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Portfolios income
Portfolio formed by the criterion of maximizing the investment income in the current period regardless of the growth rate of invested capital in the long run
Portfolios of growth
Portfolio formed by the criterion of maximizing the growth rate of capital invested in the long ran, regardless of the level of investment income in the current period
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| Formed by the criterion of a minimum level of investment risk |
| Formed on the basis of mid-market levels of risk and return |
depending on the investor's attitude to risk by of portfolios are ↑
formed on the basis of maximization and rate of growth of invested capital, regardless of the accompanying level of risk
The required number of shares in control share package of strategic investor
| Decisive share package | Blocking share package | Initiative share package |
| A. Higher level 75% +1 share | A. Higher level: 50% +1 share | A. Higher level: 20% share |
| E. Ordinary level: 50% +1 share | B. Ordinary level: 25% +1 share | E. Ordinary level: 10% share |
2. Management of formation of company's financial investments Portfolio
Portfolio theory - based on statistical methods of mechanism optimization of investment portfolio that is formed according to the given of correlation of its profitability level and risk.
The main stages of investment portfolio according to portfolio theory
| Stage | Main content of works by the stage | result of operations by stage |
| 1-H stage Estimation of investment properties of certain financial investment instruments | The review process of the advantages and disadvantages of certain types of financial instruments according to policy objectives of financial investment | Determination of the ratio of share and debt financial instruments in the portfolio, and in each of these groups - structure with certain types of financial instruments (stocks, bonds) |
| 2-h stage Formation of investment decisions about inclusion of certain financial investment instruments in the portfolio | The process of review and evaluation of specific financial investments instruments traded on the market, and their ranking | Ranking by the levels of profitability and risk of specific financial instruments for inclusion them in the portfolio |
| Stage | Main content of works by the stage | result of operations by stage |
| 3-h stage Optimization of the investment portfolio, aimed at reducing its risk in a given level of profitability | Estimation of covariance and the corresponding diversification of specific financial instruments of portfolio | Providing the lowest possible level of investment risk at a given level of portfolio profitability according to type which is formed |
| 4-ii stage The total assessment of formed investment portfolio according to the correlation of the profitability level and risk | calculations of level profitability of portfolio and the level of its risk and its comparison | Determination of the effect of reducing portfolio risk to the mid- market value on a given level of investment portfolio profitability |
Covariance - statistical characteristics, illustrating the degree of similarity (or difference) of two variables considered in the dynamics, amplitude and direction changes.
Covariance degree of fluctuations directions in investment income compared to each other by financial instruments is estimated on the base of the correlation coefficient and the of which value can range from -1 to +1.
Portfolio investment diversification: a method of investment portfolio formation by expanding the types of financial instruments with opposite covariance aimed at reducing non- systematic and the total levels.
The higher is the number of types of financial instruments with opposite covariance, which is included in the portfolio, the lower is the level of non-systematic and the total risk in the overall level of investment income.
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3. Principles and parameters of the operational management of company's financial investments portfolio
By operational control of financial investments portfolio
is understood the rationale and implementation of management decisions that provide the support of target investment orientation to the portfolio formed by the parameters of its return, risk and liquidity restructuring.
The process of operational,, management of financial investments portfolio is carried out by the following stages:
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The main factors leading to lower yield of share investment instruments:
> decrease of paid dividends by reducing the amount of income received by the issuer;
> growth of the net assets value of the issuer (decrease);
> market downturn in the industry in which the issuer does his/her business;
> significant excess of financial instruments market prices over the real value at the moment of its acquisition by the investor;
> overall decline of stock market conditions;
> speculative game of the stock market members, characterized by transition from the market of "bulls" to market of "bears";
> increase of taxation of investment income according to share financial instruments.
The main factors leading to lower yield of debt investing instruments:
> increase the interest rate on loans in the money market;
> increase the rate of inflation in comparison with the previous period;
> reduce the solvency level of the issuer (issuer credit rating);
> unexpected decrease of the redemption fund size of the issuer;
> reduce the liquidity premium on long-term debt financial instruments;
> increase of taxation of investment income on debt instruments.
Ill
The restructuring of the investment portfolio - a process of rotation of certain portfolio financial instruments to improve overall profitability, reducing its overall risk or achieving other objectives of financial investment.
TOPSC 11. Portfolio Management of financial investments companies
Plan
1. Financial investment portfolio: the concept, the basic types and their characteristics.
2. Management of formation of company's financial investments Portfolio.
3. Principles and parameters of the operational portfolio management of financial investments company.
Recommended Literature
Basic: 2, 3, 1, 8, 9,13.
Additional: 18, 22, 24, 21, 28, 30, 31, 32, 33, 40, 42.
Mini-lexicon: financial investment portfolio, income portfolio, growth, aggressive, moderate, conservative, blocking, strategic, portfolio theory, efficient, optimal portfolio, restructuring the portfolio.
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