投资组合 portfolio investmentIn economics and finance， Portfolio Investment represents passive holdings of securities such as foreign stocks， bonds， or other financial assets， none of which entails active management or control of the securities' issuer by the investor; where such control exists， it is known as foreign direct Some examples of portfolio investment are:purchase of shares in a foreign purchase of bonds issued by a foreign acquisition of assets in a foreign Factors affecting international portfolio investment:tax rates on interest or dividends (investors will normally prefer countries where the tax rates are relatively low) interest rates (money tends to flow to countries with high interest rates) exchange rates (foreign investors may be attracted if the local currency is expended to strengthen) Portfolio investment is part of the capital account on the balance of payments 投资组合投资组合 (Investment portfolio)，又名 资产投资组合，所重视的是资产，例如股票、债券、外币、期权、贵金属、衍生性金融商品、房地产、土地、古董、上市公司地位(俗称「壳」)、艺术品、及至红酒等。 一个投资组合是一个投资者手上持手的资产性投资组合的成分，其中可分类为进取型、保守型等。 一个优质的资产投资组合最理想的是具高流动性、平稳及较高收益、低投资风险等。资产投资组合的成份不会包括消费品，例如跑车、电视机、化妆品、成衣等，因为它们都并无增值潜力，甚至只有折旧。In finance， a portfolio is an appropriate mix of or collection of investments held by an institution or a private In building up an investment portfolio a financial institution will typically conduct its own investment analysis， whilst a private individual may make use of the services of a financial advisor or a financial institution which offers portfolio management Holding a portfolio is part of an investment and risk-limiting strategy called By owning several assets， certain types of risk (in particular specific risk) can be The assets in the portfolio could include stocks， bonds， options， warrants， gold certificates， real estate， futures contracts， production facilities， or any other item that is expected to retain its ManagementPortfolio management involves deciding what assets to include in the portfolio， given the goals of the portfolio owner and changing economic Selection involves deciding what assets to purchase， how many to purchase， when to purchase them， and what assets to These decisions always involve some sort of performance measurement， most typically expected return on the portfolio， and the risk associated with this return ( the standard deviation of the return) Typically the expected return from portfolios of different asset bundles are The unique goals and circumstances of the investor must also be Some investors are more risk averse than Mutual fund have developed particular techniques to optimize their portfolio See fund management for [edit] Porfolio formationMany strategies have been developed to form a qually-weighted portfolio capitalization-weighted portfolio price-weighted portfolio optimal portfolio (for which the Sharpe ratio is highest) [edit] ModelsSome of the financial models used in the process of Valuation， stock selection， and management of portfolios include:Maximizing return， given an acceptable level of Modern portfolio theory—a model proposed by Harry Markowitz among The single-index model of portfolio Capital asset pricing Arbitrage pricing The Jensen I The Treynor I The Sharpe Diagonal (or Index) Value at risk Portfolio returns can be calculated either in absolute manner or in relative Absolute return calculation is very straight forward， where return is calculated by considering total investment and total final Time duration and cash flow in portfolio doesn't influence final To calculate more accurate return of your investments you have to use complicated statistical models like Internal rate of return or Modified Internal Rate of R The only problem with these models are that， they are very complicated and very difficult to compute by pen and You need to have a scientific calculator or some Both of these models consider all cash flow(Money In/Money Out) and provide more accurate returns than absolute Time is a major factor in these
