Question

calculate the monthly time-weighted and money weighted returns for shareholders in the ADKSX with using excel. In a text box nearby, comment on whether investors’ trading decisions have created value.

Month	ADKSX Return (%)	ADKSX Cash Flow ($)
Nov-09	3.49	-$10,648,393
Dec-09	6.93	-$618,800
Jan-10	-2.05	$940,820
Feb-10	5.74	-$2,484,437
Mar-10	5.19	-$3,699,836
Apr-10	5.48	-$1,379,757
May-10	-4.68	$2,145,936
Jun-10	-6.31	-$2,953,884
Jul-10	5.9	-$4,160,472
Aug-10	-5.18	$1,096,304
Sep-10	8.61	-$5,571,657
Oct-10	4.5	-$669,464
Nov-10	2.77	-$3,145,367
Dec-10	9.16	-$6,162,018
Jan-11	0.13	-$598,724
Feb-11	4.61	-$5,193,195
Mar-11	1.68	-$1,867,372
Apr-11	1.59	-$5,787,661
May-11	-1.44	$939,196
Jun-11	-2.01	-$8,659,954
Jul-11	-2.05	-$4,788,384
Aug-11	-9.21	$4,965,357
Sep-11	-9.1	-$1,883,066
Oct-11	9.93	-$14,263,069
Nov-11	-3.57	$8,125,462
Dec-11	2.85	-$6,061,345
Jan-12	7.51	-$5,746,866
Feb-12	3.09	$2,736,332
Mar-12	2.54	-$1,292,755
Apr-12	-3.94	$4,966,330
May-12	-6.22	$685,191
Jun-12	6.56	-$10,979,794
Jul-12	-0.53	$5,493,510
Aug-12	2.46	-$2,541,394
Sep-12	3.18	-$1,832,990
Oct-12	-2.01	$3,863,418
Nov-12	0.9	-$5,249,329
Dec-12	2.74	-$2,779,842
Jan-13	5.53	-$6,216,814
Feb-13	0.77	$3,947,213
Mar-13	4.91	-$4,713,550
Apr-13	-1.22	$5,687,708
May-13	3.83	-$10,980,264
Jun-13	2.17	$547,420
Jul-13	8.08	-$12,609,468
Aug-13	-3.79	-$9,483,183
Sep-13	5.83	-$18,739,327
Oct-13	3.33	-$1,455,317
Nov-13	5.65	-$8,224,571
Dec-13	3.16	-$1,150,847
Jan-14	-2.73	-$9,303,278
Feb-14	3.68	-$28,847,135
Mar-14	1.68	-$12,084,903
Apr-14	-4.36	-$12,713,165
May-14	0.36	-$17,804,063
Jun-14	3.45	-$11,626,738
Jul-14	-4.87	$35,413,624
Aug-14	4.48	-$27,097,660
Sep-14	-6.54	$32,965,860
Oct-14	1.94	-$2,819,541
Nov-14	1.21	$5,033,000
Dec-14	3.79	$2,346,479
Jan-15	-5.38	$42,499,034
Feb-15	6.38	-$16,763,972
Mar-15	3.47	-$4,860,017
Apr-15	-1.31	-$6,274,145
May-15	0.14	-$14,844,855
Jun-15	-1.88	-$932,434
Jul-15	-3.04	-$3,114,419
Aug-15	-3.71	-$3,494,407
Sep-15	-5.41	-$6,052,531
Oct-15	5.71	-$31,921,982
Nov-15	3.4	$8,694,246
Dec-15	-3.46	$24,371,295
Jan-16	-6.85	$13,372,071
Feb-16	1.61	-$24,982,153
Mar-16	4.38	-$6,115,002
Apr-16	0.84	$13,374,544
May-16	0.52	$4,477,632
Jun-16	-1.24	$23,410,848
Jul-16	6.82	-$12,838,062
Aug-16	2.36	$16,083,080
Sep-16	1.77	$4,967,151
Oct-16	-4.05	$18,242,506
Nov-16	10.31	-$34,134,702
Dec-16	2.29	$26,704,823
Jan-17	0.9	$5,906,279
Feb-17	-0.44	$3,771,133
Mar-17	1.03	$1,709,143
Apr-17	0.62	$3,124,164
May-17	-0.48	$28,317,223
Jun-17	1.77	$5,125,779
Jul-17	0.22	$7,081,482
Aug-17	-2.25	$8,815,809
Sep-17	6.6	-$19,239,222
Oct-17	-0.33	$19,668,033
Nov-17	2.5	-$6,509,556
Dec-17	0.2	$11,719,426
Jan-18	0.67	-$12,752,620
Feb-18	-5.37	$17,143,225
Mar-18	0.33	-$13,934,286
Apr-18	1.36	-$780,801
May-18	1.15	$1,462,751
Jun-18	3.33	-$6,608,870
Jul-18	1.54	$7,472,658
Aug-18	2.61	-$1,955,692
Sep-18	-1.61	$14,319,574
Oct-18	-11.96	$227,713,787