Vertybinių popierių portfelio sudarymas ir vertinimas

LTStraipsnyje nagrinėjami pagrindiniai šiuolaikinės investicijų portfelio valdymo teorijos principai, aptariami esminiai vertybinių popierių portfelio sudarymo aspektai, pagrindiniai kriterijai bei investuotojų prioritetai, pasirenkant vieną iš alternatyvių investicijų. Nagrinėjamos pagrindinės rizikos rūšys, kurias turėtų įvertinti investuotojas, formuojantis vertybinių popierių portfelį, bei jų įtaka portfelio pajamingumui. Taip pat analizuojama Lietuvos vertybinių popierių rinka bei jos tendencijos, pagrindinį dėmesį skiriant Lietuvos Respublikos Vyriausybės išleistiems skolos vertybiniams popieriams. Siekiant pagrįsti palūkanų normos rizikos ir vertybinių popierių portfelio pajamingumo priklausomybę, atlikti skaičiavimai remiantis X finansų institucijos valdomu vertybinių popierių portfeliu. [Iš leidinio]

ENThe modem principles of portfolio management (MPM) have gained almost universal acceptance among investors in foreign countries. Investments into portfolio management combine assets to maximize return and minimize risk. The main portfolio management principles are: trade off between risk and rerun; diversification can lower risk without reducing return; risk preference is the most important variable in portfolio selection. Portfolios that achieve maximum return for a given level of risk are said to be efficient. The application of the investments portfolio diversification is the way to reduce the risk of the securities included in portfolio. A portfolio consisting of a wide assortment of securities is less risky than the portfolio concentrated in one security group. Total portfolio risk can be decomposed into two types of risk: systematic risk also called market risk and unsystematic risk also called diversifiable risk. The variability of macroeconomic factors that affect all risky assets in the portfolio cannot be eliminated. A lower level of systematic risk can be attained by diversifying globally versus only investing in the market of Lithuania. Some of the systematic risk variables in the market of Lithuania are not correlated with systematic risk factors in other countries. Variability in interest rates leads to variability in bond prices. This variation in the market price of security caused by changes in interest rates is called interest rate (or yield) risk. For a given change in market required return, the price of a bond will change by a greater amount, the longer its maturity.Yield to maturity is the expected rate of return of a bond if it is bought at its current market price and held to maturity. Interest rates and bond prices move in opposite directions. The yield of the investment depends on the received coupon, amortization of a premium or a discount, the reinvestment of free funds and the result of portfolio valuation according to market prices. [From the publication]