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Proposal to Extend the Investment Portfolio of the Sector-focused Stock Hedge Fund
Beneš, Václav ; Galečka, Ondřej (referee) ; Rejnuš, Oldřich (advisor)
The bachelor thesis focuses on the design of an appropriate expansion of the investment portfolio of a hedge fund investing in shares of companies in selected sectors. It specifies the legal and theoretical aspects of the functioning of the hedge fund in the Czech Republic and analyzes the shares of the individual companies, which then compare and evaluate on the basis of predefined criteria. It includes a proposal to extend the investment portfolio, which contributes to raising the value and profits of the fund.
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Investment portfoloi and how to build one
Zims, Luděk ; Poláček, Tomáš (referee) ; Ptáček, Roman (advisor)
The aim of this master thesis is to create investing stock portfolio using value screening, money aggregate MZM and stock prices of chosen companies. Funding is realized by Dollar-cost averaging method. First part introduces reader to stocks and its place at financial market. Afterwards comes introduction to investments and applied Dollar-cost averaging method and authors customisations of this method. Final part contains results of customised Dollar-cost averaging method and suggestion for its usage at financial market.
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Alternative Investments in the Contemporary Period of Low Interest Rates.
Zavadil, Marek ; Schindler, Jaroslav (referee) ; Rejnuš, Oldřich (advisor)
The subject of the diploma thesis is to evaluate the development in post-crisis years and to determine the impacts that affect the current financial investment environment in the USA but also its future and create the prerequisites for other risks, which the market can affect in the next perspective and influence the global development. On this basis, a portfolio of the mutual fund will be drawn up, according to the assignment of its manager with an alternative investment component, which can adequately complement it in the current period of low interest rates.
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Application of the multicriterial decision making for an investment portoflio
Mulakaeva, Alfiia ; Brožová, Helena (advisor) ; Adam, Adam (referee)
The aim of this thesis is the selection of suitable investments (shares) for a particular investor and the creation of an investment portfolio with the help of multiple-criteria decision analysis.
The first part of the work summarizes the theoretical background of security portfolio creation, acquaints the reader with the concept of stocks and methods of analyzing equity instruments. It also provides an overview of the functioning of the capital markets generally and specifically in the Czech Republic. The second part focuses on the approaches and procedures for solving decision-making problems. Methodological apparatus includes systems analysis, linear optimization and multi-criteria decision making methods. The third part of the thesis concentrates on the application of this methods for the formation of the investment portfolio in the presence of multiple criteria. Most important ratios of the stock market and the magic triangle return, risk and liquidity are reflected in equities choice. Stock selection is carried out by using models of multi-criteria evaluation of alternatives in two rounds and portfolio composition is determined by the classical model of linear programming. As a result, investor gets a recommendation for his portfolio, which contains a number of shares of selected companies on the Czech market. This procedure of creating the portfolio can be used by individual investors, financial advisors and brokers and complement their knowledge, experience and intuition.
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Investment decision-making in collective investment
Toman, Lukáš ; Veselá, Kamila (advisor) ; Markéta, Markéta (referee)
The thesis is focused on using instruments of collective investment (mutual funds) for recommendations of more effective financial portfolios of ten real investors. For accomplishing goals of the thesis, firstly it is essential to define basic theoretical knowledge in terms of collective investment or more precissely mutual funds (chapter 2, Theory of collective investment). Subsequently it is necessary to set how will portfolio recommendations be formulated. It is also important to determine key investors characteristics, which are going to effect recommendations (chapter 3, Formulating portfolios). For real contribution it is vital to choose particular mutual funds, which are suitable for recommended portfolios (chapter 4, Selection of mutual funds). Pivotal part of the thesis is the chapter 5, Investment cases, which contains ten real financial portfolios. For each investor is recommended an optimal investment portfolio, which takes into account all known relevant information about the investor. For each case a comparison of current and recommended portfolio is created. The thesis is summarized by the chapter 6, Summary of investment cases, in which a discussion of aggregated results is broken into three areas: the most important investors characteristics, asset allocation of the portfolios and statistical differences between the current and the recommended portfolios.
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Making an investment portfolio of unit trusts by using the fuzzy multiple criteria decision making methods
Borovička, Adam ; Fiala, Petr (advisor) ; Zornerová, Helena (referee) ; Pekár, Juraj (referee)
The thesis deals with investment decision making. It starts from the decision making situation about the making of an investment portfolio of the open unit trusts. The whole decision making process is described, namely the methodical approaches used in terms of the portfolio making procedure. Thus, the main part of this paper focuses on a detailed description of an algorithm of the fuzzy weight estimation method, fuzzy multiple criteria evaluation method and fuzzy multiple objective programming method. The methods are proposed on the basis of current concepts; they conclude the new ideas as well. The fuzzy weight estimation method is able to calculate the weights of criteria according to their linguistically expressed importance. The fuzzy multiple criteria evaluation method accepts uncertain input data in the form of the fuzzy numbers. The alternatives are evaluated by the concept of the preference relations. This method provides a division of the alternatives into the effective and ineffective. The fuzzy multiple objective programming method also works with the uncertain elements as fuzzy numbers. To solve the particular mathematical models, the Bellman's optimality approach is applied. The method is proposed in the interactive form. The decision maker can change a current solution by his/her additional (vague) preferences. The proposed concepts form the two-phase decision making procedure that is applied in the practical situation of the portfolio making in the field of the capital market with open unit trusts offered by the Česká spořitelna investment company. Two types of investors are defined, the investment situations are described, and the results are analyzed in detail. The decision making theory, the fuzzy sets theory and the capital market of collective investment, or with unit trusts, are introduced in a necessary scope. The instigation of my dissertation is to solve the real decision making situation. The investment decision making process is described and the methodical approaches are proposed in order to make the portfolio of unit trusts.
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Portfolio optimization of starting investor
Plaček, Vilém ; Borovička, Adam (advisor) ; Zouhar, Jan (referee)
The goal of this bachelor thesis is to help an investor with assembling portfolio investment. Data are acquired using expert approach. Firstly I introduce issues of portfolio characteristics, investment instruments and portfolio theory. Portfolio theory is based on work of H. Markowitz. Introducing operation research is very important for assembling optimal portfolio and it uses mathematical models for achieving optimal solution. Firstly it is necessary to compile mathematical model based on investor's requirements that are using portfolio and investment characteristics in order to meet the requirements. The optimal portfolio is being looked at in three different ways using three different mathematical models. Each one of them follows diverse goals. In the end all models and their results are compared and their advantages and disadvantages are described.
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The Analysis of Selected Stock Market Investment Strategies
KÁCHOVÁ, Veronika
This diploma thesis was aimed at analysing the investment strategies on the American stock market. The main aim was to evaluate the market efficiency, to analyse various strategies and to select the most appropriate one according to the assessed form of the market efficiency. Firstly, the weak-form efficiency was validated by correlation and runs tests. Subsequently, the methods of technical and fundamental analysis were applied. The final part is focused on creating the investment portfolio, which is also considered the most suitable strategy.
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Analysis of stocks on the chosen branch of the Stock Exchange using the methods of technical and fundamental analysis
URBANOVÁ, Kateřina
The purpose of this thesis was to analyze selected sectors of the stock exchange through methods of technical and fundamental analysis and to find the most appropriate investment strategy based on the results. At first were subjected to corell and runs tests. These tests should have proven or disproven the existence of weak form of efficiency. In the fundamental analysis was chosen the method of comparation of alpha coefficient and average monthly revenues. The technical analysis tested of moving averages and monitoring the signals using oscillators. The last step was a comparison of investment methods and strategies, found investment strategy and made a investment porfolio.
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The Assessment of the stock market effectiveness and choosing the appropriate investment strategy
MEDKOVÁ, Petra
This thesis is dedicated to the stock markets issue. Its main aim was to assess the effectiveness of the stock market and choose an appropriate investment strategy. To this purpose, the 5 industries of U.S. stock market were chosen, which served as a data base for all applied methods. The thesis presents the results of correlation and runs tests verifying the weak form of market efficiency, the results of fundamental analysis and of active strategies simulation as well. The final part is focused on creating of investment portfolio, which was chosen as the most appropriate investment strategy of the refenrence data set.
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