Comparative Analysis of the Principles of Formation and Risks of Investment Portfolios of Stocks, Bonds, Options, Futures, Digital Financial Assets in Russia
Year: 2025
Type: article
Abstract: Risk-oriented portfolio formation is no longer a task of optimizing profitability — it is a question of financial stability. In the context of sanctions isolation, volatility of commodity markets and regulatory uncertainty, classical theories (Markowitz, CAPM) require revision through the prism of asymmetric risk measures (downside risk, prospectus theory); multi-level diversification (by CNY/INR currencies, industries with state participation, BRICS jurisdictions); scenario stress testing for extreme events (devaluation to 120 RUB/$, ban on P2P platforms). Ignoring these aspects leads not only to a loss of profitability, but to systemic threats for investors and companies — from disruption of cash flow to bankruptcy. The article provides a comparative analysis of the principles of formation and risks of investment portfolios of shares, bonds, options and futures, digital assets in Russia based on Russian realities (sanctions, ruble volatility, regulatory requirements of the Central Bank of the Russian Federation) and international practices adapted to the local market.
Author: Daniil Bondarenko
Institution: V.I. Vernadsky Crimean Federal University
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4413129127