{"text_format":"1","workbook":"xlsx","n_sheets":4,"sheets":["PLEASE READ","6.A.1.h, 3-yr ex post std dev","6.B.2.a","6.B.2.c"],"not_rendered":{"charts":0,"images":0,"macros":0,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"PLEASE READ","index":0,"n_rows":1,"n_cols":1,"rows_kept":1,"cut":false,"hidden":false,"merged":[]}
["The content in this spreadsheet is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content on the Site before making any decisions based on such information or other Content. You agree not to hold CFA Institute or its subsidiaries liable for any possible claim arising from any decision you make based on information or content made available to you through this spreadsheet."]

{"sheet":"6.A.1.h, 3-yr ex post std dev","index":1,"n_rows":38,"n_cols":9,"rows_kept":38,"cut":false,"hidden":false,"merged":[[0,5,0,6]]}
[null,"Monthly","Monthly",null,null,"3-Yr Ex-Post Std Dev"]
[null,"Pooled Fund  Return","Benchmark Return",null,null,"Composite","Benchmark"]
["2018-01-31",1.2999999999999999E-2,1.41E-2,null,null,{"$f":"STDEVP(B3:B38)*SQRT(12)","v":2.6429781182093298E-2},{"$f":"STDEVP(C3:C38)*SQRT(12)","v":2.740328447467566E-2},"<-Using STDEVP Excel function","(Calculate the standard deviation based on the entire population)"]
["2018-02-28",9.1000000000000004E-3,9.7999999999999997E-3,null,null,{"$f":"STDEV(B3:B38)*SQRT(12)","v":2.6804690421107797E-2},{"$f":"STDEV(C3:C38)*SQRT(12)","v":2.7792002960769644E-2},"<-Using STDEV Excel function","(Calculate the standard deviation based on a sample)"]
["2018-03-31",4.4999999999999997E-3,4.8999999999999998E-3]
["2018-04-30",5.7999999999999996E-3,6.4000000000000003E-3]
["2018-05-31",1.3299999999999999E-2,1.37E-2]
["2018-06-30",4.4999999999999997E-3,5.1000000000000004E-3]
["2018-07-31",1.66E-2,1.66E-2]
["2018-08-31",-3.5000000000000001E-3,-4.5999999999999999E-3]
["2018-09-30",5.0000000000000001E-3,5.1000000000000004E-3]
["2018-10-31",8.0000000000000002E-3,6.8999999999999999E-3]
["2018-11-30",0.01,9.9000000000000008E-3]
["2018-12-31",3.2000000000000002E-3,8.9999999999999998E-4]
["2019-01-31",1.2500000000000001E-2,1.35E-2]
["2019-02-28",3.3999999999999998E-3,5.7999999999999996E-3]
["2019-03-31",1.4500000000000001E-2,1.49E-2]
["2019-04-30",1.4999999999999999E-2,1.44E-2]
["2019-05-31",1.3299999999999999E-2,1.2699999999999999E-2]
["2019-06-30",4.4999999999999997E-3,5.1000000000000004E-3]
["2019-07-31",2.3E-3,3.3999999999999998E-3]
["2019-08-31",-3.5000000000000001E-3,-4.5999999999999999E-3]
["2019-09-30",7.7000000000000002E-3,6.7000000000000002E-3]
["2019-10-31",9.7999999999999997E-3,1.4500000000000001E-2]
["2019-11-30",8.2000000000000007E-3,7.9000000000000008E-3]
["2019-12-31",-5.4000000000000003E-3,-8.0000000000000004E-4]
["2020-01-31",1.15E-2,1.15E-2]
["2020-02-29",-1.34E-2,-1.4800000000000001E-2]
["2020-03-31",-1.35E-2,-1.3899999999999999E-2]
["2020-04-30",1.6199999999999999E-2,1.54E-2]
["2020-05-31",5.0000000000000001E-3,5.4999999999999997E-3]
["2020-06-30",-4.4999999999999997E-3,-5.1000000000000004E-3]
["2020-07-31",1.6999999999999999E-3,2.3999999999999998E-3]
["2020-08-31",-3.5000000000000001E-3,-4.5999999999999999E-3]
["2020-09-30",7.7000000000000002E-3,6.7000000000000002E-3]
["2020-10-31",1.3299999999999999E-2,1.4500000000000001E-2]
["2020-11-30",8.9999999999999993E-3,1.0699999999999999E-2]
["2020-12-31",-2.0999999999999999E-3,-1.8E-3]

{"sheet":"6.B.2.a","index":2,"n_rows":20,"n_cols":4,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
["Calculating cumulative returns"]
[]
["To calculate cumulative returns of a pooled fund for any period, the historical daily, monthly,"]
["quarterly, or annual sub-period returns are geometrically linked according to the following"]
["formula:"]
["RCUM = [(1 + R1) × (1 + R2)×…× + (1 + Rn)]-1"]
[]
["where R1 is the pooled fund return for Period 1 and Rn is the pooled fund return for the most"]
["recent period."]
[]
[]
[null,"Pooled Fund","1 + Rn"]
[2015,2.3E-2,{"$f":"(1+B13)","v":1.0229999999999999}]
[2016,-4.7E-2,{"$f":"(1+B14)","v":0.95299999999999996}]
[2017,6.9000000000000006E-2,{"$f":"(1+B15)","v":1.069}]
[2018,3.2000000000000001E-2,1.032]
[2019,8.9999999999999993E-3,1.0089999999999999]
["Jan 2020-Jun 2020",-3.1E-2,0.96899999999999997]
[]
["Cumulative Return",null,{"$f":"C13*C14*C15*C16*C17*C18-1","v":5.1576519243853092E-2},"=C13*C14*C15*C16*C17*C18-1"]

{"sheet":"6.B.2.c","index":3,"n_rows":17,"n_cols":3,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
["Calculating annualized returns"]
[]
["The formula for calculating annualized performance is as follows:"]
["Annualized return (%) = [(1 + R)1/n] – 1,"]
["where R is the cumulative return for the period and n is the number of years in the period."]
[]
[]
["Assume a pooled fund’s cumulative return for a five-year period is 150.0%. It has a"]
["five-year average annual compound return, or annualized return, of 20.11%, calculated as follows:"]
[]
["5 Year Annualized Return",{"$f":"(1+1.5)^(1/5)-1","v":0.20112443398143132},"=(1+1.5)^(1/5)-1"]
[]
[]
["If instead the 150% is achieved over 12.5 years, the 12.5-year average annual compound return, or"]
["annualized return, is 7.61%, calculated as follows:"]
[]
["12.5 Year Annualized Return",{"$f":"(1+1.5)^(1/12.5)-1","v":7.6056810867628721E-2},"=(1+1.5)^(1/12.5)-1"]