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Investment policy statement : Miguel Santos
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| 1.28 MB | Adobe PDF |
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Este Investment Policy Statement (IPS) descreve o plano de investimento de Miguel Santos, um engenheiro mecânico de 35 anos, que pretende investir €300.000 ao longo de um horizonte de 15 anos, com o objetivo de fazer crescer o seu capital através de uma abordagem disciplinada de investimento em valor. O objetivo do investimento é alcançar um valor futuro da carteira que preserve e aumente o poder de compra, visando uma rentabilidade nominal anual de 7,25%, o que corresponde a um valor futuro projetado de aproximadamente €851.874, em valores atuais, no final do período de investimento. Os ETFs serão os principais veículos de investimento, devido à sua eficiência de custos, liquidez, transparência e facilidade de diversificação. A filosofia de investimento enfatiza o investimento em valor e os retornos ajustados ao risco, recorrendo à Teoria Moderna do Portfólio de Markowitz para construir uma carteira ao longo da Fronteira Eficiente. A alocação estratégica de ativos inclui 75,34% numa carteira arriscada (52,5% em ações, 25% em obrigações e 22,5% em ativos alternativos), selecionados com base na diversificação geográfica e sectorial. A carteira inclui ETFs como VTV, XDWS e IUVL para exposição a ações de valor, VAGU e TIP5 para rendimento fixo, e GLD para proteção contra a inflação — todos selecionados pela sua diversificação, eficiência de custos e alinhamento com o IPS. Este IPS apresenta uma estrutura abrangente para alinhar a estratégia de investimento com os objetivos financeiros individuais, tendo em conta a influência estrutural das limitações do mercado.
This Investment Policy Statement (IPS) outlines the investment plan for Miguel Santos, a 35-year-old mechanical engineer, who intends to invest €300,000 over a 15-year horizon with the goal of growing his capital through a disciplined value investing approach. The investment objective is to reach a future portfolio value that preserves and grows purchasing power, targeting an annual nominal return of 7.25%, which translates to a projected future value of approximately €851,874, in today's money, by the end of the investment period. ETFs will serve as the primary investment vehicles due to their cost-efficiency, liquidity, transparency, and ease of diversification. The investment philosophy emphasizes value investing and risk-adjusted returns, leveraging Markowitz’s Modern Portfolio Theory to construct a portfolio along the Efficient Frontier. Strategic asset allocation includes 75,34% of a Risky Portfolio (52,5% equities, 25% bonds, and 22,5% alternatives, selected based on geographic and sectoral diversification. The portfolio includes ETFs such as VTV, XDWS, and IUVL for value equity exposure, VAGU and TIP5 for fixed income, and GLD for inflation protection—each selected for their diversification, cost efficiency, and alignment with the IPS. This IPS presents a comprehensive framework for aligning investment strategy with individual financial goals, while accounting for the structural influence of market limitations.
This Investment Policy Statement (IPS) outlines the investment plan for Miguel Santos, a 35-year-old mechanical engineer, who intends to invest €300,000 over a 15-year horizon with the goal of growing his capital through a disciplined value investing approach. The investment objective is to reach a future portfolio value that preserves and grows purchasing power, targeting an annual nominal return of 7.25%, which translates to a projected future value of approximately €851,874, in today's money, by the end of the investment period. ETFs will serve as the primary investment vehicles due to their cost-efficiency, liquidity, transparency, and ease of diversification. The investment philosophy emphasizes value investing and risk-adjusted returns, leveraging Markowitz’s Modern Portfolio Theory to construct a portfolio along the Efficient Frontier. Strategic asset allocation includes 75,34% of a Risky Portfolio (52,5% equities, 25% bonds, and 22,5% alternatives, selected based on geographic and sectoral diversification. The portfolio includes ETFs such as VTV, XDWS, and IUVL for value equity exposure, VAGU and TIP5 for fixed income, and GLD for inflation protection—each selected for their diversification, cost efficiency, and alignment with the IPS. This IPS presents a comprehensive framework for aligning investment strategy with individual financial goals, while accounting for the structural influence of market limitations.
Descrição
Trabalho Final de Mestrado, Finance, ISEG, 2025.
Palavras-chave
Investment Policy Statement Value Investing ETFs Modern Portfolio Theory Investment Policy Statement Investimento em Valor ETFs Teoria Moderna do Portefólio