. Graph the performance trends of direct property, shares, A-REITs and bonds over this period; comment on relevant trends. Note: Direct property refers to Australian Composite Property in attached table; use this throughout, unless property sub-sectors are specified. 2. Graph the performance of office, retail and industrial property over this period; comment on relevant trends. 3. Calculate the various annual returns for 1985-2014. 4. Calculate the average annual returns for each investment for the following time periods: a. 2014 (1 year) b. 2012-2014 (3 years) c. 2010-2014 (5 years) d. 2005-2014 (10 years); comment. 5. Calculate the average annual return and risk for each of these investments for 1985-2014; comment. Note: For (4) and (5) above, use the geometric mean not the arithmetic mean in calculating the average annual return. 6. Calculate the inter-asset correlation matrix for these investments. 7. Comment on the inter-asset correlations concerning portfolio diversification; particularly the correlations between: a. Direct property and A-REITs b. A-REITs and shares c. Direct property and shares d. Three property sectors 8. Construct the risk-return diagram for these investments. 9. Calculate the risk-return ratio and reward-to-risk ratio for these investments. 10. Calculate the Sharpe ratio for these investments. 11. Comment on their risk-adjusted performance. 12. Calculate and discuss the inflation-hedging characteristics for each of these investments. 13. Calculate the portfolio return and portfolio risk for the following mixed-asset portfolios: a. 50% shares/50% bonds b. 50% shares/50% property c. 50% bonds/50% property d. 50% shares/25% property/25% bonds e. 40% shares/20% property/40% bonds f. 40% shares/30% property/30% bonds g. 25% shares/25% A-REITs /25% property/25% bonds 14. Calculate the beta value and Treynor index for each of office, retail and industrial property; use Australian composite property as the “market” benchmark. Discuss the results for these three property sectors. 15. Calculate the beta value and Treynor index for A-REITs; use shares as the “market” benchmark; discuss. 16. Calculate the tracking error and information ratio for each of office, retail and industrial property; discuss. 17. Calculate the tracking error and information ratio for A-REITs; discuss
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