| Abstract [eng] |
Globalization processes are taking place not only in the world, but also in the financial markets; it provides many opportunities to the financial sector and thereby increases the risk. Investors gain the opportunity to choose investment vehicles that enable to direct their capital to any region in the world or business branch. Large quantities of information and professional detachment even allow people, without financial knowledge, to invest. The main objective to the investors and their advisors – income from investments. This leads to main question raised in Master Thesis, the question which also coincides with all the investors - how to manage your portfolio that the risk and reward proportion would be optimal? The goal of effective portfolio management means the division of the capital in such a way that the investor would receive good at the highest possible returns, and during the crisis, investment impairment loss would be minimal. The theoretical part of the thesis deals with the portfolio theory, which is designed to explain the basic problem of the investment - how to invest the capital in order to obtain the optimal profit and risk proportion. The term investment portfolio is considered not as a set of investments, but as the structured investment vehicles, based on investor expectations and professional forecasts. Issues raised employ literary articles analyzed in the portfolio management techniques. Analysis is based on W. Sharpe and Markowitz models which presents with predictive capabilities. The analysis of Markowitz model revealed that this model is not accurate and requires a lot of additional calculations for the examination of portfolio yields. W. Sharpe model, used in practice, more accurately assessed the profit and risk proportion. Also the resulting index value showed the interface with other statistical values, which were obtained after the analysis of investment portfolios. W. Sharpe also noted a correlation between initial asset and market yields. It was concluded that all securities’ yields more or less varied with the profitability of the market. Subsequently, this relationship was widely described by other authors who study the financial markets. Over the years, the theories were renewed, identified some of their deficiencies and adapted new theories. |
