Assessing efficiency of investment portfolio management (on the example of JSC Sberbank Non-State Pension Fun)

Kuzymina O.Yu.¹
¹ Самарский государственный экономический университет, Russia

Journal paper

Creative Economy ^{(РИНЦ, ВАК)}
опубликовать статью | оформить подписку

Volume 17, Number 4 (April 2023)

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=53760180

Abstract:
The role of institutional investors in the stock market is very difficult to overestimate. They accumulate and redistribute large amounts of free cash, stimulating investment activity and, ultimately, ensuring the growth of the welfare of citizens. This is particularly true of the activities of non-state pension funds, as special attention is paid to the management of their investment portfolios. The article highlights the specific features of the investment activity of non-state pension funds. On the example of JSC Sberbank Non-State Pension Fun, the efficiency of portfolio investment is evaluated. The author has identified shortcomings in the formation of the non-state pension fund portfolio. The author has made a number of proposals for its optimization taking into account the changed economic conditions. The directions of improving portfolio management presented in the article may be of interest to both direct participants in the system of non-state pension provision and compulsory pension insurance, and to a wide range of stakeholders.

Keywords: investment portfolio, institutional investors, non-state pension fund, diversification, profitability, risk

JEL-classification: G23

References:

Dmitrieva O.G., Petukhova N.R., Netsenko N.A. (2016). Modeli nakopitelnyh i solidarnyh pensionnyh sistem: obosnovannyy vybor [Models of cumulative and solidarity pension systems: a reasonable choice] Russia and St. Petersburg: Economics and Education in the 21st Century. 62-72. (in Russian).

Esaulkova T.S. (2019). Upravlenie pensionnymi aktivami v sisteme negosudarstvennogo pensionnogo obespecheniya [Pension asset management in the system of non-public pension insurance]. Bulletin of the Moscow State Regional University. series: economics. (3). 59-68. (in Russian). doi: 10.18384/2310-6646-2019-3-59-68.

Kozlova O.N., Kalacheva E.A., Kalacheva I.V. (2018). Investitsionnaya deyatelnost strakhovyh organizatsiy: vozmozhnosti, perspektivy i napravleniya razvitiya [Investment activity of insurance organizations: opportunities, prospects, and lines of development]. Finance and credit. 24 (9(777)). 2056-2074. (in Russian). doi: 10.24891/fc.24.9.2056.

Kravchenko E.V. (2019). Osobennosti funktsionirovaniya zarubezhnyh pensionnyh sistem v sovremennyh usloviyakh [Features of functioning of foreign pension systems in modern conditions]. Sovremennye fundamentalnye i prikladnye issledovaniya. (2(33)). 48-51. (in Russian).

Kuznetsov B.T. (2023). Investitsionnyy analiz [Investment Analysis] Moscow: Izdatelstvo Yurayt. (in Russian).

Leontev V.E., Bocharov V.V., Radkovskaya N.P (2018). Investitsii [Investments] M.: Izdatelstvo Yurayt. (in Russian).

Lintner J. (1965). The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets Review of Economics and Statistics. 47 (1). 13-37.

Mamiy E.A., Akopyan E.G. (2019). Sostoyanie i perspektivy razvitiya negosudarstvennogo pensionnogo obespecheniya [The situation and perspectives of the non-state pension provision in russia]. Economics. (1(37)). 38-48. (in Russian).

Markowitz H.M., Blay K. (2013). Risk-Return Analysis: The Theory and Practice of Rational Investing N.Y.: McGraw-Hill Education.

Markowitz H.M., Blay K. (2016). Risk-Return Analysis: The Theory and Practice of Rational Investing N.Y.: McGraw-Hill Education.

Roik V.D. (2022). Pensionnoe strakhovanie i obespechenie [Pension insurance and security] Moscow: Izdatelstvo Yurayt. (in Russian).

Ross S.A. (2008). Finansovaya teoriya [Financial Theory] M.: Izd. dom GU VShE. (in Russian).

Scholes M.S. (1994). Financial Infrastructure and Economic Growth Center for Economic Policy Research, Stanford Univ.,.

Sharp U.F., Aleksander G.D., Beyli D.V. (2022). Investitsii [Investments] Moscow: INFRA-M. (in Russian).

Solovev A.K. (2018). Institutsionalnye osnovy pensionnoy reformy [Institutional bases of pension reform] New institutions for a new economy. 341-347. (in Russian).

Taskaeva N.N., Kisel T.N, (2016). Investitsionnyy analiz [Investment Analysis] Moscow: FGBOU VO «NIU MGSU». (in Russian).

Tobin J. (1958). Liquidity preference as behavior towards risk The Review of Economic Studies. 25 (2). 65-86. doi: 10.2307/2296205.

Tsibulnikova V.Yu. (2017). Upravlenie portfelem finansovyh aktivov [Managing a portfolio of financial assets] Tomsk: TUSUR. (in Russian).

Страница обновлена: 25.03.2025 в 15:49:19

Подробнее об авторе: