Riesgo y Rendimiento

 

DC^@BFH FC @B\KVBACP ^kcsjh y ^cifkdkcith

Dcr`bfh fc @bpktbacs ‐ Vurih ih`oc

CRSK\H7

Bvcaabicfb \kith, Ghibtobi @obvcz @hifhrk, @orksbi Jrbifc ^bdhs, Guikhr Dbricz Uciturb, Ghoi Ihrkcjb Ubrjbs, Fkcjh

 

Bakbizb P&\/NUA

*\crdkr `rcbr iucvhs ifk`cs pbrb supakr abs ic`cskfbfcs fca dcr`bfh. *Ahs ifk`cs sc ihdnrbri nbgh ab dbr`b ‑P&\/NUA—, `hi uib iucvb dcthfhahjb ci aicb `hi ahs ds baths cstifbrcs kitcrib`khibacs..

 

\hr quë sc rcbakzð ab Bakbizb P&\/NUA

 

@bdnkhs phr ab Bakbizb P&\/NUA

 

Iucvb ebdkakb fc äifk`cs P&\/NUA

 

Kifk`bfhrcs fc ^kcsjhs pbrb pbäscs cdcrjcitcs

 

CDNKJ • Äifk`c cabnhrbfh phr ca G.\. Dhrjbi quc rcecgb ahs rcthrihs fca phrtbhakh phrtb hakh fc fcufb scj÷i scb ca `bsh, cs fc`kr, fc`kr, fc `bfb pbs, fc ahs pbscs abihbdcrk`bihs y fc ahs pbscs cdcrjcitcs ci `higuith

• @hiskfcrb `hdh fcufb, curhnhihs, nhihs Nrbfy y ci dcihr dcfkfb fcufbs ah`bacs y prëstbdhs. Csths kifk`bfhrcs shi prhdcfkh pbrb `bfb pcrhfh y su fksdkiu`kði sc bsh`kb `hi uib rcfu``kði fca rkcsjh pbs pcr`knkfh phr ahs kivcrskhikstbs

 

Vkphs fc rkcsjh

^kcsjh pbs

^kcsjh pha`h

^kcsjh bfdkikstrbvh

^kcsjh sh`kba

^kcsjh db`rhc`hiðdk`h

^kcsjh ibturba

 

Dcfk`kði fca rkcsjh pbs Eucitcs

prkdbrkb

sc`uifbrkb

Dëthfhs

@ubitbvh

`ubaktbvh

 

Kistu`khibakfbf fca Dcr`bfh fc @bpktbacs \crubih

 

Ab @hdkskði Ib`khiba Pupcrvkshrb fc Cdprcsbs y Ubahrcs (@HIBPCU)

• Cs ca Hrjbiksdh fca Cstbfh ci`brjbfh fca Hrfcibdkcith, ci`brjbfh Hrfcibdkcith, rcjabdcitb`kði y vkjkabi`kb fca dcr`bfh fc vbahrcs, y cic `hdh ui`kði prhdhvcr ca dcr`bfh, rcvksbifh y bprhnbifh iucvhs dc`biksdhs ibi`kcrhs quc bdpaci ca dcr`bfh nursa.

Ph`kcfbfcs Bjcitcs fc Nhasb (PBNs ( PBNs

• Sib sh`kcfbf Bjcitc fc Nhasb cs uib pcrshib gurfk`b hrjbikzbfb `hdh uib sh`kcfbf biðikdb, `uyh hngcth sh`kba cs ab kitcrdcfkb`kði fc vbahrcs, tbith ci ca dnkth nursa `hdh cxtrbnursa.

 

Ab Nhasb fc Ubahrcs (NU)

• cs uib Bsh`kb`kði @kvka ski ics fc

au`rh, `uyh hngcvh cs prcstbr ca scrvk`kh p÷nak`h fc `citrbakzbr abs `hdprbs y vcitbs fc vbahrcs kis`rkths ci

sus ^cjkstrhs,h`kbadcitc `uyb cdkskðibuthrkzbfb y `hah`b`kði sc ci`ucitrc phr ab @hdkskði Ib`khiba Pupcrvkshrb fc Cdprcsbs y Ubahrcs (@HIBPCU). • Ab Nhasb fc Ubahrcs fc Akdb, cic fhs äifk`cs7 b) Äifk`c Äifk`c Jcicr Jcicrba ba fc fc ab Nhasb fc Ubahr Ubahrcs cs fc Akdb (KJNUA). n) Ca Äifk Äifk`c `c PPcac cac`v `vh h fc ab ab Nhasb Nhasb fc Ubahrcs fc Akdb (KPNUA)

Cdprcsbs Cdkshrbs

• Phi abs cdprcsbs quc cici ab ic`cskfbf fc hntcicr hifhs `hi ca i fc budcitbr sus rc`urshs ibi`kcrhs pbrb fcsibrahs b iucvhs prhyc`ths fc kivcrskði h b ab rc`hdphsk`kði fc su cstru`turb cstru`turb ibi`kcrb.

 

Nbi`h fc Kivcrskði

• Cs ca kitcrdcfkbrkh fkrc`th citrc ab cdprcsb cdkshrb y ca kivcrskhikstb kivcrskhiks tb quc fcscb bfqukrkr vbahrcs hcrtbfhs

 

Ca ^kcsjh

 

Fcekik`kði • Ca rkcsjh nsk`bdcitc cs uib dcfkfb fc vhabakfbf, jubrfbifh rcab`kði `hi ab prhnbnkakfbf quc cic ui kivcr k ivcrskhikstb skhikstb rcspc`th b ih hntcicr uibfcdbskbfh rcitbnkakfbfucrtc cspcrbfb, jcicrbifh scisb`kði fc kiscjurkfbf pbrb thacrbr h ciuib ca pchr fc ahs `bshs quc cstbs ih `rcz`bi y tcrdkici fksdkiuycifh su vbahr.

 

Vkphs fc rkcsjhs

 

b. ^kcsjh kfkhski`râtk`h kfkhski`râtk`h 2.^kcsjh fc dcr`bfh7 Fkvkfkfh ci Kieb`kði, kitcrës, ph fc `bdnkh.

>.^kcsjh fc `rëfkth7 \rhnbnkakfbf fca ki`udpakdkcith fc abs hnakjb`khics `hitrb`tubacs ob`kb ca nbi`h. 0.^kcsjh akqukfcz7 Pc fb ba ih fksphicr fc rc`urshs aqukfhs pbrb `udpakr `hi hnakjb`khics 6.^kcsjh hpcrb`khiba7 \rhfu`th fc crrhrcs h baabs oudbibs, quc pucfb jcicrbr përfkfbs. 3.^kcsjh acjba7 Fbfh phr ab fënka cstru`turb`kði fc ahs `hitrbths y ab fc`kcitc hrdbakzb`kði y `histu`kði fc abs jbrbibs.

 

Vkphs fc rkcsjhs n. ^kcsjh skstëdk`h

`. ^kcsjh \haä`h

• Cs ca quc tcrdkibr

• Cs bquca rkcsjh quc pucfb btcitbr

rcpcr`ucifh ci ca `hdphrtbdkcith fc ahs prc`khs ci ca dcr`bfh fc vbahrcs, b cstc ph fc rkcsjh tbdnkëi cs fcihdkibfh `hdh "ih fkvcrsk`bnac‑.

`hitrb abs trbiscrci`kbs dhictbrkbs, phr fcvbaub`kði h rcvbaub`kði fc ab uikfbf dhictbrkb fca pbs, phr fcs`hih`kdkcith fc `hitrbths phr pbrtc fca jhnkcrih, phr fbòhs h btcitbfhs b ahs b`vhs fc cdprcsbs cxtrbigcrbs y phr cxprhpkb`kði fc ahs nkcics fc kivcrskhikstbs cxtrbigcrhs.

 

6.0 ^kcsjh fc ui shah b`vh Cvbaub`kði fc rkcsjh Ab Cvbaub`kði fc ^kcsjh cst rcab`khibfb `hi ab ki`crfudnrc. @ubith dbyhr cs ab ki`crfudnrc shnrc uib kivcrskði, ds rkcsjhsb cs csb kivcrskði.

Biâaksks fc Pcisknkakfbf

Fkstrknu`kði fc \rhnbnkakfbf

Ca biaksks fc scisknkakfbf cs ui tërdkih ibi`kcrh, duy

Sib fkstrknu`kði fc prhnbnkakfbf kifk`b thfb ab jbdb fc

uakzbfh duifh fc cdprcsb b ab ohrb fcrcbakzbr thdbr fc`kskhicscifccakivcrskði. Siabdëthfh `hd÷i kdpak`b `a`uahs pcskdkstbs, `a`uahs ds prhnbnacs y `a`uahs hpdkstbs fca rcifkdkcith rcab`khibfh `hi ui b`vh cspc``h.

vbahrcs quc rcprcscitbrsc rcsuatbfh fc Abs ui prhyc`th fcpucfci kivcrskði sk ëstc sc`hdh aacvbsc b `bnh. fkstrknu`khics fc prhnbnkakfbf pcrdktci hntcicr ui `hih`kdkcith ds `ubitbvh fca rkcsjh fc ui b`vh. Ab prhnbnkakfbf fc ui rcsuatbfh ci su phsknkakfbf fc h`urrci`kb.

Ca kitcrvbah sc hncic rcstbifh ca rcifkdkcith bsh`kbfh `hi ca rcsuatbfh pcskdkstb fca rcifkdkcith bsh`kbfh `hi ca rcsuatbfh hpdkstb. @ubifh dbyhr scb ca kitcrvbah, dbyhr scr ca jrbfh fc vbrkb`kði, h rkcsjh, quc cic ca b`vh.

Si rcsuatbfh `hi uib prhnbnkakfbf fca 2,3%. rcitbnkakfbf cspcrbfb pbrb ca prðxkdh bòh fca KNC_ 03 cs fca 2