Análisis de Riesgo y Rendimiento

 

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_DH^AM T _HE@DKDHEPM

Hi rdhsam7 sh `hcdeh nmkm ij vjrdjodid`j` pmsdoih `h ims rhe` rhe`dkdhetms dkdhetms `h ue pr prmyhntm myhntm m ue nmeguetm `h prmyhntms. Ims rhe`dkdhetms sh nmesd`hrje nmkm ciugms `h hchntdvm (utdid`j` ehtj + @hprh @hprhndjndþe) ndjndþe) J ims rhe`dkdhetms idorhs `h rdhsam sh ihs `hemkdej jsë, `hod`m j quh sh nmemnh su ajejendj nme nhrthzj.  Nhths Hg. Nhths Hg.

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@DSH_^M^ NMENHVPM^ @H _DH^AM

_dhsam7 Ij pmsdodid`j` `h quh sh `h ue rhsuitj`m `dstdetm ji hsphrj`m. _dhsam de`dvd`uji7 _dhsam jsmndj`m nme uej devhrsdþe nuje`m sh kjetdheh pmr sd kdskj m he cmrkj jdsij`j. _dhsam `h njrthrj7 Hs hi jsmndj`m nme uej devhrsdþe nuje`m sh kjetdheh he cmrkj nmkodej`j nme mtrms jntdvms. @dstrdoundþe `h prmojodid`j`hs7 prmojodid`j`hs7 Idstj `h tm`ms ims rhsuitj`ms m hvhetms pmsdoihs, he `me`h sh ihs jsdaej uej pmsdodid`j` `h mnurrhendj j nj`j rhsuitj`m.

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_HE@DKDHEPM H^VH_J@M Hs ue rhe`dkdhe rhe`dkdhetm tm pme`hrj`m `h ims pmsdoihs rhe`dkdh rhe`dkdhetms etms de`dvd`ujihs Hi sdkomim pjrj hi rhe`dkdhetm hsphrj`m hs7 U r, sh ih iijkj r nme amrrm

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sus prmojodid`j`hs )

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IJ @H^SDJNDÞE H^PÊE@J_

Hs ue de`dnj`mr hstj`dstdnm hstj`dstdnm `h ij `dsphrsdme `h ims pmsdoihs rhe`dkdhetms rhe`dkdhetms nme rhsph rhsphntm ntm ji vjimr hsphrj`m. W kd`h hi # `h `hsvdjndmehs hstje`jr `h ue rhe`dkdhetm he pjrtdnuijr ’r‛ nme rhsphntm j su vjimr hsphrj`m ’r‛

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@D^P_DOXNDÞE @H V_MOJODID@J@ EM_KJI •

Ims pmsdoihs rhe`dkdhetms `h ijs devhrsdmehs tdhe`he j shaudr uej `dstrdoundþe emrkji. •Hstms nuji sh njrjnthrdzj pmr uej nurvj sdkätrdnj he cmrkj `h njkpjej. •^d ij `dstrdoundþe `h prmojodid`j`hs hs jprmxdkj`jkheth emrkji sh puh` puh`hh utdidzj utdidzjrr ij sdaudheth tjoij bttp7//www.vdtutmr.nmk/prm/8/j]>.btki

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@D^P_DOXNDÞE @D^P_DOXND ÞE @ @H H V_MOJODID@J@ EM_KJI

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NMHCDNDHEPH @H SJ_DJNDME ’S‛ Hs uej kh`d`j rhijtdvj rhijtdvj `h rdhsam, quh kd`h hi rdhsam pmr ued`j` `h rhe`dkdhetm rhe`dkdhetm hsphrj`m. Nmecmrkh sh denrhkhetj hi nmhcdndheth `h vjrdjndme, sunh`h im kdskm nme hi rdhsam `hi jntdvm. S; (ώ/ Ur) Hi _dhsam sh denrhjkhetj he cuendþe `hi tdhkpm.

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   H    S    B  Ê    N

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  Þ    V  J

JEÊID^D^ @H VM_PJCMIDM @H DESH_^DÞE    K    I    H   ^    E   :  J   ?   / .     _    ?  1   ?   1    @   /   :   :

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   _    M    @  J

 

@HCDEDNDÞE @H VM_PJCMIDM @H DESH_^DÞE Hs ue arupm `h destrukhetms `h devhrsdþe , nrhj`m pjrj imarjr uej m kjs khtjs `h devhrsdþe, `hod`m j quh nj`j devhrsdmedstj tdheh `dchrheths `dchrheths pjrj su pmrtjcmidm. Xe pmrtjcmidm mrdhetj`m nrhndkdhetm ousnj rhe`dkdhetms j Ijram Vijzm

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Xe pmrtjcmidm mrdhetj`m ji dearhsm ousnj rhe`dkdhetms pmr `dvd`he`ms

 

MOGHPDSM^ @H XE VM_PJCMIDM @hcdedr ijs rhijndmehs hetrh rdhsam rhe`dkdhetm @hthrkdejr su nrhndkdhetm pmthendji `h nrhndkdhetm y ims dearhsms `hrdvj`ms Ij njpjnd`j` `h tmihrjr hi rdhsam ^h `hohe hstjoihnhr ims moghtdvms `h uej njrthrj he hi prmnhsm `h pijehjndþe Ij khtj prdendpji `h ue devhrsdmedstj hs imarjr ue pmrtjcmidm hcdndheth

 

MOGHPDSM^ @H XE VM_PJCMIDM Ij khtj prdendpji `h ue devhrsdmedstj hs imarjr ue pmrtjcmidm hcdndheth 

Hi quh prmpmrndmeh hi edvhi `h rdhsam kjs jitm pjrj p jrj ue arj`m hsphndcdnm `h rdhsam

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M hi quh theaj hi rdhsam kês ojgm pjrj ue `hthrkdej`m edvhi `h rhe`dkdhetm.

Ijs njrthrjs hcdndheths em sme hvd`heths, pmr im quh sh `hohe ousnjr jithrejtdvjs `h devhrsdþe pjrj mothehr ijs khgmrhs nmkodejndmehs `h rdhsam-rhe`dkdhe rdhsam-rhe`dkdhetm. tm.

 

_HE@DKDHEPM H^VH_J@M @H XE VM_PJCMIDM

 

_DH^AM @H XE VM_PJCMIDM

 

_HIJNDÞE _DH^AM - _HE@DKDHEPM

_he`dkdhetm rhquhrd`m rhquhrd`m ; _he`dkdhetm idorh `h rdhsam + Vrhkdm pmr rdhsam   Pjsj rhji `h rhe`dkdhetm

_he`dkdhetm idorh `h rdhsam  

Vrhkdm smorh ij decijndþe hsphrj`j

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V_DKJ @H _DH^AM •

•

Vrhkdm pmr rdhsam `h vhendkdhetm Vrhkdm pmr rdhsam `h denukpidkdehetm

•

Vrhkdm pmr rdhsam `h prdmrd`j`

•

Vrhkdm pmr rdhsam `h oursjtdid`j`

•

_dhsam Ehamndm

•

_dhsam Cdejendhrm

•

_dhsam ^dsthkdnm

•

_dhsam em sdsthkdnm

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_DH^AM T _HE@DKDHEPM @H @DSH_^M^ PDVM^ @H SJIM_H^

 s   m  j `    n n  d   d    c c  d  s  r  tt d  h   i d  hh  N   ss ê t  d  r   O u

_he`dkhetms _hquhrd`ms (Hsphrj`ms)

 m   e   r   d  hh    o  m  a    i a   m  h  `  `   i  j  z j  s     e m  a  m  p  m    O   i  j  r j    )  s  j  j     V J  — s   (     O

  h  s   e    d  m  n   J  n   n

Vjphi Nmkhrndji

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Nhths :1

_dhsam  

@DSH_^DCDNJNDÞE

Hi hchntm Vmrtjcmidm Vmrtjcmidm hs ij rh`unndþe `hi _dhsam pmr kh`dm `h ij `dvhrsdc `dvhrsdcdnjndþe dnjndþe

 

^dsthkjtdnm

 Em @dvhrsdcdnjoih

_dhsam   Em sdsthkjtdnm

@dvhrsdcdnjoih

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@DSH_^DCDNJNDÞE

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NJ_JNPH_Ë^PDNJ^ @H IJ^ IJ^ SJ_DJOIH^ ZXH JCHNPJE HI VM_PJCMIDM J) Hi rhe`dkdhetm rhe`dkdhetm hsphrj`m `h uej njrthrj `h devhrsdþe7 Nuje`m sh nmkodeje `ms m kjs vjimrhs he ue pmrtjcmidm, hi rhe`dkdhetm hsphrj`m hs hi prmkh`dm pme`hrj`m `h ims rhe`dkdhetms hsphrj`ms `h nj`j uem `h hsms vjimrhs.

 

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NJ_JNPH_Ë^PDNJ^ @H IJ^ SJ_DJOIH^ ZXH JCHNPJE HI VM_PJCMIDM O) @hsvdjndme Hstje`jr7 De`dnj`mr hstj`dstdnm quh phrkdth kh`dr hi rdham `h ue jntdvm< kd`h ij `dsphrsdþe jirh`h`mr `h vjimr hsphrj`m, hi nuji he ue nmethxtm njrthrj sh vh jchntj`m pmr ij nmrrhijndþe `h ims jntdvms, em smim pmr su pme`hrjndþe

ΰ  ;

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w  J ΰ  J + w

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NJ_JNPH_Ë^PDNJ^ @H IJ^ SJ_DJOIH^ ZXH JCHNPJE HI VM_PJCMIDM N) Nmhcdndheth `h Nmrrhijndme7 Hs ij rhijndþe quh hxdsth hetrh `ms vjrdjoihs m ij kjehrj he quh sh puh`h hxpidnjr hi nmkpmrtjkdhetm `h uej vjrdjoih he cuendþe `h mtrj7 Nmrrhijndme Nmrrhi jndme pmsdtdvj phrchntj ( + :) Nmrrhijndþe Nmrrhi jndþe 6 (tdhe`h j 6) Nmrrhijndþe Nmrrhi jndþe ehajtdvj phrchntj (-:)

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 NJ_JNPH_Ë^PDNJ^ @H IJ^ SJ_DJOIH^

ZXH JCHNPJE

HI VM_PJCMIDM   Hi Vmrtjcmidm Hcdndheth sh hetdhe`h7

Nmkm hi kjs jitm rhe`dkdhetm hsphrj`m pmsdoih pjrj uej `hsvdjndþe hstje`jr `j`j. Nmkm ij s` pmsdoih kjs ojgj pjrj ue rhe`dkdhetm hsphrj`m `j`m.

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  _dhsam ώ j y n sh prhcdhrhe smorh o j y n sme hcdndheths

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NJ_JNPH_Ë^PDNJ^ @H IJ^ SJ SJ_DJOIH^ _DJOIH^ ZXH JCHNPJE HI VM_PJCM VM_PJCMIDM IDM

Hi rdhsam sdsthkjtdnm hs kh`d`m pmr Ohtj „ Hs uej kh`d`j `h ij vmijtdid`j` `h hi rhe`dkd rhe`dkdhetm hetm `h ij jnndmehs nmkpjrj`js nme hi khrnj`m.

ο g    

Nmvjrdjezj g,k Sjrdjezj  g,k

Xej iëehj `h rharhsdþe `h ijs tjsjs `h rhe`dkdhetm phrdm`dnjs pjrj ij jnndme g y hi khrnj`m ?0

 

KM@HIM @H SJIXJNDME @H JNPDSM^ @H NJVDPJI (KSJN) ^MIM HI _DH^AM ^D^PHKJPDNM H^ _HIHSJEPH _dhsam ^dsthkjtdnm7 Hs njusj`m pmr cjntmrhs quh jchntje hi khrnj`m nmkm ue tm`m Em `dvhrsdcdnjoih

_dhsam em sdsthkjtdnm7 Hs njusj`m pmr cjntmrhs uednms `h ij cdrkj.

Njkodms he ij tjsj `h dethrhs

Buhiajs

Njkodms he hi pm`hr `h nmkprj

auohrejkhetjihs

Njkodms he hi hecmquh `hi ehamndm

Njpjnd`j`hs ahrhendjihs

@dvhrsdcdnjoih 

_hauijndmehs

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IKS KXH^P_J KXH^P_J IIJ J _HIJN _HIJNDÞE DÞE HEP_H  _ JE@ ^^

 

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PJ^J _HZXH_D@J @H _HE@DKDHEPM

Ij tjsj rhquhrd`j `h rhe`dkdhetm pjrj nujiqudhr jnndþe g puh`h shr `hcded`j7 He thrkdems `h rdhsam sdsthkdnm, Ý g , Hi rhe`dkdhetm hsphrj`m `hi khrnj`m, Urk, Ij tjsj hsphrj`j idorh `h rdhsam, rc,

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V_HKDM VM_ HI _DH^AM ( rk - rc  ) Denidejndþe `h ij iëehj `hi khrnj`m `h vjimrhs Vuh`h jukhetjr m `dskdeudr 

Vmr ij denhrtd`ukorh `h ij phrsphntdvj hnmeþkdnj.

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 Nme hi arj`m `h jvhrsdþe ji rdhsam `h ims de devhrsdmedstjs vhrsdmedstjs

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^XVXH^PM^ @HI KSJN Ims devhrsdmedstjs kjetdhehe odhe `dvhrsdcdnj`m su pmrtjcmidm Ims khrnj`ms sme

Ims devhrsdmedstjs sh vhe deciuhendj`ms pmr hi rdhsam sdsthkdnm Ij decmrkjndþe sh henuhetrj `dspmedoih idorhkheth

nmkphtdtdvms Vh`dr prhstj`m y prhstjr he cuendþe `h ij tjsj `h _dhsam Ims devhrsdmedstjs sme j`vhrsmsm ji rdhsam

Ims devhrsdmedstjs tdhehe hxphntjtdvjs sdkdijrhs Em bjy dkpuhstms Em bjy nmkdsdmehs j ims dethrkh`djrdms, pmr nmkprjr y vhe`hr

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IJ V_DENDVJI V_MOIHKJPDNJ HE IJ JVIDNJNDÞE V_ÊNPDNJ V _ÊNPDNJ @HI KSJN

Hstdkjr ims rhe`dkdhetms prhvdstms `hi khrnj`m @hthrkdejr uej Pjsj Pjsj Idorh `h _dhsam j`hnuj`j @hthrkdejr ij khgmr hstdkjndþe `h Ý Ims devhrsdmedstjs em daemrje tmtjikheth hi rdhsam em sdsthkjtdnm Ijs ohtjs crhnuhethkheth sme dehstjoihs he hi trjesnursm `hi tdhkpm Ims rhe`dkdhetms rhquhrd`ms sme `hthrkdej`ms pmr hi jkodheth kjnrmhnmemkdnm

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MP_J^ @DKHE^DMEH^ @HI _DH^AM _dhsam `h qudhorj Ims nmstms `h ij qudhorj 

Ij pär`d`j `h cme`ms quh mnurrh nuje`m ims jntdvms sh vhe`he j prhndms `h rhkjth `urjeth ij idqud`jndþe.

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Ims bmemrjrdms ihajihs y ims nmstms `h vhetj he ims quh denurrh nuje`m uej hkprhsj hkprhe`h ims prmnh`dk prmnh`dkdhetms dhetms `h qudhorj Ims nmstms `h mpmrtued`j` `h ims cme`ms cme` ms quh quh`je cuhrj `hi jinjenh `h ims devhrsdmedstjs `urjeth ims prmnh`dkdhetms `h qudhorj

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JNNDMEH^ @H JIPM _HE@DKDHEPM ^h ihs iijkj ’Omems Ojsurj‛ Omems nme njidcdnjndmehs `h nrh`dtm pmr `hojgm `h hi arj`m `h devhrsdþe `h ijs jnndmehs Pdhehe rhe`dkdhetms rhe`dkdhetms rhijtdvjkheth jitms pjrj ims rhe`dkdhetms mcrhnd`ms pmr ijs devhrsdmehs nme arj`m `h rdhsam Ims rhe`dkdhetms kês jitms sh jinjezje uednjkheth jsukdhe`m ue arje rdhsam 

Jphntms Htdnms

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_HCH_HENDJ^ bttps7//ww bttps7//www w.rjeldj.nmk/oima/omisj-`h .rjeldj.nmk/oima/omisj-`hs`h-nhrm/?86>636-`dc s`h-nhrm/?86>636-`dchrhendjshrhendjs-vhetj-nmrtjvhetj-nmrtj-nrh` nrh` dtm-`hsnuodhrtm bttps7//www.rjeldj.nmk/oima/omisj-`hs`h-nhrm/>014::2-8-prhauetjs-nijvhs-pjrj-het he`hr-km`him-kjrlmwdtz

 

CDE @H IJ V_H^HEPJNDÞE