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MATRIX BOOK 2O1 2
ON THE COVER
   A calendar year of Dimensional’s
   global equity trading is presented as
   a ring of fifty-two weeks of activity.
   The inner blue spectrum represents
   buy volume for all strategies; the
   outer orange spectrum is sell volume.
   As a snapshot of market movement,
   portfolio rebalancing, and client
   purchases and redemptions, this
   calendar gives a sense of the scope of
   Dimensional’s global trading capability.

                     2011

                Week 1 (January)




                Week 26 (June)



                                   Marketwide
                                   MARKETWIDE
                                   LARGE CAP
                                   Large Cap
    All Sells




  ALL                              CORE
                                   Core
SELLS                              SMALL CAP
                                   Small Cap
                                   TARGETED
                                   Targeted
                                   MICRO CAP
                                   Micro Cap

                                   Marketwide
                                   MARKETWIDE

                                   Large Cap
                                   LARGE CAP
    All Buys




 ALL                               Core
                                   CORE
BUYS

                                   Small Cap
                                   SMALL CAP

                                   TARGETED
                                   Targeted
                                   MICRO CAP
                                   Micro Cap


  Source: Dimensional. Chart data based on
  total volume of all equity trades for 2011, using
  closing FX rate for the date of each trade.
MATRIX BOOK 2O1 2
ACROSS THE WORLD
                A look at Dimensional’s trading volume over the last five years paints a
                picture of growth despite market volatility.

                Since 2007, fixed income volume has grown in concert with new
                strategies, including many that deliver currencies and yield curves
                beyond the US. Meanwhile, the distribution of equity volume has begun
                to settle evenly across Dimensional’s three trading operations in London,
                the US, and Sydney. Dimensional has also increasingly shifted its trading
                volume to Direct Market Access. By accessing trading venues directly,
                Dimensional can execute in a more cost-effective and sensitive way.




                FIXED
                INCOME
                TRADING:
                INTERNATIONAL


                UNITED STATES

                EQUITY
                TRADING:
                AUSTIN/
                SANTA MONICA




                SYDNEY


                LONDON

                                      Q1 2007                                               2008                                                          2009




    Behind every Dimensional investment strategy is a commitment to rigorous
                                                                                            ORDER-GENERATION
    academic research, transparent portfolio engineering, and cost-effective
                                                                                            Dimensional’s strategies require access to dozens of markets every trading day,
    implementation. This heritage of applied science goes beyond theory and design
                                                                                            and many of those strategies hold thousands of securities. Amidst changing
    to embrace smart, opportunistic trading.
                                                                                            cash flows and shifting market prices, portfolio managers work with traders to
    As we have expanded our strategies in response to client needs, our trading             maintain each portfolio’s characteristics. Order-generation drives the process.
    infrastructure and systems have evolved to thrive in a virtually continuous
    global trading cycle. The increasing complexity and integration of new trading          “Order-generation has three key inputs. One: the ideal portfolio that we’re
    venues requires vigilance to ensure that we maintain investment guidelines,             targeting to achieve. Two: a snapshot of the holdings on the day. Three: the
    control transaction costs, and manage portfolio tradeoffs.                              amount we have to spend. Working from there, we upload the orders and give
                                                                                            instruction to Trading that they can go trade on the markets.”
    This is the story of a day in the life of Dimensional’s trading process, as told        —John Law, Portfolio Manager, Santa Monica
    by a few of the portfolio managers, traders, and analysts who implement our
    strategies. Their personal perspective describes the daily cycle that connects          “We’re looking at trading all portfolios fairly: to be the advocate for the
    people, information, and markets across the globe.                                      portfolio and look after its best interests. Are there securities I should be



2                                                         DIMENSIONAL FUND ADVISORS CANADA
DIMENSIONAL TRADING:
                                                                                                                                                         A DAY IN THE LIFE




                                                                                                                                                                                                          Cross-hatching
                                                                                                                                                                                                          shows non-DMA
                                                                                                                                                                                                          trading volume.




09                                                    2010                                                                   2011                                                       Q4 2011
     Source: Dimensional. Volume for fixed income trades and equity trades in US dollars, using closing FX rate for the date of each trade. Fixed income data excludes trades in short-term maturities.




                                                                                                         GOING TO MARKET
     adding, or securities I should be removing? While we want to move toward                            A window into the market opens with each sunrise at Dimensional’s trading
     those targets, we keep an eye on the tradeoff between the cost of seeking the                       floors around the world. Each security is accessible through at least one
     trade and the benefit of establishing or changing a position.”                                      trading venue. Cash coming into a portfolio might be invested among
     —Robert Ness, Portfolio Manager and Vice President, Sydney                                          hundreds or even thousands of securities. As the day progresses, traders
                                                                                                         patiently work their opportunity sets, assisted by a strong market philosophy.
     “We cover more than forty markets. Different markets close at different times.
     So when we come in the morning, about 5:30 Pacific time, the Sydney desk has                        “Anytime there’s a large cash flow, we have orders ready to go to trading.
     closed, the trading day in London is about half over, and the markets in the                        We’re generating new order candidates on a constant basis. We want to
     US are soon opening. When it comes to a new investment, we want to get the                          give traders as much flexibility and control as possible so they can pursue
     cash properly allocated, but always with cost-efficiency in mind. Our software                      opportunities in the marketplace.”
     systems help us make those decisions. The order-generation system is really                         —Allen Pu
     flexible. It takes in a lot of different data, such as what the portfolio holds, what
     you want to buy, and the market price.”
     —Allen Pu, Portfolio Manager and Vice President, Santa Monica




                                                                                                MATRIX BOOK 2012                                                                                                        3
“The portfolio managers send me a list of approximately forty accounts,               to keeping those in-house. DMA expands our ability to create customized
    which I coordinate. We utilize various tools to monitor progress throughout           strategies to help us execute. We can send orders down those pipes ourselves. It
    the trading day. The market changes, so we adjust the way we trade.”                  keeps the control in our hands.”
    —Erhan Oktay, Trader, Austin                                                          —Sam Willis, Senior Trader, Sydney


    “The portfolio managers’ trade requests will come through—we have a                   “We always use as much information as possible about the status of a bond
    minimum, a target, and a maximum, but we always want to stay flexible. It’s           issue as we consider buying it. For example, we’re not going to blindly follow
    a guideline to work through the trading day. We don’t have to be in a specific        a conventional credit rating for a particular bond. We use a market-based
    name in a portfolio at a specific time. We don’t chase after names. We’re             rating process that combines a wide variety of sources, including FINRA’s
    patient. We have a whole list of orders to choose from.”                              TRACE data on recent transactions, what’s being offered on venues, and other
    —Chris Rink, Trader, Austin                                                           measures. We’ll pay close attention to where a bond is trading; prices and
                                                                                          spreads mean more to us than a credit agency rating.”
    “Unlike equity, with fixed income, we don’t have a basket of names and a              —Polly Weiss, Investment Associate, London
    target cash amount to spend every day. Our capacity and constraints are
    different. A portfolio manager identifies bonds that, from an expected                “Our approach is flexible enough to allow us to monitor the tradeoffs when
    return point of view, the portfolio needs. My job is to see how the bond              trading in a specific country. Local markets can be very different and can
    looks in the market in real time and see if we want to trade it.”                     change overnight. We try to minimize unnecessary costs where possible.
    —David LaRusso, Senior Trader, Austin                                                 Although we’re aware of benchmarks, we also maintain flexibility. Where
                                                                                          an index would be constrained, we can take advantage of excess supply and
    “Our willingness to be patient is key. We have a tremendous amount of                 demand and target exposure in a systematic way.”
    flexibility, not only in the portfolio and the names, but also in how we trade.       —Nathan Lacaze, Portfolio Manager and Vice President, London
    The trader has a monitoring function and makes many decisions throughout
    the day—for instance, how aggressive to be in a given portfolio or in a group         “Something that will work in one market may not work in another. Things
    of portfolios.”                                                                       such as spreads, volatility, liquidity, exchange rules, regulators … there’s a whole
    —Carl Snyder, Senior Trader and Vice President, Austin                                raft of market microstructure procedures that will be different. As traders, we
                                                                                          need to understand those microstructures and work on which strategies best
                                                                                          suit which market.”
    BEFORE AND AFTER THE TRADE
                                                                                          —Sam Willis
    The more a portfolio trades, the more the cost of trading can impact portfolio
    returns. Meanwhile, amid intense competition and changing price information,
    achieving quality market access is crucial in fulfilling a strategy’s mandate.        CLOSING THE LOOP
    Dimensional has continued to focus on direct access to markets, allowing traders      Custom software connects portfolio managers and traders around the world,
    the control to engage counterparties with reduced friction.                           irrespective of geography. While the technology is global, the human expertise is
                                                                                          very much local. Wherever possible, trading takes advantage of the mechanisms
    “In recent times, as markets around the world have opened up to Direct                and limitations of a specific venue or market. Like the instrument panel of an
    Market Access, we’ve seen a fundamental shift from passing orders to brokers          aircraft, the Order Management System (OMS) brings to light a complex set of
                                                                                          information to help every trader better navigate a portfolio through the day.


    A DIRECT ADVANTAGE                                                                    “When the market opens, it will either go up or down, and I don’t want to
    As global markets have adopted Direct Market Access,
                                                                                          be aggressive unnecessarily. I just maintain the Dimensional mantra and let
    Dimensional has implemented a growing share of its trades in
    house, resulting in enhanced control and creative execution.                          executions come our way. We set all the parameters—where to peg, at what
                                                                                          price, and how aggressive we want to be. We have all of that control on the
      HIGH TOUCH
      Negotiated and                                                                      computer screen.”
      delegated orders
      (cash desk)          LOW TOUCH                                                      —Le Tran, Trader, Santa Monica
                           Electronic trading
                           (program desk)

                                                                                          “Because we’re in different time zones, we have the OMS to send trades
                                                                                          to different offices: Sydney, London, Austin, and Santa Monica. From my
                                                  DMA                                     perspective, we send spending requests to the traders. They go out and trade in
                                                  Direct Market Access
                                                  (self-directed desk)                    the marketplace. They report back and tell us how much they have done. For
                                                                                          example, if we want to spend five million dollars, we may send three million to
                                                                                          each region. If Sydney doesn’t reach our target, London will take over.”
    Q1 2006                                                                        2011
                                                                                          —Allen Pu
    Global Trade Value by Broker Type, January 2006–September 2011
    Source: Dimensional. Chart data based on all equity agency trades, globally.




4                                                             DIMENSIONAL FUND ADVISORS CANADA
A MATTER OF SCALE
“Negotiating on price is often a game of perception. If we see it trading at one          Trading today involves more than just stocks and bonds. Portfolio Management
spread on TRACE, can I do better? Who is out there that I can work with?                  and Trading generates a significant volume of trading in currencies to support
                                                                                          international securities trading and hedging. Larger still is the volume in short-
I’ll spend a lot of the day communicating with brokers. I’ll discuss it with the          term investments for securities lending and cash management.
portfolio manager. They can weigh the tradeoff of the transaction cost versus
the impact of not being in or out of the bond. We want to stimulate as much
activity as possible. We want brokers to compete.”                                                                                    SHORT-TERM INVESTMENTS
                                                                                                                                                  $553.5BB
—David LaRusso


“We’re not making a judgment about a security. It trades where it trades.
                                                                                                                                 CURRENCIES
We try to buy or sell that security in the best way possible. At a certain level,                                                 $270.2BB
there’s always a bid and offer spread. If we’re buying, we try to get the bid. We
try to have people come to us so we can capture the spread, which benefits
our funds and our clients.”                                                                                   BONDS
                                                                                              EQUITY          $79.9BB
—Le Tran                                                                                      $63.5BB



BEYOND BUY AND SELL
                                                                                          Global Trade Value by Category, 2011
Markets are always in motion. To deliver the right composition, each portfolio            Source: Dimensional. Volume for fixed income trades in US dollar issues and
requires continuous oversight—for example, handling incoming cash and                     international (non-USD). In US dollars, using closing FX rate for the date of each trade.
                                                                                          “Bonds” volume includes trades in short-term maturities.
redemptions, checking screens, monitoring corporate actions, and rebalancing
positions. As the markets close in one region, the process picks up in another.
The results of the day are routed to the appropriate portfolio manager for                “When a trader receives an order, you want to make sure you’re seeing the
review the next day.                                                                      security in the most competitive environment possible. Ultimately, we need
                                                                                          to do our job and get the best execution so our clients have the portfolio and
“I get in around 8 in the morning. We run through the cash sheets. We                     investment they signed up for. At the end of the day, it’s doing right by them.”
reconcile cash balances. I send reports to portfolio managers globally. We                —Claudette Higdon, Trader, Santa Monica
wait for the guys in trading to pull western Asia from Sydney. Then we’ll have
a full cash picture. The main thing that I look for is a balance: The goal is a
diversified portfolio.”                                                                   AT THE END OF THE DAY
—Alexander Moore, Portfolio Analyst, London                                               As the computer displays on each trading floor dim for the night, the work
                                                                                          continues. The first thirty-one years of Dimensional’s history have witnessed
“The work goes beyond buying and selling positions. We have a large universe              dramatic change in the mechanics of trading at both the industry and firm
of securities to manage—corporate actions, where there may be a dividend,                 levels. Just as Dimensional’s client-driven research will guide future strategies
there may be a merger, a tender. If you think of 10,000-plus securities, they all         and solutions, so too will dedicated people and an empirical process drive
have to be responded to on a timely basis.”                                               Dimensional’s trading.
—Allen Pu
                                                                                          Interviews with more than twenty members of Dimensional’s Portfolio
“The trading and investment style are both sitting absolutely side-by-side: One           Management and Trading group, and the comments and feedback of many more
empowers the other. It’s not uncommon for us to have positive transaction                 were essential to this profile. A special thanks to the following leaders in Portfolio
costs through our flexible approach.”                                                     Management and Trading for their guidance:
—Sam Willis
                                                                                          —Joseph Chi, Co-Head of Portfolio Management and Vice President, Santa Monica
“Flexibility means always being able to walk away from an execution. In order             —Steve Clark, Senior Portfolio Manager and Vice President, Austin
to do that, we must have many substitutes available, which we do.”                        —Jed Fogdall, Co-Head of Portfolio Management and Vice President, Austin
—Robert Ness                                                                              —Henry Gray, Head of Global Equity Trading and Vice President, Santa Monica
                                                                                          —Jason Lapping, Head of Asia Pacific Trading and Vice President, Sydney
“The structure allows us to be patient, but we do need to trade. When you do              —Dave Plecha, Senior Portfolio Manager and Vice President, Santa Monica
that and how you do that—that’s what the experience of the trader brings to               —John Romiza, Head of International Trading and Vice President, London
the table.”
—Richard Mar, Trader, Sydney




                                                                                    MATRIX BOOK 2012                                                                                  5
6   DIMENSIONAL FUND ADVISORS CANADA
TABLE
                                                                                        OF
                                                                               CONTENTS

DIMENSIONAL TRADING: A DAY IN THE LIFE                                           2
ANNUALIZED RATES OF RETURNS (%)                                                  8
HOW TO USE THIS BOOK                                                             9

TOTAL RETURNS
S&P 500 INDEX (IN US DOLLARS)                                      1926–2011     11
US SMALL CAP STOCKS (IN US DOLLARS)                                1927–2011    13
US SMALL CAP VALUE STOCKS (IN US DOLLARS)                          1927–2011    15
US LARGE CAP VALUE STOCKS (IN US DOLLARS)                          1927–2011    17
US SMALL CAP GROWTH STOCKS (IN US DOLLARS)                         1927–2011    19
US LARGE CAP GROWTH STOCKS (IN US DOLLARS)                         1927–2011    21
US REAL ESTATE SECURITIES (IN US DOLLARS)                          1978–2011    22
CANADIAN LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS)              1977–2011    23
CANADIAN LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS)             1977–2011    23
S&P/TSX COMPOSITE INDEX (IN CANADIAN DOLLARS)                      1957–2011    24
CANADIAN SMALL CAP STOCKS (IN CANADIAN DOLLARS)                    1991–2011    25
MSCI EAFE INDEX   (IN CANADIAN DOLLARS)                            1970–2011    26
INTERNATIONAL SMALL CAP STOCKS (IN CANADIAN DOLLARS)               1970–2011    26
INTERNATIONAL LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS)         1975–2011    27
INTERNATIONAL LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS)        1975–2011    27
JAPAN SMALL CAP STOCKS (IN CANADIAN DOLLARS)                       1970–2011    28
JAPAN LARGE CAP STOCKS (IN CANADIAN DOLLARS)                       1970–2011    29
UK SMALL CAP STOCKS (IN CANADIAN DOLLARS)                          1956–2011    31
UK LARGE CAP STOCKS (IN CANADIAN DOLLARS)                          1956–2011    32
MSCI EMERGING MARKETS INDEX (IN CANADIAN DOLLARS)                  1988–2011    33
US LONG-TERM GOVERNMENT BONDS (IN US DOLLARS)                      1926–2011    35
US LONG-TERM CORPORATE BONDS (IN US DOLLARS)                       1926–2011    37
DEX LONG-TERM BOND INDEX (IN CANADIAN DOLLARS)                     1948–2011    38
DEX SHORT-TERM BOND INDEX (IN CANADIAN DOLLARS)                    1980–2011    39
DEX UNIVERSE BOND INDEX         (IN CANADIAN DOLLARS)              1980–2011    40
CANADIAN ONE-MONTH TREASURY BILLS (IN CANADIAN DOLLARS)            1974–2011    40

REAL RETURNS (INFLATION ADJUSTED)
INFLATION: CHANGES TO THE CONSUMER PRICE INDEX                     1970–2011    41
S&P 500 INDEX (IN CANADIAN DOLLARS)                                1970–2011    42
US SMALL CAP STOCKS (IN CANADIAN DOLLARS)                          1970–2011    42
US SMALL CAP VALUE STOCKS (IN CANADIAN DOLLARS)                    1970–2011    43
US LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS)                    1970–2011    43
MSCI EAFE INDEX   (IN CANADIAN DOLLARS)                            1970–2011    44
INTERNATIONAL SMALL CAP STOCKS (IN CANADIAN DOLLARS)               1970–2011    44
INTERNATIONAL LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS)         1975–2011    45
INTERNATIONAL LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS)        1975–2011    45
S&P/TSX COMPOSITE INDEX (IN CANADIAN DOLLARS)                      1970–2011    46
DEX UNIVERSE BOND INDEX (IN CANADIAN DOLLARS)                      1980–2011    47
CANADIAN ONE-MONTH TREASURY BILLS (IN CANADIAN DOLLARS)            1974–2011    47

CANADIAN DOLLAR VS. US DOLLAR                                      1952–2011    49

WORLD MARKET CAPITALIZATION                                                     51

SOURCES AND DESCRIPTIONS OF DATA                                                53




                                                MATRIX BOOK 2012                              7
ANNUALIZED
                                                                                                                         RATES OF
                                                                                                                    RETURNS (%)

                                                                           One          Five          Ten      Twenty         Fifty      Eighty
                                                                           Year        Years        Years        Years       Years        Years
                                                                           2011    2007–2011    2002–2011    1992–2011   1962–2011    1932–2011

    S&P 500 INDEX   (IN US DOLLARS)                                         2.1         -0.2          2.9          7.8         9.3         10.8

    US SMALL CAP STOCKS (IN US DOLLARS)                                    -5.4          1.5          7.2         10.3         11.7        14.0

    US SMALL CAP VALUE STOCKS (IN US DOLLARS)                             -10.8          -1.5         8.7         12.9        14.4         16.3

    US LARGE CAP VALUE STOCKS         (IN US DOLLARS)                      -19.9        -11.5        -2.0          5.4        10.4         12.2

    US SMALL CAP GROWTH STOCKS          (IN US DOLLARS)                    -4.4          0.7          3.0          5.7          7.6        10.9

    US LARGE CAP GROWTH STOCKS           (IN US DOLLARS)                    6.4          4.0          2.6          6.8         8.5         10.1

    US REAL ESTATE SECURITIES (IN CANADIAN DOLLARS)                         9.4         -2.0         10.1         10.8           —           —

    CANADIAN LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS)                  -13.5         7.6          8.0         10.0           —           —

    CANADIAN LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS)                 -16.4        -0.8          4.0          6.4                       —

    S&P/TSX COMPOSITE INDEX       (IN CANADIAN DOLLARS)                    -8.7          1.3          7.0          8.7         9.2           —

    CANADIAN SMALL CAP STOCKS (IN CANADIAN DOLLARS)                        -12.4         2.7          8.3         10.5           —           —

    MSCI EAFE INDEX (IN CANADIAN DOLLARS)                                 -10.3         -7.3          0.1          3.9           —           —

    INTERNATIONAL SMALL CAP STOCKS (IN CANADIAN DOLLARS)                   -13.8        -5.9          5.6          5.1           —           —

    INTERNATIONAL LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS)             -15.3        -6.6          4.3          9.1           —           —

    INTERNATIONAL LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS)            -6.5         -6.5         -0.3          3.0           —           —

    JAPAN SMALL CAP STOCKS (IN CANADIAN DOLLARS)                             1.5        -3.6          4.3         0.4            —           —

    JAPAN LARGE CAP STOCKS (IN CANADIAN DOLLARS)                           -12.5        -9.0          -1.5        -1.2           —           —

    UK SMALL CAP STOCKS (IN CANADIAN DOLLARS)                              -8.5         -7.7          3.0          7.4         13.2          —

    UK LARGE CAP STOCKS (IN CANADIAN DOLLARS)                               -1.8        -6.0          0.8          6.5        10.3           —

    MSCI EMERGING MARKETS INDEX (IN CANADIAN DOLLARS)                      -16.4         0.0          9.2          7.8                       —

    US LONG-TERM GOVERNMENT BONDS (IN US DOLLARS)                          28.2         10.7          8.9          8.9          7.6         5.9

    US LONG-TERM CORPORATE BONDS (IN US DOLLARS)                            17.9         8.8          8.3          8.1          7.6         6.2

    DEX LONG-TERM BOND INDEX (IN CANADIAN DOLLARS)                         18.1          8.3          8.9          9.8         8.9           —

    DEX SHORT-TERM BOND INDEX (IN CANADIAN DOLLARS)                         4.7          5.1          4.8          6.3           —           —

    DEX UNIVERSE BOND INDEX (IN CANADIAN DOLLARS)                           9.7          6.4          6.5          7.7           —           —

    CANADIAN ONE-MONTH TREASURY BILLS (IN CANADIAN DOLLARS)                 0.9          1.7          2.2          3.6           —           —

    INFLATION: CHANGES TO THE CONSUMER PRICE INDEX                          2.3          1.9          2.1          1.9           —           —

    CANADIAN DOLLAR VS. US DOLLAR                                          -2.1          2.7          4.6         0.6          0.0           —




8                                                           DIMENSIONAL FUND ADVISORS CANADA
HOW TO
                                                                                                   USE THIS
                                                                                                           BOOK




    For example, to find the annualized compound rate of return for
    US Large Cap Value Stocks for the interval 1996–2004:



    	1     Locate the column for the first year of the interval (1996).
    	      Years are labeled at the top and bottom of each column.


    	2     Locate the row for the last year of the interval (2004).
    	      Years are labeled at the beginning of each row.


    	 3    The return can be found where the first year’s column
    	      meets the last year’s row. In this example, US Large Cap 		
    	      Value Stocks had a compound rate of return of 7.8% per year
    	      for the nine-year period.




           1993             1
    1993    24.5 1994
    1994    11.4 -0.3 1995
    1995    20.2 18.2 40.1 1996
    1996    20.2 18.8 29.6 20.0 1997
    1997    22.8 22.3 31.0 26.7 33.7 1998
    1998    20.9 20.2 25.9 21.6 22.4 11.9 1999
    1999    18.8 17.9 21.9 17.7 17.0   9.4  7.0 2000
    2000    15.3 14.1 16.7 12.5 10.7   3.9  0.1 -6.4 2001
    2001    13.2 11.8 13.7   9.8  7.8  2.2 -0.9 -4.6 -2.7 2002
    2002     7.8   6.1  6.9  2.9  0.3 -5.3 -9.2 -14.1 -17.6 -30.3 2003
    2003    10.1   8.8  9.9  6.6  4.8  0.6 -1.5 -3.5 -2.5 -2.5 36.4 2004
2   2004    10.8   9.6 10.6  7.8  6.3  2.9  1.5   0.4   2.2   3.8 26.7 17.7 2005
    2005    10.7   9.6 10.5  8.0  6.7  3.7  2.6   1.9   3.6   5.3 20.8 13.6   9.7 2006
    2006    11.4 10.5 11.4   9.2  8.1  5.6  4.8   4.5   6.5   8.4 21.1 16.3 15.6 21.9 2007
    2007     9.7   8.7  9.4 7.2   6.1  3.7  2.8   2.3   3.6   4.7 13.5   8.4  5.5  3.4 -12.2 2008
    2008     4.0   2.8  3.0  0.6 -0.9 -3.6 -5.0 -6.2 -6.2 -6.7 -2.0 -8.3 -13.9 -20.6 -35.9 -53.1 2009
    2009     5.7   4.6  5.0  2.8  1.6 -0.7 -1.7 -2.6 -2.1 -2.1     2.8 -1.9 -5.4 -8.9 -17.3 -19.7 37.5   2010
    2010     6.5   5.5  5.9  3.9  2.9  0.8 -0.1 -0.7 -0.1     0.2   4.8  1.0 -1.6 -3.7 -9.2 -8.2 28.5     20.2 2011
    2011     4.9   3.9  4.2  2.2  1.2 -0.8 -1.8 -2.5 -2.1 -2.0      1.8 -1.9 -4.4 -6.6 -11.5 -11.3 9.8    -1.9 -19.9
           1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009          2010   2011
                         3




                                          MATRIX BOOK 2012                                                             9
1926
     1926    11.6   1927
     1927    23.9    37.5   1928
     1928    30.1    40.5    43.6   1929
     1929    19.2    21.8    14.7    -8.4   1930
     1930     8.7     8.0    -0.4   -17.1   -24.9   1931
     1931    -2.5    -5.1   -13.5   -27.0   -34.8   -43.3   1932
     1932    -3.3    -5.6   -12.5   -22.7   -26.9   -27.9    -8.2   1933
     1933     2.5     1.2    -3.8   -11.2   -11.9    -7.1    18.9    54.0   1934
     1934     2.0     0.9    -3.5    -9.7    -9.9    -5.7    11.7    23.2    -1.4   1935
     1935     5.9     5.2     1.8    -3.1    -2.2     3.1    19.8    30.9    20.6    47.7   1936
     1936     8.1     7.8     4.9     0.9     2.3     7.7   22.5    31.6    24.9    40.6    33.9    1937
     1937     3.6     3.0     0.0    -3.9    -3.3     0.2   10.2    14.3      6.1     8.7    -6.7   -35.0   1938
     1938     5.5     5.1     2.5    -0.9     0.0     3.6   13.0    16.9    10.7    13.9      4.5    -7.7   31.1    1939
     1939     5.1     4.6     2.3    -0.8    -0.1     3.2    11.2   14.3      8.7   10.9      3.2    -5.3   14.3     -0.4   1940
     1940     4.0     3.5     1.3    -1.6    -1.0     1.8     8.6    11.0     5.9     7.2     0.5    -6.5     5.6    -5.2    -9.8   1941
     1941     3.0     2.4     0.3    -2.4    -1.9     0.5     6.4     8.2     3.5     4.3    -1.6    -7.5     1.0    -7.4   -10.7   -11.6   1942
     1942     3.9     3.5     1.5    -1.0    -0.4     2.0     7.6     9.4     5.3     6.1     1.2    -3.4     4.6    -1.1    -1.4     3.2    20.3   1943
     1943     5.0     4.7     2.9     0.6     1.3     3.7     9.0    10.8     7.2     8.2     4.0     0.4     7.9     3.8     4.9    10.2    23.1    25.9   1944
     1944     5.8     5.5     3.8     1.7     2.5     4.8     9.8    11.5     8.3     9.3     5.7     2.6     9.5     6.3     7.7    12.5   22.0    22.8    19.7    1945
     1945     7.1     6.9     5.4     3.5     4.3     6.6    11.5   13.2    10.4     11.5     8.4     5.9   12.6    10.1     12.0    17.0   25.4    27.2    27.8    36.4    1946
     1946     6.3     6.1     4.7     2.8     3.5     5.6   10.1     11.6     8.8     9.7     6.8     4.4   10.1      7.7     8.9    12.4    17.9    17.3    14.5    12.0    -8.1   1947
     1947     6.3     6.1     4.7     3.0     3.7     5.6     9.8    11.2     8.6     9.4     6.7     4.5     9.6     7.5     8.5    11.4    15.7    14.8    12.2     9.8    -1.4     5.7   1948
     1948     6.3     6.0     4.7     3.1     3.8     5.6     9.6    10.8     8.4     9.1     6.6     4.6     9.2     7.3     8.1    10.6    14.2    13.2    10.9     8.7     0.8     5.6     5.5   1949
     1949     6.8     6.6     5.3     3.8     4.5     6.3    10.1    11.2     9.0     9.7     7.4     5.6    10.0     8.3     9.2    11.5    14.8    14.0    12.1    10.7     5.0     9.8    12.0    18.8   1950
     1950     7.7     7.5     6.4     4.9     5.6     7.4    11.1   12.3    10.2     11.0     8.9     7.3    11.5    10.0    11.0    13.4   16.6    16.1    14.8     13.9     9.9   14.9    18.2    25.1    31.7    1951
     1951     8.3     8.1     7.1     5.7     6.4     8.2    11.7   12.9     11.0    11.7     9.8     8.4   12.4     11.1    12.1    14.3   17.3    16.9    15.9    15.3     12.1   16.7    19.6    24.7    27.8     24.0   1952
     1952     8.6     8.5     7.5     6.2     6.9     8.6    12.0    13.2    11.3    12.1    10.3     9.0    12.8    11.6    12.5    14.6    17.4    17.1    16.1    15.7    13.0    17.0    19.4    23.1    24.6    21.2    18.4   1953
     1953     8.3     8.1     7.1     5.9     6.5     8.2    11.4    12.4    10.7    11.4     9.6     8.3    11.9    10.7    11.5    13.4    15.7    15.3    14.3    13.7    11.2    14.2    15.7    17.9    17.6    13.3     8.3    -1.0   1954
     1954     9.6     9.5     8.6     7.4     8.1     9.7    12.9    14.0    12.4    13.1    11.6    10.4    13.9    12.9    13.9    15.8    18.2    18.0    17.4    17.1    15.1    18.4    20.4    23.1    23.9    22.0    21.4    22.9    52.6   1955
     1955   10.2    10.2      9.3     8.2     8.9    10.5   13.7    14.7    13.2    13.9    12.5     11.4    14.8    13.9    14.9    16.8   19.1    19.0    18.5     18.4    16.7   19.8    21.7    24.2    25.2    23.9    23.9    25.7    41.7    31.5    1956
     1956   10.1    10.1      9.2     8.2     8.8    10.4   13.4    14.4    12.9     13.6    12.2    11.2    14.4    13.5    14.4    16.1    18.2    18.1    17.5    17.3    15.7    18.4    19.9    21.9    22.3    20.8    20.2    20.6    28.8    18.4     6.6   1957
     1957     9.4     9.3     8.5     7.4     8.0     9.5    12.3    13.2    11.8    12.4    11.0    10.0    13.0    12.1    12.8    14.3    16.2    15.9    15.2    14.9    13.2    15.4    16.4    17.7    17.6    15.7    14.4    13.6    17.5     7.7    -2.5   -10.8   1958
     1958    10.3    10.2     9.5     8.5     9.1    10.6    13.3    14.3    12.9    13.6    12.3    11.4    14.3    13.5    14.3    15.8    17.6    17.5    16.9    16.7    15.3    17.5    18.7    20.1    20.2    18.8    18.1    18.1    22.3    15.7    10.9    13.1    43.4   1959
     1959   10.3    10.3      9.5     8.6     9.2    10.6   13.3    14.2    12.9    13.5    12.3     11.4    14.2    13.4    14.1    15.6   17.3    17.1    16.6     16.4    15.1   17.1    18.1    19.3    19.4    18.1    17.3    17.2    20.5    15.0     11.1    12.7   26.7    12.0    1960
     1960   10.0    10.0      9.3     8.3     8.9    10.3    12.8    13.7    12.4    13.0    11.8    10.9    13.5    12.8    13.5    14.8    16.3    16.1    15.6    15.3    14.0    15.8    16.6    17.6    17.5    16.2    15.3    14.9    17.4    12.4     8.9     9.5    17.3     6.1     0.5   1961
     1961    10.5    10.4     9.7     8.8     9.4    10.8    13.3    14.1    12.9    13.4    12.3    11.5    14.1    13.4    14.0    15.3    16.9    16.7    16.2    16.0    14.8    16.5    17.3    18.3    18.3    17.1    16.4    16.2    18.6    14.4    11.7    12.8    19.6    12.6    12.9    26.9   1962
     1962     9.9     9.9     9.2     8.3     8.8    10.1   12.5    13.2    12.1    12.6     11.4    10.7    13.0    12.3    12.9    14.1    15.5    15.2    14.7    14.4    13.3    14.8    15.4    16.1    15.9    14.7    13.9    13.4    15.2    11.2     8.5     8.9    13.3     6.8     5.2     7.6    -8.7   1963
     1963   10.2    10.2      9.5     8.7     9.2    10.5   12.8    13.5    12.4    12.9     11.8    11.1   13.4     12.7    13.3    14.5   15.8    15.6    15.1    14.9     13.8   15.2    15.8    16.6    16.4     15.3    14.6    14.3    15.9    12.4    10.2    10.8    14.8     9.9     9.3    12.4     5.9    22.8   1964
     1964    10.4    10.4     9.7     8.9     9.4    10.6    12.9    13.6    12.5    13.0    12.0    11.3    13.5    12.9    13.5    14.5    15.8    15.6    15.2    14.9    13.9    15.3    15.9    16.6    16.4    15.4    14.7    14.4    16.0    12.8    10.9    11.5    15.1    10.9    10.7    13.5     9.3    19.6    16.5   1965
     1965    10.4    10.4     9.8     9.0     9.5    10.7    12.9    13.6    12.5    13.0    12.0    11.3    13.5    12.9    13.4    14.5    15.7    15.5    15.0    14.8    13.8    15.1    15.7    16.3    16.2    15.2    14.6    14.3    15.7    12.8    11.1    11.6    14.7    11.1    11.0    13.2    10.1    17.2    14.5    12.5   1966
     1966     9.9     9.8     9.2     8.4     8.9    10.1   12.2    12.8     11.8   12.2     11.2    10.5   12.6     12.0    12.4    13.4   14.5    14.3    13.8    13.6     12.6   13.7    14.2    14.7    14.4    13.4    12.7    12.4    13.4    10.7      9.0     9.2    11.7     8.2     7.7     9.0     5.7     9.7     5.6     0.6   -10.0   1967
     1967    10.2    10.2     9.6     8.8     9.3    10.4    12.5    13.1    12.1    12.5    11.6    10.9    12.9    12.4    12.8    13.8    14.9    14.7    14.2    14.0    13.1    14.2    14.6    15.1    14.9    14.0    13.4    13.1    14.2    11.7    10.1    10.5    12.9     9.9     9.6    11.0     8.6    12.4     9.9     7.8     5.6    24.0
     1968    10.2    10.2     9.6     8.9     9.3    10.4    12.4    13.1    12.1    12.5    11.6    10.9    12.9    12.3    12.8    13.7    14.7    14.5    14.1    13.9    13.0    14.0    14.5    14.9    14.7    13.8    13.3    13.0    14.0    11.6    10.2    10.5    12.7    10.0     9.8    11.0     8.9    12.2    10.2     8.6     7.4    17.4
     1969     9.8     9.7     9.1     8.4     8.9     9.9    11.8   12.4     11.4    11.8   10.9     10.3    12.1    11.6    12.0    12.8   13.8    13.6    13.1     12.9    12.0   13.0    13.3    13.7     13.4    12.5    11.9    11.6    12.4    10.1     8.8     8.9    10.8     8.2     7.8     8.7     6.6     9.0     6.8     5.0     3.2     8.0
     1970     9.6     9.6     9.0     8.3     8.7     9.7    11.6    12.2    11.2    11.6    10.7    10.1    11.9    11.3    11.7    12.5    13.5    13.2    12.8    12.5    11.7    12.6    12.9    13.2    13.0    12.1    11.5    11.1    11.9     9.8     8.4     8.6    10.2     7.8     7.5     8.2     6.3     8.3     6.4     4.8     3.4     7.0
     1971     9.7     9.7     9.1     8.4     8.9     9.9    11.7    12.2    11.3    11.7    10.8    10.2    12.0    11.4    11.8    12.6    13.5    13.3    12.8    12.6    11.8    12.6    12.9    13.3    13.0    12.2    11.6    11.3    12.0    10.0     8.8     8.9    10.5     8.3     8.0     8.7     7.1     9.0     7.4     6.1     5.1     8.4
     1972     9.9     9.9     9.3     8.7     9.1    10.1    11.9   12.4     11.5    11.9    11.0    10.5    12.1    11.6    12.0    12.8   13.7    13.5    13.0     12.8    12.0   12.9    13.2    13.5     13.3    12.5    12.0    11.7    12.4    10.5     9.4     9.5    11.1     9.0     8.8     9.6     8.1     9.9     8.6     7.7     7.0    10.1
     1973     9.3     9.3     8.7     8.1     8.5     9.4    11.1    11.7    10.8    11.1    10.3     9.7    11.3    10.8    11.1    11.8    12.7    12.4    12.0    11.7    10.9    11.7    12.0    12.2    12.0    11.2    10.6    10.3    10.9     9.0     7.9     7.9     9.2     7.3     7.0     7.5     6.0     7.4     6.0     4.9     4.0     6.2
     1974     8.5     8.4     7.8     7.2     7.5     8.4    10.1    10.6     9.7    10.0     9.1     8.5    10.1     9.5     9.8    10.5    11.2    10.9    10.5    10.2     9.4    10.1    10.2    10.4    10.1     9.3     8.7     8.2     8.7     6.9     5.7     5.7     6.7     4.8     4.3     4.6     3.1     4.1     2.5     1.2     0.1     1.4
     1975     9.0     8.9     8.4     7.7     8.1     9.0   10.6     11.1   10.3    10.6      9.8     9.2    10.7    10.2    10.5    11.1    11.9    11.7    11.2    11.0    10.2    10.9    11.1    11.3    11.0    10.3     9.7     9.4     9.9     8.2     7.1     7.1     8.2     6.5     6.1     6.5     5.2     6.3     5.1     4.1     3.3     4.9
     1976     9.2     9.2     8.7     8.1     8.4     9.3   10.9     11.4    10.6    10.9    10.1     9.5    11.0    10.5    10.8    11.5    12.2    12.0    11.6    11.4    10.6    11.3    11.5    11.7    11.5    10.8    10.3     9.9    10.4     8.8     7.8     7.9     9.0     7.4     7.1     7.5     6.3     7.5     6.4     5.6     5.0     6.6
     1977     8.9     8.8     8.3     7.7     8.1     8.9    10.5    10.9    10.1    10.4     9.6     9.1    10.5    10.0    10.3    10.9    11.6    11.4    11.0    10.7    10.0    10.7    10.8    11.0    10.7    10.0     9.5     9.2     9.6     8.1     7.1     7.1     8.1     6.5     6.2     6.6     5.4     6.5     5.4     4.6     3.9     5.3
     1978     8.9     8.8     8.3     7.7     8.1     8.9   10.4    10.8    10.0    10.3      9.6     9.0    10.4    10.0    10.2    10.8    11.5    11.3    10.9    10.6     9.9    10.5    10.7    10.9    10.6     9.9     9.4     9.1     9.5     8.0     7.1     7.1     8.1     6.5     6.3     6.6     5.5     6.5     5.5     4.7     4.1     5.4
     1979     9.0     9.0     8.5     7.9     8.2     9.1   10.6     11.0   10.2    10.5      9.8     9.2   10.6     10.2    10.4    11.0    11.7    11.4    11.1    10.8    10.2    10.8    10.9    11.1    10.9    10.2     9.7     9.4     9.8     8.4     7.5     7.6     8.5     7.1     6.8     7.2     6.2     7.1     6.2     5.6     5.1     6.4
     1980     9.4     9.4     8.9     8.3     8.7     9.5    11.0    11.4    10.6    10.9    10.2     9.7    11.1    10.6    10.9    11.5    12.2    12.0    11.6    11.4    10.7    11.3    11.5    11.7    11.5    10.9    10.4    10.2    10.6     9.2     8.4     8.5     9.4     8.1     7.9     8.3     7.4     8.4     7.6     7.1     6.7     8.0
     1981     9.1     9.1     8.6     8.1     8.4     9.2   10.6     11.0    10.3    10.6     9.9     9.4    10.7    10.2    10.5    11.1    11.7    11.5    11.1    10.9    10.3    10.8    11.0    11.2    10.9    10.3     9.9     9.6    10.0     8.7     7.9     7.9     8.8     7.5     7.3     7.6     6.8     7.7     6.9     6.3     6.0     7.1
     1982     9.3     9.3     8.8     8.3     8.6     9.4   10.8     11.2   10.5    10.8    10.1      9.6   10.9     10.5    10.8    11.3    11.9    11.7    11.4    11.2    10.6    11.1    11.3    11.5    11.2    10.7    10.2    10.0    10.4     9.1     8.4     8.4     9.3     8.1     7.9     8.2     7.4     8.3     7.6     7.1     6.8     8.0
     1983     9.6     9.5     9.1     8.5     8.9     9.6    11.0    11.5    10.7    11.0    10.3     9.9    11.1    10.7    11.0    11.5    12.2    12.0    11.6    11.4    10.9    11.4    11.6    11.8    11.6    11.0    10.6    10.4    10.8     9.6     8.8     8.9     9.8     8.6     8.5     8.8     8.1     8.9     8.3     7.9     7.6     8.8
     1984     9.5     9.5     9.0     8.5     8.8     9.6   10.9     11.4    10.6    10.9    10.3     9.8    11.0    10.6    10.9    11.4    12.0    11.8    11.5    11.3    10.7    11.3    11.4    11.6    11.4    10.9    10.5    10.2    10.6     9.4     8.8     8.8     9.6     8.5     8.4     8.7     8.0     8.8     8.2     7.8     7.6     8.6
     1985     9.8     9.8     9.4     8.9     9.2     9.9    11.3    11.7    11.0    11.3   10.7     10.2    11.4    11.1    11.3    11.8   12.4    12.3    12.0     11.8    11.2    11.8    11.9    12.1    11.9    11.4    11.1    10.8    11.2    10.1     9.5     9.6    10.4     9.3     9.2     9.6     8.9     9.7     9.2     8.8     8.7     9.8
     1986    10.0    10.0     9.5     9.0     9.4    10.1    11.4    11.8    11.2    11.4    10.8    10.4    11.6    11.2    11.5    12.0    12.6    12.4    12.1    11.9    11.4    11.9    12.1    12.3    12.1    11.6    11.3    11.1    11.5    10.4     9.7     9.8    10.6     9.6     9.5     9.9     9.3    10.1     9.6     9.3     9.1    10.2
     1987     9.9     9.9     9.5     9.0     9.3    10.0    11.3    11.7    11.0    11.3    10.7    10.3    11.5    11.1    11.3    11.8    12.4    12.2    11.9    11.8    11.2    11.8    11.9    12.1    11.9    11.4    11.1    10.9    11.3    10.2     9.6     9.7    10.5     9.5     9.4     9.7     9.1     9.9     9.4     9.1     8.9     9.9
     1988   10.0    10.0      9.6     9.1     9.4    10.1    11.4    11.8    11.2    11.4   10.8     10.4    11.6    11.2    11.4    11.9   12.5    12.3    12.1     11.9    11.4    11.9   12.0    12.2    12.0     11.6    11.2    11.1    11.4    10.4     9.8     9.9    10.7     9.7     9.6    10.0     9.4    10.1     9.7     9.4     9.3    10.2
     1989    10.3    10.3     9.9     9.4     9.7    10.5    11.7    12.1    11.5    11.7    11.2    10.8    11.9    11.6    11.8    12.3    12.9    12.7    12.4    12.3    11.8    12.3    12.5    12.6    12.5    12.0    11.7    11.6    11.9    10.9    10.4    10.5    11.3    10.3    10.3    10.6    10.1    10.9    10.4    10.2    10.1    11.1
     1990    10.1    10.1     9.7     9.2     9.5    10.2    11.5    11.8    11.2    11.5    10.9    10.5    11.6    11.3    11.5    12.0    12.5    12.4    12.1    11.9    11.4    11.9    12.1    12.2    12.1    11.6    11.3    11.1    11.5    10.5    10.0    10.1    10.8     9.9     9.8    10.2     9.6    10.3     9.9     9.7     9.6    10.5
     1991   10.4    10.4     10.0     9.5     9.8    10.5    11.8   12.1     11.5    11.8    11.2    10.8    11.9    11.6    11.8    12.3   12.9    12.7    12.4     12.3    11.8   12.3    12.5    12.6    12.5     12.1    11.8    11.6    12.0    11.0    10.5    10.6    11.3    10.5    10.4    10.8    10.3    11.0    10.6    10.4    10.3    11.2
     1992    10.3    10.3     9.9     9.5     9.8    10.5    11.7    12.1    11.5    11.7    11.1    10.8    11.9    11.5    11.8    12.2    12.7    12.6    12.3    12.2    11.7    12.2    12.4    12.5    12.4    11.9    11.7    11.5    11.8    10.9    10.4    10.5    11.2    10.4    10.3    10.7    10.2    10.9    10.5    10.3    10.2    11.1
     1993    10.3    10.3     9.9     9.5     9.8    10.5    11.7    12.0    11.4    11.7    11.1    10.8    11.8    11.5    11.7    12.2    12.7    12.6    12.3    12.2    11.7    12.2    12.3    12.5    12.3    11.9    11.6    11.5    11.8    10.9    10.4    10.5    11.2    10.4    10.3    10.6    10.2    10.8    10.5    10.3    10.2    11.0
     1994   10.2    10.2      9.8     9.4     9.7    10.3    11.5    11.8    11.3    11.5   10.9     10.6    11.6    11.3    11.5    12.0   12.5    12.3    12.1     11.9    11.5    11.9   12.1    12.2    12.1     11.7    11.4    11.2    11.5   10.7    10.2     10.3   10.9    10.1    10.1    10.4      9.9   10.5     10.2    10.0     9.9    10.7
     1995    10.5    10.5    10.2     9.7    10.0    10.7    11.9    12.2    11.6    11.9    11.3    11.0    12.0    11.7    11.9    12.4    12.9    12.8    12.5    12.4    11.9    12.4    12.5    12.7    12.6    12.2    11.9    11.8    12.1    11.3    10.8    10.9    11.5    10.8    10.7    11.1    10.6    11.3    10.9    10.8    10.7    11.5
     1996    10.7    10.7    10.4     9.9    10.2    10.9    12.0    12.4    11.8    12.0    11.5    11.2    12.2    11.9    12.1    12.6    13.1    12.9    12.7    12.6    12.1    12.6    12.7    12.9    12.8    12.4    12.1    12.0    12.3    11.5    11.1    11.2    11.8    11.1    11.1    11.4    11.0    11.6    11.3    11.1    11.1    11.9
     1997    11.0    11.0    10.7    10.2    10.5    11.2    12.3    12.7    12.1    12.3    11.9    11.5    12.5    12.2    12.5    12.9    13.4    13.3    13.1    12.9    12.5    13.0    13.1    13.3    13.2    12.8    12.6    12.4    12.8    12.0    11.6    11.7    12.3    11.6    11.6    11.9    11.5    12.2    11.9    11.7    11.7    12.5
     1998    11.2    11.2    10.9    10.5    10.8    11.4    12.5    12.9    12.4    12.6    12.1    11.8    12.8    12.5    12.7    13.2    13.6    13.5    13.3    13.2    12.8    13.3    13.4    13.6    13.5    13.1    12.9    12.8    13.1    12.3    11.9    12.1    12.7    12.0    12.0    12.3    12.0    12.6    12.3    12.2    12.2    13.0
     1999    11.3    11.3    11.0    10.6    10.9    11.5    12.7    13.0    12.5    12.7    12.2    11.9    12.9    12.6    12.9    13.3    13.8    13.7    13.5    13.3    13.0    13.4    13.5    13.7    13.6    13.3    13.1    12.9    13.3    12.5    12.1    12.3    12.9    12.2    12.2    12.5    12.2    12.8    12.5    12.4    12.4    13.2
     2000    11.0    11.0    10.7    10.3    10.6    11.2   12.3    12.6    12.1    12.3     11.9    11.6    12.5    12.2    12.5    12.9   13.3    13.2    13.0     12.9    12.5   12.9    13.1    13.2    13.1    12.8    12.6    12.4    12.7    12.0     11.6    11.7   12.3     11.7    11.6    11.9    11.6   12.2     11.9    11.8    11.8    12.5
     2001   10.7    10.7     10.4    10.0    10.3    10.9    11.9    12.2    11.7    11.9    11.5    11.2    12.1    11.8    12.0    12.4    12.9    12.7    12.5    12.4    12.0    12.4    12.6    12.7    12.6    12.2    12.0    11.9    12.2    11.4    11.0    11.1    11.7    11.0    11.0    11.3    10.9    11.5    11.2    11.1    11.0    11.7
     2002    10.2    10.2     9.9     9.5     9.7    10.3    11.4    11.7    11.1    11.3    10.9    10.6    11.5    11.2    11.4    11.8    12.2    12.1    11.8    11.7    11.3    11.7    11.8    11.9    11.8    11.4    11.2    11.1    11.3    10.6    10.2    10.3    10.8    10.1    10.1    10.3    10.0    10.5    10.2    10.0    10.0    10.6
     2003   10.4    10.4     10.1     9.7    10.0    10.5    11.6    11.9    11.4    11.6    11.1    10.8    11.7    11.4    11.6    12.0   12.4    12.3    12.1     12.0    11.6   12.0    12.1    12.2    12.1     11.7    11.5    11.4    11.7   10.9     10.6    10.6    11.2    10.5    10.5    10.7    10.4    10.9    10.6    10.5    10.4    11.0
     2004   10.4    10.4     10.1     9.7    10.0    10.6    11.6    11.9    11.4    11.6    11.1    10.8    11.7    11.4    11.6    12.0    12.4    12.3    12.1    11.9    11.6    11.9    12.1    12.2    12.1    11.7    11.5    11.4    11.6    10.9    10.6    10.6    11.2    10.5    10.5    10.7    10.4    10.9    10.6    10.5    10.4    11.0
     2005    10.4    10.3    10.0     9.7     9.9    10.5    11.5    11.8    11.3    11.5    11.0    10.7    11.6    11.3    11.5    11.9    12.3    12.2    12.0    11.8    11.5    11.8    11.9    12.0    11.9    11.6    11.4    11.3    11.5    10.8    10.4    10.5    11.0    10.4    10.4    10.6    10.3    10.8    10.5    10.3    10.3    10.9
     2006   10.4    10.4     10.1     9.7    10.0    10.5    11.5    11.8    11.3    11.5    11.1    10.8    11.6    11.4    11.6    11.9   12.3    12.2    12.0     11.9    11.5    11.9   12.0    12.1    12.0     11.7    11.5    11.3    11.6    10.9    10.5    10.6    11.1    10.5    10.5    10.7    10.4    10.9    10.6    10.5    10.4    11.0
     2007   10.4    10.3     10.0     9.7     9.9    10.5    11.5    11.7    11.3    11.4    11.0    10.7    11.6    11.3    11.5    11.8    12.2    12.1    11.9    11.8    11.4    11.8    11.9    12.0    11.9    11.6    11.4    11.2    11.5    10.8    10.4    10.5    11.0    10.4    10.4    10.6    10.3    10.7    10.5    10.3    10.3    10.8
     2008     9.6     9.6     9.3     8.9     9.2     9.7    10.6    10.9    10.4    10.6    10.1     9.8    10.7    10.4    10.6    10.9    11.3    11.1    10.9    10.8    10.4    10.8    10.8    10.9    10.8    10.5    10.2    10.1    10.3     9.7     9.3     9.3     9.8     9.2     9.1     9.3     9.0     9.4     9.1     9.0     8.9     9.4
     2009     9.8     9.8     9.5     9.1     9.4     9.9   10.8     11.1   10.6    10.8    10.4     10.1    10.9    10.6    10.8    11.1    11.5    11.4    11.1    11.0    10.7    11.0    11.1    11.2    11.0   10.7    10.5    10.4    10.6      9.9     9.6     9.6   10.1      9.5     9.5     9.6     9.3     9.7     9.5     9.3     9.2     9.7
     2010     9.9     9.8     9.6     9.2     9.4     9.9   10.9     11.1   10.7    10.8    10.4     10.1   10.9    10.7     10.8    11.2    11.5    11.4    11.2    11.1    10.7    11.0    11.1    11.2    11.1    10.8    10.6    10.5    10.7    10.0     9.7     9.7    10.2     9.6     9.6     9.8     9.4     9.8     9.6     9.4     9.4     9.9
     2011     9.8     9.8     9.5     9.1     9.3     9.8    10.8    11.0    10.6    10.7    10.3    10.0    10.8    10.5    10.7    11.0    11.4    11.3    11.1    10.9    10.6    10.9    11.0    11.1    11.0    10.6    10.4    10.3    10.5     9.9     9.5     9.6    10.0     9.5     9.4     9.6     9.3     9.7     9.4     9.3     9.2     9.7
            1926    1927    1928    1929    1930    1931    1932    1933    1934    1935    1936    1937    1938    1939    1940    1941    1942    1943    1944    1945    1946    1947    1948    1949    1950    1951    1952    1953    1954    1955    1956    1957    1958    1959    1960    1961    1962    1963    1964    1965    1966    1967


10                                                                                                                             DIMENSIONAL FUND ADVISORS CANADA
S&P 500 INDEX
                                                                                                                                                                                                                                                           1926–2011: Total Returns (%)
                                                                                                                                                                                                                                                                          In US Dollars


                                                                                                                                                                                                                                                                                                                GROWTH OF $1
                                                                                                                                                           $100,000

                                                                                                                                                               $10,000                                                                                                                                                 $3,043
                                                                                                                                                                $1,000

                                                                                                                                                                   $100

                                                                                                                                                                       $10

                                                                                                                                                                        $1

                                                                                                                                                                       $0
                                                                                                                                                                             1926                                                                                                                                             2011

                                                                                                                                                                                                                                                  Data provided by Standard & Poor’s Index Services Group.




       1968
1968    11.1   1969
1969     0.8    -8.5   1970
1970     1.9    -2.4     4.0   1971
1971     4.9     2.9     9.1   14.3    1972
1972     7.5     6.7   12.3    16.6    19.0    1973
1973     3.5     2.0     4.8     5.1     0.8   -14.7   1974
1974    -1.5    -3.4    -2.3    -3.9    -9.3   -20.8   -26.5   1975
1975     2.7     1.6     3.3     3.2     0.6    -4.9     0.5   37.2    1976
1976     4.9     4.1     6.1     6.4     4.9     1.6     7.7   30.4    23.8    1977
1977     3.6     2.8     4.3     4.3     2.8    -0.2     3.8   16.4      7.2    -7.2   1978
1978     3.9     3.2     4.6     4.6     3.3     0.9     4.3   13.9      7.0    -0.5     6.6   1979
1979     5.0     4.5     5.9     6.1     5.1     3.2     6.6   14.8      9.8     5.4   12.3    18.4    1980
1980     6.9     6.6     8.0     8.4     7.8     6.5     9.9   17.5    13.9     11.6   18.7    25.2    32.4    1981
1981     6.0     5.6     6.9     7.2     6.5     5.2     7.9   14.0    10.6      8.1   12.3    14.2    12.2     -4.9   1982
1982     7.0     6.7     7.9     8.3     7.7     6.7     9.4    14.9    12.1    10.2    14.0    16.0    15.2     7.4    21.4   1983
1983     7.9     7.7     8.9     9.3     8.9     8.0    10.6    15.7    13.3    11.9    15.4    17.3    17.0    12.3    22.0   22.5    1984
1984     7.8     7.6     8.7     9.1     8.7     7.9    10.2   14.8    12.5     11.2    14.1    15.4    14.8    10.7    16.5   14.1      6.3   1985
1985     9.0     8.9   10.1    10.5    10.2      9.6    11.9   16.2    14.3    13.3     16.2    17.6    17.5    14.7    20.2   19.8    18.5    32.2    1986
1986     9.5     9.4   10.6     11.0   10.8     10.2    12.4   16.4    14.7    13.8    16.4    17.7    17.6     15.3    19.9   19.5    18.5    25.1    18.5    1987
1987     9.3     9.2   10.3    10.6    10.4      9.9    11.9   15.5    13.9    13.0    15.3    16.3    16.0    13.8     17.3   16.5    15.0    18.1     11.7     5.2   1988
1988     9.6     9.5   10.6     11.0   10.8     10.3    12.2   15.6    14.1    13.3    15.4    16.3    16.1    14.2    17.2    16.5     15.4    17.8    13.3    10.9    16.8   1989
1989   10.5    10.5     11.6   12.0     11.8    11.4    13.3    16.6    15.3    14.6    16.7    17.6    17.5    16.0    18.9   18.6     17.9    20.4    17.6    17.4    23.9   31.5    1990
1990     9.9     9.8   10.8     11.2    11.0    10.6    12.3   15.3     13.9    13.3    15.0    15.7    15.5    13.9    16.2   15.6    14.7     16.1    13.2    11.9    14.2   12.9     -3.1   1991
1991   10.7    10.7     11.6   12.0     11.9    11.5    13.2   16.1    14.9    14.3     16.1    16.8    16.7    15.3    17.6   17.2    16.5    18.1    15.9     15.4    18.0   18.5    12.4    30.5    1992
1992   10.6    10.5     11.5    11.8    11.7    11.3    12.9   15.6    14.5    13.9    15.5    16.1    16.0     14.7    16.7   16.2    15.5    16.7    14.7    14.0     15.9   15.7    10.8    18.5      7.6   1993
1993   10.5    10.5     11.4    11.7    11.6    11.3    12.8   15.3    14.2    13.7    15.1    15.7    15.5    14.3    16.1    15.6    14.9    16.0    14.1    13.5    14.9    14.5    10.6    15.6      8.8    10.1   1994
1994   10.2    10.2     11.0    11.3    11.1    10.8    12.2    14.6    13.5    13.0    14.3    14.8    14.5    13.3    14.9   14.4     13.6    14.4    12.6    11.9    12.8   12.2      8.7    11.9     6.3     5.6     1.3   1995
1995    11.1    11.1    11.9   12.2    12.1     11.8    13.2    15.6    14.6    14.1    15.4    16.0    15.8    14.8    16.4   16.0    15.5     16.3    14.9    14.5    15.7   15.5    13.1     16.6    13.4    15.3   18.1    37.6    1996
1996    11.5    11.5   12.3    12.6    12.6     12.3    13.6   15.9    15.0    14.6    15.8     16.4    16.2    15.3    16.8   16.5    16.0    16.9    15.6     15.3    16.5   16.4    14.4    17.6    15.2     17.2   19.7    30.1    23.0    1997
1997   12.1    12.2    13.0    13.3    13.3     13.1    14.4   16.6    15.8    15.4    16.6    17.2    17.1    16.3    17.8    17.5    17.2    18.1    17.0    16.8    18.1    18.2    16.6    19.8    18.1    20.3    23.0    31.2    28.1    33.4    1998
1998   12.6    12.7    13.5    13.8    13.8     13.6    14.9   17.1    16.3     16.0    17.2    17.7    17.7    16.9    18.4    18.2    17.9    18.8    17.8    17.8    19.0    19.2    17.9    20.8    19.5    21.6   24.1     30.5    28.2    30.9    28.6   1999
1999   12.9    12.9    13.7    14.1    14.1     13.9    15.2   17.2     16.5    16.2    17.4    17.9    17.9    17.2    18.5   18.4    18.1     18.9    18.0    18.0    19.1   19.4    18.2    20.9     19.7    21.5   23.6    28.6    26.4     27.6    24.8   21.0    2000
2000   12.1    12.2    12.9    13.2    13.2     13.0    14.2   16.1    15.3    15.0    16.1    16.5    16.4     15.7    16.9   16.6    16.3    17.0    16.0    15.8     16.7   16.7    15.4    17.5    16.1     17.2   18.3    21.3    18.3    17.2     12.3     4.9    -9.1    2001
2001    11.3    11.4   12.0    12.3    12.2     12.0    13.1   14.9    14.1    13.8    14.7    15.1    15.0    14.2    15.2    14.9    14.5    15.0    14.0    13.7    14.4    14.2    12.9    14.4    12.9    13.5    14.0    15.9    12.7    10.7      5.7    -1.0   -10.5    -11.9   2002
2002   10.2    10.2    10.8    11.0    10.9     10.7    11.7    13.3    12.5    12.1    13.0    13.3    13.0    12.2    13.1    12.7    12.2    12.6    11.5    11.1    11.5    11.1     9.7    10.8     9.2     9.3     9.3    10.3     6.9     4.4    -0.6    -6.8   -14.6    -17.2   -22.1   2003
2003   10.7    10.7     11.3    11.5    11.4    11.2    12.2    13.8    13.1    12.7    13.5    13.8    13.6    12.9    13.8   13.4    13.0     13.4    12.4    12.0    12.5   12.2    10.9    12.1     10.7    11.0    11.1   12.2      9.4     7.6     3.8    -0.6    -5.3     -4.1     0.1   28.7    2004
2004   10.7    10.7     11.3    11.5    11.4    11.2    12.1   13.7    13.0    12.6    13.4    13.7     13.5    12.8    13.7   13.3    12.9    13.2    12.3     12.0    12.4   12.1    10.9    12.0    10.7     11.0    11.0   12.1      9.5     8.0     4.8     1.3    -2.3     -0.5     3.6   19.5    10.9 2005
2005   10.5    10.5     11.1    11.3    11.2    11.0    11.9   13.4    12.7    12.4    13.1    13.4    13.2    12.5    13.3    12.9    12.5    12.8     11.9    11.6   12.0     11.7   10.5     11.5   10.3     10.5    10.5    11.4     9.1     7.6     4.8     1.8     -1.1     0.5     3.9    14.4     7.9 4.9 2006
2006   10.7    10.7     11.2    11.4    11.4    11.1    12.0    13.5    12.8    12.5    13.2    13.5    13.3    12.6    13.4   13.0     12.7    13.0    12.1    11.8    12.2    11.9   10.9     11.8    10.6    10.9   10.9     11.8     9.7     8.4     6.0     3.4      1.1     2.9     6.2   14.7     10.4 10.2 15.8 2007
2007   10.5    10.5     11.1    11.3    11.2    11.0    11.8   13.3    12.6    12.2     13.0    13.2    13.0    12.3    13.1   12.7    12.3    12.6     11.8    11.5    11.8    11.6   10.5     11.4    10.3    10.5   10.5     11.3     9.3     8.2     5.9     3.7      1.7     3.3     6.1   12.8      9.2 8.6 10.5 5.5 2008
2008     9.0     9.0     9.5     9.6     9.5     9.2    10.0    11.3   10.6    10.2    10.8     11.0   10.7    10.0     10.6   10.2      9.8     9.9     9.0     8.6     8.8     8.4     7.3     7.9     6.7     6.7     6.5     6.8     4.8     3.4     1.0    -1.4    -3.6     -2.9    -1.5     2.4    -2.2 -5.2 -8.4 -18.5 -37.0 2009
2009     9.4     9.4     9.9   10.0      9.9     9.7    10.4    11.7    11.1    10.7    11.3    11.5    11.2    10.6    11.2    10.8    10.4    10.5     9.7     9.4     9.6     9.2     8.2     8.8     7.7     7.8     7.6     8.0     6.2     5.0     2.9     0.9    -0.9      0.0     1.6     5.5     2.1 0.4 -0.7 -5.6 -10.7 26.5 2010
2010     9.5     9.5   10.0    10.1    10.0      9.8    10.6    11.8    11.2    10.8    11.4    11.6    11.4    10.7    11.3    11.0   10.5     10.7     9.9     9.6     9.8     9.5     8.5     9.1     8.1     8.1     8.0     8.5     6.8     5.7     3.8     2.0      0.4     1.4     3.0     6.7     3.9 2.7 2.3 -0.8 -2.9 20.6 15.1 2011
2011     9.4     9.3     9.8     9.9     9.8     9.6    10.3    11.5   10.9    10.6     11.1    11.3    11.1    10.4    11.0   10.6    10.2    10.4      9.6     9.3     9.5     9.1     8.2     8.8     7.8     7.8     7.7     8.1     6.5     5.5     3.7     2.0      0.6     1.5     2.9     6.2     3.6 2.6 2.3 -0.2 -1.6 14.1 8.4 2.1
       1968    1969    1970    1971    1972    1973    1974    1975    1976    1977    1978    1979    1980    1981    1982    1983    1984    1985    1986    1987    1988    1989    1990    1991    1992    1993    1994    1995    1996    1997    1998    1999    2000     2001    2002    2003    2004 2005 2006 2007 2008 2009 2010 2011


                                                                                                                                                        MATRIX BOOK 2012                                                                                                                                                                 11
1927
     1927    28.1    1928
     1928    32.9     37.8    1929
     1929      3.6     -6.9   -37.1    1930
     1930     -9.4   -19.2    -38.2    -39.2   1931
     1931   -19.0    -27.8    -41.8    -44.1   -48.5   1932
     1932   -16.9    -23.7    -34.2    -33.3   -30.1    -5.0    1933
     1933    -4.2     -8.7    -15.9     -9.6     3.2    46.2   125.0    1934
     1934    -1.6     -5.3    -11.0     -4.6     6.8    36.1    63.0     18.1   1935
     1935      4.1      1.4    -3.0      4.3    16.2    42.4    63.0     38.8    63.1   1936
     1936      8.3      6.3      2.9    10.4    22.0    44.9    61.0     44.1    59.1    55.3    1937
     1937      1.1    -1.3     -4.9      0.2     7.6    21.6    27.8     10.9     8.6   -11.3    -49.4    1938
     1938      3.7      1.7    -1.3      3.7    10.9    23.7    29.3     15.7    15.2      2.6   -16.7     37.1   1939
     1939      3.4      1.6    -1.2      3.4     9.7    20.5    24.7     13.0    12.1      2.0   -11.3     17.4      0.5   1940
     1940      2.8      1.1    -1.5      2.6     8.1    17.4    20.6     10.3     9.0      0.6    -9.7      9.4    -2.2     -4.8    1941
     1941      1.8      0.2     -2.3     1.4     6.2    14.2     16.6     7.4     5.9     -1.4   -10.0      3.9     -5.2     -8.0   -11.0   1942
     1942      3.4      1.9    -0.3      3.3     8.0    15.5     17.8     9.7     8.6      2.5     -4.3     8.6      2.5      3.2     7.4    29.7   1943
     1943      6.4      5.1      3.2     7.0    11.7    19.2     21.6    14.4    14.0      9.0      3.6    16.7    13.1     16.4     24.5    47.3    67.4   1944
     1944      8.1      7.0      5.3     9.0    13.7    20.8    23.3     16.7    16.6    12.3       7.8    20.1    17.5     21.2     28.8    45.7    54.5    42.6   1945
     1945    10.6       9.7      8.2    11.9    16.6    23.6    26.1     20.2    20.4    16.8     13.1     25.1    23.4     27.7     35.5    50.5    58.1    53.7    65.7   1946
     1946      9.4      8.5      7.1    10.5    14.7    20.9    23.0     17.5    17.4    14.0     10.5     20.5    18.5     21.4     26.4    35.6    37.1    28.3    21.7   -10.6    1947
     1947      8.8      8.0      6.6     9.7    13.6    19.4    21.2     16.0    15.8    12.6       9.3    18.1    16.1     18.2     22.0    28.6    28.3    20.1    13.4     -6.2     -1.6   1948
     1948      8.2      7.3      6.0     8.9    12.5    17.8     19.4    14.5    14.2    11.1       8.1    15.8    13.8     15.4     18.2    23.1    22.1    14.6     8.5     -5.8    -3.3     -5.0   1949
     1949      8.8      7.9      6.7     9.6    13.0    18.0    19.6     14.9    14.7    11.9       9.1    16.3    14.6     16.1     18.7    23.0    22.1    15.8    11.1      0.6      4.6     7.8    22.4   1950
     1950      9.9      9.2      8.0    10.8    14.2    19.1    20.6     16.3    16.2    13.6     11.0     18.0    16.5     18.1     20.6    24.8    24.2    19.0    15.5      7.4    12.5     17.6    30.8   39.8    1951
     1951    10.1       9.4      8.3    11.0    14.2    18.9    20.3     16.2    16.0    13.6     11.3     17.7    16.3     17.7     20.0    23.7    23.0    18.4    15.3      8.5    12.8     16.7    25.0   26.4    14.3    1952
     1952    10.0       9.4      8.3    10.9    14.0    18.4    19.7     15.8    15.6    13.3     11.1     17.1    15.8     17.1     19.1    22.3    21.6    17.3    14.5      8.6    12.2     15.2    20.9   20.4     11.7     9.2   1953
     1953      9.5      8.9      7.8    10.3    13.2    17.3     18.5    14.8    14.6    12.4     10.2     15.7    14.4     15.5     17.2    19.9    19.1    15.1    12.4      7.1      9.9    11.9    15.6    14.0     6.5     2.9    -3.1   1954
     1954    11.0     10.4       9.5    11.9    14.8    18.9     20.1    16.6    16.5    14.5     12.5     17.9    16.8     18.0     19.8    22.6    22.1    18.6    16.4    12.0     15.1     17.8    22.0   22.0     17.9    19.1   24.4    59.8    1955
     1955    11.3     10.8       9.9    12.2    15.0    18.9    20.1     16.7    16.7    14.7     12.9     18.1    17.0     18.2     19.9    22.5    21.9    18.7    16.8    12.8     15.7     18.1    21.8   21.7    18.4     19.4   23.0    38.6    20.3    1956
     1956    11.2     10.6       9.8    12.0    14.7    18.4    19.5     16.3    16.2    14.4     12.6     17.5    16.5     17.5     19.0    21.4    20.8    17.8    15.9    12.2     14.8     16.8    19.8   19.5    16.4    16.8    18.8    27.2    13.5      7.1   1957
     1957    10.2       9.6      8.7    10.9    13.4    16.9    17.9     14.7    14.6    12.8     11.1     15.5    14.5     15.3     16.6    18.6    17.9    15.0    13.1      9.5    11.6     13.0    15.2    14.3    11.1    10.6   10.8     14.6     2.6    -5.2   -16.1   1958
     1958    11.5     11.1     10.3     12.4    14.9    18.4     19.4    16.4    16.3    14.6     13.1     17.5    16.6     17.5     18.9    20.9    20.4    17.7    16.1    13.0     15.2     16.9    19.4    19.0    16.7    17.0   18.4    23.2     15.4    13.9    17.4   64.3    1959
     1959    11.8     11.3     10.5     12.6    15.0    18.4    19.4     16.5    16.4    14.8     13.3     17.5    16.7     17.5     18.8    20.8    20.3    17.8    16.3    13.4     15.5     17.1    19.3   19.0    16.9     17.2   18.4    22.4    16.1    15.1     17.9   39.7    18.8    1960
     1960    11.3     10.8     10.1     12.1    14.4    17.6    18.5     15.7    15.6    14.0     12.6     16.5    15.7     16.5     17.6    19.4    18.8    16.5    15.0    12.2     14.1     15.4    17.3   16.8    14.7    14.8    15.5    18.4    12.7     11.2    12.3   23.7      7.3    -3.0   1961
     1961    11.8     11.3     10.6     12.6    14.8    17.9     18.8    16.1    16.1    14.6     13.2     17.0    16.2     17.0     18.2    19.9    19.4    17.1    15.8    13.2     15.0     16.3    18.1    17.8    16.0    16.1   16.9    19.7     14.9    14.0    15.4   25.0     14.1    11.9    29.1   1962
     1962    10.9     10.5       9.8    11.6    13.8    16.7    17.5     14.9    14.8    13.3     12.0     15.6    14.8     15.4     16.4    18.0    17.4    15.2    13.9    11.4     12.9     14.0    15.4   14.9     13.1    13.0   13.3    15.3    10.7      9.4     9.8   15.9      6.2     2.3     5.1   -14.4   1963
     1963    11.1     10.7     10.0     11.8    13.9    16.8    17.6     15.1    14.9    13.5     12.2     15.7    14.9     15.6     16.5    18.0    17.4    15.4    14.1    11.8     13.2     14.2    15.7   15.2    13.5    13.4    13.8    15.7     11.6   10.5     11.0   16.4      8.6     6.2     9.4     0.8   18.6    1964
     1964    11.3     10.9     10.2     12.0    14.0    16.8    17.6     15.1    15.0    13.7     12.4     15.8    15.0     15.6     16.6    18.0    17.5    15.5    14.3    12.1     13.5     14.4    15.8   15.3    13.8     13.7    14.1    15.8    12.2    11.3    11.8    16.5    10.0     8.4    11.4     6.1    18.1    17.5   1965
     1965    11.9     11.5     10.9     12.7    14.7    17.4     18.2    15.8    15.7    14.4     13.2     16.5    15.8     16.4     17.4    18.7    18.3    16.4    15.3    13.3     14.7     15.6    17.0    16.7    15.3    15.3   15.8    17.6     14.3    13.7    14.5   19.1     13.7    12.9    16.3    13.4    24.5    27.5   38.4    1966
     1966    11.4     11.0     10.4     12.1    14.0    16.6    17.3     15.1    15.0    13.7     12.5     15.6    14.9     15.5     16.4    17.6    17.1    15.3    14.2    12.2     13.5     14.4    15.6   15.2    13.8     13.8   14.1    15.5    12.4     11.8    12.2   15.9     11.0     9.9    12.2     9.1   15.9     15.1   13.9     -6.3   1967
     1967    12.7     12.3     11.7     13.4    15.4    18.0    18.7     16.5    16.5    15.2     14.1     17.3    16.6     17.3     18.2    19.5    19.1    17.4    16.4    14.6     15.9     16.9    18.1   17.9    16.7    16.9    17.4    19.1    16.4    16.1     16.9   20.9    16.8    16.6    19.7     18.2    26.1    28.0    31.7    28.4    76.1
     1968    13.3     12.9     12.4     14.0    15.9    18.5     19.2    17.1    17.1    15.9     14.8     17.9    17.3     18.0     18.9    20.1    19.8    18.2    17.3    15.5     16.9     17.8    19.1    19.0    17.9    18.1   18.7    20.3     17.9    17.7    18.6   22.4     18.9    18.9    22.0    21.0    28.1    30.1   33.5     31.9    56.5
     1969    12.2     11.8     11.3     12.9    14.7    17.1    17.8     15.7    15.6    14.5     13.4     16.3    15.7     16.2     17.0    18.2    17.8    16.2    15.2    13.5     14.7     15.5    16.6   16.3    15.2     15.2   15.6    16.9    14.5    14.1     14.6   17.6    14.1     13.7    15.7    14.1   18.9     18.9   19.2    14.9    22.9
     1970    11.6     11.2     10.7     12.2    13.9    16.3    16.9     14.9    14.8    13.6     12.6     15.3    14.7     15.2     16.0    17.0    16.6    15.0    14.1    12.4     13.5     14.2    15.1   14.8    13.7    13.6    13.9    15.0    12.6    12.2     12.5   15.1     11.7    11.1   12.6     10.9   14.6    14.0    13.4      9.0   13.2
     1971    11.8     11.5     10.9     12.4    14.1    16.4     17.0    15.0    14.9    13.8     12.8     15.5    14.9     15.4     16.1    17.1    16.7    15.2    14.3    12.7     13.8     14.5    15.4    15.1    14.0    14.0   14.3    15.3     13.1    12.7    13.1   15.5     12.4    11.9    13.4    11.9    15.3    14.9   14.5     10.9    14.7
     1972    11.6     11.3     10.8     12.2    13.9    16.1    16.7     14.7    14.7    13.6     12.6     15.2    14.6     15.1     15.7    16.7    16.3    14.9    14.0    12.4     13.4     14.1    14.9   14.6    13.6     13.6   13.8    14.7    12.6     12.2    12.5   14.8     11.9    11.3    12.6    11.3   14.2     13.7   13.3    10.1     13.1
     1973    10.4     10.0       9.5    10.8    12.4    14.5    15.0     13.1    13.0    11.9     10.9     13.4    12.8     13.1     13.7    14.6    14.1    12.7    11.8    10.2     11.1     11.6    12.3    11.9   10.9    10.7    10.8     11.5     9.4     8.8     9.0   10.7      7.9     7.1     8.0     6.4     8.5     7.5     6.5     3.0     4.4
     1974      9.4      9.0      8.5     9.8    11.3    13.3    13.7     11.9    11.7    10.6       9.7    12.0    11.3     11.7     12.2    13.0    12.5    11.1    10.2      8.6      9.4     9.8    10.4    10.0     8.9     8.6     8.6     9.2     7.1     6.5     6.5     8.0     5.2     4.3     4.9     3.2     4.8     3.6     2.3    -1.0    -0.3
     1975    10.1       9.8      9.3    10.6    12.1    14.1     14.5    12.7    12.6    11.5     10.6     12.9    12.3     12.7     13.2    14.0    13.6    12.2    11.3      9.9    10.6     11.1    11.8    11.4    10.4    10.2   10.2    10.9      9.0     8.4     8.5   10.1      7.5     6.8     7.5     6.1     7.9     7.1     6.2     3.4     4.5
     1976    10.8     10.4       9.9    11.3    12.7    14.7    15.2     13.4    13.3    12.3     11.4     13.7    13.1     13.5     14.0    14.8    14.4    13.1    12.3    10.9     11.7     12.2    12.9   12.5     11.6    11.5    11.6   12.3    10.5     10.0    10.2    11.8     9.4     8.9     9.7     8.5   10.3      9.7     9.1     6.8     8.2
     1977    11.0     10.6     10.1     11.4    12.9    14.8    15.3     13.6    13.5    12.5     11.6     13.8    13.3     13.7     14.2    15.0    14.6    13.3    12.5    11.2     12.0     12.5    13.1    12.8    11.9    11.8    11.9    12.6    10.9    10.5    10.7    12.2    10.0     9.5    10.3     9.2    11.0    10.5     9.9     7.8     9.2
     1978    11.1     10.8     10.3     11.6    13.0    14.9     15.4    13.7    13.6    12.7     11.8     14.0    13.5     13.8     14.4    15.1    14.8    13.5    12.8    11.5     12.2     12.7    13.3    13.0    12.2    12.1   12.2    12.9     11.3    10.9    11.1   12.6     10.4    10.0    10.8     9.8    11.5    11.1   10.6      8.7    10.1
     1979    11.6     11.3     10.9     12.1    13.5    15.4    15.9     14.3    14.2    13.2     12.4     14.6    14.1     14.4     15.0    15.8    15.4    14.2    13.5    12.2     13.0     13.5    14.2   13.9     13.1    13.0   13.2    13.9    12.3     12.0    12.2   13.7     11.8    11.4    12.2    11.4   13.1     12.8   12.5    10.8     12.2
     1980    12.1     11.8     11.3     12.6    14.0    15.8    16.3     14.7    14.6    13.7     12.9     15.0    14.6     14.9     15.5    16.3    15.9    14.8    14.1    12.9     13.7     14.1    14.8   14.6    13.8    13.8     14.0    14.6    13.2    12.9    13.2    14.6    12.8    12.5    13.4    12.6    14.3    14.1    13.8    12.4    13.8
     1981    11.9     11.6     11.1     12.4    13.7    15.5     16.0    14.4    14.3    13.5     12.7     14.7    14.3     14.6     15.1    15.9    15.6    14.4    13.8    12.6     13.3     13.8    14.4    14.2    13.4    13.4   13.5    14.2     12.8    12.5    12.7   14.1    12.3     12.0    12.8    12.1    13.7    13.4   13.1     11.7    13.0
     1982    12.1     11.9     11.4     12.6    14.0    15.8    16.2     14.7    14.6    13.8     13.0     15.0    14.6     14.9     15.4    16.2    15.9    14.8    14.1    13.0     13.7     14.2    14.8   14.6    13.9    13.8    14.0    14.6    13.3    13.0     13.3   14.6    12.9    12.7     13.5    12.8   14.3     14.1   13.9    12.6    13.9
     1983    12.5     12.2     11.8     13.0    14.3    16.1    16.6     15.0    15.0    14.1     13.4     15.4    15.0     15.3     15.8    16.6    16.3    15.2    14.6    13.5     14.2     14.7    15.3   15.1    14.4    14.4    14.6    15.2    13.9    13.7     14.0   15.3    13.7    13.5     14.3    13.6    15.2    15.0    14.9    13.7    15.0
     1984    12.2     11.9     11.5     12.7    14.0    15.7     16.1    14.6    14.6    13.7     13.0     15.0    14.5     14.9     15.3    16.0    15.7    14.7    14.1    13.0     13.7     14.1    14.7    14.5    13.8    13.8   14.0    14.6     13.3    13.1    13.3   14.6     13.0    12.7    13.5    12.8    14.2    14.0   13.9     12.7    13.9
     1985    12.5     12.2     11.8     13.0    14.3    16.0    16.4     14.9    14.9    14.1     13.4     15.3    14.9     15.2     15.7    16.4    16.1    15.1    14.5    13.4     14.1     14.6    15.1   15.0    14.3     14.3   14.5    15.1    13.9    13.6     13.9   15.1    13.6     13.4    14.1    13.6   15.0     14.8   14.7    13.6    14.8
     1986    12.4     12.2     11.8     12.9    14.2    15.8    16.2     14.8    14.7    14.0     13.3     15.1    14.7     15.0     15.5    16.2    15.9    14.9    14.3    13.3     14.0     14.4    14.9   14.7    14.1    14.1    14.3    14.8    13.7    13.5     13.7   14.9    13.4    13.2    13.9     13.3   14.6    14.5    14.3    13.3    14.4
     1987    12.0     11.8     11.4     12.5    13.7    15.3     15.7    14.3    14.3    13.5     12.8     14.6    14.2     14.5     14.9    15.6    15.3    14.3    13.7    12.7     13.4     13.8    14.3    14.1    13.5    13.4   13.6    14.1     12.9    12.7    12.9   14.0     12.6    12.4    13.0    12.4    13.6    13.4   13.3     12.2    13.2
     1988    12.2     12.0     11.6     12.7    13.9    15.5    15.9     14.5    14.4    13.7     13.0     14.8    14.4     14.7     15.1    15.7    15.5    14.5    13.9    13.0     13.6     14.0    14.5   14.3    13.7     13.7   13.8    14.3    13.2     13.0    13.2   14.3    12.9     12.7    13.3    12.8   14.0     13.8   13.7    12.7     13.6
     1989    12.3     12.0     11.7     12.7    13.9    15.5    15.9     14.5    14.5    13.7     13.1     14.8    14.4     14.7     15.2    15.8    15.5    14.6    14.0    13.0     13.7     14.1    14.6   14.4    13.8    13.8    13.9    14.4    13.3    13.1     13.3   14.4    13.1    12.9    13.5     12.9   14.1    13.9    13.8    12.9    13.8
     1990    11.7     11.4     11.1     12.1    13.3   14.8     15.1    13.8     13.7    13.0     12.3     14.0    13.6     13.9     14.3    14.9    14.6    13.7    13.1    12.2     12.7     13.1    13.6    13.4    12.8    12.7   12.8    13.3     12.2    12.0    12.1   13.1     11.8    11.6    12.1    11.6    12.6    12.4   12.2     11.3    12.1
     1991    12.2     11.9     11.6     12.6    13.7    15.3    15.6     14.3    14.3    13.5     12.9     14.6    14.2     14.5     14.9    15.5    15.2    14.3    13.8    12.8     13.4     13.8    14.3   14.1     13.5    13.5   13.6    14.1    13.1     12.9    13.0   14.0    12.8     12.6    13.1    12.6   13.7     13.5   13.4    12.5     13.4
     1992    12.3     12.1     11.7     12.7    13.8    15.3    15.7     14.4    14.4    13.6     13.0     14.7    14.3     14.6     15.0    15.6    15.3    14.4    13.9    13.0     13.6     13.9    14.4   14.2    13.7    13.7    13.8    14.2    13.2    13.1     13.2   14.2    13.0    12.8     13.4    12.9   13.9    13.8    13.6    12.8    13.6
     1993    12.4     12.2     11.8     12.8    13.9   15.4     15.8    14.5    14.5     13.8     13.1    14.8    14.4     14.7      15.1   15.6     15.4    14.5    14.0    13.1     13.7     14.1    14.5    14.4    13.8    13.8   13.9     14.4    13.4    13.2    13.4   14.4     13.2    13.0    13.6    13.1    14.1    14.0   13.8     13.1    13.8
     1994    12.2     12.0     11.6     12.6    13.7    15.1    15.5     14.2    14.2    13.5     12.9     14.5    14.1     14.3     14.7    15.3    15.0    14.2    13.7    12.8     13.4     13.7    14.1   14.0     13.4    13.4   13.5    14.0    13.0     12.8    13.0   13.9    12.7     12.6    13.1    12.6    13.6    13.4   13.3    12.5     13.2
     1995    12.4     12.2     11.9     12.8    13.9    15.3    15.7     14.5    14.4    13.7     13.1     14.7    14.4     14.6     15.0    15.6    15.3    14.5    14.0    13.1     13.7     14.0    14.5   14.3    13.8    13.8    13.9    14.3    13.4    13.2     13.4   14.3    13.2    13.0     13.5    13.1   14.1    13.9    13.8    13.1    13.8
     1996    12.5     12.3     11.9     12.9    14.0   15.4     15.7    14.5    14.5     13.8     13.2    14.8    14.4     14.7      15.1   15.6    15.3    14.5    14.1     13.2    13.8     14.1    14.5    14.4     13.9    13.9    14.0    14.4    13.5    13.3    13.5    14.4    13.3    13.1    13.6    13.2    14.2    14.0    13.9    13.2    13.9
     1997    12.7     12.5     12.1     13.1    14.1    15.5     15.9    14.7    14.6    14.0     13.4     14.9    14.6     14.9     15.2    15.8    15.5    14.7    14.3    13.5     14.0     14.3    14.8   14.6     14.1    14.1   14.2    14.6    13.8     13.6    13.8   14.6    13.6     13.5    13.9    13.6    14.5    14.4   14.3    13.6     14.3
     1998    12.4     12.2     11.9     12.8    13.9    15.2    15.6     14.4    14.3    13.7     13.1     14.6    14.3     14.5     14.9    15.4    15.2    14.4    13.9    13.1     13.6     14.0    14.4   14.2    13.7    13.7    13.8    14.2    13.4    13.2     13.4   14.2    13.2    13.0     13.5    13.1   14.0    13.8    13.7    13.1    13.7
     1999    12.7     12.4     12.1     13.1    14.1    15.4    15.8     14.6    14.5    13.9     13.4     14.8    14.5     14.8     15.1    15.6    15.4    14.6    14.2    13.4     13.9     14.2    14.6   14.5    14.0    14.0    14.1    14.5    13.7    13.5     13.7   14.5     13.5    13.4    13.8    13.5    14.3    14.2    14.1    13.5    14.1
     2000    12.3     12.1     11.7     12.7    13.7    15.0     15.3    14.1    14.1    13.5     12.9     14.3    14.0     14.3     14.6    15.1    14.9    14.1    13.6    12.9     13.4     13.7    14.1    13.9    13.4    13.4   13.5    13.9     13.0    12.9    13.0   13.8     12.8    12.7    13.1    12.7    13.5    13.4   13.3     12.7    13.3
     2001    12.3     12.1     11.8     12.7    13.7    15.0    15.3     14.2    14.1    13.5     13.0     14.4    14.1     14.3     14.7    15.1    14.9    14.2    13.7    13.0     13.4     13.7    14.1   14.0    13.5     13.5   13.6    14.0    13.2    13.0     13.1   13.9    12.9     12.8    13.2    12.9   13.7     13.5   13.4    12.8    13.4
     2002    11.8     11.6     11.3     12.2    13.2    14.4    14.7     13.6    13.5    12.9     12.4     13.8    13.4     13.7     14.0    14.5    14.2    13.5    13.0    12.3     12.7     13.0    13.4   13.2    12.8    12.7    12.8    13.2    12.3    12.2     12.3   13.0    12.1     11.9   12.3     11.9   12.7    12.5    12.4     11.8    12.3
     2003    12.3     12.2     11.8     12.7    13.7    14.9     15.2    14.1    14.1    13.5     13.0     14.3    14.0     14.3     14.6    15.1    14.8    14.1    13.7    12.9     13.4     13.7    14.1    13.9    13.5    13.5   13.5    13.9     13.1    13.0    13.1   13.8     12.9    12.8    13.2    12.8    13.6    13.5   13.4     12.8    13.3
     2004    12.4     12.2     11.9     12.8    13.8    15.0    15.3     14.2    14.2    13.6     13.1     14.4    14.1     14.3     14.7    15.1    14.9    14.2    13.8    13.0     13.5     13.8    14.2   14.0    13.6     13.6   13.7    14.0    13.2     13.1    13.2   14.0    13.1     12.9    13.3    13.0   13.7     13.6   13.5    12.9     13.5
     2005    12.3     12.2     11.9     12.7    13.6    14.9    15.2     14.1    14.0    13.5     12.9     14.3    14.0     14.2     14.5    15.0    14.7    14.0    13.6    12.9     13.4     13.6    14.0   13.9    13.4    13.4    13.5    13.8    13.1    12.9     13.1   13.8    12.9    12.8    13.1     12.8   13.5    13.4    13.3    12.7    13.3
     2006    12.4     12.2     11.9     12.8    13.7   14.9      15.2    14.1    14.1    13.5     13.0     14.3    14.0     14.2     14.5    15.0    14.8    14.1    13.7    13.0     13.4     13.7    14.1    13.9    13.5    13.5   13.6    13.9     13.2    13.0    13.1   13.8     13.0    12.9    13.2    12.9    13.6    13.5   13.4     12.9    13.4
     2007    12.2     12.0     11.7     12.5    13.5    14.6    14.9     13.9    13.8    13.3     12.8     14.1    13.8     14.0     14.3    14.7    14.5    13.8    13.4    12.7     13.1     13.4    13.7   13.6    13.2     13.2   13.2    13.6    12.8     12.7    12.8   13.5    12.6     12.5    12.9    12.5   13.2     13.1   13.0    12.5     13.0
     2008    11.4     11.2     10.9     11.7    12.6    13.7    14.0     13.0    12.9    12.3     11.8     13.1    12.8     12.9     13.2    13.6    13.4    12.7    12.3    11.6     12.0     12.3    12.6   12.4    12.0    12.0    12.0    12.3     11.6    11.4    11.5   12.1     11.3    11.1    11.4    11.1    11.7    11.6    11.4   10.9     11.3
     2009    11.8     11.6     11.3     12.1    12.9   14.1     14.4    13.3    13.3     12.7     12.2    13.5    13.2     13.4      13.7    14.1    13.9    13.2    12.8    12.1     12.5     12.8    13.1    12.9    12.5    12.5   12.5     12.8    12.1    12.0    12.1   12.7     11.9    11.7    12.1    11.7    12.4    12.2   12.1     11.6    12.1
     2010    12.0     11.8     11.5     12.3    13.1    14.3    14.5     13.5    13.5    12.9     12.5     13.7    13.4     13.6     13.9    14.3    14.1    13.4    13.0    12.4     12.8     13.0    13.3   13.2     12.8    12.8   12.8    13.1    12.4     12.3    12.4   13.0    12.2     12.1    12.4    12.1    12.7    12.6   12.5    12.0     12.4
     2011    11.7     11.5     11.3     12.0    12.9    14.0    14.3     13.3    13.2    12.7     12.2     13.4    13.1     13.3     13.6    14.0    13.8    13.1    12.7    12.1     12.5     12.7    13.0   12.9    12.5    12.4    12.5    12.8    12.1     11.9    12.0   12.6     11.8    11.7    12.0    11.7   12.3    12.2    12.1     11.6   12.0
            1927     1928     1929     1930    1931    1932    1933     1934    1935    1936     1937     1938    1939     1940     1941    1942    1943    1944    1945    1946     1947     1948    1949    1950    1951    1952    1953    1954    1955    1956    1957    1958    1959    1960    1961    1962    1963    1964    1965    1966    1967


12                                                                                                                            DIMENSIONAL FUND ADVISORS CANADA
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2012 matrix book

  • 2. ON THE COVER A calendar year of Dimensional’s global equity trading is presented as a ring of fifty-two weeks of activity. The inner blue spectrum represents buy volume for all strategies; the outer orange spectrum is sell volume. As a snapshot of market movement, portfolio rebalancing, and client purchases and redemptions, this calendar gives a sense of the scope of Dimensional’s global trading capability. 2011 Week 1 (January) Week 26 (June) Marketwide MARKETWIDE LARGE CAP Large Cap All Sells ALL CORE Core SELLS SMALL CAP Small Cap TARGETED Targeted MICRO CAP Micro Cap Marketwide MARKETWIDE Large Cap LARGE CAP All Buys ALL Core CORE BUYS Small Cap SMALL CAP TARGETED Targeted MICRO CAP Micro Cap Source: Dimensional. Chart data based on total volume of all equity trades for 2011, using closing FX rate for the date of each trade.
  • 4. ACROSS THE WORLD A look at Dimensional’s trading volume over the last five years paints a picture of growth despite market volatility. Since 2007, fixed income volume has grown in concert with new strategies, including many that deliver currencies and yield curves beyond the US. Meanwhile, the distribution of equity volume has begun to settle evenly across Dimensional’s three trading operations in London, the US, and Sydney. Dimensional has also increasingly shifted its trading volume to Direct Market Access. By accessing trading venues directly, Dimensional can execute in a more cost-effective and sensitive way. FIXED INCOME TRADING: INTERNATIONAL UNITED STATES EQUITY TRADING: AUSTIN/ SANTA MONICA SYDNEY LONDON Q1 2007 2008 2009 Behind every Dimensional investment strategy is a commitment to rigorous ORDER-GENERATION academic research, transparent portfolio engineering, and cost-effective Dimensional’s strategies require access to dozens of markets every trading day, implementation. This heritage of applied science goes beyond theory and design and many of those strategies hold thousands of securities. Amidst changing to embrace smart, opportunistic trading. cash flows and shifting market prices, portfolio managers work with traders to As we have expanded our strategies in response to client needs, our trading maintain each portfolio’s characteristics. Order-generation drives the process. infrastructure and systems have evolved to thrive in a virtually continuous global trading cycle. The increasing complexity and integration of new trading “Order-generation has three key inputs. One: the ideal portfolio that we’re venues requires vigilance to ensure that we maintain investment guidelines, targeting to achieve. Two: a snapshot of the holdings on the day. Three: the control transaction costs, and manage portfolio tradeoffs. amount we have to spend. Working from there, we upload the orders and give instruction to Trading that they can go trade on the markets.” This is the story of a day in the life of Dimensional’s trading process, as told —John Law, Portfolio Manager, Santa Monica by a few of the portfolio managers, traders, and analysts who implement our strategies. Their personal perspective describes the daily cycle that connects “We’re looking at trading all portfolios fairly: to be the advocate for the people, information, and markets across the globe. portfolio and look after its best interests. Are there securities I should be 2 DIMENSIONAL FUND ADVISORS CANADA
  • 5. DIMENSIONAL TRADING: A DAY IN THE LIFE Cross-hatching shows non-DMA trading volume. 09 2010 2011 Q4 2011 Source: Dimensional. Volume for fixed income trades and equity trades in US dollars, using closing FX rate for the date of each trade. Fixed income data excludes trades in short-term maturities. GOING TO MARKET adding, or securities I should be removing? While we want to move toward A window into the market opens with each sunrise at Dimensional’s trading those targets, we keep an eye on the tradeoff between the cost of seeking the floors around the world. Each security is accessible through at least one trade and the benefit of establishing or changing a position.” trading venue. Cash coming into a portfolio might be invested among —Robert Ness, Portfolio Manager and Vice President, Sydney hundreds or even thousands of securities. As the day progresses, traders patiently work their opportunity sets, assisted by a strong market philosophy. “We cover more than forty markets. Different markets close at different times. So when we come in the morning, about 5:30 Pacific time, the Sydney desk has “Anytime there’s a large cash flow, we have orders ready to go to trading. closed, the trading day in London is about half over, and the markets in the We’re generating new order candidates on a constant basis. We want to US are soon opening. When it comes to a new investment, we want to get the give traders as much flexibility and control as possible so they can pursue cash properly allocated, but always with cost-efficiency in mind. Our software opportunities in the marketplace.” systems help us make those decisions. The order-generation system is really —Allen Pu flexible. It takes in a lot of different data, such as what the portfolio holds, what you want to buy, and the market price.” —Allen Pu, Portfolio Manager and Vice President, Santa Monica MATRIX BOOK 2012 3
  • 6. “The portfolio managers send me a list of approximately forty accounts, to keeping those in-house. DMA expands our ability to create customized which I coordinate. We utilize various tools to monitor progress throughout strategies to help us execute. We can send orders down those pipes ourselves. It the trading day. The market changes, so we adjust the way we trade.” keeps the control in our hands.” —Erhan Oktay, Trader, Austin —Sam Willis, Senior Trader, Sydney “The portfolio managers’ trade requests will come through—we have a “We always use as much information as possible about the status of a bond minimum, a target, and a maximum, but we always want to stay flexible. It’s issue as we consider buying it. For example, we’re not going to blindly follow a guideline to work through the trading day. We don’t have to be in a specific a conventional credit rating for a particular bond. We use a market-based name in a portfolio at a specific time. We don’t chase after names. We’re rating process that combines a wide variety of sources, including FINRA’s patient. We have a whole list of orders to choose from.” TRACE data on recent transactions, what’s being offered on venues, and other —Chris Rink, Trader, Austin measures. We’ll pay close attention to where a bond is trading; prices and spreads mean more to us than a credit agency rating.” “Unlike equity, with fixed income, we don’t have a basket of names and a —Polly Weiss, Investment Associate, London target cash amount to spend every day. Our capacity and constraints are different. A portfolio manager identifies bonds that, from an expected “Our approach is flexible enough to allow us to monitor the tradeoffs when return point of view, the portfolio needs. My job is to see how the bond trading in a specific country. Local markets can be very different and can looks in the market in real time and see if we want to trade it.” change overnight. We try to minimize unnecessary costs where possible. —David LaRusso, Senior Trader, Austin Although we’re aware of benchmarks, we also maintain flexibility. Where an index would be constrained, we can take advantage of excess supply and “Our willingness to be patient is key. We have a tremendous amount of demand and target exposure in a systematic way.” flexibility, not only in the portfolio and the names, but also in how we trade. —Nathan Lacaze, Portfolio Manager and Vice President, London The trader has a monitoring function and makes many decisions throughout the day—for instance, how aggressive to be in a given portfolio or in a group “Something that will work in one market may not work in another. Things of portfolios.” such as spreads, volatility, liquidity, exchange rules, regulators … there’s a whole —Carl Snyder, Senior Trader and Vice President, Austin raft of market microstructure procedures that will be different. As traders, we need to understand those microstructures and work on which strategies best suit which market.” BEFORE AND AFTER THE TRADE —Sam Willis The more a portfolio trades, the more the cost of trading can impact portfolio returns. Meanwhile, amid intense competition and changing price information, achieving quality market access is crucial in fulfilling a strategy’s mandate. CLOSING THE LOOP Dimensional has continued to focus on direct access to markets, allowing traders Custom software connects portfolio managers and traders around the world, the control to engage counterparties with reduced friction. irrespective of geography. While the technology is global, the human expertise is very much local. Wherever possible, trading takes advantage of the mechanisms “In recent times, as markets around the world have opened up to Direct and limitations of a specific venue or market. Like the instrument panel of an Market Access, we’ve seen a fundamental shift from passing orders to brokers aircraft, the Order Management System (OMS) brings to light a complex set of information to help every trader better navigate a portfolio through the day. A DIRECT ADVANTAGE “When the market opens, it will either go up or down, and I don’t want to As global markets have adopted Direct Market Access, be aggressive unnecessarily. I just maintain the Dimensional mantra and let Dimensional has implemented a growing share of its trades in house, resulting in enhanced control and creative execution. executions come our way. We set all the parameters—where to peg, at what price, and how aggressive we want to be. We have all of that control on the HIGH TOUCH Negotiated and computer screen.” delegated orders (cash desk) LOW TOUCH —Le Tran, Trader, Santa Monica Electronic trading (program desk) “Because we’re in different time zones, we have the OMS to send trades to different offices: Sydney, London, Austin, and Santa Monica. From my DMA perspective, we send spending requests to the traders. They go out and trade in Direct Market Access (self-directed desk) the marketplace. They report back and tell us how much they have done. For example, if we want to spend five million dollars, we may send three million to each region. If Sydney doesn’t reach our target, London will take over.” Q1 2006 2011 —Allen Pu Global Trade Value by Broker Type, January 2006–September 2011 Source: Dimensional. Chart data based on all equity agency trades, globally. 4 DIMENSIONAL FUND ADVISORS CANADA
  • 7. A MATTER OF SCALE “Negotiating on price is often a game of perception. If we see it trading at one Trading today involves more than just stocks and bonds. Portfolio Management spread on TRACE, can I do better? Who is out there that I can work with? and Trading generates a significant volume of trading in currencies to support international securities trading and hedging. Larger still is the volume in short- I’ll spend a lot of the day communicating with brokers. I’ll discuss it with the term investments for securities lending and cash management. portfolio manager. They can weigh the tradeoff of the transaction cost versus the impact of not being in or out of the bond. We want to stimulate as much activity as possible. We want brokers to compete.” SHORT-TERM INVESTMENTS $553.5BB —David LaRusso “We’re not making a judgment about a security. It trades where it trades. CURRENCIES We try to buy or sell that security in the best way possible. At a certain level, $270.2BB there’s always a bid and offer spread. If we’re buying, we try to get the bid. We try to have people come to us so we can capture the spread, which benefits our funds and our clients.” BONDS EQUITY $79.9BB —Le Tran $63.5BB BEYOND BUY AND SELL Global Trade Value by Category, 2011 Markets are always in motion. To deliver the right composition, each portfolio Source: Dimensional. Volume for fixed income trades in US dollar issues and requires continuous oversight—for example, handling incoming cash and international (non-USD). In US dollars, using closing FX rate for the date of each trade. “Bonds” volume includes trades in short-term maturities. redemptions, checking screens, monitoring corporate actions, and rebalancing positions. As the markets close in one region, the process picks up in another. The results of the day are routed to the appropriate portfolio manager for “When a trader receives an order, you want to make sure you’re seeing the review the next day. security in the most competitive environment possible. Ultimately, we need to do our job and get the best execution so our clients have the portfolio and “I get in around 8 in the morning. We run through the cash sheets. We investment they signed up for. At the end of the day, it’s doing right by them.” reconcile cash balances. I send reports to portfolio managers globally. We —Claudette Higdon, Trader, Santa Monica wait for the guys in trading to pull western Asia from Sydney. Then we’ll have a full cash picture. The main thing that I look for is a balance: The goal is a diversified portfolio.” AT THE END OF THE DAY —Alexander Moore, Portfolio Analyst, London As the computer displays on each trading floor dim for the night, the work continues. The first thirty-one years of Dimensional’s history have witnessed “The work goes beyond buying and selling positions. We have a large universe dramatic change in the mechanics of trading at both the industry and firm of securities to manage—corporate actions, where there may be a dividend, levels. Just as Dimensional’s client-driven research will guide future strategies there may be a merger, a tender. If you think of 10,000-plus securities, they all and solutions, so too will dedicated people and an empirical process drive have to be responded to on a timely basis.” Dimensional’s trading. —Allen Pu Interviews with more than twenty members of Dimensional’s Portfolio “The trading and investment style are both sitting absolutely side-by-side: One Management and Trading group, and the comments and feedback of many more empowers the other. It’s not uncommon for us to have positive transaction were essential to this profile. A special thanks to the following leaders in Portfolio costs through our flexible approach.” Management and Trading for their guidance: —Sam Willis —Joseph Chi, Co-Head of Portfolio Management and Vice President, Santa Monica “Flexibility means always being able to walk away from an execution. In order —Steve Clark, Senior Portfolio Manager and Vice President, Austin to do that, we must have many substitutes available, which we do.” —Jed Fogdall, Co-Head of Portfolio Management and Vice President, Austin —Robert Ness —Henry Gray, Head of Global Equity Trading and Vice President, Santa Monica —Jason Lapping, Head of Asia Pacific Trading and Vice President, Sydney “The structure allows us to be patient, but we do need to trade. When you do —Dave Plecha, Senior Portfolio Manager and Vice President, Santa Monica that and how you do that—that’s what the experience of the trader brings to —John Romiza, Head of International Trading and Vice President, London the table.” —Richard Mar, Trader, Sydney MATRIX BOOK 2012 5
  • 8. 6 DIMENSIONAL FUND ADVISORS CANADA
  • 9. TABLE OF CONTENTS DIMENSIONAL TRADING: A DAY IN THE LIFE 2 ANNUALIZED RATES OF RETURNS (%) 8 HOW TO USE THIS BOOK 9 TOTAL RETURNS S&P 500 INDEX (IN US DOLLARS) 1926–2011 11 US SMALL CAP STOCKS (IN US DOLLARS) 1927–2011 13 US SMALL CAP VALUE STOCKS (IN US DOLLARS) 1927–2011 15 US LARGE CAP VALUE STOCKS (IN US DOLLARS) 1927–2011 17 US SMALL CAP GROWTH STOCKS (IN US DOLLARS) 1927–2011 19 US LARGE CAP GROWTH STOCKS (IN US DOLLARS) 1927–2011 21 US REAL ESTATE SECURITIES (IN US DOLLARS) 1978–2011 22 CANADIAN LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1977–2011 23 CANADIAN LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) 1977–2011 23 S&P/TSX COMPOSITE INDEX (IN CANADIAN DOLLARS) 1957–2011 24 CANADIAN SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1991–2011 25 MSCI EAFE INDEX (IN CANADIAN DOLLARS) 1970–2011 26 INTERNATIONAL SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 26 INTERNATIONAL LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1975–2011 27 INTERNATIONAL LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) 1975–2011 27 JAPAN SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 28 JAPAN LARGE CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 29 UK SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1956–2011 31 UK LARGE CAP STOCKS (IN CANADIAN DOLLARS) 1956–2011 32 MSCI EMERGING MARKETS INDEX (IN CANADIAN DOLLARS) 1988–2011 33 US LONG-TERM GOVERNMENT BONDS (IN US DOLLARS) 1926–2011 35 US LONG-TERM CORPORATE BONDS (IN US DOLLARS) 1926–2011 37 DEX LONG-TERM BOND INDEX (IN CANADIAN DOLLARS) 1948–2011 38 DEX SHORT-TERM BOND INDEX (IN CANADIAN DOLLARS) 1980–2011 39 DEX UNIVERSE BOND INDEX (IN CANADIAN DOLLARS) 1980–2011 40 CANADIAN ONE-MONTH TREASURY BILLS (IN CANADIAN DOLLARS) 1974–2011 40 REAL RETURNS (INFLATION ADJUSTED) INFLATION: CHANGES TO THE CONSUMER PRICE INDEX 1970–2011 41 S&P 500 INDEX (IN CANADIAN DOLLARS) 1970–2011 42 US SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 42 US SMALL CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1970–2011 43 US LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1970–2011 43 MSCI EAFE INDEX (IN CANADIAN DOLLARS) 1970–2011 44 INTERNATIONAL SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1970–2011 44 INTERNATIONAL LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) 1975–2011 45 INTERNATIONAL LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) 1975–2011 45 S&P/TSX COMPOSITE INDEX (IN CANADIAN DOLLARS) 1970–2011 46 DEX UNIVERSE BOND INDEX (IN CANADIAN DOLLARS) 1980–2011 47 CANADIAN ONE-MONTH TREASURY BILLS (IN CANADIAN DOLLARS) 1974–2011 47 CANADIAN DOLLAR VS. US DOLLAR 1952–2011 49 WORLD MARKET CAPITALIZATION 51 SOURCES AND DESCRIPTIONS OF DATA 53 MATRIX BOOK 2012 7
  • 10. ANNUALIZED RATES OF RETURNS (%) One Five Ten Twenty Fifty Eighty Year Years Years Years Years Years 2011 2007–2011 2002–2011 1992–2011 1962–2011 1932–2011 S&P 500 INDEX (IN US DOLLARS) 2.1 -0.2 2.9 7.8 9.3 10.8 US SMALL CAP STOCKS (IN US DOLLARS) -5.4 1.5 7.2 10.3 11.7 14.0 US SMALL CAP VALUE STOCKS (IN US DOLLARS) -10.8 -1.5 8.7 12.9 14.4 16.3 US LARGE CAP VALUE STOCKS (IN US DOLLARS) -19.9 -11.5 -2.0 5.4 10.4 12.2 US SMALL CAP GROWTH STOCKS (IN US DOLLARS) -4.4 0.7 3.0 5.7 7.6 10.9 US LARGE CAP GROWTH STOCKS (IN US DOLLARS) 6.4 4.0 2.6 6.8 8.5 10.1 US REAL ESTATE SECURITIES (IN CANADIAN DOLLARS) 9.4 -2.0 10.1 10.8 — — CANADIAN LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) -13.5 7.6 8.0 10.0 — — CANADIAN LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) -16.4 -0.8 4.0 6.4 — S&P/TSX COMPOSITE INDEX (IN CANADIAN DOLLARS) -8.7 1.3 7.0 8.7 9.2 — CANADIAN SMALL CAP STOCKS (IN CANADIAN DOLLARS) -12.4 2.7 8.3 10.5 — — MSCI EAFE INDEX (IN CANADIAN DOLLARS) -10.3 -7.3 0.1 3.9 — — INTERNATIONAL SMALL CAP STOCKS (IN CANADIAN DOLLARS) -13.8 -5.9 5.6 5.1 — — INTERNATIONAL LARGE CAP VALUE STOCKS (IN CANADIAN DOLLARS) -15.3 -6.6 4.3 9.1 — — INTERNATIONAL LARGE CAP GROWTH STOCKS (IN CANADIAN DOLLARS) -6.5 -6.5 -0.3 3.0 — — JAPAN SMALL CAP STOCKS (IN CANADIAN DOLLARS) 1.5 -3.6 4.3 0.4 — — JAPAN LARGE CAP STOCKS (IN CANADIAN DOLLARS) -12.5 -9.0 -1.5 -1.2 — — UK SMALL CAP STOCKS (IN CANADIAN DOLLARS) -8.5 -7.7 3.0 7.4 13.2 — UK LARGE CAP STOCKS (IN CANADIAN DOLLARS) -1.8 -6.0 0.8 6.5 10.3 — MSCI EMERGING MARKETS INDEX (IN CANADIAN DOLLARS) -16.4 0.0 9.2 7.8 — US LONG-TERM GOVERNMENT BONDS (IN US DOLLARS) 28.2 10.7 8.9 8.9 7.6 5.9 US LONG-TERM CORPORATE BONDS (IN US DOLLARS) 17.9 8.8 8.3 8.1 7.6 6.2 DEX LONG-TERM BOND INDEX (IN CANADIAN DOLLARS) 18.1 8.3 8.9 9.8 8.9 — DEX SHORT-TERM BOND INDEX (IN CANADIAN DOLLARS) 4.7 5.1 4.8 6.3 — — DEX UNIVERSE BOND INDEX (IN CANADIAN DOLLARS) 9.7 6.4 6.5 7.7 — — CANADIAN ONE-MONTH TREASURY BILLS (IN CANADIAN DOLLARS) 0.9 1.7 2.2 3.6 — — INFLATION: CHANGES TO THE CONSUMER PRICE INDEX 2.3 1.9 2.1 1.9 — — CANADIAN DOLLAR VS. US DOLLAR -2.1 2.7 4.6 0.6 0.0 — 8 DIMENSIONAL FUND ADVISORS CANADA
  • 11. HOW TO USE THIS BOOK For example, to find the annualized compound rate of return for US Large Cap Value Stocks for the interval 1996–2004: 1 Locate the column for the first year of the interval (1996). Years are labeled at the top and bottom of each column. 2 Locate the row for the last year of the interval (2004). Years are labeled at the beginning of each row. 3 The return can be found where the first year’s column meets the last year’s row. In this example, US Large Cap Value Stocks had a compound rate of return of 7.8% per year for the nine-year period. 1993 1 1993 24.5 1994 1994 11.4 -0.3 1995 1995 20.2 18.2 40.1 1996 1996 20.2 18.8 29.6 20.0 1997 1997 22.8 22.3 31.0 26.7 33.7 1998 1998 20.9 20.2 25.9 21.6 22.4 11.9 1999 1999 18.8 17.9 21.9 17.7 17.0 9.4 7.0 2000 2000 15.3 14.1 16.7 12.5 10.7 3.9 0.1 -6.4 2001 2001 13.2 11.8 13.7 9.8 7.8 2.2 -0.9 -4.6 -2.7 2002 2002 7.8 6.1 6.9 2.9 0.3 -5.3 -9.2 -14.1 -17.6 -30.3 2003 2003 10.1 8.8 9.9 6.6 4.8 0.6 -1.5 -3.5 -2.5 -2.5 36.4 2004 2 2004 10.8 9.6 10.6 7.8 6.3 2.9 1.5 0.4 2.2 3.8 26.7 17.7 2005 2005 10.7 9.6 10.5 8.0 6.7 3.7 2.6 1.9 3.6 5.3 20.8 13.6 9.7 2006 2006 11.4 10.5 11.4 9.2 8.1 5.6 4.8 4.5 6.5 8.4 21.1 16.3 15.6 21.9 2007 2007 9.7 8.7 9.4 7.2 6.1 3.7 2.8 2.3 3.6 4.7 13.5 8.4 5.5 3.4 -12.2 2008 2008 4.0 2.8 3.0 0.6 -0.9 -3.6 -5.0 -6.2 -6.2 -6.7 -2.0 -8.3 -13.9 -20.6 -35.9 -53.1 2009 2009 5.7 4.6 5.0 2.8 1.6 -0.7 -1.7 -2.6 -2.1 -2.1 2.8 -1.9 -5.4 -8.9 -17.3 -19.7 37.5 2010 2010 6.5 5.5 5.9 3.9 2.9 0.8 -0.1 -0.7 -0.1 0.2 4.8 1.0 -1.6 -3.7 -9.2 -8.2 28.5 20.2 2011 2011 4.9 3.9 4.2 2.2 1.2 -0.8 -1.8 -2.5 -2.1 -2.0 1.8 -1.9 -4.4 -6.6 -11.5 -11.3 9.8 -1.9 -19.9 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 3 MATRIX BOOK 2012 9
  • 12. 1926 1926 11.6 1927 1927 23.9 37.5 1928 1928 30.1 40.5 43.6 1929 1929 19.2 21.8 14.7 -8.4 1930 1930 8.7 8.0 -0.4 -17.1 -24.9 1931 1931 -2.5 -5.1 -13.5 -27.0 -34.8 -43.3 1932 1932 -3.3 -5.6 -12.5 -22.7 -26.9 -27.9 -8.2 1933 1933 2.5 1.2 -3.8 -11.2 -11.9 -7.1 18.9 54.0 1934 1934 2.0 0.9 -3.5 -9.7 -9.9 -5.7 11.7 23.2 -1.4 1935 1935 5.9 5.2 1.8 -3.1 -2.2 3.1 19.8 30.9 20.6 47.7 1936 1936 8.1 7.8 4.9 0.9 2.3 7.7 22.5 31.6 24.9 40.6 33.9 1937 1937 3.6 3.0 0.0 -3.9 -3.3 0.2 10.2 14.3 6.1 8.7 -6.7 -35.0 1938 1938 5.5 5.1 2.5 -0.9 0.0 3.6 13.0 16.9 10.7 13.9 4.5 -7.7 31.1 1939 1939 5.1 4.6 2.3 -0.8 -0.1 3.2 11.2 14.3 8.7 10.9 3.2 -5.3 14.3 -0.4 1940 1940 4.0 3.5 1.3 -1.6 -1.0 1.8 8.6 11.0 5.9 7.2 0.5 -6.5 5.6 -5.2 -9.8 1941 1941 3.0 2.4 0.3 -2.4 -1.9 0.5 6.4 8.2 3.5 4.3 -1.6 -7.5 1.0 -7.4 -10.7 -11.6 1942 1942 3.9 3.5 1.5 -1.0 -0.4 2.0 7.6 9.4 5.3 6.1 1.2 -3.4 4.6 -1.1 -1.4 3.2 20.3 1943 1943 5.0 4.7 2.9 0.6 1.3 3.7 9.0 10.8 7.2 8.2 4.0 0.4 7.9 3.8 4.9 10.2 23.1 25.9 1944 1944 5.8 5.5 3.8 1.7 2.5 4.8 9.8 11.5 8.3 9.3 5.7 2.6 9.5 6.3 7.7 12.5 22.0 22.8 19.7 1945 1945 7.1 6.9 5.4 3.5 4.3 6.6 11.5 13.2 10.4 11.5 8.4 5.9 12.6 10.1 12.0 17.0 25.4 27.2 27.8 36.4 1946 1946 6.3 6.1 4.7 2.8 3.5 5.6 10.1 11.6 8.8 9.7 6.8 4.4 10.1 7.7 8.9 12.4 17.9 17.3 14.5 12.0 -8.1 1947 1947 6.3 6.1 4.7 3.0 3.7 5.6 9.8 11.2 8.6 9.4 6.7 4.5 9.6 7.5 8.5 11.4 15.7 14.8 12.2 9.8 -1.4 5.7 1948 1948 6.3 6.0 4.7 3.1 3.8 5.6 9.6 10.8 8.4 9.1 6.6 4.6 9.2 7.3 8.1 10.6 14.2 13.2 10.9 8.7 0.8 5.6 5.5 1949 1949 6.8 6.6 5.3 3.8 4.5 6.3 10.1 11.2 9.0 9.7 7.4 5.6 10.0 8.3 9.2 11.5 14.8 14.0 12.1 10.7 5.0 9.8 12.0 18.8 1950 1950 7.7 7.5 6.4 4.9 5.6 7.4 11.1 12.3 10.2 11.0 8.9 7.3 11.5 10.0 11.0 13.4 16.6 16.1 14.8 13.9 9.9 14.9 18.2 25.1 31.7 1951 1951 8.3 8.1 7.1 5.7 6.4 8.2 11.7 12.9 11.0 11.7 9.8 8.4 12.4 11.1 12.1 14.3 17.3 16.9 15.9 15.3 12.1 16.7 19.6 24.7 27.8 24.0 1952 1952 8.6 8.5 7.5 6.2 6.9 8.6 12.0 13.2 11.3 12.1 10.3 9.0 12.8 11.6 12.5 14.6 17.4 17.1 16.1 15.7 13.0 17.0 19.4 23.1 24.6 21.2 18.4 1953 1953 8.3 8.1 7.1 5.9 6.5 8.2 11.4 12.4 10.7 11.4 9.6 8.3 11.9 10.7 11.5 13.4 15.7 15.3 14.3 13.7 11.2 14.2 15.7 17.9 17.6 13.3 8.3 -1.0 1954 1954 9.6 9.5 8.6 7.4 8.1 9.7 12.9 14.0 12.4 13.1 11.6 10.4 13.9 12.9 13.9 15.8 18.2 18.0 17.4 17.1 15.1 18.4 20.4 23.1 23.9 22.0 21.4 22.9 52.6 1955 1955 10.2 10.2 9.3 8.2 8.9 10.5 13.7 14.7 13.2 13.9 12.5 11.4 14.8 13.9 14.9 16.8 19.1 19.0 18.5 18.4 16.7 19.8 21.7 24.2 25.2 23.9 23.9 25.7 41.7 31.5 1956 1956 10.1 10.1 9.2 8.2 8.8 10.4 13.4 14.4 12.9 13.6 12.2 11.2 14.4 13.5 14.4 16.1 18.2 18.1 17.5 17.3 15.7 18.4 19.9 21.9 22.3 20.8 20.2 20.6 28.8 18.4 6.6 1957 1957 9.4 9.3 8.5 7.4 8.0 9.5 12.3 13.2 11.8 12.4 11.0 10.0 13.0 12.1 12.8 14.3 16.2 15.9 15.2 14.9 13.2 15.4 16.4 17.7 17.6 15.7 14.4 13.6 17.5 7.7 -2.5 -10.8 1958 1958 10.3 10.2 9.5 8.5 9.1 10.6 13.3 14.3 12.9 13.6 12.3 11.4 14.3 13.5 14.3 15.8 17.6 17.5 16.9 16.7 15.3 17.5 18.7 20.1 20.2 18.8 18.1 18.1 22.3 15.7 10.9 13.1 43.4 1959 1959 10.3 10.3 9.5 8.6 9.2 10.6 13.3 14.2 12.9 13.5 12.3 11.4 14.2 13.4 14.1 15.6 17.3 17.1 16.6 16.4 15.1 17.1 18.1 19.3 19.4 18.1 17.3 17.2 20.5 15.0 11.1 12.7 26.7 12.0 1960 1960 10.0 10.0 9.3 8.3 8.9 10.3 12.8 13.7 12.4 13.0 11.8 10.9 13.5 12.8 13.5 14.8 16.3 16.1 15.6 15.3 14.0 15.8 16.6 17.6 17.5 16.2 15.3 14.9 17.4 12.4 8.9 9.5 17.3 6.1 0.5 1961 1961 10.5 10.4 9.7 8.8 9.4 10.8 13.3 14.1 12.9 13.4 12.3 11.5 14.1 13.4 14.0 15.3 16.9 16.7 16.2 16.0 14.8 16.5 17.3 18.3 18.3 17.1 16.4 16.2 18.6 14.4 11.7 12.8 19.6 12.6 12.9 26.9 1962 1962 9.9 9.9 9.2 8.3 8.8 10.1 12.5 13.2 12.1 12.6 11.4 10.7 13.0 12.3 12.9 14.1 15.5 15.2 14.7 14.4 13.3 14.8 15.4 16.1 15.9 14.7 13.9 13.4 15.2 11.2 8.5 8.9 13.3 6.8 5.2 7.6 -8.7 1963 1963 10.2 10.2 9.5 8.7 9.2 10.5 12.8 13.5 12.4 12.9 11.8 11.1 13.4 12.7 13.3 14.5 15.8 15.6 15.1 14.9 13.8 15.2 15.8 16.6 16.4 15.3 14.6 14.3 15.9 12.4 10.2 10.8 14.8 9.9 9.3 12.4 5.9 22.8 1964 1964 10.4 10.4 9.7 8.9 9.4 10.6 12.9 13.6 12.5 13.0 12.0 11.3 13.5 12.9 13.5 14.5 15.8 15.6 15.2 14.9 13.9 15.3 15.9 16.6 16.4 15.4 14.7 14.4 16.0 12.8 10.9 11.5 15.1 10.9 10.7 13.5 9.3 19.6 16.5 1965 1965 10.4 10.4 9.8 9.0 9.5 10.7 12.9 13.6 12.5 13.0 12.0 11.3 13.5 12.9 13.4 14.5 15.7 15.5 15.0 14.8 13.8 15.1 15.7 16.3 16.2 15.2 14.6 14.3 15.7 12.8 11.1 11.6 14.7 11.1 11.0 13.2 10.1 17.2 14.5 12.5 1966 1966 9.9 9.8 9.2 8.4 8.9 10.1 12.2 12.8 11.8 12.2 11.2 10.5 12.6 12.0 12.4 13.4 14.5 14.3 13.8 13.6 12.6 13.7 14.2 14.7 14.4 13.4 12.7 12.4 13.4 10.7 9.0 9.2 11.7 8.2 7.7 9.0 5.7 9.7 5.6 0.6 -10.0 1967 1967 10.2 10.2 9.6 8.8 9.3 10.4 12.5 13.1 12.1 12.5 11.6 10.9 12.9 12.4 12.8 13.8 14.9 14.7 14.2 14.0 13.1 14.2 14.6 15.1 14.9 14.0 13.4 13.1 14.2 11.7 10.1 10.5 12.9 9.9 9.6 11.0 8.6 12.4 9.9 7.8 5.6 24.0 1968 10.2 10.2 9.6 8.9 9.3 10.4 12.4 13.1 12.1 12.5 11.6 10.9 12.9 12.3 12.8 13.7 14.7 14.5 14.1 13.9 13.0 14.0 14.5 14.9 14.7 13.8 13.3 13.0 14.0 11.6 10.2 10.5 12.7 10.0 9.8 11.0 8.9 12.2 10.2 8.6 7.4 17.4 1969 9.8 9.7 9.1 8.4 8.9 9.9 11.8 12.4 11.4 11.8 10.9 10.3 12.1 11.6 12.0 12.8 13.8 13.6 13.1 12.9 12.0 13.0 13.3 13.7 13.4 12.5 11.9 11.6 12.4 10.1 8.8 8.9 10.8 8.2 7.8 8.7 6.6 9.0 6.8 5.0 3.2 8.0 1970 9.6 9.6 9.0 8.3 8.7 9.7 11.6 12.2 11.2 11.6 10.7 10.1 11.9 11.3 11.7 12.5 13.5 13.2 12.8 12.5 11.7 12.6 12.9 13.2 13.0 12.1 11.5 11.1 11.9 9.8 8.4 8.6 10.2 7.8 7.5 8.2 6.3 8.3 6.4 4.8 3.4 7.0 1971 9.7 9.7 9.1 8.4 8.9 9.9 11.7 12.2 11.3 11.7 10.8 10.2 12.0 11.4 11.8 12.6 13.5 13.3 12.8 12.6 11.8 12.6 12.9 13.3 13.0 12.2 11.6 11.3 12.0 10.0 8.8 8.9 10.5 8.3 8.0 8.7 7.1 9.0 7.4 6.1 5.1 8.4 1972 9.9 9.9 9.3 8.7 9.1 10.1 11.9 12.4 11.5 11.9 11.0 10.5 12.1 11.6 12.0 12.8 13.7 13.5 13.0 12.8 12.0 12.9 13.2 13.5 13.3 12.5 12.0 11.7 12.4 10.5 9.4 9.5 11.1 9.0 8.8 9.6 8.1 9.9 8.6 7.7 7.0 10.1 1973 9.3 9.3 8.7 8.1 8.5 9.4 11.1 11.7 10.8 11.1 10.3 9.7 11.3 10.8 11.1 11.8 12.7 12.4 12.0 11.7 10.9 11.7 12.0 12.2 12.0 11.2 10.6 10.3 10.9 9.0 7.9 7.9 9.2 7.3 7.0 7.5 6.0 7.4 6.0 4.9 4.0 6.2 1974 8.5 8.4 7.8 7.2 7.5 8.4 10.1 10.6 9.7 10.0 9.1 8.5 10.1 9.5 9.8 10.5 11.2 10.9 10.5 10.2 9.4 10.1 10.2 10.4 10.1 9.3 8.7 8.2 8.7 6.9 5.7 5.7 6.7 4.8 4.3 4.6 3.1 4.1 2.5 1.2 0.1 1.4 1975 9.0 8.9 8.4 7.7 8.1 9.0 10.6 11.1 10.3 10.6 9.8 9.2 10.7 10.2 10.5 11.1 11.9 11.7 11.2 11.0 10.2 10.9 11.1 11.3 11.0 10.3 9.7 9.4 9.9 8.2 7.1 7.1 8.2 6.5 6.1 6.5 5.2 6.3 5.1 4.1 3.3 4.9 1976 9.2 9.2 8.7 8.1 8.4 9.3 10.9 11.4 10.6 10.9 10.1 9.5 11.0 10.5 10.8 11.5 12.2 12.0 11.6 11.4 10.6 11.3 11.5 11.7 11.5 10.8 10.3 9.9 10.4 8.8 7.8 7.9 9.0 7.4 7.1 7.5 6.3 7.5 6.4 5.6 5.0 6.6 1977 8.9 8.8 8.3 7.7 8.1 8.9 10.5 10.9 10.1 10.4 9.6 9.1 10.5 10.0 10.3 10.9 11.6 11.4 11.0 10.7 10.0 10.7 10.8 11.0 10.7 10.0 9.5 9.2 9.6 8.1 7.1 7.1 8.1 6.5 6.2 6.6 5.4 6.5 5.4 4.6 3.9 5.3 1978 8.9 8.8 8.3 7.7 8.1 8.9 10.4 10.8 10.0 10.3 9.6 9.0 10.4 10.0 10.2 10.8 11.5 11.3 10.9 10.6 9.9 10.5 10.7 10.9 10.6 9.9 9.4 9.1 9.5 8.0 7.1 7.1 8.1 6.5 6.3 6.6 5.5 6.5 5.5 4.7 4.1 5.4 1979 9.0 9.0 8.5 7.9 8.2 9.1 10.6 11.0 10.2 10.5 9.8 9.2 10.6 10.2 10.4 11.0 11.7 11.4 11.1 10.8 10.2 10.8 10.9 11.1 10.9 10.2 9.7 9.4 9.8 8.4 7.5 7.6 8.5 7.1 6.8 7.2 6.2 7.1 6.2 5.6 5.1 6.4 1980 9.4 9.4 8.9 8.3 8.7 9.5 11.0 11.4 10.6 10.9 10.2 9.7 11.1 10.6 10.9 11.5 12.2 12.0 11.6 11.4 10.7 11.3 11.5 11.7 11.5 10.9 10.4 10.2 10.6 9.2 8.4 8.5 9.4 8.1 7.9 8.3 7.4 8.4 7.6 7.1 6.7 8.0 1981 9.1 9.1 8.6 8.1 8.4 9.2 10.6 11.0 10.3 10.6 9.9 9.4 10.7 10.2 10.5 11.1 11.7 11.5 11.1 10.9 10.3 10.8 11.0 11.2 10.9 10.3 9.9 9.6 10.0 8.7 7.9 7.9 8.8 7.5 7.3 7.6 6.8 7.7 6.9 6.3 6.0 7.1 1982 9.3 9.3 8.8 8.3 8.6 9.4 10.8 11.2 10.5 10.8 10.1 9.6 10.9 10.5 10.8 11.3 11.9 11.7 11.4 11.2 10.6 11.1 11.3 11.5 11.2 10.7 10.2 10.0 10.4 9.1 8.4 8.4 9.3 8.1 7.9 8.2 7.4 8.3 7.6 7.1 6.8 8.0 1983 9.6 9.5 9.1 8.5 8.9 9.6 11.0 11.5 10.7 11.0 10.3 9.9 11.1 10.7 11.0 11.5 12.2 12.0 11.6 11.4 10.9 11.4 11.6 11.8 11.6 11.0 10.6 10.4 10.8 9.6 8.8 8.9 9.8 8.6 8.5 8.8 8.1 8.9 8.3 7.9 7.6 8.8 1984 9.5 9.5 9.0 8.5 8.8 9.6 10.9 11.4 10.6 10.9 10.3 9.8 11.0 10.6 10.9 11.4 12.0 11.8 11.5 11.3 10.7 11.3 11.4 11.6 11.4 10.9 10.5 10.2 10.6 9.4 8.8 8.8 9.6 8.5 8.4 8.7 8.0 8.8 8.2 7.8 7.6 8.6 1985 9.8 9.8 9.4 8.9 9.2 9.9 11.3 11.7 11.0 11.3 10.7 10.2 11.4 11.1 11.3 11.8 12.4 12.3 12.0 11.8 11.2 11.8 11.9 12.1 11.9 11.4 11.1 10.8 11.2 10.1 9.5 9.6 10.4 9.3 9.2 9.6 8.9 9.7 9.2 8.8 8.7 9.8 1986 10.0 10.0 9.5 9.0 9.4 10.1 11.4 11.8 11.2 11.4 10.8 10.4 11.6 11.2 11.5 12.0 12.6 12.4 12.1 11.9 11.4 11.9 12.1 12.3 12.1 11.6 11.3 11.1 11.5 10.4 9.7 9.8 10.6 9.6 9.5 9.9 9.3 10.1 9.6 9.3 9.1 10.2 1987 9.9 9.9 9.5 9.0 9.3 10.0 11.3 11.7 11.0 11.3 10.7 10.3 11.5 11.1 11.3 11.8 12.4 12.2 11.9 11.8 11.2 11.8 11.9 12.1 11.9 11.4 11.1 10.9 11.3 10.2 9.6 9.7 10.5 9.5 9.4 9.7 9.1 9.9 9.4 9.1 8.9 9.9 1988 10.0 10.0 9.6 9.1 9.4 10.1 11.4 11.8 11.2 11.4 10.8 10.4 11.6 11.2 11.4 11.9 12.5 12.3 12.1 11.9 11.4 11.9 12.0 12.2 12.0 11.6 11.2 11.1 11.4 10.4 9.8 9.9 10.7 9.7 9.6 10.0 9.4 10.1 9.7 9.4 9.3 10.2 1989 10.3 10.3 9.9 9.4 9.7 10.5 11.7 12.1 11.5 11.7 11.2 10.8 11.9 11.6 11.8 12.3 12.9 12.7 12.4 12.3 11.8 12.3 12.5 12.6 12.5 12.0 11.7 11.6 11.9 10.9 10.4 10.5 11.3 10.3 10.3 10.6 10.1 10.9 10.4 10.2 10.1 11.1 1990 10.1 10.1 9.7 9.2 9.5 10.2 11.5 11.8 11.2 11.5 10.9 10.5 11.6 11.3 11.5 12.0 12.5 12.4 12.1 11.9 11.4 11.9 12.1 12.2 12.1 11.6 11.3 11.1 11.5 10.5 10.0 10.1 10.8 9.9 9.8 10.2 9.6 10.3 9.9 9.7 9.6 10.5 1991 10.4 10.4 10.0 9.5 9.8 10.5 11.8 12.1 11.5 11.8 11.2 10.8 11.9 11.6 11.8 12.3 12.9 12.7 12.4 12.3 11.8 12.3 12.5 12.6 12.5 12.1 11.8 11.6 12.0 11.0 10.5 10.6 11.3 10.5 10.4 10.8 10.3 11.0 10.6 10.4 10.3 11.2 1992 10.3 10.3 9.9 9.5 9.8 10.5 11.7 12.1 11.5 11.7 11.1 10.8 11.9 11.5 11.8 12.2 12.7 12.6 12.3 12.2 11.7 12.2 12.4 12.5 12.4 11.9 11.7 11.5 11.8 10.9 10.4 10.5 11.2 10.4 10.3 10.7 10.2 10.9 10.5 10.3 10.2 11.1 1993 10.3 10.3 9.9 9.5 9.8 10.5 11.7 12.0 11.4 11.7 11.1 10.8 11.8 11.5 11.7 12.2 12.7 12.6 12.3 12.2 11.7 12.2 12.3 12.5 12.3 11.9 11.6 11.5 11.8 10.9 10.4 10.5 11.2 10.4 10.3 10.6 10.2 10.8 10.5 10.3 10.2 11.0 1994 10.2 10.2 9.8 9.4 9.7 10.3 11.5 11.8 11.3 11.5 10.9 10.6 11.6 11.3 11.5 12.0 12.5 12.3 12.1 11.9 11.5 11.9 12.1 12.2 12.1 11.7 11.4 11.2 11.5 10.7 10.2 10.3 10.9 10.1 10.1 10.4 9.9 10.5 10.2 10.0 9.9 10.7 1995 10.5 10.5 10.2 9.7 10.0 10.7 11.9 12.2 11.6 11.9 11.3 11.0 12.0 11.7 11.9 12.4 12.9 12.8 12.5 12.4 11.9 12.4 12.5 12.7 12.6 12.2 11.9 11.8 12.1 11.3 10.8 10.9 11.5 10.8 10.7 11.1 10.6 11.3 10.9 10.8 10.7 11.5 1996 10.7 10.7 10.4 9.9 10.2 10.9 12.0 12.4 11.8 12.0 11.5 11.2 12.2 11.9 12.1 12.6 13.1 12.9 12.7 12.6 12.1 12.6 12.7 12.9 12.8 12.4 12.1 12.0 12.3 11.5 11.1 11.2 11.8 11.1 11.1 11.4 11.0 11.6 11.3 11.1 11.1 11.9 1997 11.0 11.0 10.7 10.2 10.5 11.2 12.3 12.7 12.1 12.3 11.9 11.5 12.5 12.2 12.5 12.9 13.4 13.3 13.1 12.9 12.5 13.0 13.1 13.3 13.2 12.8 12.6 12.4 12.8 12.0 11.6 11.7 12.3 11.6 11.6 11.9 11.5 12.2 11.9 11.7 11.7 12.5 1998 11.2 11.2 10.9 10.5 10.8 11.4 12.5 12.9 12.4 12.6 12.1 11.8 12.8 12.5 12.7 13.2 13.6 13.5 13.3 13.2 12.8 13.3 13.4 13.6 13.5 13.1 12.9 12.8 13.1 12.3 11.9 12.1 12.7 12.0 12.0 12.3 12.0 12.6 12.3 12.2 12.2 13.0 1999 11.3 11.3 11.0 10.6 10.9 11.5 12.7 13.0 12.5 12.7 12.2 11.9 12.9 12.6 12.9 13.3 13.8 13.7 13.5 13.3 13.0 13.4 13.5 13.7 13.6 13.3 13.1 12.9 13.3 12.5 12.1 12.3 12.9 12.2 12.2 12.5 12.2 12.8 12.5 12.4 12.4 13.2 2000 11.0 11.0 10.7 10.3 10.6 11.2 12.3 12.6 12.1 12.3 11.9 11.6 12.5 12.2 12.5 12.9 13.3 13.2 13.0 12.9 12.5 12.9 13.1 13.2 13.1 12.8 12.6 12.4 12.7 12.0 11.6 11.7 12.3 11.7 11.6 11.9 11.6 12.2 11.9 11.8 11.8 12.5 2001 10.7 10.7 10.4 10.0 10.3 10.9 11.9 12.2 11.7 11.9 11.5 11.2 12.1 11.8 12.0 12.4 12.9 12.7 12.5 12.4 12.0 12.4 12.6 12.7 12.6 12.2 12.0 11.9 12.2 11.4 11.0 11.1 11.7 11.0 11.0 11.3 10.9 11.5 11.2 11.1 11.0 11.7 2002 10.2 10.2 9.9 9.5 9.7 10.3 11.4 11.7 11.1 11.3 10.9 10.6 11.5 11.2 11.4 11.8 12.2 12.1 11.8 11.7 11.3 11.7 11.8 11.9 11.8 11.4 11.2 11.1 11.3 10.6 10.2 10.3 10.8 10.1 10.1 10.3 10.0 10.5 10.2 10.0 10.0 10.6 2003 10.4 10.4 10.1 9.7 10.0 10.5 11.6 11.9 11.4 11.6 11.1 10.8 11.7 11.4 11.6 12.0 12.4 12.3 12.1 12.0 11.6 12.0 12.1 12.2 12.1 11.7 11.5 11.4 11.7 10.9 10.6 10.6 11.2 10.5 10.5 10.7 10.4 10.9 10.6 10.5 10.4 11.0 2004 10.4 10.4 10.1 9.7 10.0 10.6 11.6 11.9 11.4 11.6 11.1 10.8 11.7 11.4 11.6 12.0 12.4 12.3 12.1 11.9 11.6 11.9 12.1 12.2 12.1 11.7 11.5 11.4 11.6 10.9 10.6 10.6 11.2 10.5 10.5 10.7 10.4 10.9 10.6 10.5 10.4 11.0 2005 10.4 10.3 10.0 9.7 9.9 10.5 11.5 11.8 11.3 11.5 11.0 10.7 11.6 11.3 11.5 11.9 12.3 12.2 12.0 11.8 11.5 11.8 11.9 12.0 11.9 11.6 11.4 11.3 11.5 10.8 10.4 10.5 11.0 10.4 10.4 10.6 10.3 10.8 10.5 10.3 10.3 10.9 2006 10.4 10.4 10.1 9.7 10.0 10.5 11.5 11.8 11.3 11.5 11.1 10.8 11.6 11.4 11.6 11.9 12.3 12.2 12.0 11.9 11.5 11.9 12.0 12.1 12.0 11.7 11.5 11.3 11.6 10.9 10.5 10.6 11.1 10.5 10.5 10.7 10.4 10.9 10.6 10.5 10.4 11.0 2007 10.4 10.3 10.0 9.7 9.9 10.5 11.5 11.7 11.3 11.4 11.0 10.7 11.6 11.3 11.5 11.8 12.2 12.1 11.9 11.8 11.4 11.8 11.9 12.0 11.9 11.6 11.4 11.2 11.5 10.8 10.4 10.5 11.0 10.4 10.4 10.6 10.3 10.7 10.5 10.3 10.3 10.8 2008 9.6 9.6 9.3 8.9 9.2 9.7 10.6 10.9 10.4 10.6 10.1 9.8 10.7 10.4 10.6 10.9 11.3 11.1 10.9 10.8 10.4 10.8 10.8 10.9 10.8 10.5 10.2 10.1 10.3 9.7 9.3 9.3 9.8 9.2 9.1 9.3 9.0 9.4 9.1 9.0 8.9 9.4 2009 9.8 9.8 9.5 9.1 9.4 9.9 10.8 11.1 10.6 10.8 10.4 10.1 10.9 10.6 10.8 11.1 11.5 11.4 11.1 11.0 10.7 11.0 11.1 11.2 11.0 10.7 10.5 10.4 10.6 9.9 9.6 9.6 10.1 9.5 9.5 9.6 9.3 9.7 9.5 9.3 9.2 9.7 2010 9.9 9.8 9.6 9.2 9.4 9.9 10.9 11.1 10.7 10.8 10.4 10.1 10.9 10.7 10.8 11.2 11.5 11.4 11.2 11.1 10.7 11.0 11.1 11.2 11.1 10.8 10.6 10.5 10.7 10.0 9.7 9.7 10.2 9.6 9.6 9.8 9.4 9.8 9.6 9.4 9.4 9.9 2011 9.8 9.8 9.5 9.1 9.3 9.8 10.8 11.0 10.6 10.7 10.3 10.0 10.8 10.5 10.7 11.0 11.4 11.3 11.1 10.9 10.6 10.9 11.0 11.1 11.0 10.6 10.4 10.3 10.5 9.9 9.5 9.6 10.0 9.5 9.4 9.6 9.3 9.7 9.4 9.3 9.2 9.7 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 10 DIMENSIONAL FUND ADVISORS CANADA
  • 13. S&P 500 INDEX 1926–2011: Total Returns (%) In US Dollars GROWTH OF $1 $100,000 $10,000 $3,043 $1,000 $100 $10 $1 $0 1926 2011 Data provided by Standard & Poor’s Index Services Group. 1968 1968 11.1 1969 1969 0.8 -8.5 1970 1970 1.9 -2.4 4.0 1971 1971 4.9 2.9 9.1 14.3 1972 1972 7.5 6.7 12.3 16.6 19.0 1973 1973 3.5 2.0 4.8 5.1 0.8 -14.7 1974 1974 -1.5 -3.4 -2.3 -3.9 -9.3 -20.8 -26.5 1975 1975 2.7 1.6 3.3 3.2 0.6 -4.9 0.5 37.2 1976 1976 4.9 4.1 6.1 6.4 4.9 1.6 7.7 30.4 23.8 1977 1977 3.6 2.8 4.3 4.3 2.8 -0.2 3.8 16.4 7.2 -7.2 1978 1978 3.9 3.2 4.6 4.6 3.3 0.9 4.3 13.9 7.0 -0.5 6.6 1979 1979 5.0 4.5 5.9 6.1 5.1 3.2 6.6 14.8 9.8 5.4 12.3 18.4 1980 1980 6.9 6.6 8.0 8.4 7.8 6.5 9.9 17.5 13.9 11.6 18.7 25.2 32.4 1981 1981 6.0 5.6 6.9 7.2 6.5 5.2 7.9 14.0 10.6 8.1 12.3 14.2 12.2 -4.9 1982 1982 7.0 6.7 7.9 8.3 7.7 6.7 9.4 14.9 12.1 10.2 14.0 16.0 15.2 7.4 21.4 1983 1983 7.9 7.7 8.9 9.3 8.9 8.0 10.6 15.7 13.3 11.9 15.4 17.3 17.0 12.3 22.0 22.5 1984 1984 7.8 7.6 8.7 9.1 8.7 7.9 10.2 14.8 12.5 11.2 14.1 15.4 14.8 10.7 16.5 14.1 6.3 1985 1985 9.0 8.9 10.1 10.5 10.2 9.6 11.9 16.2 14.3 13.3 16.2 17.6 17.5 14.7 20.2 19.8 18.5 32.2 1986 1986 9.5 9.4 10.6 11.0 10.8 10.2 12.4 16.4 14.7 13.8 16.4 17.7 17.6 15.3 19.9 19.5 18.5 25.1 18.5 1987 1987 9.3 9.2 10.3 10.6 10.4 9.9 11.9 15.5 13.9 13.0 15.3 16.3 16.0 13.8 17.3 16.5 15.0 18.1 11.7 5.2 1988 1988 9.6 9.5 10.6 11.0 10.8 10.3 12.2 15.6 14.1 13.3 15.4 16.3 16.1 14.2 17.2 16.5 15.4 17.8 13.3 10.9 16.8 1989 1989 10.5 10.5 11.6 12.0 11.8 11.4 13.3 16.6 15.3 14.6 16.7 17.6 17.5 16.0 18.9 18.6 17.9 20.4 17.6 17.4 23.9 31.5 1990 1990 9.9 9.8 10.8 11.2 11.0 10.6 12.3 15.3 13.9 13.3 15.0 15.7 15.5 13.9 16.2 15.6 14.7 16.1 13.2 11.9 14.2 12.9 -3.1 1991 1991 10.7 10.7 11.6 12.0 11.9 11.5 13.2 16.1 14.9 14.3 16.1 16.8 16.7 15.3 17.6 17.2 16.5 18.1 15.9 15.4 18.0 18.5 12.4 30.5 1992 1992 10.6 10.5 11.5 11.8 11.7 11.3 12.9 15.6 14.5 13.9 15.5 16.1 16.0 14.7 16.7 16.2 15.5 16.7 14.7 14.0 15.9 15.7 10.8 18.5 7.6 1993 1993 10.5 10.5 11.4 11.7 11.6 11.3 12.8 15.3 14.2 13.7 15.1 15.7 15.5 14.3 16.1 15.6 14.9 16.0 14.1 13.5 14.9 14.5 10.6 15.6 8.8 10.1 1994 1994 10.2 10.2 11.0 11.3 11.1 10.8 12.2 14.6 13.5 13.0 14.3 14.8 14.5 13.3 14.9 14.4 13.6 14.4 12.6 11.9 12.8 12.2 8.7 11.9 6.3 5.6 1.3 1995 1995 11.1 11.1 11.9 12.2 12.1 11.8 13.2 15.6 14.6 14.1 15.4 16.0 15.8 14.8 16.4 16.0 15.5 16.3 14.9 14.5 15.7 15.5 13.1 16.6 13.4 15.3 18.1 37.6 1996 1996 11.5 11.5 12.3 12.6 12.6 12.3 13.6 15.9 15.0 14.6 15.8 16.4 16.2 15.3 16.8 16.5 16.0 16.9 15.6 15.3 16.5 16.4 14.4 17.6 15.2 17.2 19.7 30.1 23.0 1997 1997 12.1 12.2 13.0 13.3 13.3 13.1 14.4 16.6 15.8 15.4 16.6 17.2 17.1 16.3 17.8 17.5 17.2 18.1 17.0 16.8 18.1 18.2 16.6 19.8 18.1 20.3 23.0 31.2 28.1 33.4 1998 1998 12.6 12.7 13.5 13.8 13.8 13.6 14.9 17.1 16.3 16.0 17.2 17.7 17.7 16.9 18.4 18.2 17.9 18.8 17.8 17.8 19.0 19.2 17.9 20.8 19.5 21.6 24.1 30.5 28.2 30.9 28.6 1999 1999 12.9 12.9 13.7 14.1 14.1 13.9 15.2 17.2 16.5 16.2 17.4 17.9 17.9 17.2 18.5 18.4 18.1 18.9 18.0 18.0 19.1 19.4 18.2 20.9 19.7 21.5 23.6 28.6 26.4 27.6 24.8 21.0 2000 2000 12.1 12.2 12.9 13.2 13.2 13.0 14.2 16.1 15.3 15.0 16.1 16.5 16.4 15.7 16.9 16.6 16.3 17.0 16.0 15.8 16.7 16.7 15.4 17.5 16.1 17.2 18.3 21.3 18.3 17.2 12.3 4.9 -9.1 2001 2001 11.3 11.4 12.0 12.3 12.2 12.0 13.1 14.9 14.1 13.8 14.7 15.1 15.0 14.2 15.2 14.9 14.5 15.0 14.0 13.7 14.4 14.2 12.9 14.4 12.9 13.5 14.0 15.9 12.7 10.7 5.7 -1.0 -10.5 -11.9 2002 2002 10.2 10.2 10.8 11.0 10.9 10.7 11.7 13.3 12.5 12.1 13.0 13.3 13.0 12.2 13.1 12.7 12.2 12.6 11.5 11.1 11.5 11.1 9.7 10.8 9.2 9.3 9.3 10.3 6.9 4.4 -0.6 -6.8 -14.6 -17.2 -22.1 2003 2003 10.7 10.7 11.3 11.5 11.4 11.2 12.2 13.8 13.1 12.7 13.5 13.8 13.6 12.9 13.8 13.4 13.0 13.4 12.4 12.0 12.5 12.2 10.9 12.1 10.7 11.0 11.1 12.2 9.4 7.6 3.8 -0.6 -5.3 -4.1 0.1 28.7 2004 2004 10.7 10.7 11.3 11.5 11.4 11.2 12.1 13.7 13.0 12.6 13.4 13.7 13.5 12.8 13.7 13.3 12.9 13.2 12.3 12.0 12.4 12.1 10.9 12.0 10.7 11.0 11.0 12.1 9.5 8.0 4.8 1.3 -2.3 -0.5 3.6 19.5 10.9 2005 2005 10.5 10.5 11.1 11.3 11.2 11.0 11.9 13.4 12.7 12.4 13.1 13.4 13.2 12.5 13.3 12.9 12.5 12.8 11.9 11.6 12.0 11.7 10.5 11.5 10.3 10.5 10.5 11.4 9.1 7.6 4.8 1.8 -1.1 0.5 3.9 14.4 7.9 4.9 2006 2006 10.7 10.7 11.2 11.4 11.4 11.1 12.0 13.5 12.8 12.5 13.2 13.5 13.3 12.6 13.4 13.0 12.7 13.0 12.1 11.8 12.2 11.9 10.9 11.8 10.6 10.9 10.9 11.8 9.7 8.4 6.0 3.4 1.1 2.9 6.2 14.7 10.4 10.2 15.8 2007 2007 10.5 10.5 11.1 11.3 11.2 11.0 11.8 13.3 12.6 12.2 13.0 13.2 13.0 12.3 13.1 12.7 12.3 12.6 11.8 11.5 11.8 11.6 10.5 11.4 10.3 10.5 10.5 11.3 9.3 8.2 5.9 3.7 1.7 3.3 6.1 12.8 9.2 8.6 10.5 5.5 2008 2008 9.0 9.0 9.5 9.6 9.5 9.2 10.0 11.3 10.6 10.2 10.8 11.0 10.7 10.0 10.6 10.2 9.8 9.9 9.0 8.6 8.8 8.4 7.3 7.9 6.7 6.7 6.5 6.8 4.8 3.4 1.0 -1.4 -3.6 -2.9 -1.5 2.4 -2.2 -5.2 -8.4 -18.5 -37.0 2009 2009 9.4 9.4 9.9 10.0 9.9 9.7 10.4 11.7 11.1 10.7 11.3 11.5 11.2 10.6 11.2 10.8 10.4 10.5 9.7 9.4 9.6 9.2 8.2 8.8 7.7 7.8 7.6 8.0 6.2 5.0 2.9 0.9 -0.9 0.0 1.6 5.5 2.1 0.4 -0.7 -5.6 -10.7 26.5 2010 2010 9.5 9.5 10.0 10.1 10.0 9.8 10.6 11.8 11.2 10.8 11.4 11.6 11.4 10.7 11.3 11.0 10.5 10.7 9.9 9.6 9.8 9.5 8.5 9.1 8.1 8.1 8.0 8.5 6.8 5.7 3.8 2.0 0.4 1.4 3.0 6.7 3.9 2.7 2.3 -0.8 -2.9 20.6 15.1 2011 2011 9.4 9.3 9.8 9.9 9.8 9.6 10.3 11.5 10.9 10.6 11.1 11.3 11.1 10.4 11.0 10.6 10.2 10.4 9.6 9.3 9.5 9.1 8.2 8.8 7.8 7.8 7.7 8.1 6.5 5.5 3.7 2.0 0.6 1.5 2.9 6.2 3.6 2.6 2.3 -0.2 -1.6 14.1 8.4 2.1 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 MATRIX BOOK 2012 11
  • 14. 1927 1927 28.1 1928 1928 32.9 37.8 1929 1929 3.6 -6.9 -37.1 1930 1930 -9.4 -19.2 -38.2 -39.2 1931 1931 -19.0 -27.8 -41.8 -44.1 -48.5 1932 1932 -16.9 -23.7 -34.2 -33.3 -30.1 -5.0 1933 1933 -4.2 -8.7 -15.9 -9.6 3.2 46.2 125.0 1934 1934 -1.6 -5.3 -11.0 -4.6 6.8 36.1 63.0 18.1 1935 1935 4.1 1.4 -3.0 4.3 16.2 42.4 63.0 38.8 63.1 1936 1936 8.3 6.3 2.9 10.4 22.0 44.9 61.0 44.1 59.1 55.3 1937 1937 1.1 -1.3 -4.9 0.2 7.6 21.6 27.8 10.9 8.6 -11.3 -49.4 1938 1938 3.7 1.7 -1.3 3.7 10.9 23.7 29.3 15.7 15.2 2.6 -16.7 37.1 1939 1939 3.4 1.6 -1.2 3.4 9.7 20.5 24.7 13.0 12.1 2.0 -11.3 17.4 0.5 1940 1940 2.8 1.1 -1.5 2.6 8.1 17.4 20.6 10.3 9.0 0.6 -9.7 9.4 -2.2 -4.8 1941 1941 1.8 0.2 -2.3 1.4 6.2 14.2 16.6 7.4 5.9 -1.4 -10.0 3.9 -5.2 -8.0 -11.0 1942 1942 3.4 1.9 -0.3 3.3 8.0 15.5 17.8 9.7 8.6 2.5 -4.3 8.6 2.5 3.2 7.4 29.7 1943 1943 6.4 5.1 3.2 7.0 11.7 19.2 21.6 14.4 14.0 9.0 3.6 16.7 13.1 16.4 24.5 47.3 67.4 1944 1944 8.1 7.0 5.3 9.0 13.7 20.8 23.3 16.7 16.6 12.3 7.8 20.1 17.5 21.2 28.8 45.7 54.5 42.6 1945 1945 10.6 9.7 8.2 11.9 16.6 23.6 26.1 20.2 20.4 16.8 13.1 25.1 23.4 27.7 35.5 50.5 58.1 53.7 65.7 1946 1946 9.4 8.5 7.1 10.5 14.7 20.9 23.0 17.5 17.4 14.0 10.5 20.5 18.5 21.4 26.4 35.6 37.1 28.3 21.7 -10.6 1947 1947 8.8 8.0 6.6 9.7 13.6 19.4 21.2 16.0 15.8 12.6 9.3 18.1 16.1 18.2 22.0 28.6 28.3 20.1 13.4 -6.2 -1.6 1948 1948 8.2 7.3 6.0 8.9 12.5 17.8 19.4 14.5 14.2 11.1 8.1 15.8 13.8 15.4 18.2 23.1 22.1 14.6 8.5 -5.8 -3.3 -5.0 1949 1949 8.8 7.9 6.7 9.6 13.0 18.0 19.6 14.9 14.7 11.9 9.1 16.3 14.6 16.1 18.7 23.0 22.1 15.8 11.1 0.6 4.6 7.8 22.4 1950 1950 9.9 9.2 8.0 10.8 14.2 19.1 20.6 16.3 16.2 13.6 11.0 18.0 16.5 18.1 20.6 24.8 24.2 19.0 15.5 7.4 12.5 17.6 30.8 39.8 1951 1951 10.1 9.4 8.3 11.0 14.2 18.9 20.3 16.2 16.0 13.6 11.3 17.7 16.3 17.7 20.0 23.7 23.0 18.4 15.3 8.5 12.8 16.7 25.0 26.4 14.3 1952 1952 10.0 9.4 8.3 10.9 14.0 18.4 19.7 15.8 15.6 13.3 11.1 17.1 15.8 17.1 19.1 22.3 21.6 17.3 14.5 8.6 12.2 15.2 20.9 20.4 11.7 9.2 1953 1953 9.5 8.9 7.8 10.3 13.2 17.3 18.5 14.8 14.6 12.4 10.2 15.7 14.4 15.5 17.2 19.9 19.1 15.1 12.4 7.1 9.9 11.9 15.6 14.0 6.5 2.9 -3.1 1954 1954 11.0 10.4 9.5 11.9 14.8 18.9 20.1 16.6 16.5 14.5 12.5 17.9 16.8 18.0 19.8 22.6 22.1 18.6 16.4 12.0 15.1 17.8 22.0 22.0 17.9 19.1 24.4 59.8 1955 1955 11.3 10.8 9.9 12.2 15.0 18.9 20.1 16.7 16.7 14.7 12.9 18.1 17.0 18.2 19.9 22.5 21.9 18.7 16.8 12.8 15.7 18.1 21.8 21.7 18.4 19.4 23.0 38.6 20.3 1956 1956 11.2 10.6 9.8 12.0 14.7 18.4 19.5 16.3 16.2 14.4 12.6 17.5 16.5 17.5 19.0 21.4 20.8 17.8 15.9 12.2 14.8 16.8 19.8 19.5 16.4 16.8 18.8 27.2 13.5 7.1 1957 1957 10.2 9.6 8.7 10.9 13.4 16.9 17.9 14.7 14.6 12.8 11.1 15.5 14.5 15.3 16.6 18.6 17.9 15.0 13.1 9.5 11.6 13.0 15.2 14.3 11.1 10.6 10.8 14.6 2.6 -5.2 -16.1 1958 1958 11.5 11.1 10.3 12.4 14.9 18.4 19.4 16.4 16.3 14.6 13.1 17.5 16.6 17.5 18.9 20.9 20.4 17.7 16.1 13.0 15.2 16.9 19.4 19.0 16.7 17.0 18.4 23.2 15.4 13.9 17.4 64.3 1959 1959 11.8 11.3 10.5 12.6 15.0 18.4 19.4 16.5 16.4 14.8 13.3 17.5 16.7 17.5 18.8 20.8 20.3 17.8 16.3 13.4 15.5 17.1 19.3 19.0 16.9 17.2 18.4 22.4 16.1 15.1 17.9 39.7 18.8 1960 1960 11.3 10.8 10.1 12.1 14.4 17.6 18.5 15.7 15.6 14.0 12.6 16.5 15.7 16.5 17.6 19.4 18.8 16.5 15.0 12.2 14.1 15.4 17.3 16.8 14.7 14.8 15.5 18.4 12.7 11.2 12.3 23.7 7.3 -3.0 1961 1961 11.8 11.3 10.6 12.6 14.8 17.9 18.8 16.1 16.1 14.6 13.2 17.0 16.2 17.0 18.2 19.9 19.4 17.1 15.8 13.2 15.0 16.3 18.1 17.8 16.0 16.1 16.9 19.7 14.9 14.0 15.4 25.0 14.1 11.9 29.1 1962 1962 10.9 10.5 9.8 11.6 13.8 16.7 17.5 14.9 14.8 13.3 12.0 15.6 14.8 15.4 16.4 18.0 17.4 15.2 13.9 11.4 12.9 14.0 15.4 14.9 13.1 13.0 13.3 15.3 10.7 9.4 9.8 15.9 6.2 2.3 5.1 -14.4 1963 1963 11.1 10.7 10.0 11.8 13.9 16.8 17.6 15.1 14.9 13.5 12.2 15.7 14.9 15.6 16.5 18.0 17.4 15.4 14.1 11.8 13.2 14.2 15.7 15.2 13.5 13.4 13.8 15.7 11.6 10.5 11.0 16.4 8.6 6.2 9.4 0.8 18.6 1964 1964 11.3 10.9 10.2 12.0 14.0 16.8 17.6 15.1 15.0 13.7 12.4 15.8 15.0 15.6 16.6 18.0 17.5 15.5 14.3 12.1 13.5 14.4 15.8 15.3 13.8 13.7 14.1 15.8 12.2 11.3 11.8 16.5 10.0 8.4 11.4 6.1 18.1 17.5 1965 1965 11.9 11.5 10.9 12.7 14.7 17.4 18.2 15.8 15.7 14.4 13.2 16.5 15.8 16.4 17.4 18.7 18.3 16.4 15.3 13.3 14.7 15.6 17.0 16.7 15.3 15.3 15.8 17.6 14.3 13.7 14.5 19.1 13.7 12.9 16.3 13.4 24.5 27.5 38.4 1966 1966 11.4 11.0 10.4 12.1 14.0 16.6 17.3 15.1 15.0 13.7 12.5 15.6 14.9 15.5 16.4 17.6 17.1 15.3 14.2 12.2 13.5 14.4 15.6 15.2 13.8 13.8 14.1 15.5 12.4 11.8 12.2 15.9 11.0 9.9 12.2 9.1 15.9 15.1 13.9 -6.3 1967 1967 12.7 12.3 11.7 13.4 15.4 18.0 18.7 16.5 16.5 15.2 14.1 17.3 16.6 17.3 18.2 19.5 19.1 17.4 16.4 14.6 15.9 16.9 18.1 17.9 16.7 16.9 17.4 19.1 16.4 16.1 16.9 20.9 16.8 16.6 19.7 18.2 26.1 28.0 31.7 28.4 76.1 1968 13.3 12.9 12.4 14.0 15.9 18.5 19.2 17.1 17.1 15.9 14.8 17.9 17.3 18.0 18.9 20.1 19.8 18.2 17.3 15.5 16.9 17.8 19.1 19.0 17.9 18.1 18.7 20.3 17.9 17.7 18.6 22.4 18.9 18.9 22.0 21.0 28.1 30.1 33.5 31.9 56.5 1969 12.2 11.8 11.3 12.9 14.7 17.1 17.8 15.7 15.6 14.5 13.4 16.3 15.7 16.2 17.0 18.2 17.8 16.2 15.2 13.5 14.7 15.5 16.6 16.3 15.2 15.2 15.6 16.9 14.5 14.1 14.6 17.6 14.1 13.7 15.7 14.1 18.9 18.9 19.2 14.9 22.9 1970 11.6 11.2 10.7 12.2 13.9 16.3 16.9 14.9 14.8 13.6 12.6 15.3 14.7 15.2 16.0 17.0 16.6 15.0 14.1 12.4 13.5 14.2 15.1 14.8 13.7 13.6 13.9 15.0 12.6 12.2 12.5 15.1 11.7 11.1 12.6 10.9 14.6 14.0 13.4 9.0 13.2 1971 11.8 11.5 10.9 12.4 14.1 16.4 17.0 15.0 14.9 13.8 12.8 15.5 14.9 15.4 16.1 17.1 16.7 15.2 14.3 12.7 13.8 14.5 15.4 15.1 14.0 14.0 14.3 15.3 13.1 12.7 13.1 15.5 12.4 11.9 13.4 11.9 15.3 14.9 14.5 10.9 14.7 1972 11.6 11.3 10.8 12.2 13.9 16.1 16.7 14.7 14.7 13.6 12.6 15.2 14.6 15.1 15.7 16.7 16.3 14.9 14.0 12.4 13.4 14.1 14.9 14.6 13.6 13.6 13.8 14.7 12.6 12.2 12.5 14.8 11.9 11.3 12.6 11.3 14.2 13.7 13.3 10.1 13.1 1973 10.4 10.0 9.5 10.8 12.4 14.5 15.0 13.1 13.0 11.9 10.9 13.4 12.8 13.1 13.7 14.6 14.1 12.7 11.8 10.2 11.1 11.6 12.3 11.9 10.9 10.7 10.8 11.5 9.4 8.8 9.0 10.7 7.9 7.1 8.0 6.4 8.5 7.5 6.5 3.0 4.4 1974 9.4 9.0 8.5 9.8 11.3 13.3 13.7 11.9 11.7 10.6 9.7 12.0 11.3 11.7 12.2 13.0 12.5 11.1 10.2 8.6 9.4 9.8 10.4 10.0 8.9 8.6 8.6 9.2 7.1 6.5 6.5 8.0 5.2 4.3 4.9 3.2 4.8 3.6 2.3 -1.0 -0.3 1975 10.1 9.8 9.3 10.6 12.1 14.1 14.5 12.7 12.6 11.5 10.6 12.9 12.3 12.7 13.2 14.0 13.6 12.2 11.3 9.9 10.6 11.1 11.8 11.4 10.4 10.2 10.2 10.9 9.0 8.4 8.5 10.1 7.5 6.8 7.5 6.1 7.9 7.1 6.2 3.4 4.5 1976 10.8 10.4 9.9 11.3 12.7 14.7 15.2 13.4 13.3 12.3 11.4 13.7 13.1 13.5 14.0 14.8 14.4 13.1 12.3 10.9 11.7 12.2 12.9 12.5 11.6 11.5 11.6 12.3 10.5 10.0 10.2 11.8 9.4 8.9 9.7 8.5 10.3 9.7 9.1 6.8 8.2 1977 11.0 10.6 10.1 11.4 12.9 14.8 15.3 13.6 13.5 12.5 11.6 13.8 13.3 13.7 14.2 15.0 14.6 13.3 12.5 11.2 12.0 12.5 13.1 12.8 11.9 11.8 11.9 12.6 10.9 10.5 10.7 12.2 10.0 9.5 10.3 9.2 11.0 10.5 9.9 7.8 9.2 1978 11.1 10.8 10.3 11.6 13.0 14.9 15.4 13.7 13.6 12.7 11.8 14.0 13.5 13.8 14.4 15.1 14.8 13.5 12.8 11.5 12.2 12.7 13.3 13.0 12.2 12.1 12.2 12.9 11.3 10.9 11.1 12.6 10.4 10.0 10.8 9.8 11.5 11.1 10.6 8.7 10.1 1979 11.6 11.3 10.9 12.1 13.5 15.4 15.9 14.3 14.2 13.2 12.4 14.6 14.1 14.4 15.0 15.8 15.4 14.2 13.5 12.2 13.0 13.5 14.2 13.9 13.1 13.0 13.2 13.9 12.3 12.0 12.2 13.7 11.8 11.4 12.2 11.4 13.1 12.8 12.5 10.8 12.2 1980 12.1 11.8 11.3 12.6 14.0 15.8 16.3 14.7 14.6 13.7 12.9 15.0 14.6 14.9 15.5 16.3 15.9 14.8 14.1 12.9 13.7 14.1 14.8 14.6 13.8 13.8 14.0 14.6 13.2 12.9 13.2 14.6 12.8 12.5 13.4 12.6 14.3 14.1 13.8 12.4 13.8 1981 11.9 11.6 11.1 12.4 13.7 15.5 16.0 14.4 14.3 13.5 12.7 14.7 14.3 14.6 15.1 15.9 15.6 14.4 13.8 12.6 13.3 13.8 14.4 14.2 13.4 13.4 13.5 14.2 12.8 12.5 12.7 14.1 12.3 12.0 12.8 12.1 13.7 13.4 13.1 11.7 13.0 1982 12.1 11.9 11.4 12.6 14.0 15.8 16.2 14.7 14.6 13.8 13.0 15.0 14.6 14.9 15.4 16.2 15.9 14.8 14.1 13.0 13.7 14.2 14.8 14.6 13.9 13.8 14.0 14.6 13.3 13.0 13.3 14.6 12.9 12.7 13.5 12.8 14.3 14.1 13.9 12.6 13.9 1983 12.5 12.2 11.8 13.0 14.3 16.1 16.6 15.0 15.0 14.1 13.4 15.4 15.0 15.3 15.8 16.6 16.3 15.2 14.6 13.5 14.2 14.7 15.3 15.1 14.4 14.4 14.6 15.2 13.9 13.7 14.0 15.3 13.7 13.5 14.3 13.6 15.2 15.0 14.9 13.7 15.0 1984 12.2 11.9 11.5 12.7 14.0 15.7 16.1 14.6 14.6 13.7 13.0 15.0 14.5 14.9 15.3 16.0 15.7 14.7 14.1 13.0 13.7 14.1 14.7 14.5 13.8 13.8 14.0 14.6 13.3 13.1 13.3 14.6 13.0 12.7 13.5 12.8 14.2 14.0 13.9 12.7 13.9 1985 12.5 12.2 11.8 13.0 14.3 16.0 16.4 14.9 14.9 14.1 13.4 15.3 14.9 15.2 15.7 16.4 16.1 15.1 14.5 13.4 14.1 14.6 15.1 15.0 14.3 14.3 14.5 15.1 13.9 13.6 13.9 15.1 13.6 13.4 14.1 13.6 15.0 14.8 14.7 13.6 14.8 1986 12.4 12.2 11.8 12.9 14.2 15.8 16.2 14.8 14.7 14.0 13.3 15.1 14.7 15.0 15.5 16.2 15.9 14.9 14.3 13.3 14.0 14.4 14.9 14.7 14.1 14.1 14.3 14.8 13.7 13.5 13.7 14.9 13.4 13.2 13.9 13.3 14.6 14.5 14.3 13.3 14.4 1987 12.0 11.8 11.4 12.5 13.7 15.3 15.7 14.3 14.3 13.5 12.8 14.6 14.2 14.5 14.9 15.6 15.3 14.3 13.7 12.7 13.4 13.8 14.3 14.1 13.5 13.4 13.6 14.1 12.9 12.7 12.9 14.0 12.6 12.4 13.0 12.4 13.6 13.4 13.3 12.2 13.2 1988 12.2 12.0 11.6 12.7 13.9 15.5 15.9 14.5 14.4 13.7 13.0 14.8 14.4 14.7 15.1 15.7 15.5 14.5 13.9 13.0 13.6 14.0 14.5 14.3 13.7 13.7 13.8 14.3 13.2 13.0 13.2 14.3 12.9 12.7 13.3 12.8 14.0 13.8 13.7 12.7 13.6 1989 12.3 12.0 11.7 12.7 13.9 15.5 15.9 14.5 14.5 13.7 13.1 14.8 14.4 14.7 15.2 15.8 15.5 14.6 14.0 13.0 13.7 14.1 14.6 14.4 13.8 13.8 13.9 14.4 13.3 13.1 13.3 14.4 13.1 12.9 13.5 12.9 14.1 13.9 13.8 12.9 13.8 1990 11.7 11.4 11.1 12.1 13.3 14.8 15.1 13.8 13.7 13.0 12.3 14.0 13.6 13.9 14.3 14.9 14.6 13.7 13.1 12.2 12.7 13.1 13.6 13.4 12.8 12.7 12.8 13.3 12.2 12.0 12.1 13.1 11.8 11.6 12.1 11.6 12.6 12.4 12.2 11.3 12.1 1991 12.2 11.9 11.6 12.6 13.7 15.3 15.6 14.3 14.3 13.5 12.9 14.6 14.2 14.5 14.9 15.5 15.2 14.3 13.8 12.8 13.4 13.8 14.3 14.1 13.5 13.5 13.6 14.1 13.1 12.9 13.0 14.0 12.8 12.6 13.1 12.6 13.7 13.5 13.4 12.5 13.4 1992 12.3 12.1 11.7 12.7 13.8 15.3 15.7 14.4 14.4 13.6 13.0 14.7 14.3 14.6 15.0 15.6 15.3 14.4 13.9 13.0 13.6 13.9 14.4 14.2 13.7 13.7 13.8 14.2 13.2 13.1 13.2 14.2 13.0 12.8 13.4 12.9 13.9 13.8 13.6 12.8 13.6 1993 12.4 12.2 11.8 12.8 13.9 15.4 15.8 14.5 14.5 13.8 13.1 14.8 14.4 14.7 15.1 15.6 15.4 14.5 14.0 13.1 13.7 14.1 14.5 14.4 13.8 13.8 13.9 14.4 13.4 13.2 13.4 14.4 13.2 13.0 13.6 13.1 14.1 14.0 13.8 13.1 13.8 1994 12.2 12.0 11.6 12.6 13.7 15.1 15.5 14.2 14.2 13.5 12.9 14.5 14.1 14.3 14.7 15.3 15.0 14.2 13.7 12.8 13.4 13.7 14.1 14.0 13.4 13.4 13.5 14.0 13.0 12.8 13.0 13.9 12.7 12.6 13.1 12.6 13.6 13.4 13.3 12.5 13.2 1995 12.4 12.2 11.9 12.8 13.9 15.3 15.7 14.5 14.4 13.7 13.1 14.7 14.4 14.6 15.0 15.6 15.3 14.5 14.0 13.1 13.7 14.0 14.5 14.3 13.8 13.8 13.9 14.3 13.4 13.2 13.4 14.3 13.2 13.0 13.5 13.1 14.1 13.9 13.8 13.1 13.8 1996 12.5 12.3 11.9 12.9 14.0 15.4 15.7 14.5 14.5 13.8 13.2 14.8 14.4 14.7 15.1 15.6 15.3 14.5 14.1 13.2 13.8 14.1 14.5 14.4 13.9 13.9 14.0 14.4 13.5 13.3 13.5 14.4 13.3 13.1 13.6 13.2 14.2 14.0 13.9 13.2 13.9 1997 12.7 12.5 12.1 13.1 14.1 15.5 15.9 14.7 14.6 14.0 13.4 14.9 14.6 14.9 15.2 15.8 15.5 14.7 14.3 13.5 14.0 14.3 14.8 14.6 14.1 14.1 14.2 14.6 13.8 13.6 13.8 14.6 13.6 13.5 13.9 13.6 14.5 14.4 14.3 13.6 14.3 1998 12.4 12.2 11.9 12.8 13.9 15.2 15.6 14.4 14.3 13.7 13.1 14.6 14.3 14.5 14.9 15.4 15.2 14.4 13.9 13.1 13.6 14.0 14.4 14.2 13.7 13.7 13.8 14.2 13.4 13.2 13.4 14.2 13.2 13.0 13.5 13.1 14.0 13.8 13.7 13.1 13.7 1999 12.7 12.4 12.1 13.1 14.1 15.4 15.8 14.6 14.5 13.9 13.4 14.8 14.5 14.8 15.1 15.6 15.4 14.6 14.2 13.4 13.9 14.2 14.6 14.5 14.0 14.0 14.1 14.5 13.7 13.5 13.7 14.5 13.5 13.4 13.8 13.5 14.3 14.2 14.1 13.5 14.1 2000 12.3 12.1 11.7 12.7 13.7 15.0 15.3 14.1 14.1 13.5 12.9 14.3 14.0 14.3 14.6 15.1 14.9 14.1 13.6 12.9 13.4 13.7 14.1 13.9 13.4 13.4 13.5 13.9 13.0 12.9 13.0 13.8 12.8 12.7 13.1 12.7 13.5 13.4 13.3 12.7 13.3 2001 12.3 12.1 11.8 12.7 13.7 15.0 15.3 14.2 14.1 13.5 13.0 14.4 14.1 14.3 14.7 15.1 14.9 14.2 13.7 13.0 13.4 13.7 14.1 14.0 13.5 13.5 13.6 14.0 13.2 13.0 13.1 13.9 12.9 12.8 13.2 12.9 13.7 13.5 13.4 12.8 13.4 2002 11.8 11.6 11.3 12.2 13.2 14.4 14.7 13.6 13.5 12.9 12.4 13.8 13.4 13.7 14.0 14.5 14.2 13.5 13.0 12.3 12.7 13.0 13.4 13.2 12.8 12.7 12.8 13.2 12.3 12.2 12.3 13.0 12.1 11.9 12.3 11.9 12.7 12.5 12.4 11.8 12.3 2003 12.3 12.2 11.8 12.7 13.7 14.9 15.2 14.1 14.1 13.5 13.0 14.3 14.0 14.3 14.6 15.1 14.8 14.1 13.7 12.9 13.4 13.7 14.1 13.9 13.5 13.5 13.5 13.9 13.1 13.0 13.1 13.8 12.9 12.8 13.2 12.8 13.6 13.5 13.4 12.8 13.3 2004 12.4 12.2 11.9 12.8 13.8 15.0 15.3 14.2 14.2 13.6 13.1 14.4 14.1 14.3 14.7 15.1 14.9 14.2 13.8 13.0 13.5 13.8 14.2 14.0 13.6 13.6 13.7 14.0 13.2 13.1 13.2 14.0 13.1 12.9 13.3 13.0 13.7 13.6 13.5 12.9 13.5 2005 12.3 12.2 11.9 12.7 13.6 14.9 15.2 14.1 14.0 13.5 12.9 14.3 14.0 14.2 14.5 15.0 14.7 14.0 13.6 12.9 13.4 13.6 14.0 13.9 13.4 13.4 13.5 13.8 13.1 12.9 13.1 13.8 12.9 12.8 13.1 12.8 13.5 13.4 13.3 12.7 13.3 2006 12.4 12.2 11.9 12.8 13.7 14.9 15.2 14.1 14.1 13.5 13.0 14.3 14.0 14.2 14.5 15.0 14.8 14.1 13.7 13.0 13.4 13.7 14.1 13.9 13.5 13.5 13.6 13.9 13.2 13.0 13.1 13.8 13.0 12.9 13.2 12.9 13.6 13.5 13.4 12.9 13.4 2007 12.2 12.0 11.7 12.5 13.5 14.6 14.9 13.9 13.8 13.3 12.8 14.1 13.8 14.0 14.3 14.7 14.5 13.8 13.4 12.7 13.1 13.4 13.7 13.6 13.2 13.2 13.2 13.6 12.8 12.7 12.8 13.5 12.6 12.5 12.9 12.5 13.2 13.1 13.0 12.5 13.0 2008 11.4 11.2 10.9 11.7 12.6 13.7 14.0 13.0 12.9 12.3 11.8 13.1 12.8 12.9 13.2 13.6 13.4 12.7 12.3 11.6 12.0 12.3 12.6 12.4 12.0 12.0 12.0 12.3 11.6 11.4 11.5 12.1 11.3 11.1 11.4 11.1 11.7 11.6 11.4 10.9 11.3 2009 11.8 11.6 11.3 12.1 12.9 14.1 14.4 13.3 13.3 12.7 12.2 13.5 13.2 13.4 13.7 14.1 13.9 13.2 12.8 12.1 12.5 12.8 13.1 12.9 12.5 12.5 12.5 12.8 12.1 12.0 12.1 12.7 11.9 11.7 12.1 11.7 12.4 12.2 12.1 11.6 12.1 2010 12.0 11.8 11.5 12.3 13.1 14.3 14.5 13.5 13.5 12.9 12.5 13.7 13.4 13.6 13.9 14.3 14.1 13.4 13.0 12.4 12.8 13.0 13.3 13.2 12.8 12.8 12.8 13.1 12.4 12.3 12.4 13.0 12.2 12.1 12.4 12.1 12.7 12.6 12.5 12.0 12.4 2011 11.7 11.5 11.3 12.0 12.9 14.0 14.3 13.3 13.2 12.7 12.2 13.4 13.1 13.3 13.6 14.0 13.8 13.1 12.7 12.1 12.5 12.7 13.0 12.9 12.5 12.4 12.5 12.8 12.1 11.9 12.0 12.6 11.8 11.7 12.0 11.7 12.3 12.2 12.1 11.6 12.0 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 12 DIMENSIONAL FUND ADVISORS CANADA