The following block of problems is connected already directly with the solution of optimizing tasks. It is necessary to decide on the main criterion of optimization in procedure of formation of a portfolio. As a rule, as criterion functions (criteria can act only profitability and risk (or some types of risk, and all other parameters are used in the form of restrictions.
The venture capital — is the term applied to designation of risky capital investment. The venture capital represents the investments in the form of issue of new stocks made in the new fields of activity connected with big risk. Venture capital is invested in the projects which are not connected among themselves counting on fast payback of invested funds.
The active model of management assumes careful tracking and immediate acquisition of the tools answering to the investment purposes of a portfolio, and also fast change of structure of the share tools entering a portfolio.
The investment orientation of investments in a regional section leads to creation of the portfolios created from securities of various parties; securities of the issuers who are in one region; various foreign securities.
After the description of formal parameters of a portfolio and its components it is necessary to describe all possible models of formation of a portfolio determined by input parameters which are set by the client and the consultant.
Any of investment values does not possess all listed above properties. Therefore the compromise is inevitable. If the security is reliable, profitability will be low as those who prefer reliability, will offer high price and will bring down profitability. The main goal when forming a portfolio consists in achievement of the most optimum combination between risk and the income for the investor. In other words, the corresponding set of investment tools is urged to reduce risk of the investor to a minimum and at the same time to increase its income to a maximum.
As it was stated above, at the second stage of formation of a portfolio the investor estimates the combination of risk and the income of a portfolio accepted for itself and respectively determines the specific weight of a portfolio of securities with various risk levels and the income. This task follows from the general principle which acts on stock market: than higher potential risk is born by a security, especially it has to have the high potential income, and, on the contrary, the more true the income, the is lower an income rate. This problem is solved on the basis of the analysis of the circulation of securities in stock market. Securities of the known joint-stock companies having good financial performance, in particular the big size of authorized capital are generally got.
The portfolio of aggressive growth is aimed at the maximum gain of the capital. Stocks of the young, fast-growing companies are a part of this type of a portfolio. Investments into this type of a portfolio are rather risky, but at the same time they can bring in the highest income.
The main objective of portfolio investment — to improve investment conditions, having given sets of securities such investment characteristics which are unattainable from a position of separately taken security, and are possible only at their combination.
Income on portfolio investments represents gross profit on all set of the papers included in this or that portfolio taking into account risk. There is a problem of quantitative compliance between profit and risk which has to decide quickly for continuous improvement of structure of already created portfolios and formation new, according to wishes of investors. It is necessary to tell that the specified problem is among those for which decision quickly enough it is possible to find the general scheme of the decision but which are practically not solved up to the end.
In our language it sounds - do not invest all money in one papers, whatever favorable it an investment seemed to you. Only such restraint will allow to avoid catastrophic damages in case of a mistake.
In such conditions domestic investors will need the economic technologies developed and tested in the countries with long history of the advanced market relations. And one of such technologies is portfolio investment.