Porteføljekonstruksjon

Porteføljekonstruksjon, or portfolio construction, is the process of selecting and combining various financial assets to create an investment portfolio. The primary goal of portfolio construction is to achieve a desired balance between risk and return, tailored to the specific objectives and risk tolerance of the investor. This involves diversifying across different asset classes such as stocks, bonds, real estate, and commodities to mitigate unsystematic risk, which is specific to individual assets.

The process typically begins with an investor defining their financial goals, such as retirement, wealth accumulation, or income generation. Subsequently, an assessment of the investor's risk tolerance is conducted. Investors with a low risk tolerance might favor a more conservative portfolio with a higher allocation to less volatile assets like government bonds, while those with a higher risk tolerance may opt for a growth-oriented portfolio with a larger proportion of equities.

Modern portfolio theory (MPT), pioneered by Harry Markowitz, is a cornerstone of portfolio construction. MPT emphasizes that the risk and return of a portfolio cannot be evaluated independently of each other. It suggests that a rational investor will choose a portfolio that offers the highest expected return for a given level of risk, or the lowest level of risk for a given expected return. This is achieved through diversification and careful asset allocation.

Asset allocation, the strategic distribution of investments across different asset categories, is a critical component of portfolio construction. The optimal asset allocation depends on market conditions, economic outlook, and individual investor profiles. Rebalancing is often employed to maintain the desired asset allocation over time as market movements cause the portfolio's composition to drift.