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Investment policy statement : José Madeira
| Nome: | Descrição: | Tamanho: | Formato: | |
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| 4.16 MB | Adobe PDF |
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Este IPS define a estratégia de investimento do José, alinhando os seus objetivos financeiros com o seu perfil de risco e horizonte de longo prazo. Serve como guia de planeamento e comunicação entre o consultor e o cliente, orientando a afetação de ativos, a gestão do risco, a monitorização do desempenho e o cumprimento das diretrizes do CFA. O objetivo de José e fazer crescer um capital inicial de 400 000 euros ao longo de 10 anos, atingindo um valor real de 640 000 euros. Considerando uma inflação anual de 2%, o objetivo ajustado e de 780 156,43 euros. Com um imposto de 28% sobre mais valias, será necessário atingir cerca de 927 995,04 euros em termos nominais. Para isso, a carteira deve gerar um retorno anual mínimo de 8.78%, ajustado a inflação e impostos. José apresenta estabilidade financeira e um perfil de risco moderado, mas com experiencia limitada em mercados financeiros. Assim, a estratégia deve ser diversificada, disciplinada e orientada para investimento em valor. A estratégia de investimento assenta em princípios de investimento em valor, combinando ETFs diversificados com ativos sem risco. Estão proibidas a alavancagem e vendas a descoberto com fins especulativos. A cobertura cambial através de contratos a prazo e permitida apenas para fins de gestão de risco. Os fatores ESG não são considerados em nenhum aspeto da estratégia de investimento definida neste IPS. A alocação estratégia de ativos foi definida com base em analise macroeconómica e na teoria da Media-Variancia (MVT). A carteira proposta prevê um retorno medio anual de 10,43%, com uma volatilidade (desvio padrão) de 7,63%, resultando num rácio de Sharpe de 1,08. A gestão de risco recorre a ferramentas quantitativas como o Valueat- Risk (VaR), o Expected Shortfall e uma matriz de risco. O consultor e responsável pelo acompanhamento quadrimestral do desempenho, revisão dos riscos e propostas anuais de equilíbrio. O objetivo e manter a carteira alinhada com os objetivos e a tolerância ao risco do José. Este IPS proporciona um enquadramento estruturado, mas flexível, para gerir o crescimento de capital a longo prazo de forma transparente e informada.
This Investment Policy Statement (IPS) defines the investment strategy for Jose, aligning his financial objectives with his risk profile and long-term horizon. It serves as both a planning document and a communication framework between advisor and client, guiding decisions on asset allocation, risk management, performance monitoring and compliance with CFA rules. Jose’s investment goal is to grow an initial capital of €400,000 over a 10-year period to reach a target value of €640,000 in today’s terms. Adjusting for an estimated annual inflation rate of 2%, the inflation-adjusted goal amounts to €780,156.43. When accounting for a 28% capital gains tax, the portfolio must grow to approximately €927,995.04 in nominal terms. To meet this objective, the portfolio must deliver a minimum annualized return of 8.78%, adjusted for both inflation and taxation. Jose’s financial stability allows for moderate risk exposure, though his limited experience in financial markets calls for a diversified and disciplined approach. His investment profile is defined as moderate-to-value oriented. The investment strategy is built around value investing principles, using a diversified mix of Exchange-Traded Funds (ETFs) and a risk-free asset. Constraints include a strict avoidance of leverage and short selling for speculative purposes. Currency hedging through forward contracts may be employed strictly for risk management. ESG factors are not considered in any aspect of the investment strategy defined in this IPS. Strategic asset allocation was determined using macroeconomic analysis and Mean- Variance Theory (MVT). The proposed portfolio is expected to yield an average annual return of 10.43%, with an annualized standard deviation (volatility) of 7.63%, resulting in a Sharpe Ratio of 1.08. To evaluate and manage potential risks, quantitative tools such as Value-at-Risk (VaR), Expected Shortfall, and a risk matrix were employed. The advisor is responsible for quarterly performance tracking, quarterly risk reviews, and annual rebalancing proposals to ensure the portfolio remains aligned with Jose’s goals and risk tolerance. This IPS reflects a structured yet flexible framework for managing long-term capital growth in a transparent and informed manner.
This Investment Policy Statement (IPS) defines the investment strategy for Jose, aligning his financial objectives with his risk profile and long-term horizon. It serves as both a planning document and a communication framework between advisor and client, guiding decisions on asset allocation, risk management, performance monitoring and compliance with CFA rules. Jose’s investment goal is to grow an initial capital of €400,000 over a 10-year period to reach a target value of €640,000 in today’s terms. Adjusting for an estimated annual inflation rate of 2%, the inflation-adjusted goal amounts to €780,156.43. When accounting for a 28% capital gains tax, the portfolio must grow to approximately €927,995.04 in nominal terms. To meet this objective, the portfolio must deliver a minimum annualized return of 8.78%, adjusted for both inflation and taxation. Jose’s financial stability allows for moderate risk exposure, though his limited experience in financial markets calls for a diversified and disciplined approach. His investment profile is defined as moderate-to-value oriented. The investment strategy is built around value investing principles, using a diversified mix of Exchange-Traded Funds (ETFs) and a risk-free asset. Constraints include a strict avoidance of leverage and short selling for speculative purposes. Currency hedging through forward contracts may be employed strictly for risk management. ESG factors are not considered in any aspect of the investment strategy defined in this IPS. Strategic asset allocation was determined using macroeconomic analysis and Mean- Variance Theory (MVT). The proposed portfolio is expected to yield an average annual return of 10.43%, with an annualized standard deviation (volatility) of 7.63%, resulting in a Sharpe Ratio of 1.08. To evaluate and manage potential risks, quantitative tools such as Value-at-Risk (VaR), Expected Shortfall, and a risk matrix were employed. The advisor is responsible for quarterly performance tracking, quarterly risk reviews, and annual rebalancing proposals to ensure the portfolio remains aligned with Jose’s goals and risk tolerance. This IPS reflects a structured yet flexible framework for managing long-term capital growth in a transparent and informed manner.
Descrição
Trabalho Final de Mestrado, Finance, ISEG, 2025.
Palavras-chave
Portfolio Theory IPS Individual Investors Value Investing ETF MVT Sharpe Ratio Value at Risk Expected Shortfall Risk Matrix Teoria da Carteira IPS Investidores Individuais Investimento em valor ETF Racio de Sharpe Value at Risk Expected Shortfall Matriz de risco