Ukuphathwa Kwephothifoliyo Yokutshalwa Kwezimali
Ukuphathwa kwephothifoliyo yokutshalwa kwezimali kuwubuciko nesayensi yokuphatha inhlanganisela yezimpahla ezahlukene kanye namathuluzi ezezimali kumuntu noma enhlanganweni ngenhloso yokufeza izinhloso zokutshalwa kwezimali ezishiwo. Emnothweni womhlaba wonke oyinkimbinkimbi futhi oguquguqukayo, ukuphathwa kwephothifoliyo okuphumelelayo kubalulekile ekulawuleni ubungozi kanye nokwenza ngcono imbuyiselo yokutshalwa kwezimali.
Incazelo kanye nenhloso yokuphathwa kwephothifoliyo
Ngokuvamile, ukuphathwa kwephothifoliyo kuyinqubo yokukhetha inhlanganisela yokutshalwa kwezimali ngenhloso yokuhlangabezana nemigomo ethile yezezimali ngenkathi kunciphisa izinga lobungozi elibonwa ngumtshali-zimali. Ezinye zezinhloso eziyinhloko zokuphathwa kwephothifoliyo zifaka:
1. Ukuhlukahluka Kwezingozi: Ngokusabalalisa ukutshalwa kwezimali ezinhlotsheni ezahlukene zezimpahla (njengezitoko, amabhondi, izimali ezihlanganyelwe, kanye nempahla), ingozi iyonke yephothifoliyo ingancishiswa. Ukuhlukahluka kusiza ekunciphiseni umthelela omubi uma utshalomali olulodwa lulahlekelwa.
2. Ukukhula Kwemali Etshaliwe: Ukutshalwa kwezimali kwenziwa ngethemba lokuthola inzuzo yesikhathi eside ukuze kukhuliswe imali etshaliwe.
3. Imali Engenayo Engashintshi: Abanye abatshalizimali bagxila ekudaleni imithombo yemali engenayo engashintshi, isibonelo ngama-dividend esitoko noma inzalo yebhondi.
4. Inkululeko Yezezimali Nokuvikelwa Kwengcebo: Ukuphathwa kwephothifoliyo okuphumelelayo kungasiza ekufinyeleleni inkululeko yezezimali futhi kuvikele ingcebo ekukhuphukeni kwamandla emali noma kwezinye izingozi ezihlelekile.
Izinto Eziyisisekelo Ekuphathweni Kwephothifoliyo
Ukwenza ukuphathwa kahle kwephothifoliyo kudinga ukuqonda nokusebenzisa izinto ezahlukene eziyisisekelo, ezinye zazo yilezi:
1. Ukwabiwa Kwempahla
Leli isu elihilela ukuhlukanisa ukutshalwa kwezimali kuzo zonke izinhlobo zezimpahla. Ukwabiwa kwezimpahla kudlala indima ebalulekile ekunqumeni iphrofayili yengozi yephothifoliyo kanye nezinzuzo ezingaba khona. Izigaba eziyinhloko zezimpahla ngokuvamile zifaka amasheya, amabhondi, izindlu, izimpahla, kanye nemali. Ingxenye yempahla ngayinye kufanele ihambisane nezinhloso zakho zokutshalwa kwezimali, ubudala, ukubekezelelana kwezingozi, kanye nengozi yemakethe.
2. Ukuhlukahluka
Ukuhlukahluka kuyindlela esetshenziswa ukunciphisa ubungozi ngokubeka utshalomali kuzo zonke izinsimbi, izimboni, kanye nezindawo. Lokhu kusiza ukuqinisekisa ukuthi ukulahlekelwa okukhulu kohlobo olulodwa lwempahla ngeke kuthinte kakhulu iphothifoliyo iyonke.
3. Ukukhetha Ukuphepha
Ukukhetha ezokuphepha kuhilela ukuhlaziya nokukhetha izakhi zokwakha ngazinye zephothifoliyo, njengokukhetha amasheya athile, amabhondi, noma izimali ezihlanganyelwe. Le nqubo ivame ukudinga ukuhlaziywa okuyisisekelo nobuchwepheshe ukuze kuhlolwe amathuba ezokuphepha ngakunye.
4. Ukulinganisa kabusha
Ukulinganisa kabusha inqubo yokulungisa izilinganiso zempahla kuphothifoliyo ukuze kulondolozwe isu lokuqala lokwabiwa kwempahla. Ukulinganisa kabusha ngezikhathi ezithile kubalulekile ngoba amanani empahla angashintshashintsha ngokuhamba kwesikhathi.
Isu Lokuphathwa Kwephothifoliyo
Kunezindlela ezahlukahlukene ezingasetshenziswa ekuphathweni kwephothifoliyo, kokubili maqondana nezindlela zokuhlaziya kanye nokuphathwa okusebenzayo nokungasebenzisi:
Izindlela Zokuhlaziya Ukusuka Ezansi Kuya Ezansi Naphezulu
1. Ukuhlaziywa Okusuka Ezansi: Kuhilela ukuhlaziywa komnotho omkhulu (njengokukhula komnotho, inqubomgomo yezimali, kanye nemikhuba yemakethe yomhlaba wonke) ngaphambi kokukhetha imikhakha yezimboni bese ekugcineni ukhetha izibambiso ngazinye.
2. Ukuhlaziywa Okusuka Ezansi Kuya Ezansi: Kugxile ekuhlaziyeni izibambiso zomuntu ngamunye ngokusekelwe ekusebenzeni kwazo kanye namathuba okukhula ngaphandle kokucabangela izimo zomnotho omkhulu.
Ukuphathwa Okusebenzayo vs. Okungaguquki
1. Ukuphathwa Okusebenzayo: Abaphathi bephothifoliyo bazama "ukunqoba" imakethe ngocwaningo olujulile kanye nezinqumo zokutshalwa kwezimali ezisebenzayo ngokuthenga nokuthengisa izibambiso ngokusekelwe ezimweni zemakethe ezishintshayo.
2. Ukuphathwa Okungenamsebenzi: Kuhilela ukutshala imali kuphothifoliyo eyenzelwe ukulingisa ukusebenza kwenkomba ethile yemakethe. Le ndlela ivame ukusebenza kahle futhi iveza imiphumela ehambisana nokusebenza kwemakethe.
Ukuhlolwa Kokusebenza Kwephothifoliyo
Ukuhlolwa kokusebenza kwephothifoliyo kuhilela ukulinganisa imbuyiselo evela ekutshalweni kwezimali esikhathini esithile. Ezinye izindlela ezibalulekile zokusebenza zifaka:
1. Ukubuya
Imbuyiselo inzuzo noma ukulahlekelwa okutholakala ekutshalweni kwezimali esikhathini esithile. Imbuyiselo ingalinganiswa njengembuyiselo ephelele noma imbuyiselo ehlobene uma kuqhathaniswa nesilinganiso.
2. Izingozi
Ingozi iwukulahlekelwa okungenzeka ekutshalweni kwemali. Ingozi ingalinganiswa kusetshenziswa izindlela eziningana zokulinganisa ezifana nokuphambuka okujwayelekile, i-beta, kanye ne-Value at Risk (VaR).
3. Isilinganiso esibukhali
Isilinganiso seSharpe silinganisa ukusebenza okulungisiwe kwengozi kokutshalwa kwezimali ngokuhlukanisa imbuyiselo yephothifoliyo ngaphezu kwesilinganiso esingenangozi ngokuphambuka okujwayelekile kwembuyiselo yephothifoliyo.
I-4. I-Beta
I-Beta ilinganisa ukuzwela kokubuya kwephothifoliyo ezinguqukweni zemakethe. I-beta enkulu kuno-1 isho ukuthi iphothifoliyo iyashintshashintsha kakhulu kunemakethe, kanti i-beta engaphansi kuno-1 isho ukuthi iphothifoliyo ayishintshi kakhulu.
5. Isilinganiso se-Treynor
Isilinganiso se-Treynor silinganisa ukusebenza kokutshalwa kwezimali okulungiselwe ubungozi obuhleliwe. Njengesilinganiso se-Sharpe, ubungozi bulinganiswa kusetshenziswa i-beta.
Ingozi Ekuphathweni Kwephothifoliyo
Zonke izinhlobo zokutshalwa kwezimali zinezingozi, kanti ezinye zezinhlobo eziyinhloko zezingozi okufanele ziqashelwe ekuphathweni kwephothifoliyo yilezi:
1. Ingozi Yemakethe
Le ngozi ihlobene nokushintshashintsha kwamanani okuthonywa yizimo zemakethe ezijwayelekile, njengokushintsha kwamazinga enzalo, ukukhuphuka kwamanani, kanye nezinye izehlakalo zomnotho.
2. Ingozi Yesikweletu
Le ngozi yenzeka lapho iqembu eliboleka imali lihluleka ukufeza izibopho zalo, okungadala ukulahlekelwa kubatshalizimali.
3. Ingozi Yokungakwazi Ukukhokha Imali
Kubhekisele ebunzimeni bokuthengisa impahla ngaphandle kokwehla okukhulu kwentengo. Impahla encane ewuketshezi iyingozi kakhulu ngoba kungase kube nzima ukuyiguqula ibe yimali ngokushesha.
4. Ingozi Yokwehla Kwentengo
Ukwehla kwamandla emali kunganciphisa inani langempela lembuyiselo yokutshalwa kwezimali kanye nengcebo. Ngakho-ke, kubalulekile ukucabangela amathuluzi anikeza imbuyiselo engaphezu kwesilinganiso sokukhuphuka kwamanani emali.
5. Ingozi Yokushintshaniswa Kwezimali Kwangaphandle
Lokhu kwenzeka lapho kutshalwa imali ngezimali zakwamanye amazwe, lapho ukuguquguquka kwesilinganiso sokushintshaniswa kwemali kungathinta inani lempahla.
Ukuthuthukisa Isu Lokuphatha Iphothifoliyo
Ukuze uthuthukise isu lokuphatha iphothifoliyo eliphumelelayo, nazi izinyathelo ezibalulekile:
1. Beka Imigomo Yokutshalwa Kwezimali: Thola imigomo yezezimali yomuntu ngamunye, njengomhlalaphansi, izindleko zemfundo, noma ukuthengwa kwempahla.
2. Ukuhlolwa Kokubekezelela Ingozi: Ukuqonda izinga abatshalizimali abakulungele ngalo ukubhekana nokuguquguquka nokulahlekelwa kwenani lokutshalwa kwezimali.
3. Ukukhetha Izimpahla Ezifanele: Ngokusekelwe ekubekezeleni ubungozi kanye nezinhloso zokutshalwa kwezimali, nquma inhlanganisela efanele yezimpahla.
4. Ukuqapha Nokulinganisa Kabusha: Qapha ukusebenza kwephothifoliyo njalo futhi ulinganisele kabusha uma kudingeka ukuze kulondolozwe ukwabiwa kwempahla okufiswayo.
5. Ukuhlela Intela: Ukucabangela imiphumela yentela yesinqumo ngasinye sokutshalwa kwezimali ukuze kwandiswe inzuzo engenayo ngemva kwentela.
Ngokusebenzisa amasu nezimiso ezifanele ekuphathweni kwephothifoliyo, abatshalizimali bangafinyelela ibhalansi efanele phakathi kwengozi kanye nenzuzo, ngenkathi behlangabezana nemigomo yabo yezezimali yesikhathi eside. Ukuphathwa kwephothifoliyo akukhona nje ukukhetha ukutshalwa kwezimali okufanele, kodwa futhi kumayelana nokuziphatha kanye nokulungiswa okuqhubekayo ukubhekana nezimo zemakethe nezomnotho ezishintshayo.
