HomeDespre ECTAEventsPolitica editorialaTrimite un articolParteneri / link-uri utileArchiveAbonamentContact

ISSN 1841-8678   (print)
ISSN 1844-0029   (online)


Archive ECTAP

Note: for the period 1994-2003 the archive of the magazine will not be available online

Supplements ECTAP

If you cannot open the pdf file you need Adobe Reader.
download Adobe Reader

Creative Commons License

Theoretical and Applied Economics
No. 9 / 2008 (526)

Management of Portfolio Investment Held by Pension Funds

Gabriela Anghelache
Dan Armeanu
Academy of Economic Studies, Bucharest

Abstract. As a result of the fact that pension funds are financial intermediaries, the value of their assets and liabilities is influenced by changing conditions in financial markets. The market image of a pension fund (and hence its perceived value) are closely tied to the “financial health” of the fund. Setting up and managing complex investment portfolios requires that pension administrators use scientific models of portfolio selection and optimization based on the risk-expected return relationship. Most investment portfolios are modified in time as result of changing stock prices and investment policy objectives. Having established investment policy guidelines, the administrators of pension funds have to determine the structure of their portfolios so that the latter meet legal requirements.

Keywords: pension funds; return; risk; optimization; portfolio; financial assets; profitability; capital market; investments.

Download the full article:  


The eschatology of fundamentalisms
Dinu Marin

Open acces




The Economicity. The Epistemic Landscape, Marin Dinu, 2016


ISSN 1841-8678 (ediția print) / ISSN 1844-0029 (ediția online)
© Copyright Asociația Generală a Economiștilor din România / Editura Economică
Redacția: Oficiul poștal 18, Ghișeul 3 - Căsuța poștală 31, București 014820, E-mail:

© 1994-2024 Theoretical and Applied Economics