: ,

:
:
, :

FIN334
247

: . . . . . . . . . . . . . . . . . . . . . . . .
.
.
.
.
: . . . . . . . . . . . . . . . . . . . . . .. . . .

: 2012-10-09

. 2012

I.

II.

1.

2.

3.

4.

1. ,
2. ,
3. ,
4.

FIN334

FIN334

1.
5 . :

o
o

o / , /
o /
/

o
o
o

2.

.
.
,
.
, , ,
.
:
.

WR

C.V
O.V

Re turn WR 1

WR=
C.V=
O.V=
Return=

FIN334

,
.
:
.
n

ER

K
t 1

5.

.

.
, .
,
.
:

.
. ,
, , , ,
.
. :

FIN334

.
SDa

K
n

j 1

ERa * Pj
2

SD=
Kj=
ERa=
Pj=
3. ,

.

. .
. ,
,
, ,
.
:
N

MeanWR W j * j r
j 1

MeanWR=
Wj=
r= (WR)

FIN334

- ,
-
: ,
, , ,
.


, ,
, .
-
1924
. 1992
, 49%
. 2001 ,
.
2002-2004 ,
.
-
.





-
:

90

APU

, ,

- :
: 74287700
: 1
: 1992-05-22
- :

FIN334

: 0
: .
2002-2012(2) - :
1

2002/1
2002/2
2002/3
2002/4
2003/1
2003/2
2003/3
2003/4
2004/1
2004/2

-11.18%
-47.75%
-11.03%
-48.70%
-3.94%
-7.27%
2.39%
-14.19%
48.19%
24.38%

2004/3
2004/4
2005/1
2005/2
2005/3
2005/4
2006/1
2006/2
2006/3
2006/4

-47.99%
61.88%
102.58%
7.39%
53.06%
2.03%
-1.57%
3.43%
7.89%
34.04%

2007/1
2007/2
2007/3
2007/4
2008/1
2008/2
2008/3
2008/4
2009/1
2009/2

20.73%
74.31%
98.69%
167.44%
43.49%
-98.85%
153.03%
-77.05%
19.98%
10.50%

2009/3
2009/4
2010/1
2010/2
2010/3
2010/4
2011/1
2011/2
2011/3
2011/4
2012/1

15.54%
41.19%
99.24%
-4.47%
5.51%
87.94%
-8.64%
6.10%
6.30%
21.31%
7.17%

.
: 10.49%
: 29.08%
SDa

K
n

j 1

ERa * Pj
2

100 .
,
-

,
.
-
1984 - ,
1999
. 27 500 60
, , ,
, .
2003 ,
, ,

FIN334

, ,
, .

-0001-11-30

1992-04-16

14,383,027,150

1,023,703

100

2002-2012(2) - :
2

2002/1
2002/2
2002/3
2002/4
2003/1
2003/2
2003/3
2003/4
2004/1
2004/2

-32.91%
135.92%
85.27%
-79.86%
14.13%
10.40%
-0.32%
5.41%
-20.14%
-26.86%

2004/3
2004/4
2005/1
2005/2
2005/3
2005/4
2006/1
2006/2
2006/3
2006/4

38.11%
-24.97%
124.79%
-11.10%
16.99%
63.63%
4.44%
-0.04%
61.67%
66.50%

2007/1
2007/2
2007/3
2007/4
2008/1
2008/2
2008/3
2008/4
2009/1
2009/2

32.26%
115.53%
8.61%
-19.16%
-15.25%
-32.75%
106.80%
-74.97%
16.33%
46.01%

2009/3
2009/4
2010/1
2010/2
2010/3
2010/4
2011/1
2011/2
2011/3
2011/4
2012/1

51.73%
8.67%
34.73%
-2.93%
15.93%
211.79%
10.35%
20.18%
-24.25%
-8.23%
27.29%

.
: 7.52%
: 31.25%
SDa

K
n

j 1

ERa * Pj
2

100 .
,
, 1981
30
. 2007 7

, .

FIN334

100%
,
, , ,
5 . 1200
1100
, 30 , 210

, 100%
.
30 130-

100%
50 % - . 7
7 ,
.

-0001-11-30

1993-08-23

41,033,917,500

7,801,125

100

1.
2002-2012(2) - :
3

2002/1
2002/2
2002/3
2002/4

-2.82%
-5.62%
-23.10%
-32.49%

2004/3
2004/4
2005/1
2005/2

2003/1

-22.25% 2005/3

3.03% 2008/1

-10.64% 2010/3

2003/2
2003/3

-55.58% 2005/4
-5.60% 2006/1

2.94% 2008/2
18.88% 2008/3

-14.48% 2010/4
8.19% 2011/1

2003/4
2004/1
2004/2

23.41% 2006/2
-7.95% 2006/3
20.25% 2006/4

21.67% 2008/4
65.00% 2009/1
48.07% 2009/2

-57.92% 2011/2
12.23% 2011/3
25.20% 2011/4
2012/1

-3.20%
10.04%
52.29%
5.50%

2007/1
2007/2
2007/3
2007/4

12.39%
241.51%
3.55%
-5.44%

2009/3
2009/4
2010/1
2010/2

40.74%
7.00%
34.13%
11.02%
12.67%
20.83%
16.98%
1.45%
-2.87%
-1.98%
11.78%

FIN334

.
: -1%
: 15.99%
SDa

K
n

j 1

ERa * Pj
2

100 .


.

:
/

0.349

-0.14

0.51

/, /
/

.
:
50
10 .

.

50%

40%

10%

: 10.49*0.5+7.52*0.4-1*0.1=8.15
: ( (1.0815)4-1)*100%=19.78% - .

10

FIN334

,, 20- 3
:
- : 10.49% , 29.08%
- : 7.52% , 31.25%
- : -1% 15.99%
50:40:10
8.15% .
( (1.0815)4-1)*100%=19.78% -
.

11

FIN334

1.

Gauli.mn 2002-2012

2.

12