,35054 -2,7399 -0,44544 3,93924 -1,73165 0,218103 1,406189 0,107354 0 0 1,912917 2,083409 0 0 1,331305 0,406092 -1,53142 1,632689 2,103232 2,929897

1015 1030 1070 1075 1090 1095 1105 1100 1080 1065 1085 1095 1135 1120 1095 1090 1065 1060 1025 1025 1040 1050 1065 1060 1060 1055 1060 1060 1060 1040 1040 1040 1040 1040 1025 1010 1010 985 1005

-39,05765 1,467019 3,809985 0,466201 1,385703 0,457667 0,909097 -0,453516 -1,834914 -1,398624 1,860519 0,917438 3,587829 -1,330397 -2,257432 -0,457667 -2,32029 -0,470589 -3,35763 0 1,45281 0,956945 1,418463 -0,470589 0 -0,472814 0,472814 0 0 -1,904819 0 0 0 0 -1,45281 -1,474228 0 -2,506397 2,010118

4695 4705 4600 4635 4670 4625 4605 4650 4650 4605 4600 4435 4520 4525 4535 4475 4570 4595 4670 4670 4550 4430 4330 4285 4175 4205 4080 4080 4080 4080 4120 4120 4120 4500 4550 4550 4540 4575 4605

0,748266 0,212766 -2,25695 0,75799 0,752287 -0,96827 -0,43337 0,972455 0 -0,97245 -0,10864 -3,65287 1,898438 0,110558 0,220751 -1,33187 2,100685 0,545555 1,619032 0 -2,60318 -2,67276 -2,2832 -1,0447 -2,60062 0,715994 -3,01773 0 0 0 0,975617 0 0 8,822423 1,104984 0 -0,22002 0,767969 0,653597

7200 7150 6875 6950 7100 6900 7025 7100 7125 7125 7000 6900 6975 7100 7100 7100 7150 7100 7175 7025 7100 7025 7200 7200 7125 7275 7325 7325 7325 7350 7425 7425 7425 7400 7225 7050 7150 7075 7025

1,04713 -0,69687 -3,92207 1,085002 2,135312 -2,85734 1,79538 1,061957 0,351494 0 -1,76996 -1,43887 1,081092 1,776246 0 0 0,701757 -0,70176 1,050798 -2,11275 1,061957 -1,06196 2,460581 0 -1,04713 2,083409 0,684934 0 0 0,340716 1,015237 0 0 -0,33727 -2,39328 -2,45196 1,408474 -1,05449 -0,70922

113

25800 25900 24900 24950 24725 24500 24500 24175 24000 24000 23525 24275 23675 23200 23250 23450 23400 23625 24450 26400 25200 24725 25100 25425 25600 25000 25200 25225 25225 24975 24525 24200 24500 24950 24650 25550 25625 25975 26300

-0,676 0,386848 -3,93752 0,200602 -0,90589 -0,91418 0 -1,33541 -0,72652 0 -1,99901 3,138333 -2,50274 -2,02674 0,215285 0,856536 -0,21345 0,956945 3,432474 7,673379 -4,652 -1,90291 1,505297 1,28651 0,685941 -2,37165 0,796817 0,099157 0 -0,99602 -1,81823 -1,33404 1,232048 1,82007 -1,20969 3,586042 0,293112 1,35661 1,24344

995 965 945 935 935 945 980 1005 1015 1000 980 1000 995 985 1000 995 990 1000 995 995 980 995 980 985 1000 990 1000 995 995 995 980 965 960 945 960 1020 1015 985 1005

-1,000008 -3,061464 -2,094317 -1,06384 0 1,06384 3,636764 2,519025 0,990107 -1,488861 -2,020271 2,020271 -0,501254 -1,01011 1,511364 -0,501254 -0,503779 1,005034 -0,501254 0 -1,519017 1,519017 -1,519017 0,508907 1,511364 -1,005034 1,005034 -0,501254 0 0 -1,519017 -1,542447 -0,519482 -1,574836 1,574836 6,062462 -0,491401 -3,000225 2,010118

4580 4585 4530 4580 4590 4510 4510 4575 4530 4460 4455 4610 4620 4700 4695 4650 4585 4590 4565 4605 4675 4700 4760 4855 4895 4790 4815 4860 4860 4870 4810 4840 4845 4845 4870 4975 4990 5050 5075

-0,54437 0,109111 -1,20682 1,097706 0,218103 -1,75829 0 1,430955 -0,98848 -1,55732 -0,11217 3,42008 0,216685 1,71678 -0,10644 -0,96309 -1,40771 0,108992 -0,54615 0,872416 1,508649 0,533335 1,268516 1,976143 0,820517 -2,16839 0,520563 0,930239 0 0,20555 -1,23969 0,621764 0,103252 0 0,514669 2,133143 0,301054 1,195233 0,493828

7000 7175 7050 7275 7300 7425 7450 7675 7750 8075 8025 7825 7825 7750 7850 7750 7625 7725 7550 7600 7575 7625 7875 7925 7950 7800 7800 7950 7950 7850 7900 8000 8150 8050 7850 7875 8000 7875 7850

-0,35651 2,469261 -1,75751 3,14162 0,343054 1,697834 0,336135 2,975426 0,972455 4,108003 -0,62112 -2,52379 0 -0,96309 1,282069 -1,28207 -1,62605 1,30295 -2,29143 0,660068 -0,32949 0,657897 3,226086 0,632914 0,314961 -1,90482 0 1,904819 0 -1,26584 0,634923 1,257878 1,857639 -1,23458 -2,51586 0,317965 1,574836 -1,57484 -0,31797

114

26150 26075 26075 26100 26150 25625 26025 26250 25625 25625 25750 24725 24550 23500 23200 23650 23800 24300 24000 23900 23900 23525 24000 24175 24075 24125 23750 23300 22900 22750 23100 22825 23350 23075 23100 22000 20025 20300 19925

-0,57197 -0,28722 0 0,095831 0,191388 -2,02808 1,548918 0,860837 -2,40976 0 0,486619 -4,06197 -0,7103 -4,37114 -1,28481 1,921084 0,632247 2,079077 -1,24225 -0,41754 0 -1,58148 1,999014 0,726521 -0,41451 0,207469 -1,56661 -1,91292 -1,73165 -0,65718 1,526747 -1,19762 2,274056 -1,18472 0,108284 -4,87902 -9,4061 1,363939 -1,86457

985 990 985 955 970 970 945 955 955 970 950 970 975 965 945 950 960 950 960 980 980 980 980 965 980 975 955 955 960 965 960 950 975 970 980 970 920 930 895

-2,010118 0,50633 -0,50633 -3,09303 1,558473 0 -2,611114 1,052641 0 1,558473 -2,083409 2,083409 0,51414 -1,030937 -2,094317 0,527706 1,04713 -1,04713 1,04713 2,061929 0 0 0 -1,542447 1,542447 -0,51151 -2,072613 0 0,522194 0,519482 -0,519482 -1,04713 2,597549 -0,51414 1,02565 -1,02565 -5,29224 1,081092 -3,836087

4975 5000 5175 5150 5075 5125 5025 5000 5025 4955 4800 5025 5075 5000 4995 4995 5000 5125 5350 5525 5525 5525 5600 5575 5450 5225 5125 5000 5025 5075 5325 5375 5500 5500 5400 5150 5100 5200 5200

-1,99012 0,501254 3,440143 -0,48426 -1,46702 0,9804 -1,97051 -0,49875 0,498754 -1,40283 -3,17812 4,580954 0,990107 -1,48886 -0,10005 0 0,10005 2,469261 4,296604 3,218669 0 0 1,348335 -0,44743 -2,26767 -4,21608 -1,93243 -2,46926 0,498754 0,990107 4,808619 0,934586 2,298952 0 -1,83491 -4,74022 -0,97562 1,941809 0

8075 7950 7975 7850 7900 7875 7975 8000 7975 8050 8100 8175 8150 8200 8150 8200 8375 8575 8175 8075 8075 8200 8150 7975 8150 8150 8175 8200 8175 8050 7975 7700 7925 7900 7900 7875 7450 7375 7100

2,825934 -1,56009 0,313972 -1,57981 0,634923 -0,31696 1,261846 0,312989 -0,31299 0,936044 0,619197 0,921666 -0,30628 0,611623 -0,61162 0,611623 2,111692 2,359992 -4,77703 -1,23078 0 1,536129 -0,61162 -2,17063 2,170628 0 0,306279 0,305344 -0,30534 -1,54086 -0,93604 -3,50913 2,880199 -0,31596 0 -0,31696 -5,54792 -1,01181 -3,80011

115

20350 20350 20250 20400 20975 20450 21200 22225 24150 26000 26000 return risiko

2,110569 0 -0,49261 0,738011 2,779635 -2,53484 3,60183 4,72166 8,30666 7,381216 0 0,056519 2,402444

875 -2,259983 875 0 845 -3,488726 870 2,915658 875 0,573067 855 -2,312242 860 0,583092 905 5,100255 915 1,098912 930 1,626052 930 0 return 3,45E-16 risiko 3,711397

5200 5200 5000 5025 5275 5200 5300 5325 5100 5225 5225 return risiko

0 0 -3,92207 0,498754 4,855323 -1,43201 1,904819 0,470589 -4,31722 2,421426 0 -0,00464 2,446764

6850 6850 7100 7275 7350 7200 7400 7325 7375 7525 7525 return risiko

-3,58461 0 3,584613 2,434903 1,02565 -2,06193 2,739897 -1,01868 0,680275 2,013491 0 0,01281 2,052015

116

Lampiran 2 Historical Price, Simple Net Return (rt), Return, dan Risiko Saham ASRI, BMTR, BSDE, dan CPIN Periode Juni 2013 – Mei 2015 BMTR BSDE Rt CPIN Rt Rt ASRI Rt 1060 2600 2200 4950 1020 -3,84663 2500 -3,92207 1990 -10,0323 4900 -1,01524 970 -5,02618 2500 0 2000 0,501254 5000 2,020271 940 -3,14162 2425 -3,04592 2000 0 5050 0,995033 940 0 2425 0 2000 0 5050 0 900 -4,34851 2350 -3,14162 1940 -3,04592 4750 -6,12436 890 -1,11733 2250 -4,34851 1860 -4,21115 4775 0,524936 800 -10,661 2100 -6,89929 1730 -7,24551 4550 -4,82667 850 6,062462 2050 -2,40976 1830 5,619456 4725 3,774033 820 -3,5932 1940 -5,51518 1790 -2,21003 4400 -7,1263 840 2,409755 2100 7,924937 1870 4,372281 4750 7,654008 880 4,652002 2225 5,781957 1910 2,116481 5100 7,109592 870 -1,14287 2325 4,396312 1890 -1,05264 5100 0 860 -1,15608 2250 -3,27898 1860 -1,60003 5000 -1,98026 800 -7,23207 2050 -9,30904 1820 -2,174 4700 -6,18754 800 0 1960 -4,48953 1780 -2,22231 4600 -2,15062 760 -5,12933 1860 -5,2368 1700 -4,59851 4550 -1,09291 770 1,307208 1880 1,069529 1710 0,586512 4400 -3,35227 800 3,822121 2000 6,18754 1750 2,312242 4700 6,595797 810 1,242252 2075 3,681397 1750 0 4875 3,65576 750 -7,6961 2150 3,550669 1800 2,817088 5150 5,487661 750 0 2100 -2,35305 1820 1,104984 4950 -3,96091 730 -2,70287 2050 -2,40976 1780 -2,22231 4700 -5,18251 710 -2,77796 1930 -6,03198 1710 -4,012 4400 -6,5958 690 -2,85734 1930 0 1690 -1,17648 4350 -1,14287 740 6,995859 1930 0 1670 -1,19049 4475 2,833051 670 -9,93725 1870 -3,15816 1500 -10,7359 4275 -4,57222 670 0 1920 2,638676 1390 -7,61614 4325 1,162804 700 4,380262 1960 2,061929 1450 4,225981 4400 1,71924 710 1,418463 1950 -0,51151 1510 4,054609 4600 4,445176 730 2,777956 2000 2,531781 1450 -4,05461 4650 1,081092 730 0 2125 6,062462 1450 0 4700 1,069529 750 2,702867 2400 12,16969 1500 3,390155 4700 0

117

760 760 750 750 780 750 740 700 710 710 700 700 720 720 720 720 720 720 750 800 810 810 790 710 700 680 590 550 560 495 485 540 550 520 530 490 470 460 510 620 590

1,324523 0 -1,32452 0 3,922071 -3,92207 -1,3423 -5,55699 1,418463 0 -1,41846 0 2,817088 0 0 0 0 0 4,082199 6,453852 1,242252 0 -2,50013 -10,6768 -1,41846 -2,89875 -14,197 -7,02043 1,801851 -12,3379 -2,04089 10,74202 1,834914 -5,60895 1,904819 -7,84716 -4,16727 -2,15062 10,31842 19,53088 -4,95969

2475 2475 2375 2325 2450 2475 2425 2400 2325 2375 2300 2325 2300 2300 2300 2300 2300 2300 2250 2275 2300 2250 2125 1980 1770 1750 1650 1700 1660 1520 1480 1500 1750 1720 1690 1650 1650 1680 1690 1820 1790

3,077166 0 -4,1243 -2,12774 5,236799 1,015237 -2,04089 -1,03628 -3,17487 2,12774 -3,20883 1,081092 -1,08109 0 0 0 0 0 -2,19789 1,104984 1,092907 -2,19789 -5,71584 -7,0675 -11,2117 -1,13638 -5,88405 2,985296 -2,38106 -8,81073 -2,66682 1,342302 15,41507 -1,72915 -1,75958 -2,39532 0 1,801851 0,593474 7,410797 -1,66209

1560 1600 1610 1600 1650 1600 1570 1520 1550 1550 1580 1570 1550 1550 1550 1550 1550 1550 1570 1650 1630 1660 1600 1500 1380 1400 1340 1350 1310 1210 1230 1280 1310 1240 1260 1260 1240 1240 1250 1400 1380

3,922071 2,531781 0,623055 -0,62305 3,077166 -3,07717 -1,8928 -3,23653 1,95446 0 1,916992 -0,63492 -1,28207 0 0 0 0 0 1,282069 4,969967 -1,21953 1,823759 -3,6814 -6,45385 -8,33816 1,438874 -4,38026 0,743498 -3,00775 -7,94068 1,639381 3,984591 2,316706 -5,49158 1,600034 0 -1,60003 0 0,803217 11,33287 -1,43887

4700 4800 4625 4500 4575 4550 4425 4275 4350 4350 4300 4150 4150 4150 4150 4150 4150 4150 4050 4250 4350 4325 4150 3775 3600 3675 3200 3000 2950 2750 3075 3100 3375 3075 3000 2850 2575 2750 3000 3475 3550

0 2,105341 -3,71395 -2,7399 1,65293 -0,54795 -2,7857 -3,44862 1,739174 0 -1,15608 -3,55067 0 0 0 0 0 0 -2,43915 4,82021 2,325686 -0,57637 -4,13038 -9,4708 -4,74665 2,061929 -13,8402 -6,45385 -1,68071 -7,02043 11,1704 0,809721 8,499321 -9,30904 -2,46926 -5,12933 -10,1469 6,575138 8,701138 14,69822 2,135312

118

600 600 610 580 580 680 660 640 620 610 630 630 600 620 610 620 620 590 610 600 580 580 580 580 580 570 610 620 600 640 690 680 670 660 660 610 580 570 570 560 570

1,680712 0 1,65293 -5,04309 0 15,90647 -2,9853 -3,07717 -3,17487 -1,62605 3,226086 0 -4,87902 3,278982 -1,62605 1,626052 0 -4,95969 3,333642 -1,65293 -3,39016 0 0 0 0 -1,73917 6,78226 1,626052 -3,27898 6,453852 7,522342 -1,45988 -1,48151 -1,50379 0 -7,87809 -5,04309 -1,73917 0 -1,76996 1,769958

1790 1820 2050 2050 1980 2050 1970 1990 1960 2025 2025 2025 1930 2025 2025 2000 2050 2050 2125 2175 1970 1990 1990 1990 1950 1970 1970 1990 1950 1930 1940 1930 1960 1950 1980 1910 1860 1760 1760 1830 1910

0 1,662088 11,90033 0 -3,47429 3,474295 -3,98063 1,01011 -1,51902 3,262523 0 0 -4,80497 4,80497 0 -1,24225 2,469261 0 3,593201 2,325686 -9,89951 1,01011 0 0 -2,03053 1,020417 0 1,01011 -2,03053 -1,03094 0,516797 -0,5168 1,542447 -0,51151 1,526747 -3,59936 -2,65268 -5,52627 0 3,900216 4,278728

1420 1410 1460 1470 1430 1660 1600 1570 1500 1480 1460 1460 1440 1470 1510 1490 1470 1400 1430 1420 1450 1490 1490 1490 1460 1510 1550 1600 1590 1610 1620 1620 1630 1630 1630 1570 1540 1510 1510 1510 1540

2,857337 -0,70672 3,484673 0,682597 -2,7588 14,91432 -3,6814 -1,8928 -4,56105 -1,3423 -1,36057 0 -1,37933 2,061929 2,684725 -1,33335 -1,35137 -4,87902 2,120221 -0,70176 2,090668 2,721256 0 0 -2,03397 3,367322 2,614528 3,17487 -0,62696 1,250016 0,619197 0 0,615387 0 0 -3,75044 -1,92932 -1,96728 0 0 1,967277

3650 3800 3900 3925 3950 4200 3550 3825 3825 3750 3775 3850 3400 3600 3650 3650 3600 3575 3675 3725 3625 3725 3725 3725 3725 3850 4000 4125 3975 4025 4025 3850 3900 3900 3950 3900 3675 3650 3650 3850 3875

2,777956 4,02739 2,597549 0,63898 0,634923 6,136895 -16,8137 7,461086 0 -1,98026 0,664454 1,967277 -12,4298 5,715841 1,379332 0 -1,37933 -0,69687 2,758796 1,351372 -2,72126 2,721256 0 0 0 3,30063 3,822121 3,077166 -3,70413 1,250016 0 -4,44518 1,29034 0 1,273903 -1,2739 -5,94234 -0,6826 0 5,334598 0,647251

119

540 540 520 510 520 500 510 510 500 485 470 470 455 480 470 475 530 520 495 485 475 470 460 465 465 455 445 460 455 450 430 425 430 430 430 430 430 430 430 455 445

-5,40672 0 -3,77403 -1,94181 1,941809 -3,92207 1,980263 0 -1,98026 -3,04592 -3,14162 0 -3,24353 5,348868 -2,10534 1,058211 10,95622 -1,90482 -4,9271 -2,04089 -2,08341 -1,05821 -2,15062 1,081092 0 -2,174 -2,22231 3,315221 -1,09291 -1,10498 -4,54624 -1,1696 1,169604 0 0 0 0 0 0 5,651221 -2,22231

1960 1960 1930 1860 1860 1860 1870 1880 1860 1890 1890 1920 1950 1920 1920 1950 1980 1970 1880 1860 1830 1860 1940 1940 1910 1910 1890 1910 1940 1940 1910 1900 1890 1890 1890 1890 1900 1900 1900 1900 1890

2,584123 0 -1,54245 -3,69435 0 0 0,536194 0,533335 -1,06953 1,600034 0 1,574836 1,550419 -1,55042 0 1,550419 1,526747 -0,50633 -4,67618 -1,06953 -1,62605 1,626052 4,211149 0 -1,55847 0 -1,05264 1,052641 1,558473 0 -1,55847 -0,52494 -0,52771 0 0 0 0,527706 0 0 0 -0,52771

1500 1460 1420 1360 1450 1430 1420 1410 1380 1400 1400 1380 1360 1390 1360 1350 1480 1460 1450 1450 1440 1390 1370 1370 1340 1330 1290 1340 1320 1300 1270 1250 1230 1230 1230 1240 1290 1290 1290 1320 1290

-2,63173 -2,70287 -2,77796 -4,31722 6,407886 -1,38891 -0,70176 -0,70672 -2,15062 1,438874 0 -1,43887 -1,45988 2,181905 -2,1819 -0,73801 9,19375 -1,36057 -0,68729 0 -0,69204 -3,53394 -1,4493 0 -2,21411 -0,74907 -3,05367 3,80274 -1,50379 -1,52675 -2,33474 -1,58733 -1,61294 0 0 0,809721 3,953084 0 0 2,298952 -2,29895

3975 3850 3775 3625 3725 3625 3775 3750 3725 3750 3725 3750 3550 3550 3525 3400 3550 3475 3400 3350 3300 3300 3450 3450 3325 3200 3125 3275 3250 3300 3400 3325 3350 3350 3350 3375 3375 3375 3375 3525 3400

2,547909 -3,19516 -1,96728 -4,05461 2,721256 -2,72126 4,054609 -0,66445 -0,6689 0,668899 -0,6689 0,668899 -5,48082 0 -0,70672 -3,6105 4,317217 -2,13531 -2,1819 -1,48151 -1,50379 0 4,445176 0 -3,69046 -3,83189 -2,37165 4,688359 -0,76629 1,526747 2,985296 -2,23058 0,749067 0 0 0,743498 0 0 0 4,348511 -3,6105

120

430 425 448 444 458 498 498 496 515 520 525 540 520 525 510 495 500 520 510 510 515 505 510 535 555 540 570 570 560 570 590 580 580 565 595 595 585 565 580 575 565

-3,42891 -1,1696 5,270406 -0,89687 3,104462 8,373089 0 -0,40242 3,759097 0,966191 0,956945 2,817088 -3,77403 0,956945 -2,89875 -2,9853 1,005034 3,922071 -1,94181 0 0,975617 -1,96085 0,98523 4,785602 3,670137 -2,7399 5,406722 0 -1,76996 1,769958 3,448618 -1,70944 0 -2,62024 5,173567 0 -1,69496 -3,47861 2,620237 -0,86581 -1,75443

1840 1785 1835 1830 1835 1860 1860 1875 1905 1910 1935 1935 1930 1930 1855 1800 1830 1855 1850 1850 1800 1765 1755 1810 1835 1815 1800 1830 1810 1850 1920 1965 2095 2100 2110 2095 2080 2120 2150 2185 2130

-2,68113 -3,03472 2,762607 -0,27285 0,272851 1,353201 0 0,803217 1,587335 0,262123 1,300408 0 -0,25873 0 -3,96353 -3,0098 1,65293 1,356873 -0,26991 0 -2,7399 -1,9636 -0,56818 3,085799 1,371764 -1,0959 -0,82988 1,65293 -1,09891 2,185879 3,713955 2,316706 6,406131 0,238379 0,47506 -0,71344 -0,71857 1,904819 1,405175 1,614799 -2,54938

1250 1210 1265 1270 1370 1525 1525 1490 1435 1455 1455 1515 1505 1475 1440 1340 1380 1460 1440 1440 1440 1420 1435 1500 1540 1535 1565 1545 1555 1555 1575 1550 1545 1555 1580 1560 1530 1460 1515 1535 1510

-3,14987 -3,25232 4,445176 0,394478 7,579384 10,71837 0 -2,32183 -3,76113 1,384105 0 4,040954 -0,66225 -2,01349 -2,40149 -7,19735 2,941389 5,635294 -1,37933 0 0 -1,39862 1,050798 4,430026 2,631731 -0,3252 1,935544 -1,28619 0,645164 0 1,277973 -1,60003 -0,3231 0,645164 1,59493 -1,2739 -1,94181 -4,68313 3,6979 1,311494 -1,64207

3380 3300 3375 3445 3550 3805 3805 3930 3935 3915 3910 3925 4030 3940 3885 3860 4000 4075 4135 4135 4030 3960 3905 3920 4000 3840 3895 3935 3925 3950 4010 4000 4000 3995 4050 4170 4185 4130 4200 4235 4170

-0,58997 -2,39532 2,247286 2,052858 3,00237 6,936839 0 3,232343 0,127146 -0,50956 -0,1278 0,382898 2,640002 -2,25857 -1,40577 -0,64558 3,562718 1,857639 1,461658 0 -2,5721 -1,75224 -1,39862 0,383387 2,020271 -4,0822 1,422131 1,02172 -0,25445 0,634923 1,507566 -0,24969 0 -0,12508 1,36733 2,919915 0,359067 -1,32293 1,680712 0,82988 -1,54673

121

580 585 605 605 595 620 615 615 635 660 655 660 630 635 635 625 620 620 595 595 620 625 625 615 625 620 620 545 535 555 555 560 555 555 550 545 530 530 550 530 535

2,620237 0,858374 3,361661 0 -1,66671 4,115807 -0,80972 0 3,200273 3,861484 -0,76046 0,76046 -4,652 0,790518 0 -1,58733 -0,80322 0 -4,11581 0 4,115807 0,803217 0 -1,61294 1,612938 -0,80322 0 -12,8934 -1,8519 3,670137 0 0,896867 -0,89687 0 -0,90498 -0,91325 -2,79088 0 3,704127 -3,70413 0,938974

2145 2170 2250 2400 2400 2440 2395 2395 2360 2385 2405 2485 2400 2405 2460 2415 2430 2385 2350 2350 2370 2385 2360 2335 2350 2300 2300 2235 2215 2135 2125 2100 2125 2125 2300 2295 2290 2265 2255 2175 2165

0,701757 1,158762 3,620305 6,453852 0 1,65293 -1,86148 0 -1,47216 1,053751 0,835078 3,272276 -3,48039 0,208117 2,261145 -1,84621 0,619197 -1,86921 -1,47838 0 0,847463 0,630917 -1,05375 -1,06497 0,640344 -2,15062 0 -2,86679 -0,89888 -3,67858 -0,46948 -1,18345 1,183446 0 7,913732 -0,21763 -0,2181 -1,09771 -0,44248 -3,61213 -0,46083

1530 1540 1575 1620 1640 1675 1675 1670 1690 1710 1685 1705 1620 1675 1680 1685 1685 1675 1635 1635 1685 1670 1665 1640 1645 1650 1650 1505 1490 1540 1585 1620 1615 1615 1605 1630 1620 1615 1620 1550 1565

1,315808 0,651468 2,247286 2,817088 1,227009 2,111692 0 -0,29895 1,19049 1,176484 -1,47278 1,179955 -5,1139 3,338702 0,298063 0,297177 0 -0,59524 -2,41704 0 3,012276 -0,89419 -0,29985 -1,51289 0,304414 0,30349 0 -9,19824 -1,00168 3,30063 2,880199 2,184174 -0,30912 0 -0,62112 1,545626 -0,61539 -0,30912 0,309119 -4,41712 0,963089

4135 4180 4165 4195 4200 4205 4190 4200 4300 4350 4295 4190 4055 4135 4205 4160 4090 3995 3995 3995 4150 4110 4100 4020 4210 4250 4250 4110 4200 4215 4255 4190 4210 4210 4185 3935 3870 3900 3950 3850 3825

-0,84287 1,082392 -0,3595 0,717706 0,119119 0,118977 -0,35736 0,238379 2,35305 1,156082 -1,27243 -2,47508 -3,275 1,953664 1,678696 -1,07592 -1,69701 -2,35014 0 0 3,806476 -0,96853 -0,24361 -1,97051 4,618075 0,945634 0 -3,3496 2,16615 0,356507 0,944517 -1,5394 0,476191 0 -0,59559 -6,15958 -1,66564 0,772205 1,273903 -2,56424 -0,65147

122

530 530 520 515 505 515 510 530 540 530 540 540 535 515 497 500 505 500 497 497 500 500 500 493 494 493 491 488 468 468 478 474 467 459 460 451 438 459 448 450 438

-0,93897 0 -1,90482 -0,96619 -1,96085 1,960847 -0,97562 3,846628 1,869213 -1,86921 1,869213 0 -0,93024 -3,80998 -3,55769 0,601807 0,995033 -0,99503 -0,60181 0 0,601807 0 0 -1,40989 0,202634 -0,20263 -0,4065 -0,61287 -4,18471 0 2,114244 -0,84034 -1,48781 -1,7279 0,217628 -1,97591 -2,92484 4,68313 -2,4257 0,445435 -2,70287

2190 2190 2200 2200 2195 2210 2200 2210 2200 2240 2280 2280 2260 2215 2190 2205 2195 2150 2150 2150 2095 2095 2050 2015 2040 2070 2085 2085 2060 2090 2165 2195 2160 2165 2150 2160 2115 2100 2085 2095 2085

1,148118 0 0,455582 0 -0,22753 0,681047 -0,45352 0,453516 -0,45352 1,801851 1,769958 0 -0,88106 -2,01124 -1,13509 0,682597 -0,45455 -2,07142 0 0 -2,59143 0 -2,17138 -1,72206 1,233061 1,45988 0,722025 0 -1,20629 1,445808 3,52563 1,376169 -1,60738 0,231214 -0,69525 0,464038 -2,10534 -0,71175 -0,71685 0,47847 -0,47847

1560 1560 1540 1540 1525 1565 1575 1575 1575 1580 1600 1600 1600 1530 1525 1560 1590 1580 1560 1560 1605 1605 1610 1555 1545 1575 1585 1600 1570 1580 1595 1580 1575 1575 1580 1570 1525 1565 1515 1500 1470

-0,32 0 -1,29034 0 -0,9788 2,589141 0,636945 0 0 0,316957 1,257878 0 0 -4,47359 -0,32733 2,269141 1,904819 -0,63092 -1,2739 0 2,843794 0 0,311042 -3,47586 -0,64516 1,923136 0,632914 0,941922 -1,8928 0,634923 0,944889 -0,94489 -0,31696 0 0,316957 -0,63492 -2,90812 2,589141 -3,24704 -0,99503 -2,02027

3770 3770 3700 3735 3950 3945 3950 3980 3865 3865 3940 3940 4000 4000 3855 3810 3895 3930 3965 3965 3995 3995 3775 3800 3810 3810 3840 3840 3755 3810 3935 3940 3895 3865 3890 3895 3860 3900 3845 3845 3820

-1,44835 0 -1,87422 0,9415 5,596776 -0,12666 0,126662 0,756624 -2,93201 0 1,921904 0 1,511364 0 -3,69234 -1,17418 2,206449 0,894575 0,886643 0 0,753772 0 -5,66432 0,660068 0,262812 0 0,784318 0 -2,23841 1,45409 3,228169 0,126984 -1,1487 -0,7732 0,644748 0,128452 -0,90265 1,030937 -1,4203 0 -0,65232

123

437 437 442 441 444 469 477 500 500 500 510 498 498 510 530 530 535 550 540 535 525 525 525 525 525 525 525 515 530 540 540 535 535 535 545 555 550 545 550 550 550

-0,22857 0 1,137669 -0,2265 0,677969 5,477821 1,691372 4,709161 0 0 1,980263 -2,38106 0 2,381065 3,846628 0 0,938974 2,765153 -1,83491 -0,93024 -1,88685 0 0 0 0 0 0 -1,92314 2,871011 1,869213 0 -0,93024 0 0 1,851905 1,818232 -0,90498 -0,91325 0,913248 0 0

2090 2105 2125 2130 2130 2090 2085 2080 2050 2050 2065 2015 1995 1990 1990 1970 1945 1955 1985 1980 1970 1920 1920 1920 1920 1920 1920 1865 1870 1815 1790 1755 1790 1815 1825 1845 1885 1905 1950 1995 2015

0,239521 0,71514 0,945634 0,235018 0 -1,89579 -0,23952 -0,2401 -1,45281 0 0,729043 -2,4511 -0,99751 -0,25094 0 -1,01011 -1,27716 0,512822 1,522872 -0,25221 -0,50633 -2,57084 0 0 0 0 0 -2,90641 0,267738 -2,9853 -1,38698 -1,97468 1,974676 1,386985 0,549452 1,089929 2,144854 1,055419 2,334736 2,281468 0,997515

1470 1435 1485 1470 1500 1505 1555 1590 1590 1590 1620 1555 1600 1630 1660 1620 1635 1665 1650 1650 1610 1585 1585 1585 1585 1585 1585 1575 1600 1570 1600 1600 1615 1620 1630 1640 1630 1625 1615 1630 1630

0 -2,40976 3,424992 -1,01524 2,020271 0,332779 3,268265 2,225847 0 0 1,869213 -4,09506 2,852808 1,857639 1,823759 -2,43915 0,921666 1,818232 -0,90498 0 -2,45411 -1,56498 0 0 0 0 0 -0,63291 1,574836 -1,8928 1,892801 0 0,933133 0,309119 0,615387 0,611623 -0,61162 -0,30722 -0,61729 0,924506 0

3860 3765 3770 3760 3820 3840 3785 3895 3875 3875 3875 3845 3840 3855 4055 3980 3970 3975 3925 3970 3990 3950 3950 3950 3950 3950 3950 3945 3965 3950 3875 3860 3965 3985 4070 4030 4070 4035 3940 4050 4060

1,041676 -2,49193 0,132714 -0,2656 1,583147 0,522194 -1,44265 2,864779 -0,5148 0 0 -0,77721 -0,13012 0,389864 5,057968 -1,86689 -0,25157 0,125865 -1,26584 1,139974 0,502514 -1,00757 0 0 0 0 0 -0,12666 0,50569 -0,37903 -1,91699 -0,38785 2,683867 0,503146 2,110569 -0,98766 0,987662 -0,86367 -2,38256 2,753616 0,246609

124

540 525 498 500 510 510 500 500 505 496 495 496 489 481 481 483 481 478 490 482 487 482 477 479 488 470 458 455 462 440 434 434 441 439 442 438 437 442 438 440 472

-1,83491 -2,81709 -5,27982 0,400802 1,980263 0 -1,98026 0 0,995033 -1,79825 -0,20182 0,201816 -1,42134 -1,64952 0 0,414938 -0,41494 -0,62565 2,479466 -1,64613 1,032001 -1,032 -1,04276 0,418411 1,861481 -3,75827 -2,58635 -0,65718 1,526747 -4,87902 -1,37302 0 1,600034 -0,45455 0,681047 -0,9091 -0,22857 1,137669 -0,9091 0,455582 7,020426

2020 2020 2015 1955 1945 1935 1945 1955 2000 1900 1955 1940 1930 1930 1890 1930 1930 1990 1955 2025 1990 1945 1940 1945 1930 2025 1990 1945 1955 1900 1880 1800 1880 1835 1825 1820 1800 1765 1810 1830 1810

0,247832 0 -0,24783 -3,0229 -0,51282 -0,51547 0,515465 0,512822 2,275699 -5,12933 2,853631 -0,77022 -0,5168 0 -2,09432 2,094317 0 3,061464 -1,77444 3,517951 -1,74351 -2,28727 -0,2574 0,2574 -0,7742 4,80497 -1,74351 -2,28727 0,512822 -2,85363 -1,05821 -4,34851 4,348511 -2,42273 -0,54645 -0,27435 -1,10498 -1,9636 2,517615 1,098912 -1,09891

1640 1630 1630 1630 1625 1605 1620 1630 1640 1630 1645 1610 1590 1530 1540 1550 1520 1520 1605 1595 1590 1600 1555 1570 1635 1600 1570 1545 1565 1500 1450 1475 1480 1445 1500 1460 1435 1455 1475 1495 1540

0,611623 -0,61162 0 0 -0,30722 -1,23841 0,930239 0,615387 0,611623 -0,61162 0,916037 -2,15062 -1,25002 -3,84663 0,651468 0,647251 -1,95446 0 5,441342 -0,625 -0,31397 0,626961 -2,85281 0,960007 4,056718 -2,16392 -1,8928 -1,60517 1,286191 -4,24207 -3,39016 1,709443 0,33841 -2,39328 3,735579 -2,70287 -1,72716 1,384105 1,365209 1,346822 2,965621

4030 4035 4035 4030 4050 3845 4030 4045 4050 4050 3985 4015 3965 3880 3800 3940 4205 4255 4245 4180 4275 4265 4150 4100 4110 4080 4185 4240 4160 3925 3795 3850 3905 3765 3815 3775 3700 3780 3860 3965 3980

-0,74166 0,123993 0 -0,12399 0,495051 -5,19433 4,699277 0,371517 0,123533 0 -1,61796 0,750004 -1,25315 -2,16707 -2,08341 3,617966 6,509357 1,182047 -0,23529 -1,54306 2,247286 -0,23419 -2,73338 -1,21214 0,243605 -0,7326 2,540972 1,305657 -1,90482 -5,81487 -3,36819 1,438874 1,418463 -3,65099 1,31928 -1,05403 -2,00676 2,139119 2,094317 2,683867 0,377596

125

480 479 475 481 473 459 456 458 457 464 457 457 455 454 445 446 448 450 448 450 453 462 473 470 505 499 505 510 520 560 550 570 590 595 600 575 570 580 590 580 560

1,680712 -0,20855 -0,83858 1,255247 -1,67719 -3,00452 -0,65574 0,437637 -0,21858 1,520116 -1,52012 0 -0,4386 -0,22002 -2,00229 0,224467 0,447428 0,445435 -0,44544 0,445435 0,664454 1,967277 2,35305 -0,63627 7,182573 -1,19523 1,195233 0,98523 1,941809 7,410797 -1,80185 3,571808 3,448618 0,843887 0,836825 -4,25596 -0,87337 1,739174 1,709443 -1,70944 -3,50913

1890 1920 1900 1935 1915 1900 1900 1940 1950 1960 1995 1980 1955 1950 1800 1810 1790 1730 1740 1685 1645 1700 1700 1690 1675 1695 1650 1650 1640 1605 1560 1575 1520 1505 1500 1470 1440 1460 1430 1415 1490

4,324998 1,574836 -1,04713 1,825344 -1,03897 -0,78637 0 2,083409 0,51414 0,51151 1,769958 -0,75472 -1,27067 -0,25608 -8,00427 0,554018 -1,11112 -3,40942 0,57637 -3,21195 -2,40252 3,288787 0 -0,58997 -0,89154 1,186958 -2,69075 0 -0,6079 -2,15725 -2,84379 0,956945 -3,55449 -0,99174 -0,33278 -2,02027 -2,06193 1,379332 -2,0762 -1,05449 5,164659

1580 1570 1600 1600 1585 1525 1520 1565 1570 1605 1595 1590 1575 1565 1540 1525 1535 1545 1550 1520 1550 1580 1640 1635 1670 1685 1705 1715 1735 1770 1820 1835 1820 1830 1845 1840 1840 1825 1810 1785 1695

2,564243 -0,63492 1,892801 0 -0,94192 -3,859 -0,32841 2,917549 0,31898 2,204814 -0,625 -0,31397 -0,94787 -0,63694 -1,61034 -0,9788 0,653597 0,649353 0,323102 -1,95446 1,95446 1,916992 3,727139 -0,30534 2,118082 0,894194 1,179955 0,584797 1,159433 1,997213 2,785695 0,820798 -0,8208 0,547947 0,816331 -0,27137 0 -0,81856 -0,82531 -1,39084 -5,17357

3950 3985 4050 4065 4100 4225 4120 4240 4220 4200 3980 3895 3950 3835 3730 3790 3820 3850 3830 3790 3805 3930 3950 3950 3980 4045 4010 3975 4100 4110 4125 4115 4115 4195 4125 4080 4035 4000 3940 3840 3870

-0,75662 0,882173 1,617957 0,369686 0,857323 3,003229 -2,51661 2,871011 -0,47281 -0,47506 -5,38027 -2,15881 1,40219 -2,95461 -2,77612 1,595779 0,78844 0,782273 -0,52083 -1,04988 0,394997 3,232343 0,507615 0 0,756624 1,619973 -0,86903 -0,87665 3,096223 0,243605 0,364299 -0,24272 0 1,925451 -1,68273 -1,0969 -1,10907 -0,87119 -1,51136 -2,57084 0,778214

126

510 520 535 520 525 525 540 540 540 560 560 560 560 580 570 555 580 580 590 590 590 575 590 575 580 580 580 600 605 595 600 595 595 595 585 605 595 600 625 635 630

-9,35261 1,941809 2,843794 -2,84379 0,956945 0 2,817088 0 0 3,636764 0 0 0 3,509132 -1,73917 -2,66682 4,405999 0 1,709443 0 0 -2,57525 2,57525 -2,57525 0,865806 0 0 3,390155 0,82988 -1,66671 0,836825 -0,83682 0 0 -1,69496 3,361661 -1,66671 0,836825 4,082199 1,587335 -0,79052

1415 1435 1455 1445 1410 1410 1455 1455 1455 1445 1425 1425 1425 1420 1415 1405 1460 1525 1605 1730 2010 1815 1760 1725 1850 1900 1945 1935 1900 1855 1850 1825 1850 1855 1840 1835 1865 1840 1860 1860 1830

-5,16466 1,403532 1,384105 -0,68966 -2,45196 0 3,14162 0 0 -0,68966 -1,39375 0 0 -0,35149 -0,35273 -0,70922 3,839913 4,355797 5,112935 7,499765 15,00133 -10,2049 -3,07717 -2,00868 6,995859 2,666825 2,340809 -0,51547 -1,82534 -2,39692 -0,26991 -1,36057 1,360565 0,269906 -0,81191 -0,27211 1,621657 -1,34955 1,081092 0 -1,62605

1660 1765 1840 1830 1795 1795 1790 1790 1790 1790 1805 1805 1805 1865 1925 1900 1930 1975 1960 1935 1970 1960 1970 1980 2005 2020 2060 2145 2060 2065 2100 1990 1995 2020 2005 2090 2045 2030 2070 2095 2100

-2,08651 6,133309 4,161488 -0,54496 -1,93109 0 -0,27894 0 0 0 0,834497 0 0 3,270046 3,166491 -1,30721 1,566612 2,30484 -0,76239 -1,28371 1,792622 -0,50891 0,508907 0,50633 1,254722 0,745345 1,960847 4,043357 -4,04336 0,242424 1,680712 -5,38027 0,250941 1,245346 -0,74535 4,152001 -2,17663 -0,7362 1,951281 1,200495 0,238379

3780 3760 3790 3750 3735 3710 3795 3795 3795 3810 3780 3780 3780 3800 3785 3750 3840 3800 3805 3825 3895 3845 3860 3805 3790 3820 3835 3925 4010 4000 4025 3985 3950 3955 3780 3780 3780 3860 3925 3885 3855

-2,35305 -0,53051 0,794706 -1,06102 -0,4008 -0,67159 2,265253 0 0 0,394478 -0,79052 0 0 0,527706 -0,39552 -0,929 2,371653 -1,04713 0,131492 0,524248 1,813521 -1,29201 0,389358 -1,43512 -0,395 0,78844 0,391901 2,319692 2,142489 -0,24969 0,623055 -0,99876 -0,88217 0,126502 -4,52566 0 0 2,094317 1,669917 -1,02434 -0,7752

127

640 635 635 620 630 665 665 690 685 675 675 665 670 660 635 620 610 610 585 585 555 560 565 560 590 570 590 580 570 570 545 525 540 555 555 585 610 610 615 635 640

1,574836 -0,78432 0 -2,39055 1,600034 5,406722 0 3,690456 -0,72728 -1,47061 0 -1,49257 0,749067 -1,50379 -3,86148 -2,39055 -1,62605 0 -4,18471 0 -5,26437 0,896867 0,888895 -0,88889 5,218575 -3,44862 3,448618 -1,70944 -1,73917 0 -4,48506 -3,73875 2,817088 2,739897 0 5,264373 4,184711 0 0,816331 3,200273 0,784318

1775 1790 1755 1720 1810 1840 1840 1855 1860 1890 1920 1990 2015 1995 2000 1945 1890 1990 1945 1905 1835 1805 1805 1835 1835 1800 1810 1805 1805 1845 1780 1710 1710 1710 1750 1760 1760 1760 1750 1755 1750

-3,05155 0,84152 -1,97468 -2,01446 5,100255 1,643873 0 0,811912 0,269179 1,600034 1,574836 3,580945 1,248456 -0,99751 0,250313 -2,78852 -2,86851 5,155781 -2,28727 -2,078 -3,74375 -1,64839 0 1,648389 0 -1,92578 0,554018 -0,27663 0 2,191869 -3,58659 -4,012 0 0 2,312242 0,569802 0 0 -0,5698 0,285307 -0,28531

2085 2095 2110 2055 2020 2125 2125 2120 2095 2080 2120 2200 2220 2200 2190 2150 2140 2090 2050 2060 2000 2030 2025 2015 2070 2050 2035 2020 2020 2055 2040 2005 2005 2100 2135 2150 2170 2170 2170 2195 2155

-0,71685 0,47847 0,713439 -2,64121 -1,71783 5,067429 0 -0,23557 -1,18625 -0,71857 1,904819 3,704127 0,904984 -0,90498 -0,45558 -1,84337 -0,4662 -2,36418 -1,93243 0,486619 -2,95588 1,488861 -0,24661 -0,49505 2,692941 -0,97088 -0,7344 -0,73983 0 1,717834 -0,7326 -1,73057 0 4,629328 1,65293 0,70012 0,925933 0 0 1,145488 -1,83913

3785 3850 3860 3835 3825 3815 3815 3785 3815 3810 3830 3825 3785 3830 3795 3800 3795 3820 3775 3770 3770 3755 3700 3620 3650 3620 3685 3640 3590 3625 3520 3345 3410 3490 3545 3435 3370 3370 3425 3615 3630

-1,83251 1,702726 0,259404 -0,64977 -0,2611 -0,26178 0 -0,78948 0,789478 -0,13115 0,523561 -0,13063 -1,05126 1,181892 -0,91804 0,131666 -0,13167 0,656601 -1,185 -0,13254 0 -0,39867 -1,47555 -2,18588 0,825314 -0,82531 1,77965 -1,22868 -1,38315 0,970209 -2,93933 -5,09943 1,92456 2,318944 1,563642 -3,15212 -1,91042 0 1,618873 5,399038 0,414079

128

630 635 630 640 645 655 640 645 650 650 670 670 640 640 605 615 615 650 650 665 655 635 630 615 635 635 return risiko

-1,57484 0,790518 -0,79052 1,574836 0,778214 1,538492 -2,31671 0,778214 0,772205 0 3,030535 0 -4,58095 0 -5,62397 1,639381 0 5,53501 0 2,281468 -1,51518 -3,10102 -0,79052 -2,40976 3,200273 0 -0,10067 3,197045

1710 1705 1645 1600 1595 1570 1540 1510 1575 1560 1555 1620 1580 1640 1545 1550 1550 1505 1550 1540 1515 1450 1460 1445 1480 1480 return risiko

-2,31224 -0,29283 -3,58247 -2,77368 -0,31299 -1,57981 -1,92932 -1,96728 4,214562 -0,95695 -0,32103 4,09506 -2,50013 3,727139 -5,96723 0,323102 0 -2,9462 2,946203 -0,64725 -1,6367 -4,38519 0,687288 -1,03271 2,393277 0 -0,1107 2,783372

2155 2150 2070 2060 2150 2140 2135 2100 2115 2140 2125 2110 2035 1960 1860 1865 1865 1890 1935 1905 1855 1805 1835 1840 1945 1945 return risiko

0 -0,23229 -3,79192 -0,48426 4,276186 -0,4662 -0,23392 -1,65293 0,711747 1,175102 -0,7034 -0,70839 -3,61921 -3,75513 -5,2368 0,268457 0 1,331578 2,35305 -1,56253 -2,65973 -2,73241 1,648389 0,272109 5,549641 0 -0,0242 2,585917

3670 3695 3535 3540 3570 3680 3595 3530 3570 3475 3425 3425 3230 3130 2950 2835 2835 2815 2880 2865 2700 2790 2920 3150 3215 3215 return risiko

1,095901 0,678889 -4,42673 0,141343 0,843887 3,034716 -2,33688 -1,82461 1,126772 -2,69711 -1,4493 0 -5,86193 -3,14491 -5,92278 -3,97632 0 -0,70797 2,282803 -0,52219 -5,93166 3,278982 4,554202 7,581884 2,04249 0 -0,08479 2,887464

129

Lampiran 3 Historical Price, Simple Net Return (rt), Return, dan Risiko Saham ICBP, INDF, INTP dan ITMG Periode Juni 2013 – Mei 2015 ICBP 13100 12600 12900 12700 12700 11900 11400 11100 10900 10700 10800 10800 10850 11000 10750 10500 10750 10350 11000 11350 12200 12150 11750 11500 10900 11100 10400 10450 10800 10950 11000 11150

Rt -3,89154 2,35305 -1,56253 0 -6,50636 -4,2925 -2,66682 -1,81823 -1,8519 0,930239 0 0,461895 1,373019 -2,29895 -2,35305 2,35305 -3,79192 6,090875 3,132247 7,221821 -0,41068 -3,34759 -2,15062 -5,35842 1,818232 -6,51393 0,479617 3,294416 1,379332 0,455582 1,354423

INDF 6825 6875 6950 6900 6850 6800 6800 6850 6900 6875 6875 6800 6825 6825 6825 6825 6825 6825 6775 6825 6800 6700 6750 6825 6825 6800 6900 6900 6900 7075 7100 7050

Rt 0,72993 1,085002 -0,72202 -0,72728 -0,7326 0 0,732604 0,727276 -0,36298 0 -1,0969 0,366973 0 0 0 0 0 -0,7353 0,735297 -0,36697 -1,48151 0,743498 1,104984 0 -0,36697 1,45988 0 0 2,504603 0,352734 -0,70672

INTP 23750 22750 23900 23100 23100 22300 22200 20600 21800 22800 23700 23900 23700 23300 22650 22400 21450 21600 23700 23000 24450 23600 22500 22200 22550 22550 21050 20850 21800 22950 23250 22600

Rt -4,30174 4,931331 -3,40458 0 -3,52459 -0,44944 -7,48012 5,661889 4,485057 3,871451 0,840341 -0,84034 -1,70217 -2,82935 -1,10989 -4,33363 0,696867 9,278173 -2,99808 6,1136 -3,53835 -4,77314 -1,3423 1,564278 0 -6,88345 -0,95466 4,455602 5,140797 1,29872 -2,83552

ITMG 30000 29050 29100 29500 29500 28050 27500 26650 25700 25300 26400 25950 25750 25350 25150 25500 25600 25050 26250 26100 28150 28300 28200 27700 27700 28000 27000 26150 26500 26200 26200 26750

Rt -3,21789 0,171969 1,365209 0 -5,04016 -1,98026 -3,13969 -3,62982 -1,56866 4,255961 -1,71924 -0,7737 -1,56559 -0,79208 1,382056 0,39139 -2,17185 4,679216 -0,57307 7,561204 0,531445 -0,35398 -1,78896 0 1,07721 -3,63676 -3,19877 1,329554 -1,13853 0 2,077506

130

11000 11250 11250 11000 11100 11400 11450 11350 11300 11150 11200 11200 11500 11550 11550 11550 11550 11550 11550 10900 11100 11200 11250 10850 10100 9700 9900 9900 10000 9900 9200 9300 10100 10000 9400 9650 9250 9000 9000 9650

-1,35442 2,247286 0 -2,24729 0,904984 2,666825 0,437637 -0,8772 -0,4415 -1,33632 0,447428 0 2,643326 0,43384 0 0 0 0 0 -5,79226 1,818232 0,896867 0,445435 -3,6203 -7,16297 -4,04095 2,040887 0 1,005034 -1,00503 -7,33313 1,081092 8,252102 -0,99503 -6,18754 2,624823 -4,23344 -2,7399 0 6,973334

7050 7075 6975 7075 7050 7000 7050 7075 7075 7075 7075 7075 7075 7075 7175 7075 7050 7000 6975 7075 7100 7125 7150 7100 7125 7000 7075 7125 7100 7075 7000 6950 6950 6875 7025 7025 7075 7025 6975 7000

0 0,353983 -1,42351 1,423512 -0,35398 -0,71175 0,711747 0,353983 0 0 0 0 0 0 1,403532 -1,40353 -0,35398 -0,71175 -0,35778 1,423512 0,352734 0,351494 0,350263 -0,70176 0,351494 -1,76996 1,065729 0,704228 -0,35149 -0,35273 -1,06573 -0,71685 0 -1,085 2,158357 0 0,709223 -0,70922 -0,71429 0,357782

21900 22350 22600 22200 21700 22300 22100 21900 21800 21200 21000 20850 21300 22250 22250 22250 22250 22250 22250 22000 21650 21500 21450 20850 19250 17950 19000 19100 19000 18750 17900 17750 18100 19700 18200 18700 18550 18700 19500 20250

-3,14633 2,033968 1,112359 -1,78576 -2,278 2,727442 -0,90091 -0,9091 -0,45767 -2,79088 -0,94787 -0,71685 2,135312 4,363494 0 0 0 0 0 -1,12996 -1,6037 -0,69525 -0,23283 -2,83707 -7,98429 -6,99209 5,684886 0,524936 -0,52494 -1,32452 -4,6393 -0,84152 1,952642 8,47067 -7,9197 2,710193 -0,80537 0,805373 4,189094 3,774033

26700 26950 26600 26200 26000 27000 26200 25550 25550 25000 24700 24200 24750 25150 25150 25150 25150 25150 25150 28150 29000 29600 28200 29300 27550 27350 27350 29850 30300 29250 30250 29700 30500 32050 31400 32050 31800 31650 31950 31000

-0,18709 0,931973 -1,30721 -1,51518 -0,76629 3,774033 -3,00775 -2,51221 0 -2,17615 -1,20726 -2,04506 2,247286 1,603241 0 0 0 0 0 11,26895 2,974848 2,047853 -4,84524 3,826554 -6,1585 -0,7286 0 8,746831 1,496287 -3,52681 3,361661 -1,83491 2,657964 4,95705 -2,04893 2,048929 -0,78309 -0,47281 0,943403 -3,0185

131

9700 9800 9750 10500 11200 11400 11200 11500 10950 10700 10850 10250 10200 10650 10250 10450 10600 10800 10350 10350 10600 11050 10950 11100 11100 11100 11200 11150 11000 11150 11000 10950 11050 11200 11400 11200 11050 11200 10800 10850

0,516797 1,02565 -0,51151 7,410797 6,453852 1,769958 -1,76996 2,643326 -4,90076 -2,30957 1,392134 -5,68874 -0,489 4,317217 -3,82822 1,932427 1,425202 1,869213 -4,25596 0 2,386748 4,157643 -0,9091 1,360565 0 0 0,896867 -0,44743 -1,35442 1,354423 -1,35442 -0,45558 0,909097 1,348335 1,769958 -1,76996 -1,34834 1,348335 -3,63676 0,461895

7000 6950 6950 7050 7025 6975 7075 7100 7100 7125 7025 7050 6925 6950 6975 7000 6975 6825 6775 6775 6875 6725 6775 6850 6800 6950 7000 6825 6975 6900 6800 6775 6750 6650 6475 6400 6575 6600 6825 6850

0 -0,71685 0 1,428596 -0,35524 -0,71429 1,423512 0,352734 0 0,351494 -1,41345 0,35524 -1,78896 0,360361 0,359067 0,357782 -0,35778 -2,174 -0,7353 0 1,465228 -2,20597 0,740744 1,100929 -0,7326 2,181905 0,716849 -2,53178 2,173999 -1,08109 -1,45988 -0,36832 -0,36969 -1,49257 -2,66682 -1,16506 2,697659 0,379507 3,352269 0,365631

20550 19950 19250 19100 20050 20050 19900 21500 20700 20700 20000 19100 19000 19000 18000 18450 19100 18950 18500 18700 18950 19350 19500 19900 19900 19900 19500 19250 19950 20100 19500 19900 20500 20500 19950 20050 21000 20900 20000 20250

1,470615 -2,96318 -3,57181 -0,78227 4,854082 0 -0,75094 7,73332 -3,79192 0 -3,44014 -4,60439 -0,52494 0 -5,40672 2,469261 3,462396 -0,78844 -2,40332 1,075279 1,328041 2,088849 0,772205 2,030527 0 0 -2,03053 -1,29034 3,571808 0,749067 -3,03053 2,030527 2,970515 0 -2,71957 0,500001 4,629328 -0,47733 -4,40169 1,242252

29300 29900 31000 29800 30400 31200 31700 32500 32500 32000 31800 29600 28550 27500 26300 25500 26150 27600 27750 27400 27900 29300 30000 32550 32550 32550 32700 33800 33950 33700 33000 32550 31500 31500 31700 31000 30600 29900 29700 28950

-5,63997 2,027096 3,612872 -3,94788 1,993421 2,597549 1,589859 2,492341 0 -1,55042 -0,62696 -7,16919 -3,61174 -3,74709 -4,46171 -3,08905 2,517074 5,396658 0,542007 -1,26928 1,808368 4,896083 2,360987 8,157999 0 0 0,459771 3,308572 0,442805 -0,7391 -2,09903 -1,37302 -3,27898 0 0,632914 -2,23295 -1,29872 -2,31415 -0,67114 -2,55768

132

10850 10850 10900 10900 10650 10300 10000 10250 9950 10350 10150 10400 10250 10300 10300 10250 10000 9900 10000 10200 10200 9900 9900 9700 9800 10200 10050 10000 9900 9850 10050 10150 10200 10050 10150 10100 10100 10100 10150 10200

0 0 0,459771 0 -2,32029 -3,3416 -2,95588 2,469261 -2,97052 3,941397 -1,95128 2,43321 -1,45281 0,486619 0 -0,48662 -2,46926 -1,00503 1,005034 1,980263 0 -2,9853 0 -2,04089 1,02565 4,000533 -1,48151 -0,49875 -1,00503 -0,50633 2,010118 0,990107 0,491401 -1,48151 0,990107 -0,49383 0 0 0,493828 0,491401

6725 6625 6500 6450 6425 6525 6550 6575 6575 6675 6650 6650 6650 6750 6800 6775 6675 6725 6700 6625 6675 6600 6625 6675 6625 6650 6600 6525 6550 6575 6525 6400 6450 6550 6550 6625 6600 6600 6600 6625

-1,84167 -1,49816 -1,90482 -0,7722 -0,38835 1,544432 0,38241 0,380953 0 1,509463 -0,37523 0 0 1,492565 0,738011 -0,36832 -1,48702 0,746272 -0,37244 -1,12572 0,751883 -1,12996 0,378072 0,751883 -0,75188 0,376648 -0,75472 -1,14287 0,38241 0,380953 -0,76336 -1,9343 0,778214 1,538492 0 1,138532 -0,37807 0 0 0,378072

20250 19700 20000 20200 20050 19400 19050 19150 19000 19450 19350 19000 19200 18600 18250 18900 18900 18950 18850 19200 19100 18800 18650 18450 19000 19650 19400 18900 18900 18350 19250 19800 19900 19750 19700 19750 19750 19750 19850 20000

0 -2,75362 1,511364 0,995033 -0,74535 -3,29561 -1,8206 0,523561 -0,78637 2,340809 -0,51547 -1,82534 1,04713 -3,17487 -1,89965 3,499684 0 0,264201 -0,5291 1,839737 -0,52219 -1,58315 -0,80107 -1,07818 2,937461 3,363836 -1,28043 -2,61111 0 -2,95323 4,788149 2,817088 0,503779 -0,75662 -0,25349 0,253486 0 0 0,505052 0,752827

28950 29300 29600 29700 30550 32000 31500 32400 32400 31200 30450 29100 29100 29350 30600 29100 29000 28150 28700 29150 29250 30150 29650 28850 28600 28950 28600 27800 27900 27350 27900 29100 29100 29800 28600 28400 28400 28400 27700 28500

0 1,201731 1,018685 0,337268 2,821764 4,637122 -1,57484 2,817088 0 -3,77403 -2,43321 -4,53478 0 0,855437 4,170746 -5,02618 -0,34423 -2,97485 1,934977 1,555779 0,342466 3,030535 -1,67228 -2,73521 -0,87033 1,216349 -1,21635 -2,83707 0,359067 -1,99102 1,991016 4,211149 0 2,377022 -4,11017 -0,70176 0 0 -2,49567 2,847167

133

10200 10200 10450 10200 10125 10100 10075 9975 10000 10150 10150 10750 10850 10925 10975 11100 11600 11300 11200 10850 10675 11200 11000 11000 10725 10775 10975 11100 11150 11100 11050 10950 10925 10875 10800 10700 10800 10775 10900 11200

0 0 2,421426 -2,42143 -0,73801 -0,24722 -0,24783 -0,99751 0,250313 1,488861 0 5,743205 0,925933 0,688866 0,456622 1,132515 4,405999 -2,62024 -0,88889 -3,17487 -1,62605 4,800922 -1,80185 0 -2,53178 0,465117 1,839132 1,132515 0,449439 -0,44944 -0,45147 -0,9091 -0,22857 -0,45872 -0,69204 -0,93024 0,930239 -0,23175 1,153415 2,715099

6750 6750 6750 7450 7475 7375 7275 7250 7400 7425 7425 7425 7450 7300 7325 7375 7425 7625 7625 7475 7475 7400 7375 7550 7600 7450 7500 7300 7500 7475 7350 7350 7350 7400 7325 7400 7425 7425 7350 7350

1,869213 0 0 9,867153 0,335009 -1,34682 -1,36521 -0,34423 2,047853 0,337268 0 0 0,336135 -2,03397 0,341881 0,680275 0,675678 2,657964 0 -1,98682 0 -1,00841 -0,33841 2,345166 0,660068 -1,99342 0,668899 -2,70287 2,702867 -0,33389 -1,68638 0 0 0,677969 -1,01868 1,018685 0,337268 0 -1,01524 0

20000 20000 20350 20000 20325 20200 20200 20225 20875 21950 21950 21950 21625 21900 21625 21450 20825 21275 21300 20225 21250 21775 22400 22400 21450 20900 21250 21225 21500 21725 22050 22400 22350 22200 22425 22450 22650 22650 22775 22250

0 0 1,734864 -1,73486 1,611938 -0,61691 0 0,123686 3,163281 5,021487 0 0 -1,49171 1,263658 -1,26366 -0,81254 -2,95705 2,137849 0,11744 -5,17876 4,943743 2,440563 2,829844 0 -4,33363 -2,59755 1,660774 -0,11772 1,28732 1,041074 1,484893 1,574836 -0,22346 -0,6734 1,008412 0,111421 0,886924 0 0,550359 -2,33214

28500 28500 28100 27150 26550 25550 26200 25700 25700 25650 25650 25100 25000 25125 25475 25800 26850 27550 26875 25650 25750 26250 26800 26800 26350 25875 26775 27500 28100 28000 27250 27300 27500 27200 27050 26900 26700 26975 26650 25950

0 0 -1,41345 -3,43925 -2,23473 -3,83924 2,512209 -1,92684 0 -0,19474 0 -2,16757 -0,3992 0,498754 1,383421 1,267691 3,989133 2,573671 -2,4806 -4,66529 0,389106 1,923136 2,07359 0 -1,69336 -1,8191 3,419136 2,671739 2,158357 -0,35651 -2,7151 0,183318 0,72993 -1,0969 -0,553 -0,55607 -0,74627 1,024695 -1,21214 -2,66175

134

11250 10900 11000 11175 11125 10925 10950 10925 10900 10875 11000 11000 11025 11100 11150 10850 10825 10800 10975 10200 10000 10050 10150 10100 10100 10075 10000 10050 10000 10075 10000 10000 9925 9925 10000 10050 9975 9975 9975 9975

0,445435 -3,16053 0,913248 1,578387 -0,44843 -1,81411 0,228572 -0,22857 -0,2291 -0,22962 1,14287 0 0,227015 0,677969 0,449439 -2,72744 -0,23068 -0,23121 1,607382 -7,32322 -1,98026 0,498754 0,990107 -0,49383 0 -0,24783 -0,7472 0,498754 -0,49875 0,747201 -0,7472 0 -0,75283 0 0,752827 0,498754 -0,74907 0 0 0

7350 7425 7425 7400 7425 7425 7450 7450 7475 7375 7475 7350 7325 7325 7350 7325 7400 7400 7425 7400 7475 7425 7375 7425 7475 7450 7375 7375 7375 7375 7400 7350 7375 7375 7350 7350 7400 7450 7350 7450

0 1,015237 0 -0,33727 0,337268 0 0,336135 0 0,335009 -1,34682 1,346822 -1,68638 -0,34072 0 0,340716 -0,34072 1,018685 0 0,337268 -0,33727 1,008412 -0,67114 -0,67568 0,675678 0,671143 -0,33501 -1,01181 0 0 0 0,33841 -0,67797 0,339559 0 -0,33956 0 0,677969 0,673403 -1,35137 1,351372

21900 21175 21725 22450 22000 21800 21950 22050 22500 22800 22700 22200 22200 24000 24500 24000 24050 23150 23550 24200 24225 24200 23800 23375 23375 23800 23900 24325 24150 24950 24950 24950 22725 22600 22950 23400 23425 23450 23450 23000

-1,58554 -3,36654 2,564243 3,282694 -2,02482 -0,91325 0,685717 0,454546 2,020271 1,324523 -0,43956 -2,22726 0 7,796154 2,061929 -2,06193 0,208117 -3,81402 1,713104 2,722681 0,103252 -0,10325 -1,66671 -1,80185 0 1,801851 0,419288 1,762617 -0,72202 3,258944 0 0 -9,34082 -0,55157 1,536803 1,941809 0,106781 0,106667 0 -1,93763

25375 25125 25600 26000 25400 25875 25775 25475 25325 25225 25300 24600 24900 24300 24200 23700 23625 22525 24000 23900 23625 23850 24200 24350 24350 24750 24850 24650 24175 24300 24325 24325 24425 25400 25325 24900 25300 25325 25325 25375

-2,24072 -0,99011 1,872899 1,550419 -2,33474 1,852808 -0,38722 -1,17075 -0,59055 -0,39565 0,296883 -2,8058 1,212136 -2,43915 -0,41237 -2,08776 -0,31696 -4,76797 6,342803 -0,41754 -1,1573 0,947874 1,456842 0,617922 0 1,629364 0,403226 -0,80809 -1,94579 0,515731 0,102828 0 0,410257 3,914198 -0,29571 -1,69242 1,593659 0,098765 0 0,197239

135

9975 10000 10000 9975 10000 10000 10000 10000 9975 9975 9975 10000 9975 9975 9950 10000 10300 10300 10325 10225 9975 10050 9975 10200 10175 10175 10275 10275 10200 10075 10075 10200 10100 10100 10025 10200 10200 10200 10225 10000

0 0,250313 0 -0,25031 0,250313 0 0 0 -0,25031 0 0 0,250313 -0,25031 0 -0,25094 0,501254 2,95588 0 0,242424 -0,97324 -2,47537 0,749067 -0,74907 2,230576 -0,2454 0 0,978003 0 -0,7326 -1,23306 0 1,233061 -0,98523 0 -0,74535 1,730575 0 0 0,244798 -2,22506

7425 7400 7400 7375 7200 7125 6700 6750 6750 6875 6875 6800 6750 6650 6650 6925 7200 7200 7175 7050 7050 6925 6850 6875 6875 7025 7200 7300 7300 6875 6950 6900 6850 6800 6800 6850 6900 6875 6875 6800

-0,33613 -0,33727 0 -0,33841 -2,40149 -1,04713 -6,15022 0,743498 0 1,834914 0 -1,0969 -0,73801 -1,49257 0 4,05212 3,894297 0 -0,34783 -1,75751 0 -1,78896 -1,08894 0,364299 0 2,158357 2,460581 1,379332 0 -5,99827 1,085002 -0,72202 -0,72728 -0,7326 0 0,732604 0,727276 -0,36298 0 -1,0969

22775 22600 22325 22600 22275 21875 21950 21950 21450 21375 21450 21425 22075 22000 23000 22775 23975 23975 23875 23100 23000 23075 23300 23450 23500 23500 23625 23625 22650 22900 23150 23175 23100 23600 23150 23650 23825 24425 24850 24525

-0,98308 -0,77135 -1,22428 1,224278 -1,44849 -1,81205 0,342271 0 -2,30425 -0,35026 0,350263 -0,11662 2,988728 -0,34033 4,445176 -0,98308 5,134818 0 -0,41797 -3,29993 -0,43384 0,325556 0,970358 0,641713 0,212993 0 0,530505 0 -4,21456 1,097706 1,085787 0,107933 -0,32415 2,141409 -1,92519 2,136833 0,737233 2,487175 1,725055 -1,31647

25975 26650 26275 26225 25725 24875 25475 25475 25000 25075 25175 25000 25000 24925 26075 26975 26700 26700 26975 27350 27125 28000 29000 29675 29450 29450 29475 29475 28650 29750 30000 29600 29600 29600 28500 28500 27900 27800 27700 27175

2,33701 2,565461 -1,41712 -0,19048 -1,92499 -3,36 2,38343 0 -1,88218 0,299551 0,39801 -0,69756 0 -0,30045 4,510569 3,393351 -1,02469 0 1,024695 1,380602 -0,82607 3,17487 3,509132 2,300911 -0,7611 0 0,084854 0 -2,8389 3,767569 0,836825 -1,3423 0 0 -3,78703 0 -2,12774 -0,35907 -0,36036 -1,9135

136

10000 10000 10100 10100 9975 10000 9975 10000 9900 10000 10075 10225 10150 10075 10225 10225 10225 10350 10075 10025 9975 10500 10500 10475 10500 10450 10525 10475 10450 10450 10450 10450 10450 10450 10600 10550 10350 10475 10350 10375

0 0 0,995033 0 -1,24535 0,250313 -0,25031 0,250313 -1,00503 1,005034 0,747201 1,477859 -0,7362 -0,74166 1,477859 0 0 1,215082 -2,69294 -0,49751 -0,5 5,129329 0 -0,23838 0,238379 -0,47733 0,71514 -0,47619 -0,23895 0 0 0 0 0 1,425202 -0,47281 -1,91393 1,200495 -1,20049 0,241255

6825 6825 6825 6825 6825 6825 6775 6825 6800 6700 6750 6825 6825 6800 6900 6900 6900 7075 7100 7050 7050 7075 6975 7075 7050 7000 7050 7075 7075 7075 7075 7075 7075 7075 7175 7075 7050 7000 6975 7075

0,366973 0 0 0 0 0 -0,7353 0,735297 -0,36697 -1,48151 0,743498 1,104984 0 -0,36697 1,45988 0 0 2,504603 0,352734 -0,70672 0 0,353983 -1,42351 1,423512 -0,35398 -0,71175 0,711747 0,353983 0 0 0 0 0 0 1,403532 -1,40353 -0,35398 -0,71175 -0,35778 1,423512

24950 24200 24250 23350 23100 22900 22575 22600 22500 22550 23000 23150 23075 23375 25000 25000 25000 25500 25725 25625 25850 26100 25650 26000 26450 26250 26125 25600 24950 24950 24950 24950 24950 24950 24350 24250 24250 24425 24200 24500

1,718082 -3,05212 0,206398 -3,78196 -1,07644 -0,86957 -1,42938 0,110681 -0,44346 0,221976 1,975915 0,650056 -0,3245 1,291729 6,720875 0 0 1,980263 0,878483 -0,38948 0,874216 0,962471 -1,73917 1,355297 1,715962 -0,75902 -0,47733 -2,03004 -2,57185 0 0 0 0 0 -2,4342 -0,41152 0 0,719058 -0,92546 1,232048

27525 28075 27200 26975 26800 27300 27300 27400 27150 27000 26525 26800 26950 27100 27250 26750 26750 26400 26000 25250 25050 25350 25100 25325 25600 25025 25250 26425 26150 26150 26150 26150 26150 26150 28050 27300 27900 28000 27450 27400

1,279725 1,978482 -3,16625 -0,83065 -0,65086 1,848481 0 0,365631 -0,9166 -0,55402 -1,77492 1,03142 0,558141 0,555043 0,551979 -1,8519 0 -1,31705 -1,52675 -2,92704 -0,79523 1,19049 -0,99109 0,89242 1,08003 -2,2717 0,895083 4,548438 -1,04613 0 0 0 0 0 7,013944 -2,71019 2,173999 0,357782 -1,98383 -0,18232

137

10375 10500 10450 10475 10450 10225 10275 10250 10100 10300 10275 10500 10550 10500 10900 10900 10950 10900 10900 10975 10850 10775 10650 11275 11250 10975 11200 11225 11300 11200 10825 11000 11150 11300 11350 11350 11200 10750 10950 10925

0 1,197619 -0,47733 0,238949 -0,23895 -2,17663 0,487806 -0,24361 -1,47423 1,960847 -0,24301 2,16615 0,47506 -0,47506 3,738753 0 0,457667 -0,45767 0 0,685717 -1,14549 -0,69364 -1,16687 5,702799 -0,22198 -2,47482 2,029382 0,222966 0,665929 -0,88889 -3,40555 1,6037 1,354423 1,336323 0,441502 0 -1,3304 -4,1008 1,84337 -0,22857

7100 7125 7150 7100 7125 7000 7075 7125 7100 7075 7000 6950 6950 6875 7025 7025 7075 7025 6975 7000 7000 6950 6950 7050 7025 6975 7075 7100 7100 7125 7025 7050 6925 6950 6975 7000 6975 6825 6775 6775

0,352734 0,351494 0,350263 -0,70176 0,351494 -1,76996 1,065729 0,704228 -0,35149 -0,35273 -1,06573 -0,71685 0 -1,085 2,158357 0 0,709223 -0,70922 -0,71429 0,357782 0 -0,71685 0 1,428596 -0,35524 -0,71429 1,423512 0,352734 0 0,351494 -1,41345 0,35524 -1,78896 0,360361 0,359067 0,357782 -0,35778 -2,174 -0,7353 0

24575 24600 24600 24650 24650 24600 24550 24900 25350 25150 24400 24475 24475 24250 24125 24450 24600 24225 24100 24525 24000 23750 23075 23150 24000 23525 23600 23625 23900 23575 23200 23125 22850 22175 21850 21550 21675 21025 21075 21800

0,305655 0,101678 0 0,203046 0 -0,20305 -0,20346 1,415595 1,791093 -0,79208 -3,02748 0,306906 0 -0,92356 -0,5168 1,338157 0,611623 -1,53613 -0,51733 1,748116 -2,16392 -1,04713 -2,88328 0,3245 3,605905 -1,99901 0,318303 0,105876 1,157299 -1,36916 -1,60345 -0,3238 -1,19632 -2,99856 -1,47646 -1,38251 0,578371 -3,04473 0,23753 3,382247

27400 28000 28750 29225 29275 29175 29250 28500 27750 28200 27900 28500 28650 28175 28775 28750 29275 29200 28800 28900 27650 26250 26050 26700 26025 27175 27325 26775 27100 27500 26500 26300 26650 25150 25900 25975 26050 26400 27050 26625

0 2,16615 2,643326 1,638674 0,17094 -0,34217 0,25674 -2,59755 -2,66682 1,608614 -1,06953 2,12774 0,524936 -1,67184 2,107189 -0,08692 1,809614 -0,25652 -1,37933 0,346621 -4,42159 -5,19597 -0,76482 2,46458 -2,5606 4,323982 0,55046 -2,03334 1,206511 1,465228 -3,70413 -0,75758 1,322021 -5,79313 2,938507 0,289157 0,288323 1,334624 2,4323 -1,58364

138

10850 10600 11075 11100 11025 11025 11400 11325 11400 11000 11325 11175 11375 11400 11100 10900 11050 11000 11050 11000 10900 10850 10800 11000 11050 11175 11175 11250 11025 11025 11000 11150 11225 11075 11375 11450 11400 11375 11250 11400

-0,68887 -2,33111 4,383631 0,225479 -0,67797 0 3,344793 -0,66007 0,660068 -3,57181 2,91174 -1,33335 1,773882 0,219539 -2,66682 -1,81823 1,366764 -0,45352 0,453516 -0,45352 -0,91325 -0,45977 -0,46189 1,834914 0,453516 1,124871 0 0,668899 -2,02027 0 -0,22701 1,354423 0,670394 -1,34531 2,672765 0,657177 -0,43764 -0,21954 -1,10498 1,324523

6875 6725 6775 6850 6800 6950 7000 6825 6975 6900 6800 6775 6750 6650 6475 6400 6575 6600 6825 6850 6725 6625 6500 6450 6425 6525 6550 6575 6575 6675 6650 6650 6650 6750 6800 6775 6675 6725 6700 6625

1,465228 -2,20597 0,740744 1,100929 -0,7326 2,181905 0,716849 -2,53178 2,173999 -1,08109 -1,45988 -0,36832 -0,36969 -1,49257 -2,66682 -1,16506 2,697659 0,379507 3,352269 0,365631 -1,84167 -1,49816 -1,90482 -0,7722 -0,38835 1,544432 0,38241 0,380953 0 1,509463 -0,37523 0 0 1,492565 0,738011 -0,36832 -1,48702 0,746272 -0,37244 -1,12572

22500 21775 22150 22000 22000 22150 22500 22325 22900 23725 23700 23925 23750 23875 23875 23600 24025 23550 24000 23975 23575 23750 23550 22875 22525 23175 23425 23925 24200 24225 24500 24475 24250 24400 24600 24750 24900 24925 24675 25425

3,160534 -3,27528 1,707497 -0,6795 0 0,679504 1,567781 -0,78082 2,542978 3,539243 -0,10543 0,944889 -0,73414 0,524936 0 -1,15852 1,784824 -1,99691 1,892801 -0,10422 -1,68248 0,73957 -0,84567 -2,90812 -1,54188 2,844831 1,072972 2,112011 1,14287 0,103252 1,128796 -0,10209 -0,92356 0,616651 0,816331 0,607905 0,604231 0,100351 -1,00807 2,994236

26500 26350 25500 24625 22950 22300 19700 20125 19500 20000 20075 21075 21500 21650 21700 21200 21850 20900 21175 20150 19750 19875 19725 19900 19700 20075 19425 18200 17650 18350 18425 18350 18100 18125 18475 18500 18700 19000 19025 18400

-0,47059 -0,56765 -3,27898 -3,49163 -7,04443 -2,87313 -12,3968 2,134419 -3,15484 2,531781 0,374299 4,861224 1,996543 0,695252 0,230681 -2,33111 3,019974 -4,44518 1,307208 -4,9617 -2,00508 0,630917 -0,75758 0,883286 -1,01011 1,885662 -3,29144 -6,51393 -3,06858 3,889379 0,407886 -0,40789 -1,37176 0,138026 1,912627 0,135227 1,075279 1,591546 0,131492 -3,34032

139

11400 11400 11600 11750 11600 11850 11800 11500 11700 11800 11500 11775 12000 12325 12275 12275 12400 12400 12400 12500 13100 13100 13100 13150 13150 12850 13000 13000 12950 12500 12725 12700 12800 12725 13075 13400 14500 14675 14800 14100

0 0 1,739174 1,284814 -1,28481 2,132277 -0,42283 -2,57525 1,724181 0,851069 -2,57525 2,36316 1,892801 2,672307 -0,4065 0 1,01318 0 0 0,803217 4,688359 0 0 0,380953 0 -2,30779 1,160555 0 -0,38536 -3,53671 1,783992 -0,19666 0,784318 -0,58766 2,713345 2,45527 7,889394 1,199672 0,848182 -4,84524

6675 6600 6625 6675 6625 6650 6600 6525 6550 6575 6525 6400 6450 6550 6550 6625 6600 6600 6600 6625 6750 6750 6750 7450 7475 7375 7275 7250 7400 7425 7425 7425 7450 7300 7325 7375 7425 7625 7625 7475

0,751883 -1,12996 0,378072 0,751883 -0,75188 0,376648 -0,75472 -1,14287 0,38241 0,380953 -0,76336 -1,9343 0,778214 1,538492 0 1,138532 -0,37807 0 0 0,378072 1,869213 0 0 9,867153 0,335009 -1,34682 -1,36521 -0,34423 2,047853 0,337268 0 0 0,336135 -2,03397 0,341881 0,680275 0,675678 2,657964 0 -1,98682

25675 25200 25125 25200 25100 25000 25200 25200 25075 24400 23275 23225 23675 24450 24750 24750 24800 24800 24800 24700 25000 25000 25000 24800 24775 24225 24625 24600 24175 24200 24650 24375 24850 22300 21825 22350 22125 22800 23000 22950

0,978481 -1,86738 -0,29806 0,298063 -0,39761 -0,3992 0,796817 0 -0,49727 -2,72882 -4,72033 -0,21505 1,919035 3,221058 1,219527 0 0,201816 0 0 -0,40404 1,207258 0 0 -0,80322 -0,10086 -2,24499 1,637703 -0,10157 -1,74274 0,103359 1,842427 -1,12189 1,929974 -10,8271 -2,15306 2,377022 -1,01181 3,005235 0,873368 -0,21763

18125 17950 18325 18000 17975 17700 16700 16100 16300 16000 15300 15250 15300 15700 15650 15575 15600 15600 15600 15450 15375 15375 15375 15900 15500 14575 14450 14475 15350 14625 14575 14975 15175 14900 14900 15125 15175 15325 15175 15025

-1,50585 -0,97021 2,067613 -1,78945 -0,13899 -1,54173 -5,81559 -3,65894 1,234584 -1,85764 -4,47359 -0,32733 0,327333 2,580788 -0,31898 -0,48039 0,160385 0 0 -0,96619 -0,48662 0 0 3,35763 -2,54791 -6,15323 -0,86133 0,172861 5,869245 -4,83831 -0,34247 2,707441 1,326719 -1,82881 0 1,498779 0,330033 0,983614 -0,98361 -0,99339

140

14775 14700 14700 14500 14300 14300 14100 14075 14400 14525 14175 14075 14225 14225 14375 14200 14300 14300 14200 14050 14025 14050 14225 14300 14325 14725 14550 14375 14525 14225 14500 14300 14600 14625 15000 14900 14900 14850 15100 14800

4,676177 -0,50891 0 -1,36988 -1,38891 0 -1,40847 -0,17746 2,282803 0,86431 -2,43915 -0,70797 1,060081 0 1,048961 -1,22486 0,701757 0 -0,70176 -1,06196 -0,17809 0,178094 1,237858 0,525856 0,174673 2,754047 -1,19557 -1,21004 1,038072 -2,08703 1,914767 -1,38891 2,076199 0,171086 2,531781 -0,6689 0 -0,33613 1,669488 -2,00676

7475 7400 7375 7550 7600 7450 7500 7300 7500 7475 7350 7350 7350 7400 7325 7400 7425 7425 7350 7350 7350 7425 7425 7400 7425 7425 7450 7450 7475 7375 7475 7350 7325 7325 7350 7325 7400 7400 7425 7400

0 -1,00841 -0,33841 2,345166 0,660068 -1,99342 0,668899 -2,70287 2,702867 -0,33389 -1,68638 0 0 0,677969 -1,01868 1,018685 0,337268 0 -1,01524 0 0 1,015237 0 -0,33727 0,337268 0 0,336135 0 0,335009 -1,34682 1,346822 -1,68638 -0,34072 0 0,340716 -0,34072 1,018685 0 0,337268 -0,33727

23000 23000 22875 23000 22900 23150 23300 23225 23450 23975 23900 23800 23400 23400 23425 23800 23700 23700 23650 23950 23950 24125 24050 24050 24000 24100 24000 23900 24300 24000 23800 23000 22500 22200 22175 22475 22275 22325 21650 21450

0,217628 0 -0,54496 0,54496 -0,43573 1,085787 0,645858 -0,32241 0,964121 2,214113 -0,31332 -0,41929 -1,69496 0 0,106781 1,588175 -0,42105 0 -0,21119 1,260521 0 0,728032 -0,31137 0 -0,20812 0,415801 -0,4158 -0,41754 1,659789 -1,24225 -0,83682 -3,41914 -2,19789 -1,3423 -0,11268 1,343805 -0,89386 0,224215 -3,07017 -0,92808

15325 15400 15650 16750 16450 16650 16650 16325 16600 16450 16800 17100 17400 17575 17675 18425 18425 18425 18200 17750 16700 16700 16625 16900 17525 17500 17000 16900 17100 16800 16750 16375 16950 17300 16800 16550 16600 17025 17650 17550

1,977 0,488203 1,610341 6,792734 -1,80728 1,208474 0 -1,97125 1,670502 -0,90772 2,105341 1,769958 1,739174 1,000723 0,567377 4,155723 0 0 -1,22868 -2,50361 -6,09768 0 -0,45011 1,640604 3,631481 -0,14276 -2,89875 -0,58997 1,176484 -1,76996 -0,29806 -2,26425 3,451205 2,043867 -2,93276 -1,49928 0,301659 2,528016 3,605293 -0,56818

141

14700 14350 14175 14100 14200 14675 14400 14325 14325 14325 14350 14500 14475 14250 14200 14150 14175 14400 14350 14200 14300 14250 14100 14100 13800 13100 12650 13200 13200 13600 13725 13675 13900 13775 13725 13675 13625 13625 return risiko

-0,67797 -2,40976 -1,22701 -0,53051 0,706717 3,29034 -1,89172 -0,52219 0 0 0,174368 1,039871 -0,17256 -1,56661 -0,35149 -0,35273 0,176523 1,574836 -0,34783 -1,0508 0,701757 -0,35026 -1,05821 0 -2,15062 -5,20564 -3,4955 4,255961 0 2,985296 0,914919 -0,36496 1,631949 -0,90335 -0,36364 -0,36496 -0,3663 0 0,00772 2,028669

7475 7425 7375 7425 7475 7450 7375 7375 7375 7375 7400 7350 7375 7375 7350 7350 7400 7450 7350 7450 7425 7400 7400 7375 7200 7125 6700 6750 6750 6875 6875 6800 6750 6650 6650 6925 7200 7200 return risiko

1,008412 -0,67114 -0,67568 0,675678 0,671143 -0,33501 -1,01181 0 0 0 0,33841 -0,67797 0,339559 0 -0,33956 0 0,677969 0,673403 -1,35137 1,351372 -0,33613 -0,33727 0 -0,33841 -2,40149 -1,04713 -6,15022 0,743498 0 1,834914 0 -1,0969 -0,73801 -1,49257 0 4,05212 3,894297 0 0,010509 1,329128

21650 21000 21025 21400 21450 21925 21925 22150 22150 22600 22950 22950 23100 22850 22800 22650 22900 22900 22900 22675 23425 23425 23200 23325 22700 22500 21700 21000 21000 22800 22400 22025 21350 22400 22000 22425 23000 23000 return risiko

0,928081 -3,0483 0,118977 1,767872 0,233372 2,190289 0 1,020996 0 2,011241 1,536803 0 0,651468 -1,08815 -0,21906 -0,66007 1,097706 0 0 -0,98739 3,254083 0 -0,96515 0,537347 -2,71608 -0,88496 -3,6203 -3,27898 0 8,22381 -1,76996 -1,68828 -3,11264 4,800922 -1,80185 1,913395 2,531781 0 -0,0063 2,314238

17650 17300 17125 17150 17550 16900 16650 16800 16800 16875 16950 16800 16250 15825 15050 15000 15450 15125 15050 14975 15150 15400 14575 14725 13725 13775 13425 12600 12600 12900 13450 13225 13325 14075 15000 15350 15000 15000 return Risiko

0,568183 -2,00293 -1,01671 0,145879 2,305578 -3,77403 -1,49034 0,896867 0 0,445435 0,44346 -0,88889 -3,3286 -2,65019 -5,0213 -0,33278 2,95588 -2,126 -0,4971 -0,49958 1,161839 1,636698 -5,50598 1,0239 -7,03277 0,363637 -2,57367 -6,34218 0 2,35305 4,175179 -1,68701 0,753299 5,47582 6,365003 2,306527 -2,30653 0 -0,13618 2,536833

142

Lampiran 4 Historical Price, Simple Net Return (rt), Return, dan Risiko Saham KLBF, LPKR, LSIP dan MNCN Periode Juni 2013 – Mei 2015 KLBF Rt LPKR Rt LSIP MNCN Rt Rt 1450 1840 1920 3350 1430 -1,38891 1790 -2,755 1850 -3,71395 3175 -5,36527 1440 0,696867 1770 -1,12361 1900 2,666825 3200 0,784318 1410 -2,10534 1770 0 1940 2,083409 3275 2,316706 1410 0 1770 0 1940 0 3275 0 1370 -2,8779 1680 -5,21858 1930 -0,5168 3150 -3,89154 1350 -1,47061 1580 -6,13689 1970 2,051354 2900 -8,26917 1280 -5,32445 1600 1,257878 1940 -1,53456 2850 -1,73917 1310 2,316706 1570 -1,8928 1980 2,040887 2950 3,448618 1290 -1,53849 1530 -2,58079 1860 -6,25204 2825 -4,32968 1320 2,298952 1650 7,550755 1800 -3,27898 3075 8,479654 1340 1,503788 1660 0,604231 1690 -6,30581 3150 2,409755 1300 -3,03053 1650 -0,60423 1730 2,339288 3175 0,790518 1320 1,526747 1570 -4,96997 1710 -1,1628 3075 -3,20027 1230 -7,06176 1490 -5,22995 1830 6,78226 2825 -8,47965 1190 -3,30609 1470 -1,35137 1760 -3,90022 2650 -6,39487 1200 0,836825 1490 1,351372 1750 -0,5698 2450 -7,84716 1190 -0,83682 1470 -1,35137 1780 1,699758 2575 4,976151 1320 10,36784 1510 2,684725 1770 -0,56338 2875 11,02031 1380 4,445176 1480 -2,00676 1740 -1,70944 2925 1,724181 1440 4,255961 1520 2,666825 1720 -1,15608 3125 6,61398 1390 -3,53394 1480 -2,66682 1730 0,579712 3050 -2,42927 1440 3,533937 1490 0,673403 1670 -3,52978 3100 1,626052 1390 -3,53394 1380 -7,66926 1600 -4,282 2900 -6,66914 1380 -0,72202 1350 -2,19789 1530 -4,47359 2900 0 1440 4,255961 1330 -1,49257 1530 0 2950 1,709443 1330 -7,94642 1170 -12,8175 1500 -1,98026 2775 -6,11544 1350 1,492565 1110 -5,26437 1490 -0,6689 2725 -1,81823 1390 2,919915 1130 1,785762 1530 2,649162 2775 1,818232 1430 2,83707 1170 3,478612 1520 -0,65574 2950 6,115442 1450 1,388911 1160 -0,85837 1410 -7,51206 3200 8,134564 1470 1,369884 1180 1,709443 1380 -2,15062 3250 1,550419

143

1450 1470 1500 1480 1470 1480 1420 1400 1360 1330 1400 1430 1450 1450 1450 1450 1450 1450 1450 1470 1460 1500 1470 1440 1350 1300 1340 1300 1340 1300 1220 1200 1310 1350 1300 1320 1260 1290 1250 1310

-1,36988 1,369884 2,020271 -1,3423 -0,67797 0,677969 -4,13852 -1,41846 -2,89875 -2,23058 5,129329 2,120221 1,388911 0 0 0 0 0 0 1,369884 -0,6826 2,702867 -2,02027 -2,06193 -6,45385 -3,77403 3,030535 -3,03053 3,030535 -3,03053 -6,35134 -1,65293 8,770558 3,007746 -3,77403 1,526747 -4,652 2,35305 -3,14987 4,688359

1250 1320 1350 1350 1340 1360 1360 1360 1310 1310 1280 1280 1270 1290 1290 1290 1290 1290 1290 1250 1300 1370 1400 1360 1220 1200 1180 1080 1050 1020 990 1030 1080 1150 1080 1060 1030 980 990 1050

5,762911 5,448819 2,247286 0 -0,7435 1,481509 0 0 -3,74576 0 -2,31671 0 -0,78432 1,562532 0 0 0 0 0 -3,14987 3,922071 5,244648 2,16615 -2,89875 -10,8634 -1,65293 -1,68071 -8,85534 -2,81709 -2,89875 -2,9853 3,960914 4,740224 6,28009 -6,28009 -1,86921 -2,87101 -4,97615 1,015237 5,88405

1330 1240 1280 1290 1350 1360 1310 1260 1260 1200 1180 1120 1140 1160 1160 1160 1160 1160 1160 1130 1150 1150 1140 1120 1010 1000 1020 1230 1200 1360 1350 1350 1440 1490 1540 1620 1570 1490 1500 1510

-3,69046 -7,00676 3,17487 0,778214 4,546237 0,738011 -3,74576 -3,89154 0 -4,87902 -1,68071 -5,21858 1,769958 1,739174 0 0 0 0 0 -2,62024 1,754431 0 -0,87337 -1,76996 -10,3378 -0,99503 1,980263 18,72115 -2,46926 12,51631 -0,73801 0 6,453852 3,413301 3,30063 5,064373 -3,13505 -5,22995 0,668899 0,664454

3300 3325 3275 3100 3150 3200 3075 3100 3000 3050 3125 3100 3075 3075 3075 3075 3075 3075 3075 3125 3275 3350 3375 3175 2875 2700 2725 2600 2825 2700 2450 2675 2800 2950 2775 2800 2775 2825 2750 2825

1,526747 0,754721 -1,51518 -5,49158 1,600034 1,574836 -3,98459 0,809721 -3,27898 1,65293 2,429269 -0,80322 -0,80972 0 0 0 0 0 0 1,612938 4,688359 2,264248 0,743498 -6,10877 -9,9255 -6,28009 0,921666 -4,6957 8,299692 -4,52566 -9,71637 8,786136 4,567004 5,218575 -6,11544 0,896867 -0,89687 1,785762 -2,69075 2,690745

144

1400 1350 1340 1350 1370 1340 1320 1350 1360 1360 1320 1300 1300 1300 1180 1270 1310 1310 1310 1340 1340 1340 1330 1340 1340 1340 1300 1320 1330 1370 1340 1350 1370 1360 1360 1330 1330 1300 1270 1300

6,64451 -3,63676 -0,7435 0,743498 1,470615 -2,21411 -1,50379 2,247286 0,738011 0 -2,9853 -1,52675 0 0 -9,68498 7,350246 3,101024 0 0 2,264248 0 0 -0,74907 0,749067 0 0 -3,03053 1,526747 0,754721 2,96318 -2,21411 0,743498 1,470615 -0,7326 0 -2,23058 0 -2,28147 -2,33474 2,334736

1110 1090 1090 1070 1130 1200 1190 1350 1310 1280 1190 1140 1120 1120 1090 1110 1110 1100 1080 1020 1030 1030 1020 1020 1020 1020 1000 1010 1020 1040 1030 1040 1050 1050 1140 1130 1180 1130 1090 1070

5,556985 -1,81823 0 -1,8519 5,455898 6,010392 -0,83682 12,61513 -3,00775 -2,31671 -7,29068 -4,2925 -1,76996 0 -2,7151 1,818232 0 -0,90498 -1,83491 -5,71584 0,975617 0 -0,97562 0 0 0 -1,98026 0,995033 0,98523 1,941809 -0,96619 0,966191 0,956945 0 8,22381 -0,88106 4,329681 -4,32968 -3,60399 -1,8519

1420 1440 1430 1380 1390 1390 1410 1440 1400 1390 1350 1320 1330 1330 1270 1270 1270 1280 1270 1230 1390 1410 1430 1450 1450 1450 1450 1470 1470 1510 1570 1570 1590 1610 1590 1530 1570 1600 1610 1650

-6,14528 1,398624 -0,69687 -3,55909 0,722025 0 1,428596 2,105341 -2,81709 -0,71685 -2,91992 -2,24729 0,754721 0 -4,6162 0 0 0,784318 -0,78432 -3,20027 12,22896 1,428596 1,408474 1,388911 0 0 0 1,369884 0 2,684725 3,896597 0 1,26584 1,250016 -1,25002 -3,84663 2,580788 1,892801 0,623055 2,454111

3025 3000 3100 3225 3300 3275 3125 3350 3075 3075 3000 2975 3000 3000 2700 2800 2800 2800 2825 2850 2950 2900 2600 2675 2675 2675 2650 2700 2650 2750 2750 2650 2625 2625 2600 2575 2625 2500 2475 2400

6,840273 -0,82988 3,278982 3,953084 2,298952 -0,76046 -4,68836 6,952606 -8,56554 0 -2,46926 -0,83682 0,836825 0 -10,5361 3,636764 0 0 0,888895 0,881063 3,448618 -1,70944 -10,9199 2,843794 0 0 -0,93897 1,869213 -1,86921 3,704127 0 -3,70413 -0,94787 0 -0,95695 -0,96619 1,923136 -4,87902 -1,00503 -3,07717

145

1300 1310 1340 1330 1300 1290 1280 1300 1280 1300 1290 1280 1260 1280 1250 1260 1230 1220 1220 1240 1220 1220 1220 1180 1180 1230 1220 1200 1190 1200 1200 1210 1250 1200 1200 1220 1220 1220 1240 1250

0 0,766287 2,264248 -0,74907 -2,28147 -0,7722 -0,77821 1,550419 -1,55042 1,550419 -0,7722 -0,77821 -1,57484 1,574836 -2,37165 0,796817 -2,40976 -0,81633 0 1,626052 -1,62605 0 0 -3,33364 0 4,149973 -0,81633 -1,65293 -0,83682 0,836825 0 0,82988 3,252319 -4,0822 0 1,65293 0 0 1,626052 0,803217

1070 1050 1070 1060 1030 990 960 970 940 920 920 920 910 910 900 890 910 900 910 970 940 920 900 900 900 890 900 890 900 900 910 910 910 900 900 900 900 900 900 910

0 -1,88685 1,886848 -0,93897 -2,87101 -3,96091 -3,07717 1,036279 -3,14162 -2,15062 0 0 -1,09291 0 -1,10498 -1,11733 2,222314 -1,10498 1,104984 6,385147 -3,14162 -2,15062 -2,19789 0 0 -1,11733 1,11733 -1,11733 1,11733 0 1,104984 0 0 -1,10498 0 0 0 0 0 1,104984

1650 1660 1720 1720 1700 1710 1710 1820 1820 1750 1820 1830 1800 1810 1780 1740 1760 1780 1840 1880 1840 1880 1940 1990 2000 2000 1970 1960 1880 1760 1800 1830 1850 1910 1880 1900 1900 1900 1900 1930

0 0,604231 3,550669 0 -1,1696 0,586512 0 6,234313 0 -3,92207 3,922071 0,547947 -1,65293 0,554018 -1,67135 -2,27283 1,14287 1,129956 3,315221 2,150621 -2,15062 2,150621 3,14162 2,544667 0,501254 0 -1,51136 -0,50891 -4,16727 -6,5958 2,247286 1,65293 1,086967 3,19176 -1,58315 1,058211 0 0 0 1,566612

2400 2575 2525 2500 2425 2400 2375 2450 2400 2525 2525 2500 2450 2575 2600 2650 2675 2625 2675 2750 2700 2650 2650 2675 2675 2700 2575 2550 2550 2525 2450 2475 2475 2450 2550 2600 2600 2600 2575 2625

0 7,03808 -1,96085 -0,99503 -3,04592 -1,03628 -1,04713 3,109059 -2,06193 5,077233 0 -0,99503 -2,02027 4,976151 0,966191 1,904819 0,938974 -1,88685 1,886848 2,765153 -1,83491 -1,86921 0 0,938974 0 0,930239 -4,74022 -0,97562 0 -0,98523 -3,0153 1,015237 0 -1,01524 4,000533 1,941809 0 0 -0,96619 1,923136

146

1250 1250 1320 1320 1310 1285 1300 1330 1370 1430 1430 1430 1400 1390 1405 1410 1415 1410 1410 1355 1405 1420 1405 1405 1385 1410 1410 1420 1415 1400 1400 1410 1390 1395 1405 1395 1420 1440 1470 1460

0 0 5,448819 0 -0,76046 -1,92684 1,160555 2,281468 2,96318 4,28637 0 0 -2,12022 -0,71685 1,073356 0,35524 0,353983 -0,35398 0 -3,97883 3,623585 1,061957 -1,06196 0 -1,43372 1,788956 0 0,706717 -0,35273 -1,06573 0 0,711747 -1,4286 0,359067 0,714289 -0,71429 1,776246 1,398624 2,061929 -0,6826

910 910 910 900 875 870 870 870 895 940 940 960 965 965 965 975 975 985 980 930 935 955 950 950 940 925 920 925 930 930 930 930 925 935 955 940 930 930 950 940

0 0 0 -1,10498 -2,81709 -0,57307 0 0 2,833051 4,905616 0 2,105341 0,519482 0 0 1,030937 0 1,020417 -0,50891 -5,2368 0,536194 2,116481 -0,52494 0 -1,05821 -1,60861 -0,54201 0,542007 0,539085 0 0 0 -0,53908 1,075279 2,116481 -1,58315 -1,06953 0 2,12774 -1,05821

1930 1930 1900 1840 1785 1665 1700 1625 1535 1490 1490 1520 1540 1575 1665 1695 1675 1785 1760 1700 1635 1670 1655 1655 1680 1630 1630 1705 1720 1750 1785 1835 1830 1880 1905 1985 2020 1990 1970 1975

0 0 -1,56661 -3,20883 -3,03472 -6,95933 2,080313 -4,51204 -5,69774 -2,97543 0 1,993421 1,307208 2,247286 5,556985 1,785762 -1,18696 6,360525 -1,41046 -3,46856 -3,89854 2,118082 -0,90226 0 1,499278 -3,02138 0 4,49851 0,875918 1,72915 1,980263 2,762607 -0,27285 2,695581 1,321023 4,113691 1,74786 -1,49629 -1,01011 0,253486

2625 2625 2650 2600 2525 2510 2510 2500 2510 2505 2505 2515 2445 2450 2420 2390 2445 2410 2385 2290 2260 2220 2235 2235 2300 2295 2315 2285 2295 2265 2285 2300 2300 2275 2325 2345 2460 2470 2475 2460

0 0 0,947874 -1,90482 -2,92704 -0,59583 0 -0,3992 0,399202 -0,1994 0 0,398407 -2,82277 0,20429 -1,23205 -1,24742 2,275176 -1,44184 -1,04276 -4,06473 -1,3187 -1,78576 0,673403 0 2,866789 -0,21763 0,867684 -1,30437 0,436682 -1,31581 0,879127 0,65431 0 -1,09291 2,173999 0,856536 4,787595 0,40568 0,202225 -0,6079

147

1435 1400 1400 1450 1430 1430 1430 1420 1425 1415 1420 1415 1445 1475 1490 1460 1420 1415 1425 1450 1445 1465 1475 1465 1465 1505 1495 1505 1500 1525 1510 1510 1510 1510 1520 1515 1535 1545 1545 1515

-1,72716 -2,46926 0 3,509132 -1,38891 0 0 -0,70176 0,351494 -0,70423 0,352734 -0,35273 2,097979 2,054867 1,011813 -2,03397 -2,77796 -0,35273 0,704228 1,739174 -0,34542 1,374592 0,680275 -0,68027 0 2,693766 -0,66667 0,666669 -0,33278 1,65293 -0,98848 0 0 0 0,660068 -0,32949 1,311494 0,649353 0 -1,96085

935 930 945 940 935 930 930 950 1025 1065 1060 1085 1095 1135 1245 1250 1245 1190 1185 1165 1130 1135 1080 1085 1085 1155 1145 1170 1155 1195 1200 1200 1120 1095 1130 1125 1115 1115 1115 1100

-0,53333 -0,53619 1,600034 -0,53051 -0,53333 -0,53619 0 2,12774 7,598591 3,828219 -0,47059 2,331108 0,917438 3,587829 9,250288 0,400802 -0,4008 -4,51822 -0,42105 -1,70217 -3,05035 0,441502 -4,96716 0,461895 0 6,252036 -0,86957 2,159911 -1,29034 3,404584 0,417537 0 -6,89929 -2,25743 3,146327 -0,44346 -0,89286 0 0 -1,35442

1950 1990 2070 2070 2050 2025 2145 2235 2310 2355 2330 2200 2170 2245 2300 2265 2360 2290 2280 2265 2160 2205 2190 2210 2210 2210 2250 2225 2245 2225 2225 2225 2165 2205 2250 2310 2385 2380 2380 2345

-1,2739 2,030527 3,941397 0 -0,97088 -1,22701 5,756985 4,110168 3,30063 1,92932 -1,06725 -5,74109 -1,37302 3,397835 2,42036 -1,53344 4,108686 -3,01098 -0,43764 -0,66007 -4,74665 2,061929 -0,6826 0,909097 0 0 1,79377 -1,11733 0,894861 -0,89486 0 0 -2,73366 1,830715 2,020271 2,631731 3,19516 -0,20986 0 -1,48151

2455 2495 2470 2535 2490 2540 2535 2535 2625 2630 2780 2765 2760 2660 2565 2555 2660 2590 2640 2630 2610 2660 2630 2630 2630 2680 2650 2630 2640 2765 2780 2780 2715 2765 2775 2785 2840 2865 2865 2910

-0,20346 1,616197 -1,00706 2,597549 -1,79109 1,988137 -0,19704 0 3,488726 0,190295 5,546708 -0,54103 -0,181 -3,69046 -3,63676 -0,39063 4,02739 -2,66682 1,912104 -0,37951 -0,76336 1,89759 -1,13423 0 0 1,883295 -1,12572 -0,75758 0,379507 4,626172 0,541029 0 -2,3659 1,824868 0,361011 0,359713 1,955618 0,87643 0 1,558473

148

1540 1550 1540 1545 1530 1525 1545 1545 1560 1560 1555 1545 1550 1560 1570 1550 1605 1605 1610 1630 1650 1610 1615 1630 1630 1630 1615 1615 1540 1595 1580 1585 1585 1605 1605 1670 1670 1630 1610 1600

1,636698 0,647251 -0,64725 0,324149 -0,97562 -0,32733 1,30295 0 0,966191 0 -0,32103 -0,64516 0,323102 0,643089 0,63898 -1,28207 3,486883 0 0,311042 1,234584 1,219527 -2,45411 0,310078 0,924506 0 0 -0,92451 0 -4,75525 3,509132 -0,94489 0,315956 0 1,253935 0 3,969987 0 -2,42436 -1,23458 -0,62305

1065 1055 1075 1085 1065 1070 1070 1070 1070 1060 1050 1060 1055 1060 1090 1110 1130 1130 1140 1120 1095 1100 1110 1100 1100 1100 1095 1095 1035 1020 1025 1045 1055 1045 1030 1030 1050 1050 1050 1040

-3,23354 -0,9434 1,877989 0,925933 -1,86052 0,468385 0 0 0 -0,93897 -0,94787 0,947874 -0,47281 0,472814 2,790879 1,818232 1,785762 0 0,881063 -1,76996 -2,25743 0,455582 0,904984 -0,90498 0 0 -0,45558 0 -5,63529 -1,45988 0,488999 1,932427 0,952388 -0,95239 -1,44581 0 1,923136 0 0 -0,95695

2360 2420 2395 2410 2425 2450 2450 2450 2380 2410 2375 2415 2420 2425 2430 2360 2345 2345 2360 2300 2215 2230 2290 2300 2260 2260 2370 2370 2310 2310 2335 2290 2295 2270 2190 2215 2225 2220 2240 2275

0,637622 2,510592 -1,03843 0,624352 0,620478 1,02565 0 0 -2,89875 1,252626 -1,46293 1,670185 0,206825 0,206398 0,205973 -2,92296 -0,63762 0 0,637622 -2,57525 -3,76567 0,674918 2,655023 0,435731 -1,75443 0 4,752514 0 -2,56424 0 1,076437 -1,94601 0,218103 -1,0953 -3,58783 1,135086 0,450451 -0,22497 0,896867 1,550419

2925 2915 2925 2840 2650 2690 2715 2715 2715 2725 2685 2660 2685 2685 2660 2680 2725 2725 2775 2750 2610 2650 2695 2695 2720 2720 2720 2720 2830 2820 2850 2845 2850 2740 2855 2855 2895 2860 2850 2770

0,51414 -0,34247 0,342466 -2,94904 -6,92444 1,498155 0,925076 0 0 0,367647 -1,47877 -0,93546 0,935461 0 -0,93546 0,749067 1,665163 0 1,818232 -0,90498 -5,22507 1,520942 1,683856 0 0,923368 0 0 0 3,964483 -0,35398 1,058211 -0,17559 0,175593 -3,93611 4,111392 0 1,391327 -1,21635 -0,35026 -2,84717

149

1645 1635 1600 1620 1645 1660 1660 1670 1660 1660 1685 1695 1695 1685 1695 1715 1715 1745 1735 1700 1725 1790 1735 1720 1745 1740 1760 1750 1730 1730 1730 1730 1730 1730 1655 1635 1595 1630 1630 1640

2,773675 -0,60976 -2,16392 1,242252 1,531423 0,907722 0 0,600602 -0,6006 0 1,494796 0,591718 0 -0,59172 0,591718 1,173034 0 1,734148 -0,57471 -2,03792 1,45988 3,698857 -3,12082 -0,86831 1,443026 -0,28694 1,14287 -0,5698 -1,14944 0 0 0 0 0 -4,43204 -1,21582 -2,47691 2,170628 0 0,611623

1050 1040 1025 1005 1000 965 940 960 945 960 955 965 980 1010 1060 1090 1090 1165 1130 1130 1150 1170 1140 1140 1160 1150 1145 1100 1100 1100 1100 1100 1100 1100 1105 1140 1120 1130 1155 1170

0,956945 -0,95695 -1,45281 -1,97051 -0,49875 -3,56272 -2,62482 2,105341 -1,57484 1,574836 -0,52219 1,041676 1,542447 3,015304 4,831858 2,790879 0 6,654339 -3,05035 0 1,754431 1,724181 -2,59755 0 1,739174 -0,86581 -0,43573 -4,00945 0 0 0 0 0 0 0,453516 3,118293 -1,76996 0,888895 2,188271 1,29034

2260 2300 2275 2295 2280 2300 2340 2400 2365 2315 2280 2250 2260 2250 2255 2225 2225 2280 2250 2190 2125 2130 2085 2100 2090 2000 2010 2075 2100 2100 2100 2100 2100 2100 2115 2125 2145 2120 2125 2095

-0,66152 1,754431 -1,09291 0,875279 -0,65574 0,873368 1,724181 2,531781 -1,46907 -2,13683 -1,52342 -1,32452 0,44346 -0,44346 0,221976 -1,33931 0 2,441853 -1,32452 -2,70287 -3,01297 0,235018 -2,13531 0,716849 -0,47733 -4,40169 0,498754 3,182643 1,197619 0 0 0 0 0 0,711747 0,471699 0,936775 -1,17235 0,235571 -1,42182

2880 2795 2730 2675 2645 2625 2720 2715 2670 2760 2740 2780 2775 2725 2730 2730 2730 2560 2635 2665 2675 2690 2640 2590 2605 2565 2580 2600 2615 2615 2615 2615 2615 2615 2780 2775 2725 2665 2750 2880

3,894297 -2,99582 -2,35305 -2,03522 -1,12783 -0,75902 3,555098 -0,18399 -1,67135 3,315221 -0,72728 1,449301 -0,18002 -1,81823 0,183318 0 0 -6,42944 2,887592 1,132088 0,374532 0,559181 -1,87623 -1,9121 0,57748 -1,54742 0,583092 0,772205 0,575265 0 0 0 0 0 6,118683 -0,18002 -1,81823 -2,22644 3,139685 4,618938

150

1640 1630 1630 1615 1630 1640 1680 1685 1690 1675 1665 1665 1680 1660 1680 1675 1685 1680 1680 1690 1675 1660 1660 1665 1670 1655 1670 1670 1675 1690 1700 1675 1700 1695 1695 1700 1675 1660 1670 1665

0 -0,61162 0 -0,92451 0,924506 0,611623 2,409755 0,297177 0,296297 -0,89154 -0,5988 0 0,896867 -1,19762 1,197619 -0,29806 0,59524 -0,29718 0 0,593474 -0,89154 -0,89956 0 0,300752 0,29985 -0,90226 0,902262 0 0,298954 0,891536 0,589972 -1,48151 1,481509 -0,29455 0 0,294551 -1,48151 -0,89956 0,600602 -0,29985

1205 1220 1180 1165 1170 1165 1170 1170 1150 1120 1075 1080 1085 1070 1060 1050 1070 1065 1045 1040 1015 1000 1000 1000 1015 1005 1055 1050 1045 1035 1025 1015 1015 990 960 940 970 920 900 905

2,947582 1,237129 -3,33364 -1,27934 0,428266 -0,42827 0,428266 0 -1,72418 -2,64333 -4,1008 0,464038 0,461895 -1,39213 -0,93897 -0,94787 1,886848 -0,46838 -1,89579 -0,47962 -2,43321 -1,48886 0 0 1,488861 -0,99011 4,855323 -0,47506 -0,47733 -0,96155 -0,97088 -0,9804 0 -2,49389 -3,07717 -2,10534 3,14162 -5,29224 -2,19789 0,554018

2045 2040 2045 2020 2015 2060 2045 2050 2030 1960 1905 1910 1905 1870 1835 1870 1915 1890 1880 1905 1855 1775 1750 1810 1815 1815 1875 1905 1900 1870 1865 1885 1895 1870 1850 1900 1940 1860 1850 1885

-2,41558 -0,2448 0,244798 -1,23003 -0,24783 2,208679 -0,73082 0,2442 -0,9804 -3,50913 -2,84625 0,262123 -0,26212 -1,85436 -1,88939 1,889395 2,377919 -1,31408 -0,53051 1,321023 -2,65973 -4,40843 -1,41846 3,371106 0,275862 0 3,252319 1,587335 -0,26281 -1,59155 -0,26774 1,066677 0,529102 -1,32804 -1,07528 2,666825 2,083409 -4,21115 -0,53908 1,874218

2900 2900 2795 2900 2900 2965 2930 2870 2915 2945 2820 2845 2835 2805 2810 2795 2810 2760 2760 2700 2685 2715 2715 2740 2785 2965 2995 3090 3155 3205 3145 3155 3220 3200 3185 3195 3145 3055 2975 2870

0,692044 0 -3,68786 3,687863 0 2,21663 -1,18746 -2,06904 1,555779 1,0239 -4,33719 0,882618 -0,35211 -1,06384 0,178094 -0,53524 0,535238 -1,79538 0 -2,19789 -0,5571 1,111123 0 0,916597 1,628995 6,262916 1,00672 3,122686 2,081741 1,572359 -1,88982 0,317461 2,039286 -0,62305 -0,46985 0,31348 -1,57732 -2,90343 -2,65356 -3,5932

151

1660 1655 1655 1640 1615 1605 1605 1670 1690 1685 1700 1685 1700 1700 1660 1680 1705 1710 1705 1685 1705 1680 1685 1655 1650 1690 1685 1685 1695 1725 1740 1780 1760 1750 1780 1770 1755 1740 1750 1765

-0,30075 -0,30166 0 -0,91048 -1,53613 -0,62112 0 3,969987 1,19049 -0,2963 0,886269 -0,88627 0,886269 0 -2,38106 1,197619 1,477132 0,292826 -0,29283 -1,17995 1,179955 -1,47713 0,297177 -1,79646 -0,30257 2,395324 -0,2963 0 0,591718 1,754431 0,865806 2,272825 -1,12996 -0,5698 1,699758 -0,56338 -0,85107 -0,85837 0,573067 0,85349

940 915 960 980 970 965 970 975 1030 1005 1010 1045 1050 1055 1045 1040 1060 1070 1070 1075 1075 1040 1030 1005 1020 1030 1035 1030 1030 1030 1060 1065 1075 1130 1130 1140 1150 1160 1165 1155

3,794493 -2,69558 4,800922 2,061929 -1,02565 -0,5168 0,516797 0,51414 5,487661 -2,45713 0,496279 3,406655 0,477328 0,47506 -0,95239 -0,47962 1,904819 0,938974 0 0,466201 0 -3,30999 -0,96619 -2,45713 1,481509 0,975617 0,484262 -0,48426 0 0 2,871011 0,470589 0,934586 4,989697 0 0,881063 0,873368 0,865806 0,430108 -0,86207

1900 1885 1900 1865 1870 1855 1775 1750 1865 1780 1750 1780 1805 1845 1825 1805 1880 1955 1945 1995 1960 1915 1940 1890 1885 1930 1940 1945 1895 1900 1915 1930 1980 2035 2035 1990 2000 2025 1985 1910

0,792607 -0,79261 0,792607 -1,85928 0,267738 -0,80537 -4,40843 -1,41846 6,364527 -4,66477 -1,69976 1,699758 1,394723 2,191869 -1,08993 -1,10194 4,071119 3,911842 -0,51282 2,538207 -1,76996 -2,32269 1,297035 -2,61111 -0,2649 2,359218 0,516797 0,2574 -2,60431 0,263505 0,786374 0,780238 2,557684 2,739897 0 -2,23612 0,501254 1,242252 -1,99508 -3,85157

2940 2920 2945 2925 2910 2905 2950 2970 3025 3035 3010 2975 2920 2815 2775 2800 2820 2800 2800 2795 2780 2740 2665 2585 2565 2440 2350 2410 2315 2275 2375 2375 2330 2360 2465 2510 2480 2480 2405 2450

2,409755 -0,6826 0,85252 -0,68143 -0,51414 -0,17197 1,537178 0,675678 1,834914 0,330033 -0,82713 -1,1696 -1,86604 -3,66214 -1,43115 0,896867 0,711747 -0,71175 0 -0,17873 -0,53812 -1,4493 -2,77539 -3,04785 -0,7767 -4,99604 -3,75827 2,521142 -4,02171 -1,74296 4,301739 0 -1,91292 1,279335 4,353019 1,809095 -1,20242 0 -3,07087 1,853812

152

1795 1830 1800 1780 1725 1725 1770 1770 1775 1800 1740 1725 1775 1800 1825 1820 1830 1830 1830 1830 1830 1830 1830 1810 1810 1810 1825 1805 1790 1785 1810 1785 1780 1785 1790 1800 1810 1840 1880 1850

1,685433 1,931094 -1,65293 -1,11733 -3,13863 0 2,57525 0 0,282088 1,398624 -3,39016 -0,86581 2,857337 1,398624 1,379332 -0,27435 0,547947 0 0 0 0 0 0 -1,09891 0 0 0,825314 -1,10194 -0,8345 -0,27972 1,390843 -1,39084 -0,28051 0,280505 0,27972 0,557105 0,554018 1,643873 2,150621 -1,60861

1175 1145 1175 1175 1155 1110 1130 1120 1100 1070 1015 995 1030 1025 990 990 990 990 990 1020 1020 1020 1020 1030 1025 1000 1015 1025 1045 1040 1020 1005 1030 1015 1015 1030 1040 1065 1125 1095

1,71678 -2,58635 2,586351 0 -1,71678 -3,97403 1,785762 -0,88889 -1,80185 -2,76515 -5,277 -1,99012 3,457134 -0,48662 -3,47429 0 0 0 0 2,985296 0 0 0 0,975617 -0,48662 -2,46926 1,488861 0,9804 1,932427 -0,47962 -1,94181 -1,48151 2,457126 -1,46702 0 1,467019 0,966191 2,375409 5,480824 -2,70287

1910 1930 2005 2025 1975 1955 1955 1975 1945 1910 1860 1885 1925 1925 1900 1895 1875 1875 1875 1910 1890 1890 1890 1905 1930 1900 1915 2020 2020 2005 2015 1940 1970 1915 1895 1915 1905 1880 1865 1815

0 1,041676 3,812406 0,992564 -2,50013 -1,01782 0 1,01782 -1,53064 -1,81587 -2,65268 1,335133 2,099815 0 -1,30721 -0,2635 -1,06102 0 0 1,849458 -1,05264 0 0 0,790518 1,303799 -1,56661 0,786374 5,337989 0 -0,74535 0,497513 -3,79312 1,534557 -2,83159 -1,04988 1,049878 -0,52356 -1,32102 -0,80107 -2,71756

2450 2410 2420 2315 2250 2200 2265 2315 2375 2420 2335 2455 2480 2505 2510 2515 2545 2545 2545 2545 2540 2540 2540 2580 2520 2585 2640 2645 2630 2675 2900 2765 2765 2680 2685 2705 2875 2895 2900 2800

0 -1,64613 0,414079 -4,43579 -2,84795 -2,24729 2,91174 2,183493 2,558775 1,87701 -3,57556 5,011487 1,01318 1,003017 0,199402 0,199005 1,185785 0 0 0 -0,19666 0 0 1,562532 -2,35305 2,546661 2,105341 0,189215 -0,56872 1,696553 8,076136 -4,76701 0 -3,12238 0,186393 0,742118 6,095076 0,693244 0,172563 -3,50913

153

1855 1860 1845 1865 1835 1825 1835 1825 1835 1835 1840 1855 1850 1870 1800 1810 1805 1805 1790 1795 1815 1820 1815 1805 1830 1825 1835 1805 1845 1815 1800 1785 1790 1800 1790 1795 1785 1825 1810 1825

0,269906 0,269179 -0,80972 1,078178 -1,62166 -0,54645 0,546449 -0,54645 0,546449 0 0,272109 0,811912 -0,26991 1,075279 -3,81518 0,554018 -0,27663 0 -0,8345 0,27894 1,108045 0,275103 -0,2751 -0,55249 1,375538 -0,2736 0,546449 -1,64839 2,191869 -1,63938 -0,82988 -0,83682 0,27972 0,557105 -0,5571 0,27894 -0,55866 2,216157 -0,82531 0,825314

1095 1090 1140 1135 1100 1115 1110 1105 1115 1120 1110 1110 1105 1115 1115 1115 1170 1170 1165 1145 1155 1165 1170 1180 1175 1170 1145 1145 1160 1110 1110 1105 1105 1095 1085 1130 1155 1210 1250 1240

0 -0,45767 4,485057 -0,43956 -3,13225 1,354423 -0,44944 -0,45147 0,900907 0,447428 -0,89687 0 -0,45147 0,900907 0 0 4,814934 0 -0,42827 -1,73165 0,869571 0,862074 0,428266 0,851069 -0,42463 -0,42644 -2,15991 0 1,301537 -4,406 0 -0,45147 0 -0,9091 -0,91744 4,063765 2,188271 4,652002 3,252319 -0,80322

1840 1845 1825 1840 1815 1785 1785 1865 1950 1900 1885 1895 1900 1910 1900 1900 1895 1895 1875 1825 1805 1815 1835 1880 1915 1920 1895 1910 1875 1890 1875 1845 1845 1840 1920 1900 1845 1840 1835 1790

1,36801 0,271371 -1,08993 0,818558 -1,36801 -1,66671 0 4,384264 4,456832 -2,59755 -0,79261 0,529102 0,263505 0,524936 -0,52494 0 -0,2635 0 -1,06102 -2,70287 -1,10194 0,552488 1,095901 2,42273 1,844585 0,260756 -1,31063 0,78844 -1,84946 0,796817 -0,79682 -1,61294 0 -0,27137 4,255961 -1,04713 -2,93746 -0,27137 -0,27211 -2,48289

2860 2855 2860 2860 2845 2930 3025 3020 3050 3065 3030 3040 3050 3055 3085 3040 3055 3055 3075 3060 3080 3115 3120 3150 3150 3105 3085 3015 3055 3000 2920 2925 2925 2895 2865 2835 2800 2850 2835 2815

2,120221 -0,17498 0,174978 0 -0,52586 2,943936 3,190867 -0,16543 0,988476 0,490598 -1,14849 0,32949 0,328408 0,1638 0,977206 -1,46941 0,492208 0 0,652531 -0,489 0,651468 1,129956 0,160385 0,956945 0 -1,43887 -0,64621 -2,29518 1,317976 -1,81673 -2,70287 0,171086 0 -1,03094 -1,04168 -1,05264 -1,24225 1,769958 -0,52771 -0,70797

154

1840 1805 1835 1840 1845 1865 1865 1865 1865 1860 1860 1845 1820 1850 1845 1850 1850 1870 1860 1875 1890 1900 1890 1905 1850 1875 1785 1795 1795 1825 1825 1820 1820 1845 1850 1795 1780 1780 return risiko

0,818558 -1,9205 1,648389 0,272109 0,271371 1,078178 0 0 0 -0,26846 0 -0,80972 -1,36428 1,634914 -0,27064 0,270636 0 1,075279 -0,53619 0,803217 0,796817 0,527706 -0,52771 0,790518 -2,92964 1,342302 -4,91902 0,558661 0 1,657497 0 -0,27435 0 1,364278 0,270636 -3,01806 -0,83917 0 0,040285 1,925741

1270 1270 1275 1285 1305 1350 1365 1360 1360 1345 1375 1370 1375 1360 1380 1445 1450 1460 1325 1365 1390 1345 1325 1315 1305 1290 1210 1185 1185 1305 1315 1295 1275 1265 1245 1240 1295 1295 return risiko

2,390552 0 0,392928 0,781254 1,544432 3,390155 1,104984 -0,36697 0 -1,10907 2,205972 -0,3643 0,364299 -1,0969 1,45988 4,602582 0,345423 0,687288 -9,7024 2,974197 1,814932 -3,29097 -1,49816 -0,75758 -0,76336 -1,15608 -6,40219 -2,08776 0 9,646027 0,763362 -1,5326 -1,55645 -0,78741 -1,59366 -0,40242 4,339932 0 -0,06901 2,626621

1780 1680 1650 1720 1725 1730 1710 1675 1675 1700 1710 1700 1685 1660 1640 1570 1550 1490 1540 1510 1605 1530 1530 1520 1410 1440 1415 1425 1425 1380 1405 1460 1405 1430 1465 1635 1730 1730 return risiko

-0,56023 -5,78196 -1,80185 4,1549 0,290276 0,289436 -1,1628 -2,06802 0 1,481509 0,586512 -0,58651 -0,88627 -1,4948 -1,21214 -4,36206 -1,28207 -3,94788 3,30063 -1,96728 6,101411 -4,7856 0 -0,65574 -7,51206 2,105341 -1,75136 0,704228 0 -3,20883 1,79538 3,839913 -3,83991 1,763714 2,41808 10,97876 5,64786 0 -0,02047 2,690768

2830 2810 2745 2750 2805 2865 2845 2810 2810 2795 2795 2780 2775 2750 2615 2600 2580 2580 2575 2465 2500 2440 2415 2440 2370 2365 2250 2205 2205 2250 2315 2305 2270 2295 2280 2245 2250 2250 return risiko

0,531445 -0,70922 -2,34034 0,181984 1,980263 2,116481 -0,70053 -1,23786 0 -0,53524 0 -0,53812 -0,18002 -0,90498 -5,03368 -0,57527 -0,7722 0 -0,19399 -4,36577 1,409892 -2,42927 -1,02988 1,029875 -2,91081 -0,21119 -4,98478 -2,02027 0 2,020271 2,847947 -0,4329 -1,53008 1,095301 -0,65574 -1,54699 0,22247 0 -0,0782 2,712012

155

Lampiran 5 Historical Price, Simple Net Return (rt), Return, dan Risiko Saham PGAS, PTBA, SMGR dan TLKM Periode Juni 2013 – Mei 2015 PGAS Rt PTBA Rt SMGR Rt TLKM Rt 5500 12200 18000 11050 5600 1,801851 11950 -2,07047 17700 -1,68071 11400 3,118293 5650 0,888895 12650 5,692594 17550 -0,85107 11350 -0,43956 5700 0,881063 13250 4,634034 17450 -0,57143 11200 -1,3304 5700 0 13250 0 17450 0 11200 0 5350 -6,33696 13250 0 16100 -8,05204 11000 -1,80185 5450 1,851905 12750 -3,84663 16300 1,234584 10500 -4,652 5350 -1,8519 11850 -7,32034 15300 -6,33123 10000 -4,87902 5400 0,930239 11550 -2,56424 16550 7,853327 10300 2,95588 5150 -4,74022 11850 2,564243 16700 0,902262 10200 -0,97562 5300 2,871011 12500 5,340078 17600 5,249018 10550 3,373814 5400 1,869213 11900 -4,91902 17950 1,969121 10400 -1,43201 5500 1,834914 11900 0 17850 -0,55866 10850 4,235927 5300 -3,70413 12100 1,666705 17800 -0,28051 11000 1,373019 5100 -3,84663 12700 4,839654 17500 -1,69976 10500 -4,652 4800 -6,06246 12200 -4,0166 16100 -8,33816 9950 -5,38027 4650 -3,17487 11350 -7,22182 15600 -3,15484 10000 0,501254 4975 6,755815 11700 3,03711 15600 0 9750 -2,53178 5250 5,380271 12000 2,531781 16350 4,695698 10250 5,001042 5550 5,556985 12650 5,275057 16500 0,913248 10800 5,226843 5750 3,540193 13300 5,010682 17100 3,571808 11250 4,082199 5950 3,419136 13100 -1,51518 16900 -1,17648 10900 -3,16053 5700 -4,2925 13200 0,76046 17050 0,883658 10750 -1,3857 5750 0,873368 12400 -6,25204 16000 -6,35615 10550 -1,87799 5750 0 12150 -2,03673 15650 -2,21178 10900 3,263693 5550 -3,54019 12550 3,23915 15600 -0,32 11000 0,913248 5650 1,785762 12150 -3,23915 15000 -3,92207 10900 -0,91325 5500 -2,69075 11950 -1,65979 14850 -1,00503 11000 0,913248 5750 4,445176 12150 1,659789 15000 1,005034 11300 2,690745 5900 2,57525 12500 2,839947 15250 1,65293 11650 3,050345 5950 0,843887 11800 -5,76291 15350 0,653597 11850 1,702169 5550 -6,95933 12250 3,742641 15000 -2,30653 11850 0 5550 0 12300 0,407333 15000 0 11500 -2,99808

156

5700 5750 5900 5700 5800 5650 5650 5800 5700 5900 5900 5800 5700 5700 5700 5700 5700 5700 5500 5550 5550 5700 5700 5450 5100 5050 5200 5250 5250 5200 5050 5100 5400 5150 5450 5250 5100 5250 5400 5400 5300

2,666825 0,873368 2,57525 -3,44862 1,739174 -2,62024 0 2,620237 -1,73917 3,448618 0 -1,70944 -1,73917 0 0 0 0 0 -3,57181 0,904984 0 2,666825 0 -4,48506 -6,63751 -0,98523 2,927038 0,956945 0 -0,95695 -2,92704 0,98523 5,715841 -4,74022 5,661889 -3,73875 -2,89875 2,898754 2,817088 0 -1,86921

11500 11500 11550 11500 11900 11550 11400 10850 10250 10300 9950 10250 10000 10000 10000 10000 10000 10000 10950 11350 11950 11650 11800 10700 10050 10200 12000 12250 12450 12450 12400 11950 12100 12750 13600 13600 13800 13800 13950 12600 13150

-6,72522 0 0,43384 -0,43384 3,419136 -2,9853 -1,30721 -4,94483 -5,68874 0,486619 -3,45713 2,970515 -2,46926 0 0 0 0 0 9,075436 3,587829 5,151353 -2,54251 1,279335 -9,78558 -6,26711 1,481509 16,25189 2,061929 1,619469 0 -0,40242 -3,69652 1,247417 5,232582 6,453852 0 1,45988 0 1,081092 -10,1783 4,272494

15050 14750 14600 14500 15100 15350 15300 15350 15100 15100 15200 15650 15900 15900 15900 15900 15900 15900 15350 15500 15400 15300 14800 13100 12450 13500 13300 13450 12700 12050 12000 12050 12600 12300 12450 12300 12350 12550 13500 14500 13750

0,332779 -2,01349 -1,02216 -0,68729 4,054609 1,642073 -0,32626 0,326265 -1,64207 0 0,660068 2,917549 1,584819 0 0 0 0 0 -3,52036 0,972455 -0,64725 -0,65147 -3,32256 -12,2015 -5,08916 8,096906 -1,49257 1,121507 -5,73771 -5,25373 -0,4158 0,415801 4,463215 -2,40976 1,212136 -1,21214 0,40568 1,60646 7,296902 7,145896 -5,31098

11300 11400 11650 11750 12000 11800 11700 11650 11400 11750 11900 12000 12000 12000 12000 12000 12000 12000 11850 11700 11900 11950 11350 10600 10400 10950 10650 10750 10650 10100 2150 2225 2200 2150 2200 2100 2000 1990 2075 2200 2175

-1,75443 0,881063 2,169282 0,854706 2,105341 -1,68071 -0,85107 -0,42827 -2,16928 3,023989 1,268516 0,836825 0 0 0 0 0 0 -1,25788 -1,2739 1,694956 0,419288 -5,15135 -6,83637 -1,90482 5,153365 -2,77796 0,934586 -0,93459 -5,30245 -154,707 3,428907 -1,12996 -2,29895 2,298952 -4,652 -4,87902 -0,50125 4,182651 5,849621 -1,14287

157

5150 5250 5400 5350 5250 5450 5450 5450 5300 5050 5150 5250 5200 5300 5350 5300 5250 5300 5350 5250 5350 5450 5450 5450 5400 5450 5350 5450 5300 5200 5150 4975 5050 5150 5150 5100 4975 4950 4950 4975 5000

-2,87101 1,923136 2,817088 -0,93024 -1,88685 3,738753 0 0 -2,79088 -4,83186 1,960847 1,923136 -0,95695 1,904819 0,938974 -0,93897 -0,94787 0,947874 0,938974 -1,88685 1,886848 1,851905 0 0 -0,92167 0,921666 -1,8519 1,851905 -2,79088 -1,90482 -0,96619 -3,45713 1,496287 1,960847 0 -0,97562 -2,48152 -0,50378 0 0,503779 0,501254

13150 12900 13000 13350 13100 13850 13850 14000 13200 13000 12800 12850 12750 12400 12200 12350 12350 12550 12650 13100 13200 13550 13550 13550 13400 13900 14000 13700 13850 13650 13500 13300 13150 12950 12650 12150 11600 11550 11550 11600 12100

0 -1,91944 0,772205 2,656703 -1,89042 5,5673 0 1,07721 -5,88405 -1,52675 -1,55042 0,389864 -0,78125 -2,78348 -1,62605 1,222011 0 1,60646 0,793655 3,495502 0,76046 2,616972 0 0 -1,11318 3,663413 0,716849 -2,16615 1,08894 -1,45457 -1,10498 -1,49257 -1,13423 -1,5326 -2,34386 -4,0328 -4,63241 -0,43197 0 0,431966 4,220035

13400 13500 14500 14400 14100 15200 15050 15300 14650 14300 13900 13800 13000 13300 13300 13500 12900 12800 13150 13600 13850 14250 14250 14250 13950 14250 14700 14500 13950 14150 14300 14400 14300 14300 14350 14350 13900 13950 13950 13900 13850

-2,57841 0,743498 7,145896 -0,69204 -2,10534 7,512063 -0,99174 1,647484 -4,34125 -2,41808 -2,83707 -0,72202 -5,97192 2,281468 0 1,492565 -4,54624 -0,77821 2,697659 3,364803 1,821544 2,847167 0 0 -2,12774 2,12774 3,109059 -1,36988 -3,86691 1,423512 1,054491 0,696867 -0,69687 0 0,34904 0 -3,18611 0,359067 0 -0,35907 -0,36036

2225 2200 2225 2250 2225 2375 2325 2275 2200 2150 2150 2175 2100 2150 2200 2225 2250 2250 2225 2275 2325 2325 2325 2325 2275 2325 2350 2325 2250 2250 2225 2175 2275 2300 2300 2350 2300 2325 2325 2275 2275

2,272825 -1,12996 1,129956 1,11733 -1,11733 6,524052 -2,12774 -2,174 -3,35227 -2,29895 0 1,156082 -3,50913 2,35305 2,298952 1,129956 1,11733 0 -1,11733 2,222314 2,173999 0 0 0 -2,174 2,173999 1,069529 -1,06953 -3,27898 0 -1,11733 -2,27283 4,495139 1,092907 0 2,150621 -2,15062 1,081092 0 -2,174 0

158

4925 4950 5050 5000 4925 4850 4925 4900 4700 4675 4800 4750 4450 4725 4825 4850 4900 4900 4875 4875 4850 4825 4850 4875 4750 4625 4475 4525 4600 4575 4500 4500 4475 4475 4475 4400 4475 4475 4475 4600 4550

-1,51136 0,50633 2,000067 -0,99503 -1,51136 -1,53456 1,534557 -0,50891 -4,16727 -0,53333 2,638676 -1,04713 -6,52405 5,996346 2,094317 0,516797 1,02565 0 -0,51151 0 -0,51414 -0,5168 0,516797 0,51414 -2,59755 -2,66682 -3,297 1,111123 1,643873 -0,54496 -1,65293 0 -0,5571 0 0 -1,69018 1,690181 0 0 2,754995 -1,09291

12200 12550 12250 11950 11950 11700 12150 11950 11800 11650 11600 12100 12150 11900 11800 12000 12000 11700 11700 11750 11650 11600 11550 11750 11600 11650 11250 11200 11250 11100 10600 10350 10300 10300 10300 10200 10200 10200 10200 10400 10000

0,82305 2,828471 -2,41947 -2,47947 0 -2,11424 3,774033 -1,65979 -1,26317 -1,27934 -0,43011 4,220035 0,412372 -2,07908 -0,84389 1,680712 0 -2,53178 0 0,42644 -0,85471 -0,43011 -0,43197 1,71678 -1,28481 0,430108 -3,49381 -0,44544 0,445435 -1,3423 -4,60911 -2,38675 -0,48426 0 0 -0,97562 0 0 0 1,941809 -3,92207

13600 13500 13450 12900 13050 12950 13150 13250 12900 12900 12950 12850 12600 12900 12850 12800 13150 13050 12800 12750 12750 12800 13150 13250 13050 13000 12900 13150 13500 13900 13950 14000 14000 14000 14000 14050 14150 14150 14150 14500 14350

-1,82154 -0,73801 -0,37106 -4,17518 1,156082 -0,76923 1,532597 0,757579 -2,67702 0 0,386848 -0,7752 -1,9647 2,35305 -0,38835 -0,38986 2,697659 -0,76336 -1,9343 -0,39139 0 0,39139 2,697659 0,757579 -1,52094 -0,38388 -0,7722 1,919445 2,626793 2,919915 0,359067 0,357782 0 0 0 0,356507 0,709223 0 0 2,443403 -1,03987

2275 2225 2225 2125 2175 2175 2225 2275 2225 2225 2150 2150 2025 2125 2150 2175 2200 2150 2100 2050 2000 2025 2025 2100 2075 2075 2075 2050 2075 2125 2100 2075 2125 2125 2125 2125 2150 2150 2150 2175 2125

0 -2,22231 0 -4,59851 2,325686 0 2,272825 2,222314 -2,22231 0 -3,42891 0 -5,98981 4,82021 1,169604 1,156082 1,14287 -2,29895 -2,35305 -2,40976 -2,46926 1,242252 0 3,636764 -1,19762 0 0 -1,21214 1,212136 2,381065 -1,18345 -1,19762 2,381065 0 0 0 1,169604 0 0 1,156082 -2,32569

159

4400 4270 4250 4280 4435 4420 4420 4370 4260 4385 4695 4700 4725 4685 4700 4560 4600 4760 4770 4770 4790 4745 4820 4830 4830 4825 4800 4805 4790 4930 4955 4965 5050 5050 5000 5000 4950 4865 4900 4900 4940

-3,35227 -2,99907 -0,46948 0,703403 3,557461 -0,33879 0 -1,13767 -2,54938 2,892047 6,830849 0,10644 0,530505 -0,85016 0,319659 -3,02399 0,873368 3,419136 0,209864 0 0,418411 -0,9439 1,56825 0,207254 0 -0,10357 -0,51948 0,104112 -0,31266 2,880858 0,505818 0,201613 1,697495 0 -0,99503 0 -1,00503 -1,73209 0,716849 0 0,813013

9300 9125 9375 9200 9175 9150 9150 9250 9150 9475 9625 9700 9950 9750 9600 9300 9300 9450 9250 9250 9250 9125 9275 9650 9625 9600 9650 9600 9350 9275 9250 9300 9350 9300 9325 9225 9150 9200 9350 9575 9350

-7,25707 -1,89965 2,702867 -1,88431 -0,27211 -0,27285 0 1,086967 -1,08697 3,490287 1,570713 0,776201 2,544667 -2,03053 -1,55042 -3,17487 0 1,600034 -2,13912 0 0 -1,36057 1,630471 3,963531 -0,2594 -0,26008 0,519482 -0,51948 -2,63868 -0,80537 -0,26991 0,539085 0,536194 -0,53619 0,268457 -1,07818 -0,81633 0,54496 1,617286 2,377919 -2,37792

14300 14275 14125 14100 14900 15525 15525 15675 15200 15200 15075 14975 14675 14900 14550 13975 14000 14400 14200 14200 14000 13875 14425 14550 14950 15075 15100 15100 15100 14850 15225 15000 15000 15100 15075 14900 14650 14375 14450 15000 14700

-0,34904 -0,17498 -1,05635 -0,17715 5,518642 4,109041 0 0,961546 -3,07717 0 -0,82577 -0,66556 -2,02368 1,521585 -2,37702 -4,0321 0,178731 2,817088 -1,39862 0 -1,41846 -0,89687 3,887415 0,862818 2,712031 0,832644 0,1657 0 0 -1,66949 2,493895 -1,48886 0 0,664454 -0,1657 -1,16765 -1,69209 -1,89497 0,520383 3,735579 -2,02027

2085 2070 2100 2085 2145 2220 2220 2205 2230 2225 2250 2255 2230 2225 2210 2150 2150 2230 2275 2275 2220 2195 2235 2305 2295 2295 2275 2290 2265 2250 2275 2305 2330 2360 2400 2375 2290 2285 2285 2325 2300

-1,90029 -0,72202 1,438874 -0,71685 2,83707 3,436764 0 -0,67797 1,127408 -0,22447 1,11733 0,221976 -1,11484 -0,22447 -0,67644 -2,75247 0 3,653374 1,997847 0 -2,44729 -1,13251 1,805918 3,083945 -0,43478 0 -0,87528 0,657177 -1,09771 -0,66445 1,104984 1,310062 1,078759 1,279335 1,680712 -1,04713 -3,64456 -0,21858 0 1,735401 -1,08109

160

4945 5000 5000 4960 4960 4915 4985 5175 5275 5300 5175 5075 4880 5175 4995 4950 5025 5125 5125 5125 5250 5125 5150 5125 5325 5275 5275 5200 5275 5325 5400 5250 5350 5350 5400 5400 5425 5475 5525 5475 5300

0,101163 1,106095 0 -0,80322 0 -0,9114 1,414165 3,740594 1,913934 0,472814 -2,38675 -1,95128 -3,91813 5,869412 -3,54019 -0,90498 1,503788 1,970507 0 0 2,409755 -2,40976 0,486619 -0,48662 3,828219 -0,9434 0 -1,43201 1,432005 0,943403 1,398624 -2,81709 1,886848 0 0,930239 0 0,461895 0,917438 0,909097 -0,9091 -3,24855

9525 9525 9525 9425 9525 9550 9275 9375 9250 9275 9275 9375 9150 9350 9275 9200 9200 9350 9325 9325 9450 9450 9425 9325 9400 9400 9400 9325 9700 9750 9575 9625 9700 9700 9725 9950 10200 10075 10150 10175 9800

1,854358 0 0 -1,05542 1,055419 0,262123 -2,92185 1,072396 -1,3423 0,269906 0 1,072396 -2,42927 2,162246 -0,80537 -0,81191 0 1,617286 -0,26774 0 1,331578 0 -0,2649 -1,06668 0,801072 0 0 -0,80107 3,942692 0,51414 -1,81117 0,520835 0,776201 0 0,2574 2,287266 2,481517 -1,23306 0,74166 0,246003 -3,75513

14700 14875 15100 15300 15300 15450 15125 15100 16000 16500 16075 16000 15300 15400 15750 15750 15700 15700 15800 15800 16500 16600 17000 16625 16850 16800 16800 15675 15325 15925 15925 15950 15825 15825 15775 15700 15700 15525 15700 15425 14975

0 1,183446 1,501279 1,315808 0 0,975617 -2,126 -0,16543 5,789398 3,077166 -2,60951 -0,46765 -4,47359 0,651468 2,247286 0 -0,31797 0 0,634923 0 4,335044 0,604231 2,381065 -2,23058 1,344307 -0,29718 0 -6,93118 -2,25816 3,840472 0 0,156863 -0,78679 0 -0,31646 -0,47657 0 -1,12091 1,120908 -1,76711 -2,96074

2300 2320 2310 2295 2185 2180 2165 2190 2280 2250 2210 2260 2190 2160 2230 2190 2210 2175 2215 2215 2255 2250 2260 2275 2320 2330 2330 2260 2315 2340 2300 2320 2325 2325 2315 2335 2340 2355 2365 2330 2270

0 0,865806 -0,43197 -0,65147 -4,9117 -0,2291 -0,69045 1,148118 4,02739 -1,32452 -1,79377 2,23723 -3,14633 -1,37933 3,189336 -1,81 0,909097 -1,59639 1,822374 0 1,789757 -0,22198 0,44346 0,661524 1,958713 0,430108 0 -3,05035 2,404487 1,074124 -1,72418 0,865806 0,215285 0 -0,43104 0,86022 0,213904 0,63898 0,423729 -1,49098 -2,60884

161

5325 5325 5300 5275 5275 5350 5275 5275 5475 5450 5475 5475 5525 5575 5475 5600 5725 5750 5700 5700 5725 5725 5425 5250 5225 5225 5325 5400 5425 5475 5500 5500 5425 5300 5450 5500 5500 5450 5450 5400 5400

0,470589 0 -0,47059 -0,47281 0 1,411788 -1,41179 0 3,72136 -0,45767 0,457667 0 0,909097 0,900907 -1,81 2,257432 2,207595 0,435731 -0,87337 0 0,437637 0 -5,38247 -3,27898 -0,47733 0 1,895791 1,398624 0,461895 0,917438 0,455582 0 -1,37302 -2,33111 2,790879 0,913248 0 -0,91325 0 -0,92167 0

9875 9875 9800 9675 9725 9725 9750 9725 10150 10375 10575 10575 10825 10925 10525 10975 11400 11575 11450 11450 11150 11150 10700 11025 11275 11150 11400 11400 11050 11125 11250 11000 10900 10475 10825 10525 10800 10600 10725 10425 10300

0,762393 0 -0,76239 -1,28371 0,515465 0 0,25674 -0,25674 4,277382 2,192536 1,909366 0 2,336555 0,919547 -3,73004 4,186658 3,79934 1,523424 -1,08579 0 -2,65502 0 -4,11958 2,992168 2,242246 -1,11484 2,217386 0 -3,11829 0,67644 1,11733 -2,24729 -0,91325 -3,97713 3,286681 -2,81049 2,579275 -1,86921 1,172346 -2,83707 -1,20629

14850 14850 14600 14675 14525 14275 14700 14800 15600 15600 15950 15950 15950 15275 14850 14975 14950 15025 15000 15000 15225 15225 14725 14850 15050 15100 15200 15325 15000 15250 15350 15400 15425 15375 15425 15200 15000 14925 15000 15000 15000

-0,83823 0 -1,69783 0,512384 -1,02741 -1,73615 2,933774 0,677969 5,264373 0 2,218791 0 0 -4,32413 -2,82176 0,838228 -0,16708 0,500418 -0,16653 0 1,488861 0 -3,33921 0,845314 1,337813 0,331675 0,660068 0,819005 -2,14353 1,65293 0,653597 0,325204 0,162206 -0,32468 0,324676 -1,46941 -1,32452 -0,50125 0,501254 0 0

2265 2265 2300 2325 2330 2350 2345 2350 2350 2360 2400 2400 2535 2580 2430 2480 2535 2535 2565 2565 2550 2550 2575 2520 2550 2520 2520 2530 2470 2525 2480 2405 2440 2410 2420 2420 2410 2410 2455 2465 2450

-0,22051 0 1,533436 1,081092 0,214823 0,854706 -0,21299 0,212993 0 0,424629 1,680712 0 5,47249 1,759576 -5,98981 2,03673 2,193508 0 1,176484 0 -0,58651 0 0,975617 -2,15906 1,183446 -1,18345 0 0,39604 -2,40012 2,202291 -1,79825 -3,07087 1,444814 -1,23713 0,414079 0 -0,41408 0 1,850001 0,406505 -0,61038

162

5500 5450 5575 5500 5525 5450 5425 5525 5525 5525 5700 5650 5700 5725 5900 5875 5900 6025 6075 6100 6000 5900 5900 5900 5900 5900 5900 6100 6000 5775 5725 5725 5850 5925 5950 5850 5875 5850 5850 5900 5950

1,834914 -0,91325 2,267671 -1,35442 0,453516 -1,36676 -0,45977 1,826535 0 0 3,118293 -0,88106 0,881063 0,437637 3,01098 -0,42463 0,424629 2,096513 0,826451 0,410678 -1,65293 -1,68071 0 0 0 0 0 3,333642 -1,65293 -3,82212 -0,86957 0 2,159911 1,273903 0,421053 -1,69496 0,42644 -0,42644 0 0,851069 0,843887

10550 10625 10725 10550 10750 10725 10650 11200 11125 11125 11225 10750 10750 10750 10800 10500 10575 10950 10650 10750 11125 11650 11650 11650 11650 11650 11650 12500 12700 12500 12875 12950 12600 12400 12700 12900 12775 13775 13600 13650 13400

2,398196 0,708385 0,936775 -1,64516 1,877989 -0,23283 -0,70176 5,035389 -0,6719 0 0,894861 -4,32377 0 0 0,464038 -2,81709 0,711747 3,484673 -2,77796 0,934586 3,428907 4,611135 0 0 0 0 0 7,042246 1,587335 -1,58733 2,95588 0,580834 -2,7399 -1,60003 2,390552 1,562532 -0,97372 7,536522 -1,27856 0,366973 -1,84848

15100 14975 15075 15075 15075 15025 15125 15925 16200 16200 16725 16650 16650 16925 17050 16550 16700 16975 16625 16875 16650 16575 16575 16575 16575 16575 16575 16725 16500 16400 16350 16250 16575 16650 16725 16450 16475 16650 16675 16600 16650

0,664454 -0,83126 0,66556 0 0 -0,33223 0,663352 5,15412 1,712104 0 3,189336 -0,44944 0 1,63816 0,735838 -2,97641 0,902262 1,633295 -2,08341 1,492565 -1,3423 -0,45147 0 0 0 0 0 0,900907 -1,35442 -0,6079 -0,30534 -0,6135 1,980263 0,451468 0,449439 -1,65791 0,15186 1,056614 0,150038 -0,45079 0,300752

2465 2425 2465 2480 2500 2475 2525 2600 2615 2615 2590 2575 2610 2655 2650 2645 2680 2695 2650 2610 2640 2650 2650 2650 2650 2650 2650 2690 2710 2655 2690 2700 2750 2780 2785 2755 2710 2725 2700 2725 2715

0,610378 -1,63603 1,636028 0,606675 0,803217 -1,00503 2,000067 2,927038 0,575265 0 -0,96062 -0,58083 1,350069 1,709443 -0,1885 -0,18886 1,314573 0,558141 -1,68386 -1,52094 1,14287 0,378072 0 0 0 0 0 1,498155 0,740744 -2,0504 1,309654 0,371058 1,834914 1,085002 0,179695 -1,08304 -1,64688 0,551979 -0,92167 0,921666 -0,36765

163

5975 5975 5950 5950 5950 5800 5825 5850 5925 5950 5975 5950 5925 5950 5950 5950 6000 5950 5950 6025 5925 6050 6050 6000 6025 6000 6025 6000 5900 5750 5850 5825 5800 5725 5775 5750 5700 5800 5800 5800 5775

0,419288 0 -0,41929 0 0 -2,55333 0,430108 0,428266 1,273903 0,421053 0,419288 -0,41929 -0,42105 0,421053 0 0 0,836825 -0,83682 0 1,252626 -1,67368 2,087759 0 -0,82988 0,415801 -0,4158 0,415801 -0,4158 -1,68071 -2,57525 1,724181 -0,42827 -0,43011 -1,30154 0,869571 -0,43384 -0,87337 1,739174 0 0 -0,43197

13625 13275 13275 13575 13600 13350 13425 13550 13900 13925 13875 13975 13500 13075 12900 13275 13125 12800 12975 12975 12900 12825 13375 13150 13450 13100 13325 13200 13000 12875 12875 12800 13300 13300 13000 12800 12175 11975 11375 11975 12650

1,665163 -2,60238 0 2,23473 0,183993 -1,85534 0,560226 0,926791 2,550229 0,179695 -0,35971 0,718136 -3,45803 -3,19877 -1,34747 2,865526 -1,13638 -2,50736 1,357926 0 -0,57971 -0,58309 4,19909 -1,69655 2,255735 -2,63669 1,702974 -0,94251 -1,52675 -0,96619 0 -0,58423 3,831886 0 -2,28147 -1,55042 -5,00605 -1,65635 -5,14032 5,140318 5,483607

16800 16775 16450 16250 16400 16225 16250 16275 16425 16250 16375 16300 15925 15825 15700 15775 16175 16175 16375 16425 16325 16275 16125 15975 15950 15125 15250 15425 15150 14700 14625 15050 15400 14750 14825 14850 15100 15100 15625 15500 16000

0,896867 -0,14892 -1,95642 -1,22326 0,918843 -1,07281 0,153965 0,153728 0,917438 -1,07117 0,766287 -0,45907 -2,32749 -0,62992 -0,79303 0,47657 2,504043 0 1,228894 0,304878 -0,61069 -0,30675 -0,92593 -0,93459 -0,15662 -5,31098 0,82305 1,141007 -1,7989 -3,0153 -0,51151 2,86456 2,298952 -4,31244 0,507186 0,168492 1,669488 0 3,417745 -0,80322 3,17487

2685 2685 2705 2735 2720 2665 2710 2700 2725 2730 2730 2835 2820 2810 2795 2790 2775 2795 2850 2875 2945 2870 2890 2870 2885 2880 2910 2915 2865 2760 2790 2845 2860 2800 2800 2775 2775 2775 2855 2805 2805

-1,11112 0 0,742118 1,102952 -0,54996 -2,04278 1,674458 -0,36969 0,921666 0,183318 0 3,774033 -0,53051 -0,35524 -0,53524 -0,17905 -0,53908 0,718136 1,948689 0,873368 2,405614 -2,57968 0,694447 -0,69445 0,521287 -0,17346 1,036279 0,171674 -1,73015 -3,73377 1,081092 1,952147 0,525856 -2,12022 0 -0,89687 0 0 2,84211 -1,76683 0

164

5725 5675 5725 5800 5800 5825 5850 5925 5875 5950 5950 5875 5925 5900 5900 5825 6000 6000 6000 6050 6075 6150 6175 6175 6150 6125 6050 6075 6000 5950 5950 6050 6000 5975 6000 5975 5850 5975 5975 6000 5925

-0,86957 -0,8772 0,877199 1,301537 0 0,430108 0,428266 1,273903 -0,84746 1,268516 0 -1,26852 0,847463 -0,42283 0 -1,27934 2,960047 0 0 0,82988 0,412372 1,227009 0,40568 0 -0,40568 -0,40733 -1,23205 0,412372 -1,24225 -0,83682 0 1,666705 -0,82988 -0,41754 0,417537 -0,41754 -2,11424 2,114244 0 0,417537 -1,25788

12300 12075 12500 12450 12275 12325 11875 12550 12625 12950 12800 12675 12675 12575 12550 12650 12875 12600 12350 11975 12300 12350 12300 12450 12800 13300 12950 13200 13375 13150 13100 12825 12900 13500 13375 13100 13250 13150 13300 12950 12775

-2,8058 -1,84621 3,459144 -0,4008 -1,41559 0,406505 -3,71944 5,528532 0,595831 2,541681 -1,16506 -0,98136 0 -0,79208 -0,19901 0,793655 1,763023 -2,15906 -2,00408 -3,08349 2,677812 0,40568 -0,40568 1,212136 2,772455 3,831886 -2,66682 1,912104 1,317046 -1,69655 -0,38095 -2,12158 0,583092 4,546237 -0,93024 -2,07751 1,138532 -0,75758 1,134228 -2,66682 -1,36057

16000 15700 16100 16100 15900 15800 15575 16025 15700 15875 15775 15700 15600 15375 15300 15200 15300 15475 15600 15975 15850 15950 16075 16000 16100 16300 16075 16000 16050 16000 16675 16500 16575 16500 16550 16625 16475 16550 16375 16525 16150

0 -1,8928 2,515856 0 -1,25002 -0,63092 -1,43429 2,848294 -2,04893 1,108483 -0,63191 -0,47657 -0,63898 -1,45281 -0,489 -0,65574 0,65574 1,137299 0,80451 2,375409 -0,78555 0,628933 0,780644 -0,46765 0,623055 1,234584 -1,38998 -0,46765 0,312013 -0,31201 4,132187 -1,05502 0,453516 -0,45352 0,302572 0,452148 -0,90635 0,454202 -1,06303 0,91186 -2,29543

2845 2850 2860 2880 2870 2805 2685 2720 2760 2750 2760 2740 2740 2710 2615 2630 2715 2730 2735 2740 2750 2755 2775 2720 2765 2815 2785 2815 2810 2825 2880 2875 2850 2845 2840 2805 2795 2835 2835 2825 2785

1,415953 0,175593 0,350263 0,696867 -0,34783 -2,29085 -4,37228 1,295115 1,45988 -0,36298 0,362977 -0,72728 0 -1,10093 -3,56845 0,571975 3,180811 0,550966 0,182983 0,182648 0,364299 0,181653 0,72333 -2,00189 1,640875 1,792163 -1,07144 1,071439 -0,17778 0,532388 1,928193 -0,17376 -0,87337 -0,17559 -0,1759 -1,24005 -0,35714 1,420983 0 -0,35336 -1,42605

165

5850 5800 5850 5825 5850 5925 6000 6000 6000 5975 6000 6000 6000 5975 5900 5800 5800 5800 5800 5800 5625 5450 5500 5475 5200 5275 5350 5375 5375 5250 5275 5225 5075 5050 5050 5200 5375 5250 5250 5275 5250

-1,2739 -0,85837 0,858374 -0,42827 0,428266 1,273903 1,257878 0 0 -0,41754 0,417537 0 0 -0,41754 -1,26317 -1,70944 0 0 0 0 -3,0637 -3,16053 0,913248 -0,45558 -5,15337 1,432005 1,411788 0,466201 0 -2,35305 0,47506 -0,95239 -2,91283 -0,49383 0 2,927038 3,309995 -2,35305 0 0,47506 -0,47506

12400 12950 13350 13000 12750 12525 12625 12625 12625 12525 12500 12500 12500 12375 12350 12075 12100 11800 11800 11525 11200 11200 11200 10725 10400 10725 11150 11750 11625 11225 11400 11525 11325 11375 11375 11425 11500 11375 11600 11400 11175

-2,97937 4,339932 3,04206 -2,6567 -1,94181 -1,78046 0,795233 0 0 -0,79523 -0,1998 0 0 -1,00503 -0,20222 -2,25189 0,206825 -2,51059 0 -2,35809 -2,86048 0 0 -4,33363 -3,07717 3,077166 3,886203 5,241374 -1,06953 -3,50145 1,546992 1,090523 -1,75059 0,440529 0 0,438597 0,65431 -1,09291 1,958713 -1,73917 -1,99342

15500 15350 15800 15975 16000 16075 16100 16100 16100 16175 16200 16200 16200 16200 16225 15925 15975 15875 15750 15950 16150 15925 16200 15000 14100 14175 14100 14400 14475 14475 14525 14475 14400 14575 14500 14675 14775 14625 14775 14900 14725

-4,108 -0,97245 2,889447 1,101506 0,156372 0,467655 0,1554 0 0 0,464757 0,15444 0 0 0 0,154202 -1,86631 0,31348 -0,62795 -0,79052 1,261846 1,246122 -1,40298 1,712104 -7,6961 -6,18754 0,530505 -0,53051 2,105341 0,519482 0 0,344828 -0,34483 -0,51948 1,207953 -0,51591 1,199672 0,67912 -1,02042 1,020417 0,842465 -1,18145

2745 2725 2800 2815 2825 2825 2845 2845 2845 2850 2865 2865 2865 2860 2835 2815 2810 2835 2860 2835 2840 2825 2830 2845 2855 2900 2915 2880 2890 2820 2830 2845 2860 2830 2805 2825 2845 2815 2830 2860 2845

-1,44668 -0,73126 2,715099 0,534284 0,35461 0 0,70547 0 0 0,175593 0,524936 0 0 -0,17467 -0,87797 -0,70797 -0,17778 0,885745 0,877969 -0,87797 0,176211 -0,52957 0,176835 0,528636 0,350878 1,563889 0,515908 -1,20795 0,346621 -2,45196 0,353983 0,528636 0,525856 -1,05449 -0,88732 0,710483 0,70547 -1,06008 0,531445 1,054491 -0,52586

166

5300 5300 5300 5300 5375 5375 5375 5375 5425 5475 5375 5300 5200 5300 5350 5250 5275 5350 5350 5225 5200 5200 5200 5225 5200 5050 5100 5150 5075 4900 4655 4650 4720 4805 4800 4800 4795 4795 4830 4865 4780

0,947874 0 0 0 1,405175 0 0 0 0,925933 0,917438 -1,84337 -1,40518 -1,90482 1,904819 0,938974 -1,88685 0,47506 1,411788 0 -2,36418 -0,47962 0 0 0,479617 -0,47962 -2,92704 0,98523 0,975617 -1,46702 -3,50913 -5,12933 -0,10747 1,494158 1,784824 -0,10411 0 -0,10422 0 0,727276 0,722025 -1,76262

11025 11225 11475 11150 11075 10875 10875 10600 10475 10400 10425 10425 10675 11000 11025 10800 10825 10925 10775 10600 10225 10650 10425 10225 10325 10350 10450 10350 10475 10550 10300 10250 10500 10700 10750 10700 10900 10900 11100 11075 10775

-1,35137 1,797801 2,202732 -2,87313 -0,67492 -1,82237 0 -2,56126 -1,18625 -0,71857 0,240096 0 2,369779 2,999071 0,227015 -2,06193 0,231214 0,919547 -1,38251 -1,63746 -3,60183 4,072419 -2,13531 -1,93711 0,973244 0,241838 0,961546 -0,96155 1,200495 0,713439 -2,3982 -0,48662 2,409755 1,886848 0,466201 -0,4662 1,851905 0 1,818232 -0,22548 -2,74617

14725 14400 14450 14500 14675 14775 14775 14750 14800 14925 15150 15100 14875 14900 14825 14875 14900 14950 14750 14700 14450 14375 14225 14400 14500 14250 14400 13800 13525 13425 12875 13000 13450 13550 13650 13650 13600 13600 13625 13675 13475

0 -2,23185 0,346621 0,345423 1,199672 0,67912 0 -0,16935 0,33841 0,841048 1,496287 -0,33058 -1,50128 0,167926 -0,50463 0,336701 0,167926 0,335009 -1,34682 -0,33956 -1,71531 -0,52038 -1,04896 1,222723 0,692044 -1,73917 1,04713 -4,25596 -2,01288 -0,74212 -4,18312 0,966191 3,402975 0,740744 0,735297 0 -0,36697 0 0,183655 0,366301 -1,47332

2860 2895 2980 2890 2895 2895 2895 2890 2910 2905 2970 2975 2935 2950 2945 2910 2910 2985 2945 2945 2940 2925 2955 2975 2955 2950 2950 2920 2920 2920 2880 2810 2810 2865 2890 2835 2825 2825 2835 2855 2860

0,525856 1,216349 2,893819 -3,06668 0,172861 0 0 -0,17286 0,689658 -0,17197 2,212856 0,168209 -1,35366 0,509772 -0,16964 -1,19557 0 2,544667 -1,34909 0 -0,16992 -0,51151 1,020417 0,674539 -0,67454 -0,16935 0 -1,02216 0 0 -1,37933 -2,46058 0 1,938387 0,868815 -1,92146 -0,35336 0 0,353357 0,702991 0,174978

167

4800 4825 4785 4600 4410 4340 4555 4485 4700 4675 4700 4640 4415 4400 4265 4100 4100 3950 3915 4000 3980 4045 4075 4175 4280 4280 return risiko

0,417537 0,519482 -0,83247 -3,94297 -4,21816 -1,60003 4,835118 -1,5487 4,682401 -0,53333 0,533335 -1,28481 -4,97065 -0,34033 -3,11624 -3,94552 0 -3,72714 -0,89002 2,147903 -0,50125 1,619973 0,73892 2,424361 2,483865 0 -0,04927 1,968027

10750 10700 10450 10400 10650 10750 10750 10600 10550 10625 10400 10525 10000 10075 9725 9350 9350 9350 9400 9350 9200 9650 9950 10000 10300 10300 return risiko

-0,23229 -0,4662 -2,36418 -0,47962 2,375409 0,934586 0 -1,40518 -0,47281 0,708385 -2,14039 1,194757 -5,11683 0,747201 -3,53572 -3,93235 0 0 0,533335 -0,53333 -1,61729 4,775443 3,061464 0,501254 2,95588 0 -0,03326 2,559952

13550 13425 13000 12850 13125 13700 13800 13750 13825 13700 13550 13525 13325 13225 12975 12500 12500 12725 13000 13100 12875 13325 13275 13225 13025 13025 return risiko

0,555043 -0,92679 -3,21693 -1,16055 2,1175 4,287702 0,727276 -0,36298 0,543972 -0,90827 -1,10093 -0,18467 -1,48979 -0,7533 -1,90845 -3,72958 0 1,783992 2,13808 0,766287 -1,73248 3,435452 -0,37594 -0,37736 -1,52384 0 -0,06356 2,169421

2840 2825 2795 2795 2805 2810 2805 2835 2835 2830 2855 2905 2810 2790 2700 2615 2615 2765 2750 2770 2830 2860 2845 2800 2835 2835 return risiko

-0,70176 -0,52957 -1,06763 0 0,357143 0,178094 -0,17809 1,06384 0 -0,17652 0,879513 1,736155 -3,32489 -0,71429 -3,27898 -3,19877 0 5,577654 -0,54397 0,724641 2,142939 1,054491 -0,52586 -1,59437 1,242252 0 -0,26727 7,099351

168

Lampiran 6 Historical Price, Simple Net Return (rt), Return, dan Risiko Saham UNTR, UNVR dan WIKA Periode Juni 2013 – Mei 2015 UNTR UNVR Rt WIKA Rt Rt 16300 30500 2825 16050 -1,54563 29050 -4,87082 2600 -8,29969 16600 3,369385 31300 7,459961 2575 -0,96619 16600 0 31000 -0,96309 2450 -4,97615 16600 0 31000 0 2450 0 17500 5,279819 28900 -7,01456 2375 -3,10906 16550 -5,58148 27700 -4,24092 2350 -1,05821 15550 -6,23255 26900 -2,93061 2125 -10,0644 16350 5,016726 29450 9,056762 2300 7,913732 16050 -1,8519 27800 -5,76579 2275 -1,09291 16900 5,160477 28850 3,707397 2400 5,348868 17150 1,468455 28900 0,17316 2325 -3,17487 17100 -0,29197 29500 2,054867 2400 3,17487 17800 4,011999 29000 -1,70944 2325 -3,17487 17950 0,839166 27550 -5,12933 2175 -6,66914 16700 -7,21814 27250 -1,0949 2225 2,272825 16700 0 26400 -3,16895 2000 -10,661 16700 0 26000 -1,52675 2075 3,681397 17400 4,106149 28000 7,410797 2075 0 17200 -1,15608 29400 4,879016 2125 2,381065 18200 5,651221 30750 4,489532 2050 -3,5932 17850 -1,94181 29550 -3,98063 2150 4,762805 17800 -0,28051 29950 1,344558 2175 1,156082 16000 -10,661 28300 -5,66675 2000 -8,38815 17500 8,961216 28200 -0,35398 1910 -4,60439 17300 -1,14944 29300 3,826554 1920 0,522194 16000 -7,81178 28000 -4,5383 1760 -8,70114 16000 0 27850 -0,53715 1690 -4,05853 16700 4,282 29400 5,416171 1940 13,79594 16550 -0,90226 31650 7,374347 2025 4,288173 17000 2,682724 31000 -2,07509 1910 -5,84665 17200 1,169604 31750 2,390552 1980 3,59936 16800 -2,35305 31750 0 2150 8,2371

169

16550 16500 17100 16250 16900 16300 16150 16400 16500 16900 16800 17100 17000 17000 17000 17000 17000 17000 18300 18450 18600 17600 17050 15650 14400 14400 15050 15150 15200 15300 15550 16000 15800 15950 16450 15750 16300 16300 16800 17000 17400

-1,49928 -0,30257 3,571808 -5,09856 3,922071 -3,61485 -0,92451 1,536129 0,607905 2,395324 -0,59347 1,769958 -0,58651 0 0 0 0 0 7,368772 0,816331 0,809721 -5,52627 -3,17487 -8,56793 -8,32427 0 4,414978 0,662254 0,32949 0,65574 1,620781 2,852808 -1,25788 0,944889 3,086665 -4,34851 3,432474 0 3,021378 1,183446 2,325686

32900 33900 34600 33000 34000 34000 32850 32950 31800 32200 31800 31950 31450 31450 31450 31450 31450 31450 30000 31350 31250 30700 30700 29200 28900 29500 29750 29000 28300 27850 28000 28350 31200 30600 31500 30550 31000 31900 32000 33000 33000

3,557993 2,994236 2,043867 -4,73461 2,985296 0 -3,44088 0,303952 -3,5525 1,250016 -1,25002 0,470589 -1,57732 0 0 0 0 0 -4,72016 4,401689 -0,31949 -1,77567 0 -5,00939 -1,03271 2,054867 0,843887 -2,55333 -2,4434 -1,60288 0,537154 1,242252 9,579106 -1,94181 2,898754 -3,06229 1,462252 2,861881 0,312989 3,077166 0

2175 2250 2150 2175 2200 2125 2175 2125 2125 2075 2075 2100 2100 2100 2100 2100 2100 2100 2075 2200 2200 2200 2125 1920 1870 1930 1700 1680 1610 1460 1670 1700 1740 1730 1740 1750 1690 1640 1690 1770 1720

1,156082 3,390155 -4,54624 1,156082 1,14287 -3,46856 2,325686 -2,32569 0 -2,38106 0 1,197619 0 0 0 0 0 0 -1,19762 5,849621 0 0 -3,46856 -10,1447 -2,63868 3,158157 -12,6892 -1,18345 -4,25596 -9,77977 13,43872 1,780462 2,325686 -0,57637 0,57637 0,573067 -3,48873 -3,00323 3,003229 4,625102 -2,86553

170

17300 16650 17000 17000 17050 17700 17300 17350 17050 17100 17100 16900 16300 16400 16600 17100 17200 17200 17200 18200 18200 18700 18700 18700 18700 18100 18200 18150 17700 17500 17650 17650 18000 17600 18300 17500 17500 17500 17500 18300 19200

-0,57637 -3,82963 2,080313 0 0,293686 3,741444 -2,28581 0,2886 -1,74423 0,292826 0 -1,17648 -3,61485 0,611623 1,212136 2,967577 0,583092 0 0 5,651221 0 2,710193 0 0 0 -3,26116 0,550966 -0,2751 -2,51059 -1,13638 0,85349 0 1,963597 -2,24729 3,900216 -4,47002 0 0 0 4,470018 4,800922

30850 30700 32150 31500 30750 31600 32000 31950 31500 31500 30800 30950 30150 30300 31000 30900 30700 30300 30450 30250 30300 30750 30750 30750 30100 30600 30800 31500 30800 31700 32150 32050 32000 31800 31250 30000 29800 29850 29850 30800 30200

-6,73708 -0,48741 4,61498 -2,04249 -2,40976 2,726713 1,257878 -0,15637 -1,41846 0 -2,24729 0,485831 -2,61881 0,496279 2,283949 -0,3231 -0,64935 -1,31149 0,493828 -0,65898 0,165153 1,474228 0 0 -2,13648 1,647484 0,651468 2,247286 -2,24729 2,880199 1,409577 -0,31153 -0,15613 -0,62696 -1,74469 -4,0822 -0,6689 0,167645 0 3,132985 -1,96728

1870 1880 1940 1880 1820 2100 2025 1990 1940 1920 1980 1970 1920 1950 1960 1960 1940 1830 1860 1840 1870 1890 1890 1890 1880 1890 1960 1970 1940 1970 2050 2050 2050 2025 2025 1920 1870 1870 1870 1850 1870

8,361414 0,533335 3,14162 -3,14162 -3,24353 14,31008 -3,63676 -1,74351 -2,54467 -1,03628 3,077166 -0,50633 -2,57084 1,550419 0,51151 0 -1,02565 -5,8372 1,626052 -1,08109 1,617286 1,06384 0 0 -0,53051 0,530505 3,636764 0,508907 -1,53456 1,534557 3,980625 0 0 -1,22701 0 -5,32445 -2,63868 0 0 -1,07528 1,075279

171

19350 19500 19250 18800 19050 18800 19650 20150 20150 20000 20250 20900 19450 19400 18350 18250 18750 18600 18600 18900 18900 18950 19200 19400 18850 18450 18200 18400 18150 18600 18700 18750 18750 18750 18750 18750 19000 19000 19000 19350 19550

0,778214 0,772205 -1,29034 -2,36542 1,321023 -1,32102 4,422047 2,512695 0 -0,7472 1,242252 3,159437 -7,19021 -0,2574 -5,56435 -0,54645 2,702867 -0,80322 0 1,600034 0 0,264201 1,310635 1,036279 -2,87602 -2,14485 -1,36428 1,092907 -1,36801 2,449102 0,536194 0,267023 0 0 0 0 1,324523 0 0 1,825344 1,028287

30150 29800 29800 29600 29900 29000 29500 29200 28700 27550 27450 27800 26000 26700 26650 26600 27050 26250 25800 25500 25500 26250 26800 26600 26500 25950 25750 26000 25900 25900 26000 25550 26100 26100 26100 26600 26000 26000 26000 26800 26500

-0,1657 -1,16765 0 -0,6734 1,008412 -3,05627 1,709443 -1,02216 -1,72716 -4,08946 -0,36364 1,266985 -6,69395 2,656703 -0,18744 -0,18779 1,677579 -3,0021 -1,72915 -1,1696 0 2,898754 2,07359 -0,74907 -0,37665 -2,09731 -0,7737 0,966191 -0,38536 0 0,385357 -1,74592 2,1298 0 0 1,89759 -2,28147 0 0 3,030535 -1,12572

1850 1800 1720 1650 1710 1670 1670 1680 1700 1670 1690 1720 1620 1630 1610 1650 1790 1780 1740 1730 1690 1680 1640 1660 1660 1640 1620 1620 1650 1620 1600 1550 1570 1570 1570 1580 1580 1580 1580 1660 1660

-1,07528 -2,7399 -4,54624 -4,1549 3,571808 -2,36697 0 0,597017 1,183446 -1,78046 1,19049 1,759576 -5,98981 0,615387 -1,23458 2,454111 8,144033 -0,56023 -2,27283 -0,57637 -2,33929 -0,59347 -2,40976 1,212136 0 -1,21214 -1,22701 0 1,834914 -1,83491 -1,24225 -3,17487 1,282069 0 0 0,634923 0 0 0 4,939276 0

172

19475 19750 19450 18800 19000 19000 19000 18825 19000 19300 19500 19800 20950 20950 19700 18650 18700 19400 19300 19300 18975 18300 17975 17900 18200 17975 18450 18500 18625 18300 18475 18525 18575 18650 18600 18525 18475 18325 18550 18975 18850

-0,38437 1,40219 -1,53064 -3,39902 1,058211 0 0 -0,92532 0,925321 1,566612 1,030937 1,526747 5,645671 0 -6,152 -5,47725 0,267738 3,674954 -0,5168 0 -1,69828 -3,62213 -1,79192 -0,41812 1,662088 -1,24397 2,608247 0,270636 0,673403 -1,76037 0,951741 0,27027 0,269542 0,402956 -0,26846 -0,40404 -0,27027 -0,81522 1,220354 2,265253 -0,66094

26750 26200 26200 26075 25900 27025 27025 28025 27800 27650 28050 28150 28500 28575 28075 27125 27700 28500 28550 28550 28400 27850 28125 28200 28225 28100 27600 28000 28125 28375 28375 28075 28400 28300 28400 28375 28400 28025 28025 28575 28275

0,938974 -2,07751 0 -0,47824 -0,6734 4,251939 0 3,633461 -0,80609 -0,54103 1,43629 0,355872 1,235673 0,262812 -1,76527 -3,44237 2,09766 2,847167 0,175285 0 -0,52678 -1,95562 0,982589 0,266312 0,088613 -0,44385 -1,79538 1,438874 0,445435 0,884962 0 -1,0629 1,150964 -0,35273 0,352734 -0,08807 0,088067 -1,32922 0 1,943524 -1,05542

1625 1580 1645 1655 1780 1940 1940 1940 1930 1955 1935 1905 1845 1915 1920 1835 1860 1930 1950 1950 1975 1955 2020 2035 2030 1990 1985 1985 1985 2025 2090 2070 1995 1940 1995 2005 2075 2080 2145 2145 2155

-2,13098 -2,8083 4,031554 0,606062 7,281236 8,607461 0 0 -0,5168 1,287019 -1,02829 -1,56253 -3,20027 3,723835 0,260756 -4,52807 1,353201 3,694352 1,030937 0 1,273903 -1,01782 3,270732 0,739831 -0,246 -1,99012 -0,25157 0 0 1,995079 3,159437 -0,96155 -3,69046 -2,79561 2,795608 0,500001 3,431709 0,240674 3,077166 0 0,465117

173

19050 19400 20000 19400 19350 19825 19500 19800 20225 20225 20225 20600 19750 19900 20400 20750 20100 20100 20750 20750 21000 20950 20925 19950 20700 20900 20900 20500 20925 21200 21500 21250 21600 21600 21600 21900 22000 21950 21750 21000 21900

1,055419 1,820596 3,045921 -3,04592 -0,25806 2,425135 -1,65293 1,526747 2,123753 0 0 1,837161 -4,21376 0,756624 2,481517 1,701135 -3,18264 0 3,182643 0 1,197619 -0,23838 -0,1194 -4,77155 3,690456 0,961546 0 -1,93243 2,051973 1,305657 1,405175 -1,1696 1,633642 0 0 1,379332 0,455582 -0,22753 -0,91534 -3,50913 4,19642

28025 28125 28300 28125 28250 28475 29000 30300 30875 29725 28975 28900 28125 28125 28300 28250 28725 28700 29250 29250 30000 29925 30000 29400 29950 29675 29675 29550 30525 30750 30675 30100 30800 30800 30700 30825 29975 29300 29025 28575 29000

-0,88811 0,356189 0,620294 -0,62029 0,44346 0,793305 1,826932 4,385188 1,879908 -3,79584 -2,55551 -0,25918 -2,71827 0 0,620294 -0,17683 1,667437 -0,08707 1,898245 0 2,531781 -0,25031 0,250313 -2,02027 1,853465 -0,92244 0 -0,42212 3,246228 0,734397 -0,2442 -1,89228 2,298952 0 -0,3252 0,406339 -2,79623 -2,27762 -0,943 -1,56253 1,476362

2235 2280 2280 2235 2255 2280 2235 2280 2490 2465 2410 2410 2335 2360 2385 2360 2405 2395 2390 2390 2435 2495 2500 2495 2515 2440 2440 2130 2120 2265 2265 2240 2230 2230 2190 2185 2160 2220 2330 2290 2295

3,64505 1,993421 0 -1,99342 0,890874 1,102547 -1,99342 1,993421 8,810727 -1,00909 -2,25651 0 -3,16149 1,064973 1,053751 -1,05375 1,888828 -0,41667 -0,20899 0 1,865339 2,434197 0,2002 -0,2002 0,798407 -3,02748 0 -13,5876 -0,47059 6,615867 0 -1,10989 -0,44743 0 -1,81 -0,22857 -1,15076 2,739897 4,836107 -1,73165 0,218103

174

21700 21700 22200 22100 22150 22275 22225 22300 22375 22400 22450 22450 22000 21825 21175 21450 21650 21625 21625 21625 22000 22000 21675 22175 22350 22450 22550 22850 22650 22875 23000 23000 22900 21975 22525 22525 22525 22550 22725 23000 22900

-0,91744 0 2,278003 -0,45147 0,225989 0,562748 -0,22472 0,33689 0,335759 0,111669 0,222966 0 -2,02482 -0,79864 -3,02349 1,29034 0,928081 -0,11554 0 0 1,71924 0 -1,48829 2,280601 0,786079 0,446429 0,444445 1,321605 -0,87913 0,988476 0,54496 0 -0,43573 -4,12315 2,472036 0 0 0,110926 0,773057 1,202858 -0,43573

29250 29250 29200 29725 29375 30225 30400 30750 30575 30200 30800 30800 30800 30500 29600 30000 30025 30025 30125 30125 30200 30200 29125 29750 30050 30275 30450 30475 29975 30200 30475 30000 29800 29650 29500 29400 29550 29875 29800 29700 29700

0,858374 0 -0,17109 1,781973 -1,18445 2,852542 0,577321 1,144739 -0,57073 -1,23408 1,967277 0 0 -0,9788 -2,99523 1,342302 0,083299 0 0,332502 0 0,248653 0 -3,6245 2,123222 1,003353 0,745963 0,57637 0,082068 -1,6543 0,747822 0,906475 -1,57093 -0,6689 -0,50463 -0,50719 -0,33956 0,508907 1,093827 -0,25136 -0,33613 0

2265 2265 2265 2255 2235 2285 2340 2350 2340 2345 2400 2400 2410 2340 2340 2360 2390 2375 2360 2360 2350 2350 2345 2305 2310 2330 2315 2275 2205 2220 2300 2300 2270 2275 2260 2225 2180 2180 2160 2220 2160

-1,31581 0 0 -0,44248 -0,89087 2,21248 2,378491 0,42644 -0,42644 0,213447 2,318334 0 0,415801 -2,94758 0 0,851069 1,263175 -0,62959 -0,63358 0 -0,42463 0 -0,21299 -1,72047 0,216685 0,862074 -0,64586 -1,74296 -3,12525 0,677969 3,540193 0 -1,31293 0,220022 -0,66152 -1,56079 -2,0432 0 -0,92167 2,739897 -2,7399

175

23075 22750 23100 22875 23150 23150 23150 23650 24000 24000 24600 23500 23725 23800 23300 22900 22725 23000 22825 22700 22900 22900 22900 22900 22900 22900 22900 23900 24025 23800 23975 23975 24175 23675 24400 24100 24125 24100 24225 24400 24175

0,761287 -1,41846 1,526747 -0,9788 1,195017 0 0 2,136833 1,469072 0 2,469261 -4,5746 0,952892 0,315624 -2,12322 -1,73165 -0,76713 1,202858 -0,76378 -0,54915 0,877199 0 0 0 0 0 0 4,274155 0,52165 -0,94094 0,732604 0 0,830742 -2,08994 3,016349 -1,23713 0,103681 -0,10368 0,517332 0,719797 -0,92641

29800 29475 29275 29750 30325 30200 30300 30900 31225 31225 31400 30400 30400 31375 31250 30900 30925 31100 31200 31225 31150 30750 30750 30750 30750 30750 30750 31475 30900 30750 30775 30500 31250 31350 32000 31975 31900 31500 31450 31900 31900

0,336135 -1,09659 -0,68085 1,609522 1,914332 -0,41305 0,330579 1,960847 1,046287 0 0,558884 -3,23653 0 3,156879 -0,3992 -1,12632 0,080873 0,56429 0,321028 0,080096 -0,24048 -1,29243 0 0 0 0 0 2,330359 -1,84374 -0,48662 0,081268 -0,8976 2,429269 0,319489 2,052164 -0,07816 -0,23483 -1,26185 -0,15886 1,420703 0

2180 2175 2215 2215 2220 2270 2320 2430 2435 2435 2500 2465 2510 2610 2615 2595 2650 2800 2765 2710 2670 2650 2650 2650 2650 2650 2650 2615 2690 2645 2650 2610 2665 2765 2790 2770 2790 2840 2885 2895 2940

0,921666 -0,22962 1,822374 0 0,225479 2,227264 2,178735 4,632407 0,20555 0 2,634398 -1,40989 1,809095 3,906747 0,191388 -0,76776 2,097312 5,505978 -1,25788 -2,0092 -1,48702 -0,75188 0 0 0 0 0 -1,32955 2,82771 -1,68701 0,188857 -1,52094 2,085384 3,683658 0,900096 -0,71943 0,719428 1,776246 1,572085 0,346021 1,542447

176

23525 23150 22675 22125 22125 22150 22175 22225 22450 21550 21550 21800 21000 20400 20500 20850 20450 20375 20600 20775 21150 20950 20475 20600 20675 20150 20100 19900 19850 19275 19075 20000 20450 19425 19325 19150 18200 18000 17200 17175 17250

-2,72554 -1,60689 -2,07318 -2,45548 0 0,112931 0,112803 0,225225 1,007283 -4,09148 0 1,153415 -3,73875 -2,89875 0,488999 1,692906 -1,93711 -0,36742 1,098242 0,845926 1,788956 -0,95013 -2,2934 0,608645 0,363417 -2,5721 -0,24845 -1,00001 -0,25157 -2,93951 -1,04303 4,73537 2,225061 -5,1422 -0,51613 -0,90969 -5,08811 -1,10498 -4,54624 -0,14545 0,435731

31600 31500 31675 31950 32100 31025 32000 32000 32000 31675 31825 31850 31300 31150 31175 31300 31325 31600 31900 31975 31750 31975 31500 31325 31300 31800 32000 31800 31800 31650 30775 30750 30650 30575 30700 30800 30500 30925 31100 30925 31950

-0,94489 -0,31696 0,554018 0,864445 0,468385 -3,40627 3,094257 0 0 -1,02082 0,472442 0,078524 -1,74193 -0,48039 0,080225 0,400161 0,07984 0,874062 0,944889 0,234834 -0,70616 0,706162 -1,49668 -0,5571 -0,07984 1,584819 0,626961 -0,62696 0 -0,47281 -2,80355 -0,08127 -0,32573 -0,245 0,407997 0,325204 -0,9788 1,383823 0,56429 -0,56429 3,260726

2925 2915 2800 2830 2840 2870 2850 2850 2935 2885 2905 2880 2840 2845 2870 2870 2875 2835 2845 2840 2890 2870 2845 2840 2840 2665 2605 2605 2715 2610 2490 2490 2555 2500 2590 2560 2590 2675 2760 2800 2870

-0,51151 -0,34247 -4,02504 1,065729 0,352734 1,050798 -0,6993 0 2,938846 -1,71826 0,690849 -0,86431 -1,39862 0,175902 0,874896 0 0,174064 -1,40107 0,352113 -0,1759 1,745245 -0,69445 -0,8749 -0,1759 0 -6,36 -2,27714 0 4,135928 -3,94417 -4,70675 0 2,576951 -2,17615 3,536714 -1,16506 1,165062 3,22915 3,12813 1,438874 2,469261

177

17450 17250 17475 17925 17650 16950 17050 17675 17675 18375 18350 17875 18600 19075 18850 18950 19125 18500 19000 19200 18650 18950 19275 18850 18275 18700 17700 18175 18450 18325 17925 17950 17400 17900 17675 17550 17600 17400 17225 17100 16850

1,152751 -1,15275 1,295914 2,54251 -1,54606 -4,04679 0,588237 3,600101 0 3,883983 -0,13615 -2,62265 3,975849 2,5217 -1,18657 0,529102 0,919245 -3,32256 2,666825 1,04713 -2,90641 1,595779 1,700499 -2,2296 -3,09789 2,298952 -5,49589 2,648238 1,501735 -0,67981 -2,20699 0,139373 -3,11199 2,833051 -1,26495 -0,70973 0,284495 -1,14287 -1,01084 -0,72834 -1,47278

31175 31625 32025 31200 30600 30050 29875 31100 30450 30400 30450 30375 30325 30100 29800 29925 30525 30550 30650 30450 31050 31600 31100 31400 31450 31500 31700 31600 32000 31800 31375 31275 31275 31575 31675 31150 31025 31100 30900 30975 31225

-2,45557 1,433146 1,25689 -2,60988 -1,94181 -1,81373 -0,58407 4,018581 -2,11218 -0,16434 0,164339 -0,24661 -0,16474 -0,74473 -1,00168 0,418586 1,985177 0,081867 0,326798 -0,65467 1,951281 1,755831 -1,59493 0,960007 0,159109 0,158856 0,632914 -0,31596 1,257878 -0,62696 -1,34549 -0,31923 0 0,954661 0,316206 -1,67135 -0,40209 0,241449 -0,64516 0,242424 0,803863

2880 2905 2915 2915 2895 2895 2855 2900 2890 2860 2875 2860 2800 2770 2760 2765 2880 2865 2865 2900 2955 3080 3075 3005 3005 3035 3025 3020 3000 3005 3120 3215 3195 3190 3190 3120 3115 3290 3300 3345 3295

0,347826 0,86431 0,343643 0 -0,68847 0 -1,39133 1,563889 -0,34542 -1,04349 0,523105 -0,5231 -2,12022 -1,07721 -0,36166 0,180996 4,074966 -0,52219 0 1,214239 1,878791 4,143095 -0,16247 -2,30273 0 0,993386 -0,33003 -0,16543 -0,66445 0,166528 3,755543 2,999436 -0,62403 -0,15662 0 -2,21879 -0,16038 5,465841 0,30349 1,354423 -1,50605

178

16600 17250 17300 17125 17250 17250 17150 17150 17150 17200 17350 17350 17350 17300 16875 16950 17025 16900 17100 17075 17475 17450 17425 17250 17050 17125 17150 17625 17875 18050 18200 18200 18200 17900 17600 17900 18025 18000 18500 18125 18450

-1,4948 3,840945 0,289436 -1,01671 0,727276 0 -0,5814 0 0 0,291121 0,868312 0 0 -0,2886 -2,48733 0,44346 0,441502 -0,73692 1,176484 -0,14631 2,315588 -0,14316 -0,14337 -1,00938 -1,16619 0,438918 0,145879 2,732018 1,408474 0,97426 0,827591 0 0 -1,66209 -1,69018 1,690181 0,695897 -0,13879 2,739897 -2,04785 1,777217

31200 30700 31700 32000 31500 31500 31525 31525 31525 31950 32300 32300 32300 32525 32475 32475 33125 33375 33225 32100 33000 32650 32725 33500 34000 34200 35950 35800 36200 35500 35525 35500 35375 35825 36175 36375 36400 35250 36650 36125 35500

-0,0801 -1,61554 3,205403 0,941922 -1,57484 0 0,079334 0 0 1,33913 1,089505 0 0 0,694179 -0,15385 0 1,981772 0,751883 -0,45045 -3,44466 2,765153 -1,06627 0,229446 2,340613 1,481509 0,586512 4,990344 -0,41812 1,111123 -1,95264 0,070398 -0,0704 -0,35273 1,264062 0,97223 0,551345 0,068705 -3,21032 3,89479 -1,44283 -1,74524

3220 3200 3270 3345 3340 3425 3535 3535 3535 3720 3680 3680 3680 3675 3575 3555 3650 3680 3675 3600 3620 3550 3630 3565 3585 3600 3595 3640 3655 3550 3630 3675 3675 3745 3765 3815 3655 3640 3635 3620 3560

-2,30248 -0,62305 2,163918 2,267671 -0,14959 2,513066 3,161183 0 0 5,101037 -1,08109 0 0 -0,13596 -2,7588 -0,56101 2,63721 0,818558 -0,13596 -2,06193 0,554018 -1,95264 2,228504 -1,80686 0,559442 0,417537 -0,13899 1,243969 0,411241 -2,91485 2,228504 1,232048 0 1,886848 0,532624 1,31928 -4,28446 -0,41124 -0,13746 -0,41351 -1,67135

179

18575 18600 18950 18750 19000 19275 19275 19150 19225 19700 20100 20000 20750 21625 22225 21650 21775 21750 20625 21350 20925 20750 20775 20650 20500 21500 21475 21400 21175 21575 21150 20850 21400 21550 21800 22000 21975 21975 22025 22900 22500

0,675222 0,134499 1,864235 -1,06102 1,324523 1,436994 0 -0,65062 0,39088 2,440712 2,010118 -0,49875 3,681397 4,130381 2,736773 -2,62123 0,575707 -0,11488 -5,31098 3,454781 -2,01071 -0,83984 0,120409 -0,6035 -0,72904 4,762805 -0,11635 -0,34985 -1,05697 1,8714 -1,98953 -1,4286 2,603697 0,698489 1,153415 0,913248 -0,1137 0 0,227273 3,895874 -1,76216

35675 35675 36325 35100 35900 35500 35500 35325 36050 36025 36350 36500 36000 36400 36075 36100 36250 37800 37500 37800 38750 39825 39875 39575 39000 37500 38300 38300 38625 38900 38825 38500 39100 39650 39650 39025 39050 39050 39300 39800 38700

0,491747 0 1,805605 -3,43051 2,253617 -1,12046 0 -0,49418 2,031594 -0,06937 0,898106 0,411806 -1,37933 1,104984 -0,89687 0,069276 0,414652 4,186972 -0,79682 0,796817 2,482165 2,73641 0,125471 -0,7552 -1,4636 -3,92207 2,110896 0 0,844984 0,709452 -0,19299 -0,84061 1,546423 1,396848 0 -1,58885 0,064041 0 0,638164 1,264239 -2,80273

3555 3530 3525 3475 3495 3565 3565 3635 3680 3650 3670 3675 3660 3630 3595 3545 3515 3505 3425 3485 3445 3455 3405 3400 3390 3530 3580 3600 3560 3515 3450 3400 3355 3410 3495 3440 3350 3350 3310 3490 3595

-0,14055 -0,70572 -0,14174 -1,4286 0,57389 1,983068 0 1,944506 1,230364 -0,81856 0,546449 0,136147 -0,409 -0,82305 -0,96887 -1,40058 -0,84986 -0,2849 -2,3089 1,736657 -1,15441 0,289855 -1,45775 -0,14695 -0,29455 4,046795 1,406493 0,557105 -1,11733 -1,2721 -1,86653 -1,45988 -1,33237 1,626052 2,462108 -1,58619 -2,65111 0 -1,20122 5,295355 2,964225

180

23025 23025 23025 22800 23050 23025 23000 22450 22900 22825 22975 23075 22700 22500 22000 21400 21400 21300 21300 21225 22800 23925 23550 23800 23700 23700 return risiko

2,306527 0 0 -0,982 1,090523 -0,10852 -0,10864 -2,42036 1,98463 -0,32805 0,655024 0,434311 -1,63849 -0,88496 -2,24729 -2,76515 0 -0,46838 0 -0,35273 7,15808 4,81634 -1,57981 1,055976 -0,42105 0 0,073538 2,289392

39350 39400 39775 38750 38625 38100 38125 38400 40000 40350 41750 43000 42075 44500 42250 42600 42600 43000 44175 45175 43400 44000 43650 42500 42300 42300 return risiko

1,665637 0,126984 0,947276 -2,61078 -0,3231 -1,36855 0,065595 0,718722 4,082199 0,871194 3,410806 2,950066 -2,17464 5,603545 -5,18848 0,82499 0 0,934586 2,69589 2,238482 -4,00844 1,373019 -0,79864 -2,66992 -0,4717 0 0,064255 2,025205

3595 3560 3525 3510 3530 3555 3580 3565 3585 3575 3530 3510 3370 3370 3235 2985 2985 2975 2890 2970 3020 3100 3125 3105 3080 3080 return risiko

0 -0,97834 -0,98801 -0,42644 0,568183 0,705719 0,700774 -0,41987 0,559442 -0,27933 -1,26673 -0,56818 -4,07033 0 -4,08838 -8,04292 0 -0,33557 -2,89875 2,730545 1,669488 2,614528 0,803217 -0,64206 -0,80841 0 0,016979 2,873515

181

Lampiran 7 Perhitungan semivarians-semikovarians dengan Microsoft Excel min[(r1-B),0]

min[(r2-B),0]

min[(r3-B),0]

min[(r4-B),0]

-6,07848911 0 0 0 -3,96353069 0 0 0 -1,68475706 -2,95588022 -1,76549352 0 -2,25291131 -3,87145122 -1,59154553 -2,43584438 0 0 -0,51948169 0 -0,50890695 -2,06192872 -5,89983408 -4,23194319 0 -3,10321092 0 0 0 0 -1,66670525 -3,12970067 -1,1628038 0 0 -1,72914971 0 -3,51942481 -4,5809536

-1,38891122 0 -2,10534092 0 -2,87789646 -1,47061474 -5,32445145 0 -1,53849188 0 0 -3,03053495 0 -7,06175672 -3,30608623 0 -0,83682497 0 0 0 -3,53393664 0 -3,53393664 -0,7220248 0 -7,94641714 0 0 0 0 0 -1,36988444 0 0 -1,34230203 -0,6779687 0 -4,13852162 -1,4184635

-1,545625824 0 0 0 0 -5,581477911 -6,23254632 0 -1,851904777 0 0 -0,29197101 0 0 -7,218139551 0 0 0 -1,15608224 0 -1,941808586 -0,280505093 -10,66097351 0 -1,149437943 -7,811777926 0 0 -0,90226176 0 0 -2,353049741 -1,499278459 -0,302572092 0 -5,098555473 0 -3,614851412 -0,924505814

-4,87082003 0 -0,96308931 0 -7,01456094 -4,24091819 -2,93061266 0 -5,76578894 0 0 0 -1,70944334 -5,12932944 -1,09490145 -3,1689511 -1,52674721 0 0 0 -3,98062504 0 -5,66675199 -0,35398267 0 -4,53830058 -0,53715438 0 0 -2,07509441 0 0 0 0 0 -4,73461206 0 0 -3,44087797

182

0 -0,94192219 0 -1,91088617 -1,29451646 -0,98200462 0 0 0 0 0 -4,02738991 0 0 -0,33726845 -1,36056521 -3,48467313 -5,84107622 0 0 0 0 -0,27359798 -1,10193952 0 0 0 0 -0,24242436 0 0 0 0 -0,2301497 -0,46189459 -7,19734996 -1,75663237 0 0 -0,48780585 -6,56801669 0 -1,56253179 0

-2,89875369 -2,23057575 0 0 0 0 0 0 0 0 0 0 -0,68259651 0 -2,02027073 -2,06192872 -6,45385211 -3,7740328 0 -3,03053495 0 -3,03053495 -6,35134057 -1,6529302 0 0 -3,7740328 0 -4,65200156 0 -3,14986671 0 0 -3,63676442 -0,74349785 0 0 -2,21411259 -1,50378774 0 0 0 -2,98529631 -1,52674721

0 0 0 -0,593473552 0 -0,586511945 0 0 0 0 0 0 0 0 -5,526267868 -3,174869831 -8,567928674 -8,32427104 0 0 0 0 0 0 0 -1,257878221 0 0 -4,348511194 0 0 0 0 0 -0,576370472 -3,829628508 0 0 0 0 -2,285813808 0 -1,744230266 0

0 -3,55249712 0 -1,25001628 0 -1,57731977 0 0 0 0 0 -4,72016015 0 -0,31948909 -1,77567216 0 -5,00939453 -1,03271142 0 0 -2,5533302 -2,44340253 -1,60288383 0 0 0 -1,94180859 0 -3,06228602 0 0 0 0 0 -6,73708111 -0,48740958 0 -2,04249049 -2,40975516 0 0 -0,1563722 -1,4184635 0

183

0 -1,78348676 0 -1,03093697 0 0 -4,4803277 0 0 0 0 0 0 0 -0,23724804 -0,47619138 -0,95923997 0 -0,23781224 0 -0,95238815 -1,20338396 -0,24242436 -1,71362822 -3,26252273 -5,23679855 0 0 0 0 0 -0,95466119 -1,44930073 0 0 0 0 0 0 0 0 0 -4,22754831 -1,60369989

0 0 -9,6849826 0 0 0 0 0 0 0 -0,74906717 0 0 0 -3,03053495 0 0 0 -2,21411259 0 0 -0,73260401 0 -2,23057575 0 -2,28146778 -2,3347364 0 0 0 0 -0,74906717 -2,28146778 -0,77220461 -0,77821404 0 -1,55041865 0 -0,77220461 -0,77821404 -1,5748357 0 -2,37165266 0

0 -1,176484158 -3,614851412 0 0 0 0 0 0 0 0 0 0 0 0 -3,261158559 0 -0,275103337 -2,510592113 -1,136375865 0 0 0 -2,247285585 0 -4,470017892 0 0 0 0 0 0 0 -1,290340484 -2,36541909 0 -1,321023174 0 0 0 -0,747201484 0 0 -7,190208891

-2,24728559 0 -2,6188076 0 0 -0,32310206 -0,64935293 -1,31149421 0 -0,65898097 0 0 0 0 -2,13648225 0 0 0 -2,24728559 0 0 -0,31152673 -0,15612806 -0,6269613 -1,74469136 -4,08219945 -0,66889882 0 0 0 -1,96727656 -0,16570012 -1,16765297 0 -0,67340322 0 -3,05626504 0 -1,02215541 -1,72715865 -4,08945872 -0,36363676 0 -6,69394827

184

0 0 0 0 0 0 0 0 0 0 0 -6,36111845 0 -5,39505147 0 0 0 0 -0,41580101 0 0 0 0 0 0 0 -1,80909456 -4,99064056 -6,26923231 -2,41252367 0 -1,32452268 -5,24635695 -0,82304991 0 -1,66670525 0 -0,35863756 0 0 0 0 -0,87527911 -6,820825

-2,40975516 -0,81633106 0 0 -1,62605209 0 0 -3,33364203 0 0 -0,81633106 -1,6529302 -0,83682497 0 0 0 0 -4,08219945 0 0 0 0 0 0 0 0 0 0 -0,76045994 -1,92684189 0 0 0 0 0 0 -2,12022077 -0,71684895 0 0 0 -0,35398267 0 -3,97882501

-0,2574004 -5,564349157 -0,546449447 0 -0,80321717 0 0 0 0 0 0 -2,876015218 -2,144854341 -1,36427764 0 -1,36801039 0 0 0 0 0 0 0 0 0 0 0 0 -0,384369467 0 -1,530642128 -3,399020023 0 0 0 -0,925320548 0 0 0 0 0 0 -6,152001062 -5,477248965

0 -0,18744148 -0,18779348 0 -3,00210163 -1,72914971 -1,16960398 0 0 0 -0,74906717 -0,37664828 -2,09731234 -0,77369825 0 -0,38535693 0 0 -1,74592214 0 0 0 0 -2,28146778 0 0 0 -1,12571545 0 -2,07750626 0 -0,47824099 -0,67340322 0 0 0 -0,80609483 -0,54102927 0 0 0 0 -1,76527091 -3,44236888

185

0 0 -0,46457691 0 0 -1,39537148 0 0 0 0 0 0 -1,50056406 0 -1,30153681 0 0 -0,42016869 -1,05821093 0 -0,21030502 0 0 0 -0,39292781 -0,1970444 0 0 -0,09062076 0 -0,26917917 -1,35687292 -4,27972288 -0,85919383 0 -0,38314223 0 -2,00675631 0 0 -5,46477422 0 0 0

0 0 -1,06195688 0 -1,43371631 0 0 0 -0,35273405 -1,06572945 0 0 -1,42859572 0 0 -0,71428875 0 0 0 -0,68259651 -1,72715865 -2,46926126 0 0 -1,38891122 0 0 -0,70175727 0 -0,70422826 0 -0,35273405 0 0 0 -2,03396842 -2,77795641 -0,35273405 0 0 -0,34542349 0 0 -0,68027473

0 0 -0,516797016 0 -1,698277263 -3,622126343 -1,791915624 -0,418119076 0 -1,243969048 0 0 0 -1,760370442 0 0 0 0 -0,268456537 -0,404040954 -0,270270435 -0,815221906 0 0 -0,660940939 0 0 0 -3,045920748 -0,258064659 0 -1,652930195 0 0 0 0 0 -4,213758445 0 0 0 -3,182643161 0 0

0 0 0 0 -0,52677909 -1,95561788 0 0 0 -0,44385337 -1,79538036 0 0 0 0 -1,06289752 0 -0,35273405 0 -0,08806694 0 -1,32921762 0 0 -1,05541877 -0,8881053 0 0 -0,62029441 0 0 0 0 0 -3,79583524 -2,55550534 -0,25917941 -2,71827346 0 0 -0,17683471 0 -0,0870701 0

186

0 0 -1,44302648 -1,75957619 0 0 0 0 0 0 0 -1,91001714 -0,46019409 0 0 -1,242252 0 0 -0,34423442 -2,44340253 0 0 0 0 0 0 -1,95667663 0 -0,68669798 0 -0,77286774 -1,73917427 0 0 0 0 -5,74109072 -2,57841172 0 0 -0,5571045 0 0 0

0 0 -0,66666914 0 -0,33277901 0 -0,98847592 0 0 0 0 -0,32948959 0 0 0 -1,96084714 0 0 -0,64725145 0 -0,97561749 -0,32733253 0 0 0 0 -0,32102756 -0,64516353 0 0 0 -1,28206884 0 0 0 0 0 -2,45411089 0 0 0 0 -0,92450581 0

0 0 -0,238379136 -0,119402999 -4,771547304 0 0 0 -1,932427283 0 0 0 -1,169603976 0 0 0 0 0 -0,227531384 -0,915338199 -3,509131981 0 -0,917437628 0 0 -0,451468035 0 0 -0,224719196 0 0 0 0 0 -2,024816083 -0,798635163 -3,023486119 0 0 -0,115540163 0 0 0 0

0 0 -0,25031302 0 -2,02027073 0 -0,92243841 0 -0,42211966 0 0 -0,24420037 -1,89228188 0 0 -0,32520354 0 -2,79623481 -2,27761849 -0,94299884 -1,56253179 0 0 0 -0,17108644 0 -1,18444701 0 0 0 -0,57073127 -1,23407572 0 0 0 -0,97880064 -2,99523223 0 0 0 0 0 0 0

187

-1,72339866 -1,66055476 -0,09306655 -0,18639334 0 -0,09306655 -2,25998319 0 0 -0,94251405 0 0 0 0 -0,55401804 0 0 0 0 0 -2,06903933 -1,84620628 -3,15483577 0 -1,36801039 0 0 -2,82994695 0 0 -2,42323134 -0,09438415 -2,00292819 0 -0,67340322 0 0 -0,9569451 0 0 0 0 0 0

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188

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189

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190

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191

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192

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Keterangan : = simple net return saham, dengan i = 1, 2, 3, 4. 1 = AALI, 2 = KLBF, 3 = UNTR, 4 = UNVR B = Benchmark = 0

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193

Lampiran 7.a Semivarians

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0

0

0,0086614

0

0

0

5,107524

0

0,772863475

2,7367

0

0

0

0

0

0

0

0

0,8883327

5,877527

0

2,467819

0

1,524197

0,189861101

0,447426

0

0,388198

17,0003387

0,254648

0

0

0

0,257238

0

0,371805

0

0,1153

0,306936

4,682539

0

0

0

0

0

0

0

0

0

0,063183

0

0

0

0,112987

0

0

0,189861101

0

0

0

0

0

4,2809237

0,360723

2,012038699

1,20252

3,4084776

0

0

0,463562

9,9529888

0

0,958050686

0

0

0

0

0

1,8714524

0

0

0,170613

0

0,35013

0

0

205

0

0

0

0

8,0085998

0

0

0

0

0

0

0

0

0

0

0

5,8720501

0,330296

20,92698509

10,47512

0,0089084

4,153103

0

0

4,0117213

0

0

0

0

0

4,508071706

0,159362

0,4534719

9,739522

2,99859441

1,268595

0

0,753966

0,58848391

0

0

0

0

0

0,9157439

0,082337

0,583358277

0

0

0

0,301565941

0

0

0,324674

0

0,057831

0

1,321208

0

1,670363

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

2,889176

19,64298

0

0

0

1,478219

0

3,399376

0

6,135067

0,885363224

0,236798

0,5674597

0

0

0

206

0,7298292

0

0

0,805684

0

0

0

0

0,8984659

0

4,367850151

0

0

0,374082

0

0

0

0

1,530488609

0,006108

0,7396256

0,854711

0

0,055147

0

0

0,010749682

1,592256

0

0

0

0,025235

0,5717587

0

0

0

0,4440248

0

0,858233813

0

0,0091311

0

7,428544235

0,892815

0,922795

0,794837

2,582097059

0,100462

0,0373405

0,358566

4,298068898

0

0

0

6,029384539

0

0

0

0

0

3,7706206

1,434292

0

11,60267

0

0

0

0

0

0,088841

0

0

0

0

0

0

1,8583548

0,088314

16,74020666

1,042069

0

0

0

0

0,0093986

0

0

0

3,4598359

0,794837

13,97827554

3,034315

12,388427

0,809202

8,40277294

0,23077

207

13,308909

0

0

0

0,7274105

0

0

0

0,0459512

0

3,752381885

0

1,6793943

0,814076

0,134999173

0

0

0

0

0

0

0

0

0

0

0

0

0,498665

1,3421626

0

0,902739249

0

3,7063687

0

5,259691187

2,240052

0

2,194868

0

0,310365

0

0

0

0,006374

1,6507477

0,08676

6,615673984

0

0,7496205

0

0,061726077

0

0

0

1,000016667

0,39308

0

2,194868

0,063288702

0

4,7885305

0,809202

8,640711799

0,223553

6,641823

0

1,087920401

7,859879

0

0,08991

0

0,006604

0

0,090452

0

0,106102

2,8311333

0,090998

26,44220668

0,060024

0

0

0,266390361

0

3,6942723

0,828968

0,827532048

0

0

2,359691

25,8888853

0,958051

0,2094588

0,38579

1,220988798

0

208

20,935916

0

20,66827457

0

12,555948

0

0,021157032

0,318423

0,5611016

0

0

0

3,1327503

0,087792

0

6,029819

0,8043704

0

1,328833755

0

0

0,785472

0

0

0

0

0

6,811449

0

0

2,390302484

3,770621

0

5,66947

16,37654941

3,289634

2,6048005

0

0

0,341132

0

0

0

0

0

0

0

4,461315

0

0,085747

0

0,027007

0

1,392293

0,018536022

0

7,6352403

0

6,878285637

0,060816

0,7496205

2,181918

0

0,027141

0

0

0

0,55462

0,1894481

3,227252

1,40793965

1,003358

0

0,09155

0

0

0

0

0

0

0

0,087792

11,0394366

0

4,3769934

0

0

0

2,9097478

0

0

0,428589

0

0

8,447238238

0

209

0

0

0

0

0

0

0

2,543802

0

1,276799

4,971118637

0

0

0,324674

9,596927569

0

0,2492527

0

0

0

15,039171

0,317399

30,20478961

0

0

0,724318

0

0,099828

0

0,736807

0

0

3,450821

0

0,462144724

0,39308

17,200303

0

4,870787772

1,810341

0

0

0

0,10191

0,1048461

0

9,684487184

0

0

2,732178

0

0

0

1,248426

1,600098772

0

4,286835

9,851007

0,503711261

2,793404

0,0109531

0

0

0,161678

0

0

1,306150882

0

0

0

1,021795347

0,416236

1,8589117

0

0,530472366

0

5,5250175

0

2,169082905

0

7,5070379

11,49315

2,234415511

0,006415

0,1984124

0,749621

0

2,609982

0

0

0

0

2,9985944

0

1,033702753

0

210

0

0

0

2,480107

0

0,075267

0

0

0

0

0,338022456

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1,207608

0,083290242

0

0

0

6,186792991

0,023669

2,3452579

0

0

0

0

0

0

0

0

1,214271

0,543055524

0

0

0,696386

0

0,202906

0,4569821

0,078244

0,021405389

11,86566

0

0

0

0

15,504036

1,934444

0,020495916

1,136933

0

0,078683

0,020554728

0

0,8206448

0

1,018850643

0

0,8357178

0

1,360008387

0

0

0

0

0

1,7833135

0

0

0

0,5278329

0

0

0,174824

211

0

0

0

0

3,9960589

2,587638

0

3,812812

0

0

0

0

6,263695

0

0

0,004956

4,107659

0,655648

0

0,124421

0

0

2,762536931

0

0

2,629772

2,856712084

0

0,0455597

0,298607

0

0

0

0

0

0

0

0,298607

0,019263366

10,30618

0

0

0

0

21,641119

0

4,19370246

2,081753

3,6210729

0

0

3,04588

0

0

0

0

0

0,072849

0

0

0

0

0

0

5,6247363

14,55557

1,125759008

11,76838

0

0

0

0

0

0,076522

0

1,25543

0

0

0

0

0,9920641

0,696386

0,423306882

0,244211

3,3059673

0

0

0

1,7796553

0

0

0,004812

0

0

0

0

212

0

0,075682

0,248755703

0

1,4633551

0,305243

0

1,902557

0

0

0

0

0

0,074856

0

0,80437

0

0

6,870860842

0

0

2,717186

0

0

0,3271552

0

0,013196615

0

0,0824947

2,68757

28,20653545

0,634917

0

0,688701

0

0

0

0,700276

4,042964074

0

0

0

0,705326136

0

4,1130894

0

0

0

0

0,310365

0,364214825

0,57032

0

0

0,531504172

2,142113

5,8069199

0,312102

0

15,38264

0

0

0,013536561

0

0

0,681143

0,12239823

0

16,499641

0

1,117181668

0

0,5045294

0

0

0

19,106894

3,688313

3,958242146

0,037244

1,6507477

0

2,040885745

0,70663

0

0

0

0

0

0

0

0

0

0

0

0

213

1,54319

0

0

2,524439

0,1743373

0

0,012927913

0

0

0

0

0

2,5010706

0,072069

0

0

0

0

0

0

0

0,655648

3,105208341

7,855302

0,1718172

1,861253

0

0

0

0

0

0

2,4542721

0,073244

0

0

3,6592514

0

0,96433307

6,816182

2,9985944

0

0

0,104395

0,431881

0

0,011776315

1,872916

0

0,287504

0,011801915

0

1,4342915

0

5,858143372

0

0

0

0

0

1,4035624

0

0,107615758

0

0

0,278473

0

0

23,804801

0

0

0

88,474643

8,582773

2,684635029

4,729049

0

0

0,783156906

0

3,4766069

24,1968

5,050292501

26,92036

0

0

7,646071849

0

0

0

0

0

0,2426664

0

0,219384444

0

214

0

0

0

0

0

0,075267

0,124421311

0

6,4253985

0

0

16,06759

0

0

0

0

0

0

2,495804968

0,637818

0

9,108697

0

7,128476

0

0,704199

0,177285842

0,2225

0

0

0

0

2,745591998

1,861889

Rata-rata 2,6107733

1,827595

Lampiran 7.b Semikovarians Min[(r1-B),0]

Min[(r1-B),0]

Min[(r1-B),0]

Min[(r2-B),0]

Min[(r2-B),0]

Min[(r3-B),0]

X

X

X

X

X

X

215

Min[(r2-B),0]

Min[(r3-B),0]

8,442482 9,395069733

Min[(r4-B),0]

29,60723

Min[(r3-B),0]

Min[(r4-B),0]

2,146737 6,765136573

Min[(r4-B),0]

7,528465

0

0

0

0

0

0

0

0

0

0 2,027631326

0

0

0

0

0

0

0

11,40663

0

27,80243

0 20,18718005

0

0

0

0

8,208204 6,236756801

23,67059

0

0

0

33,18489 15,60390482

18,26518

0

0

0

2,591985 3,120009642

9,713954

0

0

0

2,84914 8,870619489

10,67769

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0,884828

0

0

0

0

3,851224

0

0

0

27,33925

0

19,85795

0 36,22207664

0

5,261787 11,48799774

1,742586

23,86379 3,619838599

7,903151

0

0

7,719072

0

0

0

0

0

0

0

0 1,277620186

0

0

0

0

0

0

0 0,600563553

0

0

0

0

0

0

0

0

0

0

1,798445 0,988199886

2,025768

6,862229

14,0672767

7,729612

0 0,578381507

0

0

0

0

20,84964 62,89797478

33,4329

37,6752 20,02594252

60,41309

216

3,055568

0

1,498035

0

0

0

24,65941

24,2415946

14,0833

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

4,287328 7,364341356

0

3,223406

0

0

0 1,743366688

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1,172309 8,816165723

8,186853

3,456661 3,209918776

24,13968

0

0 0,255584266

0

0

0

0

62,07565 36,06322953

35,4522

0

0

0

0

0

14,56522 12,72219775

0

14,96014

0

0

6,497915 4,235118242

15,7625

1,311378 4,880759804

3,181112

0

0

0

2,101029

0

3,346176

0

0

0 1,134060403

0

0

0 7,924113925

0

0

0

0

0

2,388639

0

0

0,741852

0

0

0

0

0

0 0,575957439

1,548935

0

0

0,925117

0

0

0

0

0

0

0

0

0

0

0

0

0

0

217

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

19,00993

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0,681374 1,863835786

0,598878

11,16456 3,587338492

9,81284

2,805388 4,319617425

0

22,48957 29,85643086 22,04441 48,62270159

6,546355

0

0

17,4561

55,29614 32,32989149

42,92014

6,032146

31,41607 3,897486754

8,59657

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0 7,404816774

0

1,737714

0

0,438546

0 10,18046109

0

1,821429

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

7,32844929

0

0

0

0

0

0

0

1,127759 1,054185048

0,742373

20,22928 14,24575936

13,31639

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

218

0

0

0

0

0

0

0,837

0

0

0

0

0

0,343418

0,2662224

3,111821

0,42853 5,009005313

3,883055

0

27,5631766

3,508057

0

0

1,866598

0

0

0

0

0

0

0

0

0

0 4,522303894

0

0

0

0

0 3,623760254

0

0

0

0

0

0

0

0 15,01326323

0

0

0

0

0

0

0

0

0

0

4,66462 2,725415241

2,216394

5,207044 4,234533857

2,474127

0

0

0

0

0

0

0

0

0

0

0

0

0 2,098243923

0

0

0

0

0

0

0

35,00977 25,36310599

9,4666

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

2,909314

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

219

0

0

0

0

0

0

0

0

0

0

0

0

0,718988

0

0,506876

0 6,474684127

0

0 1,552935582

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0,526543 0,597049535

0,534432

5,558734 4,975743302

5,642017

0

0

0

0

0

0

0

0

0

0

0

0

0,881604

0

0,374886

0 0,228225733

0

0

0

0,037849

0

0

0

3,822378 3,851012007

1,074379

5,012741 1,398484676

1,408961

0

0

5,692095

11,94759 23,40858322

0

0

0

21,37766

10,1982 9,313406508

18,2475

0

0

0

0 1,561702411

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0,715105

0

0,158187

0 0,124120521

0

3,306533

0

1,69228

0 2,663962617

0

0

0

0

0,996407

0

0

0

0

0

1,840802 0,524051842

1,592881

0

0

0

0

0

0

220

0

0

0

2,048139

4,73849033

4,037397

0

0

0

0

0

0

0

0

0

0 0,789313117

0

0

0

0

0 1,344099119

0

0

0

0

1,17672 6,440225568

3,05565

0

0

0

0

0

0

10,02628

0

0

0

0

0

0 11,53093721

10,73508

0

0

48,13089

0

0

0

0,620272

0

0

0

0

0

4,542351 0,153014302

1,04299

0

0

0

0

0

0,10262

0

0

0

0

0

0

0

0

0

1,306073 4,881573614

2,41134

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0 0,611486802

0

10,51448 18,29467347

2,395904

4,753852 0,622573314

1,083246

0

0

1,794868 1,755083328

4,498429

0 7,360348093

4,174142

0

0

1,055539

0

0

0

0

0

0

0

0

0

0

0

0

0,527172

221

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0,725956

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

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Rata-rata 0,831153 1,279794256

1,040339

Lampiran 8 Program Matlab 6.1. Perbandingan Optimasi Portofolio Metode Mean-Varians Dengan MeanSemivarians

disp('#########################################################'); disp('ANALISIS PERBANDINGAN OPTIMASI PORTOFOLIO METODE MEANVARIANS DENGAN MEAN-SEMIVARIANS'); disp('STUDI KASUS : SAHAM SYARIAH JAKARTA ISLAMIC INDEX');

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disp('Oleh : Fantika Vera Entrisnasari'); disp('#########################################################'); disp('---------------------------------------------------------'); disp('PEMBOBOTAN SAHAM DENGAN METODE MEAN-VARIANS'); disp('---------------------------------------------------------'); SNRSaham=xlsread('4SAHAM');%data simple net return 4 saham terpilih VarianKovarianSaham=cov(SNRSaham) %matriks varian-kovarian data 4 saham terpilih InversVarKovar=inv(VarianKovarianSaham)%invers matriks variankovarian I=ones(4,1) w1=(InversVarKovar*I)/(I'*InversVarKovar*I)%proporsi masing-masing saham dengan metode mean-varian disp('---------------------------------------------------------'); disp('PEMBOBOTAN SAHAM DENGAN METODE MEAN-SEMIVARIANS'); disp('---------------------------------------------------------'); AALI=xlsread('AALI');%data return AALI KLBF=xlsread('KLBF');%data return KLBF UNTR=xlsread('UNTR');%data return UNTR UNVR=xlsread('UNVR');%data return UNVR A=min(AALI,0); B=min(KLBF,0); C=min(UNTR,0); D=min(UNVR,0); E=A.^2; F=B.^2; G=C.^2; H=D.^2; I=A.*B; J=A.*C; K=A.*D; L=B.*C; M=B.*D; N=C.*D; ee=mean(E); ff=mean(F); gg=mean(G); hh=mean(H); ii=mean(I); jj=mean(J); kk=mean(K); ll=mean(L); mm=mean(M); nn=mean(N); SemiVarKovar=[ee ii jj kk;ii ff ll mm;jj ll gg nn;kk mm nn hh]%matriks semivarian-semikovarian 4 saham terpilih InversSemiVarKovar=inv(SemiVarKovar)%invers matriks semivariansemikovarian 4 saham terpilih I=ones(4,1) w2=(InversSemiVarKovar*I)/(I'*InversSemiVarKovar*I)%proporsi masing-masing saham dengan metode mean-semivarian disp('---------------------------------------------------------'); disp('PERBANDINGAN METODE MEAN-VARIAN DENGAN MEAN-SEMIVARIAN'); disp('---------------------------------------------------------'); rA=mean(AALI);%return saham AALI

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rB=mean(KLBF);%return saham KLBF rC=mean(UNTR);%return saham UNTR rD=mean(UNVR);%return saham UNVR Matriksreturn=[rA;rB;rC;rD] disp('RETURN DAN RISIKO PORTOFOLIO MEAN-VARIAN'); Rp1=(w1'*Matriksreturn)%Return portofolio mean-varian Sp1=(w1'*VarianKovarianSaham*w1)%Risiko portofolio mean-varian disp('RETURN DAN RISIKO PORTOFOLIO MEAN-SEMIVARIAN'); Rp2=(w2'*Matriksreturn)%Return portofolio mean-semivarian Sp2=(w2'*SemiVarKovar*w2)%Risiko portofolio mean-semivarian disp('PERBANDINGAN PORTOFOLIO DENGAN INDEKS SHARPE'); RFR=input('Nilai Risk Free Rate : '); IndeksSharpeMV=(Rp1-RFR)/Sp1 IndeksSharpeSV=(Rp2-RFR)/Sp2 if IndeksSharpeSV > IndeksSharpeMV disp('Metode yang direkomendasikan adalah metode MeanSemivarians') else disp('Metode yang direkomendasikan adalah metode MeanVarians') end;

Lampiran 9 Output Program Matlab 6.1. Perbandingan Optimasi Portofolio Metode Mean-Varians Dengan MeanSemivarians

########################################################################

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ANALISIS PERBANDINGAN OPTIMASI PORTOFOLIO METODE MEAN-VARIANS DENGAN MEAN-SEMIVARIANS STUDI KASUS : SAHAM SYARIAH JAKARTA ISLAMIC INDEX Oleh : Fantika Vera Entrisnasari ######################################################################## -----------------------------------------------------------------------------------------------------------PEMBOBOTAN SAHAM DENGAN METODE MEAN-VARIANS -----------------------------------------------------------------------------------------------------------VarianKovarianSaham = 5.7717 0.5964 1.3181 1.2730 0.5964 3.7085 1.3697 1.8634 1.3181 1.3697 5.2413 1.4313 1.2730 1.8634 1.4313 4.1015

InversVarKovar = 0.1919 0.0080 -0.0366 -0.0504 0.0080 0.3636 -0.0566 -0.1479 -0.0366 -0.0566 0.2262 -0.0419 -0.0504 -0.1479 -0.0419 0.3413 I= 1 1 1 1

w1 =

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0.2391 0.3538 0.1930 0.2141 -----------------------------------------------------------------------------------------------------------PEMBOBOTAN SAHAM DENGAN METODE MEAN-SEMIVARIANS -----------------------------------------------------------------------------------------------------------SemiVarKovar = 2.6108 0.8312 1.2798 1.0403 0.8312 1.8276 1.1025 1.0332 1.2798 1.1025 2.7456 1.1528 1.0403 1.0332 1.1528 1.8619

InversSemiVarKovar = 0.5494 -0.0522 -0.1600 -0.1790 -0.0522 0.8754 -0.1831 -0.3433 -0.1600 -0.1831 0.5839 -0.1706 -0.1790 -0.3433 -0.1706 0.9332 I= 1 1 1 1

w2 =

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0.2067 0.3877 0.0918 0.3139 -----------------------------------------------------------------------------------------------------------PERBANDINGAN METODE MEAN-VARIAN DENGAN MEAN-SEMIVARIAN -----------------------------------------------------------------------------------------------------------Matriksreturn = 0.0565 0.0403 0.0735 0.0643

RETURN DAN RISIKO PORTOFOLIO MEAN-VARIAN Rp1 = 0.0557 Sp1 = 2.1179 RETURN DAN RISIKO PORTOFOLIO MEAN-SEMIVARIAN Rp2 = 0.0542 Sp2 = 1.3058 PERBANDINGAN PORTOFOLIO DENGAN INDEKS SHARPE Nilai Risk Free Rate : 0.03125

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IndeksSharpeMV = 0.0116 IndeksSharpeSV = 0.0176 Metode yang direkomendasikan adalah metode Mean-Semivarians

ANALISIS PERBANDINGAN OPTIMASI PORTOFOLIO METODE MEAN-VARIANS DENGAN METODE MEAN-SEMIVARIANS STUDI KASUS : SAHAM SYARI AH JAKARTA ISLAMIC INDEX (JII)

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