This document analyzes investment portfolios and market trends in 2013. It provides data on the performance of stock indexes, commodities, and currencies that year. For stocks, it shows indexes for different regions, with Asia having the highest returns at 17.02% and Latin America the lowest at -14.73%. Commodity metals had largely negative returns, while energy was slightly positive. Currencies with the largest gains included the Australian and New Zealand dollars, while the Japanese yen fell by over 12%. The document poses questions about analyzing portfolios in 2013, determining an investment approach for 2014, and key factors to consider going forward.

1. ARE MARKETS EFFICIENTS?
EVOLUTION OF THE INVESTMENT
PORTFOLIOS 2013
MBA Pontificia Universidad Católica de Chile
MBA Universidad de Palermo
Andrés Lazo de la Barra
Email: alazod@uc.cl
Twitter: @andreslazo1
Santiago, Chile: December 4 , 2013

2. http://ssrn.com/abstract=2365050
alazod@uc.cl

3. Graphic Analysis
1.Stocks index
2. Commodities( Energy ,Metals)
3. Currencies
Source: Bloomberg December 3, 2013

4. 1.STOCKS INDEX BY REGION

5. Exhibit 1
Stocks Index
Bolsas de Valores Índice Acciones
17,02%
16,29%
15,40%
Asia
America Norte
Europa
Latam
-14,73%

6. Exhibit 2
Asia Market Stocks Index
Mercado Asiático Índices accionarios
Mercado Asiatico renta variable
52%
17,01%
13%
6%
Asía
Japon
Australia
China(Hong Kong)
China(Shanghai)
-2%

7. Exhibit 3
American Market Stocks Index
Mercado Americano Índices Accionario
America del Norte
33,70%
21,45%
16,29%
7,13%
2,87%
America del Norte
EEUU :Nasdaq
EEUU:S&P 500
EEUU: Dow Jones
Canada

8. Exhibit 4
Euro Market Stocks Index
Mercado Europeo Índice Accionario
Europa
21,16%
17,60%
15,40%
14,59%
14,34%
13,97%
10,76%
Europa
Alemania
España
Francia
Euro Stoxx
Holanda
Inglaterra

9. Exhibit 5
Latam Market Stocks Index
Mercado Latino Índices Accionario
America Latina
Latin
America
Mexico
Colombia
Chile
Brasil
Peru(IGBVL)
-4,18%
-10,72%
-12,92%
-14,73%
-17,40%
-28,41%

10. 2.COMMODITIES:
ENERGY AND METALS

11. Exhibit 6
Commodities: Energy And Metals
Commodities
3,05%
Metales
-18,61%
Energia

12. Exhibit 7
Metals: Gold, Silver, Copper,Zinc
Metales
Metales
Aluminio
-7,87%
Zinc
Cobre
Oro
Plata
-9,39%
-11,85%
-18,61%
-27,00%
-36,95%

13. Exhibit 8
Energy : Oil and Gas
Energia
7,85%
3,14%
3,05%
Energia
Brent
WTI
Gas Natural
-1,85%

14. 3.CURRENCIES

15. Exhibit 9
Currencies
Monedas
25,69%
18,05%
15,46%
13,40%
11,46%
6,76%
2,01% 3,02% 0,84%
-1,22%-2,22%
-12,11%

16. Questions:
1.Analysis portfolios during 2013.
2.What analysis should you use?.
3.How you would invest 2014.
4.What factors or variables you would
have in mind in 2014.

17. Thank s you
alazod@uc.cl
http://cl.linkedin.com/in/andreslazodelabarra/
@andreslazo1