Enhancing the Efficiency of Investment of Pensionary Savings

Student: Imatova Adelya

Supervisor: Sergey Valentinovich Brovchak

Educational Programme: Economics (Bachelor)

Final Grade: 10

Year of Graduation: 2016

The research analyzes the ways to improve the efficiency of pension-related investments in Russia. The analysis of pension savings investment statistics is carried out. The practical part of the research is devoted to construction of Markowitz theory based portfolio on the sample of assets, allowed for non-government pension funds in accordance with the law restrictions for each year in the period from 2008 to 2015. Comparison of annual return of Markowitz portfolio and average return, calculated for 26 non-government funds detected Markowitz portfolio superiority over non-government pension funds. However, the portfolio has demonstrated positive real return only in 2 periods, that implies that more sophisticated approaches have to be used.

Full text (added May 12, 2016)

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