PORTFOLIO OPTIMIZATION

FIN 455
 Section: 2

Submitted To:
Mirza M. Ferdous
Senior Lecturer
Department of Accounting and Finance
North South University

Submitted By:

Tazriana Lodhi 2132570630

Mohaimenul Islam 2111315030
Md. Moon 2121317030
SK Nafis Nehal 2112463630
Ayesha 2013503630
Sazzad Hossain Talukder 2111888630
 Company Overview
Square Pharmaceuticals is the largest pharmaceutical company in
Bangladesh. The company pioneered medicine exports and is well known
for household medicine names like Alatrol, Ace, etc. Being listed in
DSEC in 1995, the company has grown to have a market share of
16.95%, with a market share growth rate of about 10.85%. The Primary
reason why we picked Square is because the company is already
preparing for Bangladesh’s graduation from LDC by the end of 2026.
Square is building a factory in Kenya to export to other countries without
any tax being levied.

Company Overview
GP (Grameenphone) is Bangladesh's largest mobile telecommunications
operator based on subscribers and revenue. It's a blue-chip stock on the
Dhaka Stock Exchange (DSE) known for its consistent dividend payout and
is considered one of the safest investment choices. The high dividend payout
paired with GP being a fundamentally undervalued stock is the primary
reason we picked GP.
Trading Code SQURPHARMA
Industry Pharmaceuticals & Chemicals
Market Cap. (BDT bn) 178.27
Share Price (BDT) 201.1
Paid-up Capital (BDT mn) 8,864.51
Market Category A
Credit Rating AAA

Trading Code GP
Market Cap. (BDT mn) 307328.285
Share Price (BDT) 229.1
Paid-up Capital (BDT mn) 13503
Market Category A
Credit Rating AAA
 Company Overview

Walton is considered a unicorn in terms of stock market. It has

seen rapid growth since its listing, which brings us to our
primary reason why we picked Walton. Walton is expanding
into African markets and thus, has a high growth potential.

Company Overview
BRAC Bank Limited, established in 2001, has emerged as
one of the prominent players in Bangladesh's banking sector.
Since, government banks are proving unreliable through
recent events, public confidence is growing in BRAC Bank,
as can be seen on the news as BRAC was featured as one of
the seven banks that are faring better than others. This is why
we picked Brac Bank.
Trading Code WALTONHIL
Industry Electrical and home appliances
Market Cap. (BDT bn) 144.83
Share Price (BDT) 478
Paid-up Capital (BDT mn 3,029.28
Market Category A
Credit Rating AAA

Trading Code BRACBANK

Industry Financial services Banking
Market Cap. (BDT mn) 59993.242
Share Price (BDT) 33.7
Paid-up Capital (BDT mn 17,697.12
Market Category A
Credit Rating AAA
 Monthly Price
Date WALTONHIL SQURPHARMA GP
1/1/2021 1,047.40 231.10 371.90
12/1/2021 1,148.80 214.30 349.50
1/1/2022 1,061.50 220.20 355.90
12/1/2022 1,047.70 209.80 286.60
1/1/2023 1,047.70 209.80 286.60
12/1/2023 1,047.70 210.3 286.6
1/1/2024 752.80 218 286.6
6/1/2024 465.30 203.4 227.6

Year 2021
Quarter Q1 Q2 Q3
Walton 18% 18% 4%
Square 9% 8% 5%
GP 7% 5% 12%
BRAC 2% 15% 6%
DSEX 11% 9% 13%

Historical Quarterly Expected Returns

Year Quarter Walton Square
Q1 2.35% -3.63%
Q2 3.88% -2.91%
Q3 -1.63% -0.53%
2021 Q4 -3.50% 3.06%
Q1 -2.18% 1.57%
Q2 0.55% 2.06%
Q3 -1.44% 3.89%
2022 Q4 0.00% -0.42%
Q1 0.00% -2.25%
Q2 0.00% -4.08%

2023
 Q3 0.00% 0.15%
2023 Q4 0.00% 1.13%
Q1 -15.91% 0.77%
2024 Q2 -11.71% 0.79%

Quarterly Weighted Average Inferential

Walton
Expected Return 0.27%
Standard Deviation 6.42%

Annualized Weighted Average Inferentia

Walton
Expected Return 1.10%
Standard Deviation 25.69%

Excess Returns
Date Walton
1-Jan-2021 -7.06%
1-Feb-2021 14.20%
1-Mar-2021 -3.39%
1-Apr-2021 -1.33%
1-May-2021 5.71%
1-Jun-2021 3.95%
1-Jul-2021 3.09%
1-Aug-2021 -1.30%
1-Sep-2021 -9.97%
1-Oct-2021 -10.15%
1-Nov-2021 -6.65%
1-Dec-2021 3.00%
1-Jan-2022 -9.00%
1-Feb-2022 3.12%
1-Mar-2022 -3.95%
1-Apr-2022 6.62%
1-May-2022 -8.87%
1-Jun-2022 0.60%
1-Jul-2022 -5.18%
1-Aug-2022 -1.31%
1-Sep-2022 -1.12%
1-Oct-2022 -1.10%
1-Nov-2022 -1.10%
1-Dec-2022 -1.10%
1-Jan-2023 -1.10%
1-Feb-2023 -1.10%
1-Mar-2023 -1.10%
1-Apr-2023 -1.10%
1-May-2023 -1.10%
1-Jun-2023 -1.10%
1-Jul-2023 -1.10%
1-Aug-2023 -1.10%
1-Sep-2023 -1.10%
1-Oct-2023 -1.10%
1-Nov-2023 -1.10%
1-Dec-2023 -1.10%
1-Jan-2024 -34.15%
1-Feb-2024 -2.07%
1-Mar-2024 -14.81%
1-Apr-2024 -7.35%
1-May-2024 -18.26%
1-Jun-2024 -11.11%
 Continous Mont
BRACBANK DSEX Date WALTONHIL
42.79 5,649.86 1/1/2021 -5.96%
51.44 6,756.65 12/1/2021 4.10%
51.35 6,926.29 1/1/2022 -7.90%
38.50 6,206.81 12/1/2022 0.00%
38.50 6,267.05 1/1/2023 0.00%
35.8 6,246.50 12/1/2023 0.00%
37.7 6,153.34 1/1/2024 -33.06%
33.9 5,237.32 6/1/2024 -10.01%

Quarterly Weights
2022 202
Q4 Q1 Q2 Q3 Q4 Q1
4% 7% 14% 9% 4% 9%
15% 10% 9% 12% 3% 2%
15% 15% 11% 10% 4% 2%
15% 3% 4% 7% 4% 4%
10% 8% 6% 8% 4% 5%

ted Returns Historical Quarterly

GP Brac DSEX Year Quarter
-1.76% -2.61% -0.74% Q1
-3.09% -3.26% -1.02% Q2
0.78% 5.96% 3.43% Q3
2.06% 8.07% 5.10% 2021 Q4
3.74% 5.57% 5.31% Q1
1.53% -3.11% 4.56% Q2
2.82% -1.31% 5.84% Q3
-1.88% -2.46% 2.86% 2022 Q4
-1.34% 4.68% -0.82% Q1
-2.81% 5.00% -2.71% Q2

2023
 -0.24% 6.23% -0.36% Q3
-0.80% -0.13% 0.18% 2023 Q4
-2.02% -3.56% 0.01% Q1
-3.55% -3.67% -1.33% 2024 Q2

ed Average Inferential Statistics

Square GP BRAC DSEX
0.55% 0.60% 1.53% 1.80%
4.08% 4.16% 8.34% 3.69%

ted Average Inferential Statistics

Square GP BRAC DSEX
2.21% 2.41% 6.11% 7.21%
16.33% 16.64% 33.34% 14.77%

Excess Returns
Square GP BRAC DSEX
4.73% 6.54% 2.92% -2.62%
-7.13% -10.07% -12.30% -11.64%
-10.15% -3.54% -16.78% -9.58%
6.89% 2.54% 0.96% -3.46%
0.01% 1.53% 15.36% 1.71%
0.61% 0.29% -10.44% -4.58%
2.42% 7.61% -6.52% -2.84%
1.50% -5.10% -10.68% -0.53%
6.10% 4.14% -5.04% -0.73%
-10.53% -6.48% -9.98% -11.79%
-3.99% -3.49% 10.74% -11.55%
0.62% -0.26% -4.11% -6.41%
2.16% 1.21% -6.28% -4.73%
-1.05% -5.17% -8.31% -9.94%
-0.46% -3.92% -14.41% -6.94%
2.23% -3.38% -6.61% -8.73%
-4.81% -4.69% -17.37% -11.24%
-0.28% -4.93% -5.14% -7.46%
-2.98% -0.53% -13.35% -11.09%
-0.74% -2.84% -6.11% -2.07%
-1.17% -1.02% -6.37% -6.32%
-0.55% -0.60% -6.11% -10.45%
-0.55% -0.60% -6.11% -8.35%
-0.55% -0.60% -6.11% -7.68%
-0.55% -0.60% -6.11% -6.24%
-0.55% -0.60% -6.11% -8.01%
-0.55% -0.60% -6.11% -7.37%
-0.55% -0.60% -6.11% -6.31%
-0.55% -0.60% -13.38% -5.99%
-0.55% -0.60% -6.11% -7.14%
-0.55% -0.60% -6.11% -7.51%
0.06% -0.60% -6.11% -7.61%
-1.17% -0.60% -6.11% -7.44%
0.06% -0.60% -6.11% -7.30%
-1.17% -0.60% -6.11% -8.10%
-0.32% -0.60% -6.11% -6.83%
3.04% -0.60% -0.94% -8.71%
-1.11% -0.60% 6.34% -5.58%
-0.14% -19.27% -12.14% -15.13%
-3.73% -1.45% -9.91% -10.62%
-1.70% -5.96% -19.94% -13.35%
-3.03% 1.22% -5.52% -7.49%
 Continous Monthy Return
SQURPHARMA GP BRACBANK DSEX
5.28% 7.14% 9.03% 4.59%
1.17% 0.34% 2.00% 0.79%
2.72% 1.81% -0.18% 2.48%
0.00% 0.00% 0.00% -0.47%
0.00% 0.00% 0.00% 0.97%
0.24% 0.00% 0.00% 0.38%
3.60% 0.00% 5.17% -1.50%
-2.48% 1.82% 0.59% -0.28%

2023 2024
Q2 Q3 Q4 Q1 Q2
3% 4% 3% 2% 1%
6% 2% 6% 5% 8%
2% 3% 3% 3% 8%
9% 9% 7% 9% 6%
3% 7% 3% 4% 9%

Historical Quarterly Standard Deviation

Walton Square GP Brac DSEX
11.36% 7.86% 8.37% 10.33% 4.73%
9.61% 9.09% 6.31% 9.23% 4.25%
4.77% 8.57% 3.26% 16.10% 5.65%
3.67% 3.81% 1.13% 12.93% 3.36%
1.34% 1.25% 3.92% 13.90% 3.25%
2.82% 0.90% 6.38% 2.34% 2.03%
6.65% 2.44% 6.57% 2.92% 1.28%
5.06% 8.59% 5.77% 3.07% 6.44%
1.97% 8.38% 5.47% 10.82% 6.32%
6.81% 5.60% 3.11% 10.68% 3.04%
6.36% 3.20% 2.40% 9.27% 3.56%
6.96% 1.61% 3.34% 2.10% 2.66%
6.09% 1.71% 3.38% 4.23% 2.62%
5.38% 1.75% 0.92% 4.10% 1.51%
In 2021, Walton got tax exemption from the government due to the Digital
Bangladesh project, therefore, we attached higher weight to Walton. The
overall higher weight we attached 2021 can also be attributed to the positive
investor sentiments towards the market’s recovery from covid.

There is a higher weight in Brac Bank in 2024 Q1, and Q2. That is because of
Islami Bank going bankrupt, which increased the confidence in Brac bank, as
it also was featured in news articles due to it.

For the DSEX, we assigned less weight to Q2 and Q4 overall, due to Eid
being in that time frame. That is because, investors of Bangladesh typically
withdraw money during Eid time.

Less weight is given to Q4 of 2023 and Q1 and Q2 of 2024 generally, as at

the start of 2024 the floor price was lifted and the market is now in its
correction phase.

The annualized expected return and standard deviation of 2024 is assumed to

be for the whole year even though we are only in Q2.

In 2022, due to the economic slowdown and rising costs brought about by the
Russian-ukraine conflict, most companies as well as banks made losses. So,
we assigned less weight to that year. However, pharmaceuticals were
correction phase.

The annualized expected return and standard deviation of 2024 is assumed to

be for the whole year even though we are only in Q2.

In 2022, due to the economic slowdown and rising costs brought about by the
Russian-ukraine conflict, most companies as well as banks made losses. So,
we assigned less weight to that year. However, pharmaceuticals were
somewhat better off during this time, which is why we added a little more
weight to Square pharmaceuticals.
 Variance-Covariance Matrix
WALTONHIL
WALTONHIL 0.00673
SQURPHARMA 0.00061
GP 0.00142
BRACBANK 0.00257

Diagonal Variance-Covariance Matri

WALTONHIL
WALTONHIL 0.00673
SQURPHARMA 0.00000
GP 0.00000
BRACBANK 0.00000

Shrunken Variance-Covariance Matri

WALTONHIL
WALTONHIL 0.00673
SQURPHARMA 0.00019
GP 0.00045
BRACBANK 0.00082
e-Covariance Matrix
SQURPHARMA GP BRACBANK
0.00061 0.00142 0.00257
0.00171 0.00150 0.00238
0.00150 0.00299 0.00340
0.00238 0.00340 0.00869

riance-Covariance Matrix
SQURPHARMA GP BRACBANK
0.00000 0.00000 0.00000
0.00171 0.00000 0.00000
0.00000 0.00299 0.00000
0.00000 0.00000 0.00869

riance-Covariance Matrix
SQURPHARMA GP BRACBANK
0.00019 0.00045 0.00082
0.00171 0.00048 0.00076
0.00048 0.00299 0.00109
0.00076 0.00109 0.00869
Shrinkage Factor
0.32

Every stock in the market has an implied relationship in

or another. However, with time this relationship changes
that into consideration, we have judgmentally considered
shrinkage factor of 32%.

While this doesn’t completely get rid of the influence of

data, this reduces the distance and magnitude between th
historical relationship of the stocks by 32%.
lied relationship in one way
elationship changes. To take
mentally considered a

of the influence of historical

gnitude between the
y 32%.
 Shrunken Variance-Covariance Matrix
WALTONHIL SQURPHARMA
WALTONHIL 0.00673 0.00019
SQURPHARMA 0.00019 0.00171
GP 0.00045 0.00048
BRACBANK 0.00082 0.00076

Two Randomly Distributed Portfolio

WALTONHIL SQURPHARMA
Portfolio X 30.00% 30.00%
Portfolio Y 50.00% 5.00%

Portfolio Statistics
Portfolio X Portfolio Y
Expected Return 2.70% 2.85%
Variance 0.17% 0.30%
Covariance (X,Y) 0.0021
Correlation (X,Y) 0.9457

Table of Returns
Proportion of XY Expected Return
Standard Deviation
0% 2.85% 5.47%
5% 2.85% 5.39%
10% 2.84% 5.32%
15% 2.83% 5.25%
20% 2.82% 5.20%
25% 2.81% 5.15%
30% 2.81% 5.11%
35% 2.80% 5.08%
40% 2.79% 5.06%
45% 2.78% 5.05%
50% 2.78% 5.04%
55% 2.77% 5.05%
60% 2.76% 5.06%
65% 2.75% 5.08%
 70% 2.74% 5.11%
75% 2.74% 5.15%
80% 2.73% 5.20%
85% 2.72% 5.25%
90% 2.71% 5.32%
95% 2.70% 5.39%
100% 2.70% 5.47%
ariance Matrix Expected Return
GP BRACBANK WALTONHIL 1.10%
0.00045 0.00082 SQURPHARMA 2.21%
0.00048 0.00076 GP 2.41%
0.00299 0.00109 BRACBANK 6.11%
0.00109 0.00869

Weights of stocks in each portfolio have been as

uted Portfolio based on their market cap and industry growth p
GP BRACBANK
20.00% 20.00%
15.00% 30.00%

Combined Portfolio
Proportion of XY 0.5
Expected Return 2.78%
Variance 0.25%
Standard Deviation 5.04%

Variance Efficient Frontier

0.30% 3.00%
0.29%
0.28% 2.95%
0.28%
2.90%
0.27%
0.27% 2.85%
0.26%
0.26%
Expected Return

2.80%
Exp
0.26%
0.25% 2.75%

0.25% 2.70%
0.25%
2.65%
0.26%
0.26% 2.60%

2.55%

2.50%
5.00% 5.05% 5.10% 5.15% 5.20% 5.25% 5.30% 5.35% 5.40% 5.45% 5.50%
 E
2.65%

2.60%
0.26%
2.55%
0.27%
0.27% 2.50%
5.00% 5.05% 5.10% 5.15% 5.20% 5.25% 5.30% 5.35% 5.40% 5.45% 5.50%
0.28%
0.28%
0.29%
0.30%
 each portfolio have been assigned
et cap and industry growth potential.

Optimal
Portfolio XProportions
Portfolio Y

Markowitz theory says investment cho

consider risk and return. Ideally, you g
most return for your acceptable risk le
theory is limited though, as it relies he
past performance and ignores other inv
Expected Return limited investment options.

Here we choose the proportion of port

which will be 50%

5.35% 5.40% 5.45% 5.50%

 which will be 50%

5.35% 5.40% 5.45% 5.50%

ortions
50% Optimal Weight in Assets
WALTONHILSQURPHARMA
50% Portfolio X 15.00% 15.00%
Portfolio Y 25.00% 2.50%
Combined Port 40.00% 17.50%

Weight of stocks base

ays investment choices
turn. Ideally, you get the
acceptable risk level. The
ugh, as it relies heavily on
nd ignores other investors and
options.

proportion of portfolio X
in Assets
GP BRACBANK
10.00% 10.00%
7.50% 15.00%
17.50% 25.00%

of stocks based on Markowitz Model

WALTONHIL
SQURPHARMA
GP
BRACBANK
SQURPHARMA
GP
BRACBANK
 Risk Free Rate 12.50%
Expected returns 7.21% 10-year T-Bond
rate

Table of Returns
Proportion of XY Expected Return Standard Deviation
0% 2.85% 5.47%
5% 2.85% 5.39%
10% 2.84% 5.32%
15% 2.83% 5.25%
20% 2.82% 5.20%
25% 2.81% 5.15%
30% 2.81% 5.11%
35% 2.80% 5.08%
40% 2.79% 5.06%
45% 2.78% 5.05%
50% 2.78% 5.04%
55% 2.77% 5.05%
60% 2.76% 5.06%
65% 2.75% 5.08%
70% 2.74% 5.11%
75% 2.74% 5.15%
80% 2.73% 5.20%
85% 2.72% 5.25%
90% 2.71% 5.32%
95% 2.70% 5.39%
100% 2.70% 5.47%

Beta Expected Return (CAPM)

Walton 0.85 8.00%
Square 0.81 8.22%
GP 0.77 8.43%
BRACBANK 1.07 6.84%
 Two Randomly Distributed Portfolio
WALTONHIL SQURPHARMA
Portfolio X 30.00% 30.00%
Portfolio Y 50.00% 5.00%

Portfolio Statistics
Portfolio X Portfolio Y
Expected Return 7.92% 7.73%
Beta 0.87 0.90

Table of Returns
Proportion of X Proportion of Y Beta
0.00% 100.00% 0.902
5.00% 95.00% 0.900
10.00% 90.00% 0.898
15.00% 85.00% 0.897
20.00% 80.00% 0.895
25.00% 75.00% 0.893
30.00% 70.00% 0.891
35.00% 65.00% 0.889
40.00% 60.00% 0.888
45.00% 55.00% 0.886
50.00% 50.00% 0.884
55.00% 45.00% 0.882
60.00% 40.00% 0.880
65.00% 35.00% 0.879
70.00% 30.00% 0.877
75.00% 25.00% 0.875
80.00% 20.00% 0.873
85.00% 15.00% 0.871
90.00% 10.00% 0.870
95.00% 5.00% 0.868
100.00% 0.00% 0.866
 Efficient Frontier
3.00%
2.95%
Variance
2.90%
0.30%
2.85%
0.29%

Expected Return
2.80% Expected
0.28%
2.75%
0.28%
2.70%
0.27%
2.65%
0.27%
2.60%
0.26%
2.55%
0.26%
2.50%
0.26% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50%
0.25%
0.25%
0.25%
0.26% CML Adjusted Frontier
15.00%
0.26%
14.50%
0.26% 14.00%
0.27% 13.50%
0.27% 13.00%
0.28% 12.50%
12.00%
0.28%
11.50%
0.29%
11.00%
0.30% 10.50%
10.00%
9.50%
9.00%
8.50%
Expected Return

8.00%
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%
4.50%
4.00%
3.50%
3.00%
 6.50%

E
6.00%
5.50%
5.00%
olio 4.50%
4.00%
GP BRACBANK
3.50%
20.00% 20.00% 3.00%
15.00% 30.00% 2.50%
2.00%
1.50%
Adjusted CAPM & BETA
1.00%
CAPM 7.82%
0.50%
Beta 88.40% 0.00%
5.00% 5.05% 5.10% 5.15% 5.20%

SML Adjust EfficientEfficient

SML Adjusted FrontierFrontier

Expected Return Expected Return vs. Beta (SML)

7.73% 16.00%
7.74% 14.00%
7.75%
12.00%
7.76%
Expected Return

10.00%
7.77%
8.00% Expec
7.78%
7.79% 6.00%
7.80% 4.00%
7.80% 2.00%
7.81%
0.00%
7.82% 0.860 0.865 0.870 0.875 0.880 0.885 0.890 0.895 0.900 0.905
7.83% Beta
7.84%
7.85%
7.86%
7.87%
7.88%
7.89%
7.90%
7.91%
7.92%
 Expected Return

5.30% 5.40% 5.50%

djusted Frontier

Expected Return
% 5.05% 5.10% 5.15% 5.20% 5.25% 5.30% 5.35% 5.40% 5.45% 5.50%

cient Frontier

vs. Beta (SML)

Expected Return

0.890 0.895 0.900 0.905

 WALTONHIL SQURPHARMA
Market Capitalization 140,952.56 178,265.30
Benchmark Proportions 20.48% 25.90%
Adjusted Benchmark Portfolio 25.90% 27.93%

Anticipated Benchmark Return 1.25%

Minimum Expected Return 1.05%
Normalizing factor 1.3630

Shrinken Variance
WALTONHIL
WALTONHIL 0.00673
SQURPHARMA 0.00019
GP 0.00045
BRACBANK 0.00082

Expected(r) using Normalizing Factor

Walton 1.33%
Square 1.15%
GP 1.23%
Brac bank 1.34%

Market Portfolio
Walton 14.94%
Square 53.14%
GP 26.52%
Brac bank 5.40%
 GP BRACBANK
309,353.74 59,639.30
44.95% 8.67%
30.00% 16.17%

Shrinken Variance-Covariance Matrix

SQURPHARMA GP BRACBANK
0.00019 0.00045 0.00082
0.00171 0.00048 0.00076
0.00048 0.00299 0.00109
0.00076 0.00109 0.00869

Out Performance percentage annually 3%

Analyst Opinion Returns adjusted for Opinions

0.30% 1.63%
0.00% 1.16%
0.00% 1.25%
0.00% 1.38%

Opinion Adjusted Portfolio

18.43%
50.96%
25.43%
5.18%
 With Normalizing Factor
1.33%
1.15%
1.23%
1.34%

percentage annually 3%
 Benchmark Portfolio
Company Name Walton Square GP
Proportions 27.93% 25.90% 30.00%

Market Portfolio
Company Name Walton Square GP
Proportions 14.94% 53.14% 26.52%

Opinion Adjusted
Company Name Walton Square GP
Proportions 18.43% 50.96% 25.43%

Benchmark Portfolio Marke

The Black Litterman Model is heavily The market portfolio is a res
dependent on the benchmark portfolio. This is a benchmark portfolio. We hav
highly methodical model that uses little weight to square pharmace
judgement. Further adjustments to this model confidence in Square Pharma
have been made based on our judgements in the followed by our blue chip stock
opinion adjusted portfolio. the lowest weig
 Bracbank
16.17%

Bracbank
5.40%

Bracbank
5.18%

Market Portfolio Opinion Adjusted Portfolio

The market portfolio is a result of our disagreement with the
benchmark portfolio. We have assigned the greatest (53.14%) Here further adjustments have bee
weight to square pharmaceuticals as we have the greatest
confidence in Square Pharma's vision with the business. This is
made based on judgement. We hav
followed by our blue chip stock GP and Walton. We have assigned reduced weights from the other stoc
the lowest weight to BRACBANK. and put it forward to increase Walto
weight. We have done this in light o
Walton’s recent profit growth in Apr
weight. We have done this in light o
Walton’s recent profit growth in Apr
 Adjusted Portfolio

r adjustments have been

on judgement. We have
ghts from the other stocks
ward to increase Walton’s
have done this in light of
ent profit growth in April.
have done this in light of
ent profit growth in April.