Estructuración y gestión activa de portafolios de inversión de renta variable

Abstract

The purpose of this research is to structure three investment portfolios in variable income assets from the United States market based on the active management methodology. To do this, initially the assets of the S&P 500 index were evaluated, of which ten were selected for each portfolio that met the capital allocation criteria, according to the definition of each strategy, and had a greater market capitalization. Next, a weight of 10% was assigned to each asset and backtesting of the profitability of the portfolios was carried out over horizons of five, ten and fifteen years, taking the S&P 500 as a benchmark. The strategies proposed were the following: Profitable growth (Portfolio 1), Risk-low debt ratio (Portfolio 2) and Cash generation (Portfolio 3). From the backtesting it was possible to establish that the three portfolios beat the benchmark index over the fifteen years, and select the winning strategy —Profitable Growth— based on financial indicators such as ROIC, WACC, ROE and revenue growth, which delivered a compound annual return (CAGR) of 32.5% over this period.