Õppeaine eesmärk on arendada investeerimisportfelli koostamise, juhtimise ja analüüsimise oskuseid, rakendades kaasaegseid kvantitatiivseid ja kvalitatiivseid tööriistu.

The aim of the course is to develop students’ skills in constructing, managing, and analysing investment portfolios by applying modern quantitative and qualitative tools.

Õppeaine läbinud üliõpilane:
- koostab ja rakendab investeerimisportfelli strateegiat;
- analüüsib ja korrigeerib investeerimisportfelli, kasutades portfellijuhtimise, investeeringute hindamise ja finantsvara hinnastamise meetodeid;
- hindab makromajandusliku keskkonna mõju investeerimisportfellile ning portfelli riskile ja tootlusele;
- kasutab portfellianalüüsis kvantitatiivseid tööriistu, sh R;
- rakendab tehisintellekti portfellijuhtimise abitööriistana ning mõistab AI ja masinõppe kasutusvõimalusi portfellijuhtimises;
- teeb analüüsile tuginedes strateegilisi ja vastutustundlikke investeerimisotsuseid.

After completing this course, the student:
- develops and implements an investment portfolio strategy;
- analyses and adjusts an investment portfolio using portfolio management, investment valuation, and financial asset pricing methods;
- assesses the impact of the macroeconomic environment on the investment portfolio, as well as on portfolio risk and return;
- applies quantitative tools, including R, in portfolio analysis;
- uses artificial intelligence as a supporting tool in portfolio management and understands the applications of AI and machine learning in portfolio management;
- makes strategic and responsible investment decisions based on analysis.

Varaklassid. Tuletisinstrumendid portfellis. Toorained ja börsikaubad portfellis. Portfelliteooria. Portfellijuhtimise protsess. Portfelli hajutamine. Investeerimisstrateegiad. Investeerimisportfelli koostamine vastavalt investeerimisstrateegiale ja -põhimõtetele. Makromajanduse ja finantsturgude vahelised seosed. Riski mõõtmine ja juhtimine. Optimeerimine riski-tulu raamistikus. Aktiivne ja passiivne portfellijuhtimine. Portfelli tulemuslikkuse analüüs ja hindamine. Kvantitatiivsed tulemuslikkuse hindamise tööriistad sh suhtarvud, mitmefaktorilised mudelid. Alfa loomine. Krüptovarad portfellis. Käitumuslikud aspektid portfellijuhtimises. Roboinvestor ja AI portfellijuhtimises.

Asset classes. Derivatives in a portfolio. Raw materials and commodities in a portfolio. Portfolio theory. Portfolio management process. Portfolio diversification. Investment strategies. Building an investment portfolio based on the investment strategy and principles. The relationship between macroeconomics and financial markets. Risk measurement and management. Optimization in a risk-return framework. Active and passive portfolio management. Analysis and evaluation of portfolio performance. Quantitative performance evaluation tools, including ratios, multifactor models. Delivering Alpha. Crypto assets in a portfolio. Behavioral aspects of portfolio management. Roboinvestor and AI in portfolio management.

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Maginn, J. L., Tuttle, D. L., McLeavey, D. W., & Pinto, J. E. (Eds.). (2007). Managing investment portfolios: a dynamic process (Vol. 3). John Wiley & Sons.
Palomar, D. P. (2025). Portfolio Optimization: Theory and Application. Cambridge University Press.
Lisalugemine:
Kinlaw, W., Kritzman, M. P., & Turkington, D. (2021). Asset Allocation: From Theory to Practice and Beyond. John Wiley & Sons.
Michaud, R. O., & Michaud, R. O. (2008). Efficient asset management: a practical guide to stock portfolio optimization and asset allocation. Oxford University Press.

Triinu Tapver, vanemlektor (ME - majandusanalüüsi ja rahanduse instituut)

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