Identifier: TFG:2106
Authors: Saumell Llurba, Eduard
Abstract:
This project presents two types of portfolio management: passive management and active management. The main objective is to create a portfolio formed entirely by securities selected from the fundamental analysis. This portfolio is created with the intention that in the long term it offers a higher yield compared to the IBEX 35 reference index, which would show the inefficiency of the market. In a first theoretical part, historical theories which defended the efficiency of the financial markets, like Eugene Fame’s are exposed. From here, later theories that have given arguments to revoke this initial hypothesis are presented. Next, passive management and the variety of available indices in which to invest are discussed, making special emphasis on the IBEX 35. Various investment vehicles which you can invest in an index are also mentioned. To finish this part, a section is assigned to the antagonistic type of management of the passive management: active management. In this, it is explained first of all what the fundamental analysis consists of, both in its qualitative and quantitative aspects, where various stock market ratios are presented. Finally, a synthesis about the elementary concepts of technical analysis is made. In the practical part, the techniques of fundamental analysis are applied to create a portfolio of equities formed by shares belonging to the IBEX 35. In this, the different steps of creation of the portfolio are carried out, starting with the definition of the profile of a hypothetical investor, to later selection of the assets through stock market ratios, the qualitative study of the companies and the analysis of the objective price. It ends with the liquidation of the portfolio in a virtual stock market simulator.
Repositori URV