Imbuyiselo yepotfoliyo

Imbuyekezo kwipotfoliyo — ekwabizwa ngokuba yimbuyekezo yepotfoliyo okanye imbuyekezo kwipotfoliyo yemali-mboleko epheleleyo — ilinganisa ingeniso umbolekisi ayifumanayo ngokwenene ekubolekiseni, ebonakaliswa njengepesenti yomndilili wencwadi yemali-mboleko. Ibalwa njengengeniso yezemali eyimali evela kwipotfoliyo yemali-mboleko yahlulwe ngomndilili wepotfoliyo yemali-mboleko epheleleyo. Iphantse ngamaxesha onke ibe ngaphantsi kwezinga lenzala umbolekisi ayibizayo, kwaye ubukhulu baloo msantsa yenye yezona ndlela zokuxilonga zinika ulwazi kulawulo lwepotfoliyo.

Iingongoma eziphambili

• Imbuyekezo yepotfoliyo = ingeniso yezemali eyimali evela kwipotfoliyo yemali-mboleko ÷ umndilili wepotfoliyo yemali-mboleko epheleleyo.
• Ilinganisa ingeniso esele ifunyenwe, hayi ukubekwa kwamaxabiso ngokwesivumelwano. Izinga elichaziweyo yinto oyibizayo; imbuyekezo yinto oyiqokelelayo.
• Umsantsa phakathi kwezi zimbini ubangelwa ngamatyala angekahlawulwa, ukungaqokelelwa kwenzala, amaxesha obabalo, ukuxolelwa, ukucwangciswa ngokutsha, iintlawulo kwangaphambi kwexesha kunye nokuxutywa kweemveliso — nganye kwezi inokuthathwa amanyathelo ngokwahlukileyo.
• Imbuyekezo kufuneka igubungele iindleko zeemali, iindleko zokusebenza kunye neelahleko zetyala phambi kokuba kushiyeke nasiphi na isixa, nto leyo eyenza ibe sisiqalo sokumiswa kwamaxabiso kunye nohlalutyo lozinzo.
• Imbuyekezo ezinzileyo ecaleni kokunyuka kwamatyala angekahlawulwa luphawu lwesilumkiso: ngokuqhelekileyo kuthetha ukuba inzala engekaqokelelwa isabonwa njengengeniso.

Yintoni imbuyekezo yepotfoliyo?

Umbolekisi ucaphula izinga lenzala. Akayifumani loo reyithi.

Phakathi kwereyithi yesivumelwano kunye nemali efika kwingxelo yengeniso kukho uthotho lwezinto ezivuzayo: ababoleki abayekayo ukuhlawula, inzala eqokelelayo kodwa engazange iqokelelwe, amaxesha obabalo apho kungabizwa nto, izaphulelo ezinikezelwa ekuhlawulweni, iimali-mboleko ezihlawulwe kwangethuba, kunye neemali ezihleli zingakhutshwanga. Imbuyekezo yepotfoliyo ibamba isiphumo esisiso sayo yonke le nto ngenani elinye.

Oku kuyenza ibe luhlobo olwahlukileyo lomlinganiselo kunezinga lenzala. Izinga lixabiso — isigqibo sorhwebo esijonge phambili. Imbuyekezo sisiphumo — umlinganiselo ojonge emva koko umsebenzi wokubolekisa wakunikelayo ngokwenene kwinkunzi ebiyisetyenzisile.

Ifomula

Imbuyekezo yepotfoliyo = ingeniso yezemali eyimali evela kwipotfoliyo yemali-mboleko ÷ umndilili wepotfoliyo yemali-mboleko epheleleyo

Inani eliphezulu yingeniso eveliswa kukubolekisa kwaye ifunyenwe ngokwenene kwixesha:

• Inzala efunyenwe kwiimali-mboleko
• Iifizi zemali-mboleko, iikomishini kunye neentlawulo zenkonzo ezifunyenweyo
• Inzala yesohlwayo kunye neefizi zokulibala ezifunyenweyo

Yona ayibandakanyi: ingeniso evela kutyalo-mali okanye kwiidiphozithi zebhanki, izibonelelo neminikelo, enye ingeniso yokusebenza enjengokudluliselwa kwemali okanye ikomishini yeinshorensi, kwaye — okubaluleke kakhulu — inzala esele iqokelelekile kodwa engekaqokelelwa.

Idenominator ngumndilili wepotfoliyo yemali-mboleko egross ngexesha elithile. Igross ithetha phambi kokutsalwa kovimba welahleko yemali-mboleko, kwaye ibandakanya iimali-mboleko ezingahlawulwanga kodwa ezingekabi ukucinywa. Ayibandakanyi iimali-mboleko ezisele zicinyiwe, inzala eyongezelelweyo emele ukufunyanwa, nayo nayiphi na imali engasetyenziswanga ekubolekeni.

Umndilili ubalulekile. Ukusebenzisa ibhalansi yokuvala kwipotfoliyo ekhulayo kubangela isivuno sibonakale siphantsi, kuba ingeniso yayifunyanwa kulo lonke ixesha kwipotfoliyo eyayincinci ixesha elininzi lalo. Umndilili olula kukuthi ukuvula kudityaniswe nokuvala kwahlulwe ngesibini; umndilili wenyanga ungcono kakhulu apho ukukhula kukhawulezayo okanye kungokwexesha lonyaka.

Kumaxesha amafutshane kunonyaka, yenza ibe ngonyaka ngokuphinda-phinda ngeshumi elinesibini uze wahlule ngenani leenyanga.

Isiseko semali ezinkozo, kwaye kutheni kubalulekile

Inkcazelo eqhelekileyo isebenzisa imali ezinkozo njengengeniso endaweni yengeniso eyongezelelweyo, kwaye oku akusiyonto yobuchule nje.

Ngokwesiseko sokongezelela, ipotfoliyo egcwele iimali-mboleko ezingasebenziyo iyaqhubeka nokuvelisa ingeniso yenzala ephepheni. Isivuno sihlala siphezulu ngelixa ukuqokelelwa kweentlawulo kuwohloka — kanye le meko le metric ikhona ukuze iyibhaqe. Ukusebenzisa ingeniso yemali ezinkozo kusinyanzela isivuno ukuba sihle kamsinya nje xa ababoleki beyeka ukuhlawula, nto leyo eyindlela yokuziphatha oyifunayo kwisalathisi esilumkisayo.

Ukuba umbolekisi usebenzisa umgaqo-nkqubo ongqongqo wokumiswa kwenzala, ingeniso esekwe ekongezeleleni iyasondela kwingeniso yemali ezinkozo kunjalo, kuba inzala engaqokelelwanga kwiimali-mboleko ezingasebenziyo ayikaze iqatshelwe. Apho la manani mabini ahlukana kakhulu, oko kwahluka ngokwako kufanele ukuphandwa. Jonga Ukumiswa kweNzala.

Umzekelo osebenzayo

Iinxalenye zengeniso:

• Inzala efunyenwe enyakeni: 7,300,000
• Iifizi neekomishini ezifunyenweyo: 1,100,000
• Ingeniso iyonke yezemali eyimali ezinkozo: 8,400,000

Ibhalansi yepotfoliyo:

• Ipotfoliyo yemali-mboleko egross yokuvula: 31,000,000
• Ipotfoliyo yemali-mboleko egross yokuvala: 39,000,000
• Ipotfoliyo yemali-mboleko egross engumndilili: 35,000,000

Isivuno sepotfoliyo = 8,400,000 ÷ 35,000,000 = 24.0%

Ngoku masithi umndilili olinganiselweyo wereyithi yekhontrakthi kuyo yonke incwadi, kuquka iifizi, yi-30%. Umsantsa wamanqaku eepesenti amathandathu yinto ekufuneka iphandwe — umele malunga ne-2,100,000 yengeniso eyayithethwa ngamaxabiso kodwa umsebenzi ungakhange uyinike.

Kutheni isivuno siphantsi kunereyithi echaziweyo

Ixabiso elisebenzayo lale metric kukusebenza ngezizathu ngokulandelelana kwazo.

Ukusemva kweentlawulo kunye nokungongezelelwa kwenzala. Ngesona sizathu sikhulu kwiipotfoliyo ezininzi. Iimali-mboleko ezisilelayo ziyayeka ukuvelisa imali ezinkozo ngelixa zihlala kwidenominator de zicinywe.

Indlela yokubala inzala. Imali-mboleko ecatshulwe nge flat rate ivelisa isivuno esisebenzayo esiphezulu kakhulu kunereyithi yegama efanayo kwibhalansi enciphayo. Ukuba amaxabiso acatshulwe ngendlela enye kwaye isivuno silinganiswe ngenye, ezi zimbini azisoze zingqinelane.

Amaxesha obabalo kunye nokumiswa kweentlawulo. Amaxesha angenanzala okanye angenantlawulo anciphisa ingeniso eqokelelweyo ngelixa iimali-mboleko zihleli ngexabiso elipheleleyo kwidenomineyitha.

Ukucwangcisa ngokutsha kunye nokuhlengahlengisa. Ukwandisa amaxesha, ukongeza iiarrears kwimali-mboleko okanye ukunciphisa iireyithi kwehlisa isivuno esifumanekayo, ngokufuthi kwiimali-mboleko esele zineebhalansi ezinkulu.

Ukuxolelwa kunye nezaphulelo zokuhlawula. Inzala okanye izohlwayo ezixolelweyo kuthethathethwano kukuvuza kwesivuno ngokupheleleyo, kwaye zidla ngokunikwa kwinqanaba lesebe ngaphandle kokubonakala kwiofisi ephambili.

Ukuhlawula kwangaphambi kwexesha. Ukuhlawula kwangoko kulifinyeza ubomi bokufumana inzala yemali-mboleko. Apho iifizi zokuqalisa imali-mboleko zingowona mthombo wengeniso oku akubalulekanga kangako; apho inzala ingumthombo, kubaluleke kakhulu.

Iimali ezingekakhutshwa okanye ezingasetyenziswayo. Ayiyongxaki yesivuno ngokungqongqo, kuba imali engasetyenziswayo ayifakwanga kwidenomineyitha, kodwa iifasiliti ezivunyiweyo nezingatsalwanga kwaye ukukhutshwa kwemali okucothayo kunciphisa amandla okufumana ingeniso ewonke.

Umxube weemveliso. Ukutshintshela kwiimali-mboleko ezinkulu, ezinde, ezinamaxabiso aphantsi okanye ezinesibambiso esingcono kunciphisa isivuno esixutyiweyo ngaphandle kokuba kukho into egwenxa. Esi sisiphumo somxube kwaye kufuneka sahlulwe kwingxaki yokusebenza phambi kokuba kufikelelwe kwizigqibo.

Ixesha leefizi. Iifizi zokuqalisa ezihlawulwa kwangaphambili zinyusa isivuno ngamaxesha okukhula okukhawulezayo kwaye zisithobe xa ukukhutshwa kwemali kucotha, ngokuzimeleyo ekusebenzeni okusisiseko.

Izohlwayo ezingaqokelelwanga. Inzala yezohlwayo efunyenwe kwiiakhawunti ezingahlawuliyo ayifane iqokelelwe ngokupheleleyo. Ukuyithatha njengengeniso kwenza isivuno sibonakale siphezulu; ingcaciso esekelwe kwimali ekhoyo iyakuphepha oku.

Into engeyiyo isivuno sepotfoliyo

• Ireyithi yenzala yegama / yesivumelwano: Ixabiso elibiziweyo. Sisigqibo samaxabiso, hayi isiphumo esifumanekayo.
• Ireyithi yenzala esebenzayo / APR: Iindleko zokwenyani kumboleki kwimali-mboleko enye. Ijonge phambili kwaye igxile kumboleki.
• Umda wenzala ococekileyo (NIM): Ingeniso yenzala kususwa iindleko zenzala kuzo iiasethi ezifumanayo. Kuthathwe iindleko zokuxhasa ngemali kuluhlu olubanzi lweeasethi.
• Umahluko wenzala: Ireyithi yokubolekisa kususwa ireyithi yediphozithi. Ngumahluko wamaxabiso kunokuba yingeniso esifumanekayo.
• Imbuyekezo kwiiasethi (ROA): Inzuzo ecocekileyo kuzo zonke iiasethi. Ivavanya ukusebenza komgca wokugqibela kuyo yonke ibhalansi emva kwazo zonke iindleko.
• Umlinganiselo wengeniso yezemali: Yonke ingeniso yezemali phezu kwee-asethi zizonke. Ibandakanya utyalo-mali kunye nenye ingeniso engeyiyo yokubolekisa.
• Ukuzimela kokusebenza (OSS): Ingeniso iyonke yahlulwe ngeendleko zizonke. Ngumlinganiselo wokugubungela, hayi izinga lembuyekezo yee-asethi.

Isivuno sepotfoliyo sihleli encotsheni yolu luhlu lwemigangatho: ngumlinganiselo opheleleyo, phambi kweendleko zenkxaso-mali, iindleko zokusebenza kunye neelahleko zetyala. Yiloo nto iwenza ube luncedo ekwahluleni ukusebenza kokubolekisa kuyo yonke enye into eyenziwa liziko.

Isivuno nokuzinza: isazisi sokumiswa kwamaxabiso

Isivuno sepotfoliyo kufuneka sigubungele izinto ezine ngokulandelelana kwazo:

Isivuno sepotfoliyo ≥ umlinganiselo weendleko zemali + umlinganiselo weendleko zokusebenza + umlinganiselo weendleko zolungiselelo + umda ekujoliswe kuwo

Ukuwusebenzisa umzekelo wangaphambili:

• Isivuno sepotfoliyo: 24.0%
• Thabatha: umlinganiselo weendleko zemali: (8.0%)
• Thabatha: umlinganiselo weendleko zokusebenza: (12.0%)
• Thabatha: umlinganiselo weendleko zolungiselelo: (3.0%)
• Umda oseleyo: 1.0%

Umda wenqaku elinye ubhityile ngokwaneleyo ukuba ukuwohloka nje okuncinci ekuqokelelweni kweentlawulo kungawusula. Oku kucazulula yindlela eqhelekileyo yokuchaza ukuba kutheni ukubolekisa ngeentsalela ezincinci kuthwala amazinga aphezulu: umlinganiselo weendleko zokusebenza uyongamela, kuba iindleko zokusungula, zokubeka iliso nokuqokelela imali-mboleko encinci ubukhulu becala zisisigxina kwimali-mboleko nganye kunokuba zilingane nobukhulu bayo. Jonga Umda weZinga leNzala / Inzala Egqithisileyo ngendlela oku edibana ngayo nemida yolawulo.

Xa sifundwa ngasemva, esi sazisi sisixhobo sokumiswa kwamaxabiso. Iindleko zenkxaso-mali ezaziwayo, umlinganiselo weendleko zokusebenza onokwenzeka kunye nezinga lelahleko elilindelekileyo elisuka kwidatha ye-vintage zinika esona sivuno sisezantsi ekufuneka imveliso isivelise — kwaye ukusuka apho, izinga ekufuneka libizwe ukuze kufikelelwe kulo emva kokuvuza okulindelekileyo.

Isivuno senominali ngokuchasene nesokwenene

Kwiimeko zokunyuka kwamaxabiso, isivuno senominali singaba si-positive ngeli lixa inkunzi yombolekisi incipha kumandla okuthenga.

Isivuno sokwenene = ((1 + isivuno senominali) ÷ (1 + izinga lokunyuka kwamaxabiso)) − 1

Isivuno senominali esiyi-24% nokunyuka kwamaxabiso okuyi-15% sinika isivuno sokwenene esimalunga ne-7.8%. Qaphela ukuba indlela emfutshane eqhelekileyo yokuthabatha ukunyuka kwamaxabiso kwisivuno iyawubaxa umphumo kumazinga aphezulu okunyuka kwamaxabiso. Apho i-equity yombolekisi iyancipha ngokukhawuleza kunokuba yenza inzuzo, inzuzo yenominali iyalahlekisa — ingongoma ebaluleke ngokukodwa kumaziko abolekisa ngeemali eziguquguqukayo.

Indlela yokusebenzisa isivuno sepotfoliyo

Ukubeka iliso kwindlela ehamba ngayo. Landelela nyanga nenyanga ngokuthelekisa nembali yepotfoliyo ngokwayo. Icala kunye nezinga lotshintsho zinika ulwazi olungaphezulu kunomgangatho.

Ukuthelekisa amacandelo. Ngemveliso, isebe, igosa kunye nejelo. Umahluko wesivuno phakathi kwamasebe asebenzisa iimveliso namaxabiso afanayo ukhomba umahluko kwindlela yokuqokelela, umkhuba wokurhoxisa okanye indlela yokuhlenga-hlengisa — hayi umahluko kumaxabiso.

Ungqinelaniso nesivuno esilindelekileyo. Bala isivuno ekufuneka ipotfoliyo isivelise ngokwemigaqo yekhontrakthi, uthelekise nesokwenene, kwaye ucazulule umsantsa. Olu lolona setyenziso luxabisekileyo lwalo mlinganiselo kwaye lolona luqhele ukutsibwa.

Ubungqina bomgangatho wepotifoliyo. Isivuno sisihla ngelixa imilinganiselo yamatyala angahlawulwanga ihlala ithe tyaba, nto leyo ebonisa ukuba ingxelo yamatyala angahlawulwanga iwujongela phantsi umba, ngokufuthi ngokuhlengahlengisa okanye iintlawulo ezisetyenziswe ngendlela engeyiyo. Ezi zikali zimbini kufuneka zihambe kunye.

Ukubhaqwa kobuqhophololo nokuvuza. Ukusilela okungapheliyo nokungachazwanga kwisebe elinye okanye kwincwadi yegosa elinye, apho umgaqo-nkqubo namaxabiso afana ncam namanye, kufuneka kuphandwe indlela yokwenza iirisithi nokuxolelwa.

Iimpazamo eziqhelekileyo zokubala

Ukusebenzisa ipotifoliyo yokuvala endaweni yomndilili. Kwenza isivuno sibonakale siphezulu okanye siphantsi ngokuxhomekeke kwicala lokukhula. Okukhona ukukhula kukhawuleza, kokukhona impazamo iba nkulu.

Ukusebenzisa ipotifoliyo yentsalela. Inani eliphantsi ligross, phambi kwengxowa-mali yelahleko yeemboleko. Ukukhupha le ngxowa-mali kusinyusa isivuno kanye xa ipotifoliyo isiba mandundu.

Ukubandakanya ingeniso engengowokubolekisa. Ingeniso yotyalo-mali, iikomishini zokudlulisela imali neegranti zezeminye imilinganiselo. Ukuzibandakanya kwenza isivuno singenakutolikwa njengomlinganiselo wokubolekisa.

Ukusebenzisa ingeniso eyamkelwe ngokwe-accrual endaweni yaleyo yekheshi. ngaphandle komgaqo-nkqubo wokunqumamisa okhoyo, nto leyo evumela ipotifoliyo ewohlokayo ukuba inike isivuno esingatshintshanga.

Ukubandakanya iimali-mboleko ezicinyiweyo kwinani eliphantsi., okanye ukukhuphela ngaphandle amatyala angahlawulwanga. Amatyala angahlawulwanga afanele ukuba kwipotifoliyo egross; amatyala acinyiweyo akafanelanga.

Ukwenza ixesha elifutshane libe ngunyaka ngokungakhathali. kwishishini elinamaxesha onyaka, apho ikota eqinileyo iphindwe ngesine ivelisa inani unyaka ongenakulinikezela.

Ukuthelekisa phakathi kwamaziko ngaphandle kokujonga iinkcazelo. Isivuno sichaphazeleka kakhulu kukuba iifizi zibandakanyiwe na nokuba isiseko siyikheshi okanye i-accrual. Ukuthelekisa phakathi kwamaziko kunentsingiselo kuphela xa zombini zibalwa ngendlela efanayo.