| Abstract [eng] |
The aim of the master's thesis is to formulate an active portfolio management strategy that would provide high return to a conservative and active investor. The paper analyzes the stock market, investment strategies and risks. Risk and profitability models are explored and modern and postmodern portfolio theories are identified. Based on the analysis of scientific literature, the concept of fundamental analysis is discussed, and the latest models aiming to ensure the highest return on investment with the lowest level of risk are implemented. Aggressive and conservative portfolio management is also discussed. Fundamental analysis is performed to select stocks. Macroeconomic analysis of selected countries - USA, China and the United Kingdom and industry Analysis - Technology, Medical, Finance and Energy Sectors are also analyzed. Further corporate analysis is being conducted to select stocks for the most aggressive and conservative portfolio. Analyzes of company indicators (ROE, P/B, P/E, EPS, P/S). Through these analyzes, stocks are selected for different types of investors. Portfolio selection calculations were performed and several performance threshold portfolios were determined for each investor. According to this model, for the aggressive and conservative investor, the 5 most optimal companies to invest in were selected. The portfolios are managed for 5 years from 2013 to 2018 and are optimized and managed annually - rebalanced to maintain the original equity stakes in the portfolio. As expected, the aggressive portfolio yielded significantly higher returns than the conservative portfolio and exceeded its targets. The conservative portfolio has not achieved the expected return on the portfolio. Active and conservative portfolios have been rebalanced and compared to portfolios as if there were no rebalancing conclusions were made that the portfolio which was not rebalanced, had better portfolio returns. |
