<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-6346</journal-id>
<journal-title><![CDATA[Semestre Económico]]></journal-title>
<abbrev-journal-title><![CDATA[Semest. Econ.]]></abbrev-journal-title>
<issn>0120-6346</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Medellín]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-63462018000100167</article-id>
<article-id pub-id-type="doi">10.22395/seec.v21n46a7</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[ESTRUCTURACIÓN DE UN PORTAFOLIO DE INVERSIONES CON ACCIONES COLOMBIANAS]]></article-title>
<article-title xml:lang="en"><![CDATA[STRUCTURING OF AN INVESTMENT PORTFOLIO WITH COLOMBIAN SHARES]]></article-title>
<article-title xml:lang="pt"><![CDATA[ESTRUTURAÇÃO DE UM PORTFÓLIO DE INVESTIMENTOS COM AÇÕES COLOMBIANAS]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Delgado Vélez]]></surname>
<given-names><![CDATA[Luis David]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Durango Gutiérrez]]></surname>
<given-names><![CDATA[María Patricia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Institución Universitaria Esumer  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Institución Universitaria Esumer  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2018</year>
</pub-date>
<volume>21</volume>
<numero>46</numero>
<fpage>167</fpage>
<lpage>183</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-63462018000100167&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-63462018000100167&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-63462018000100167&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN El objetivo de este artículo es evaluar la estructuración de un portafolio con acciones de tres fondos de inversión colectiva del mercado colombiano, basados en el rendimiento del índice Modigliani y Modigliani (M2). La metodología utilizada es un modelo de optimización, cuya función objetivo es minimizar la varianza del portafolio conformado por los tres fondos hasta que se iguale con la varianza del mercado (índice Colcap). Los resultados permiten inferir que la optimización mejoraría el rendimiento de las acciones del fondo Indeacción, al pasar de 7,73% a 9,86% efectivo anual; mientras que las del fondo Fiduacción aumentarían su rendimiento de 5,58% a 27,33% efectivo anual. Se concluye que, ante el mayor nivel de incertidumbre en la economía y las particularidades del mercado colombiano, es relevante que los administradores de portafolios incluyan en sus análisis algunos performances para mejorar sus decisiones.  CLASIFICACIÓN JEL:  G11  CONTENIDO:  Introducción; 1. ¿Qué son los portafolios de inversión?; 2. Los performances de los portafolios de inversión; 3. Los fondos de inversión colectiva; 4. Metodología; 5. Resultados y discusión; 6. Conclusiones; Bibliografía.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT The main goal of this paper is to evaluate the structuring of a portfolio with shares of three collective investment funds of the Colombian market, based on the performance of the Modigliani and Modigliani index (M2). The methodology used is an optimization model, whose objective function is to minimize the variance of the aforementioned portfolio until it is equal to the market variance (Colcap index). The results allow to infer that optimization would improve the performance of the Indeacción fund shares, going from 7.73% to 9.86% annual cash; while those of the Fiduacción fund would increase their performance from 5.58% to 27.33% annual cash. It is concluded that, given the greater level of uncertainty regarding the economy and the particularities of the Colombian market, it is important that portfolio managers include in their analysis some performances to improve their decisions.  JEL CLASSIFICATION:  G11  CONTENT:  Introduction; 1. What are the Investment Portfolios?; 2. The Performances of Investment Portfolios; 3. Collective Investment Funds; 4. Methodology; 5. Results and Discussion; 6. Conclusions; Bibliography.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO O objetivo deste artigo é avaliar a estruturação de um portfólio com ações de três fundos de investimento coletivo do mercado colombiano, baseados no rendimento do índice Modigliani e Modigliani (M2). A metodologia utilizada é um modelo de otimização, cuja função principal é minimizar a variância do portfólio formado pelos três fundos até que se iguale à variância do mercado (índice Colcap). Os resultados permitem inferir que a otimização melhoraria o rendimento das ações do fundo &#8220;Indeacción&#8221; ao passar de 7,73% para 9,86% efetivo anual; enquanto as ações do fundo &#8220;Fiduacción&#8221; aumentariam seu rendimento de 5,58% para 27,33% efetivo anual. Conclui-se que, frente ao maior nível de incerteza na economia e às particularidades do mercado colombiano, é relevante que os administradores de portfólios incluam algumas performances em suas análises para melhorar suas decisões.  CLASSIFICAÇÃO JEL:  G11  CONTEÚDO:  Introdução; 1. O que são os portfólios de investimento?; 2. As performances dos portfólios de investimento; 3. Os fundos de investimento coletivo; 4. Metodologia; 5. Resultados e discussão; 6. Conclusões; Bibliografia.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Selección de portafolios]]></kwd>
<kwd lng="es"><![CDATA[decisiones de inversión]]></kwd>
<kwd lng="es"><![CDATA[fondos de inversión colectiva]]></kwd>
<kwd lng="es"><![CDATA[medidas de rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[Colombia]]></kwd>
<kwd lng="en"><![CDATA[Portfolio selection]]></kwd>
<kwd lng="en"><![CDATA[investment decisions]]></kwd>
<kwd lng="en"><![CDATA[collective investment funds]]></kwd>
<kwd lng="en"><![CDATA[profitability measures]]></kwd>
<kwd lng="en"><![CDATA[Colombia]]></kwd>
<kwd lng="pt"><![CDATA[Seleção de portfólios]]></kwd>
<kwd lng="pt"><![CDATA[decisões de investimento]]></kwd>
<kwd lng="pt"><![CDATA[fundos de investimento coletivo]]></kwd>
<kwd lng="pt"><![CDATA[medidas de rentabilidade]]></kwd>
<kwd lng="pt"><![CDATA[Colômbia]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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