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BUSINESS INFORM №6-2014

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53

Section: Finance, Money Circulation and Credit
UDC 336.767
Khokhlov V. Y.
Global Diversification of the Securities Portfolio Using the Exchange-traded Funds (p. 303 - 308)

The article investigates the securities portfolios diversified across asset classes and geographically. The works of researchers who have studied separately the portfolio diversification according to asset classes such as real estate, hedge funds or commodities, as well as geographical diversification in 1990–2004 years were examined. In our study, in contrast to previous authors, to diversify exchange-traded funds (ETF) were used, which are modern and practical way to invest in different countries and asset classes. Diversification across asset classes in 2009–2013 using ETF was investigated, which is traded on the New York Stock Exchange. Also the portfolios were constructed with global diversification by adding funds that invest in the markets of developed and developing countries. Rates of return and risk of diversified portfolios were analyzed and the efficient frontier of Markowitz was constructed. The phenomenon of increased volatility in funds investing in markets outside the U.S. was studied, which is caused by the influence of exchange rate fluctuations, but it is shown that in practice it is impossible to ignore this increase. Conclusions about the feasibility of using ETF for global diversification were made.
Keywords: portfolio management, securities, diversification, exchange-traded funds, global investment
Fig.: 1. Tabl.: 4. Formulae: 2. Bibl.: 9.

Khokhlov Valentyn Yu. – Candidate of Sciences (Engineering), Manager, Company Global Spirits (12 Chornovola Str., Kyiv, 01135, Ukraine)
Email: [email protected]

Article is written in Ukrainan
Downloads/views: 128

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Reference to this article:
Khokhlov, Valentyn Yu. (2014) “Global Diversification of the Securities Portfolio Using the Exchange-traded Funds.” Business Inform 6:303–308.


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