Il rendimento delle attività di investimento

[Autom. eng. transl.] This chapter presents the main methods of evaluating the performance of an investment in financial instruments. The basic principle that unites all the methodologies presented below is based on the enhancement and discounting of the flows from the investment; however, given the peculiarities that characterize each financial instrument, the methods for assessing performance relating to an investment in debt securities, equities and UCIs, such as investment funds, will be presented separately in the following section. As regards the evaluation of the yield of debt securities, various methodologies will be proposed highlighting the peculiar differences between gross and net yields and between expected ex-ante yields and actual ex-post yields. With reference to equities, on the other hand, various valuation methods will be presented which are based on the calculation of the theoretical price of the instruments on the basis of certain assumptions relating to the future development of corporate assets such as profits, dividends and the respective growth rates. The methodology for evaluating the return is also illustrated in the event that the investment object is not a single financial instrument, but a portfolio consisting of a variety of instruments that differ from each other in terms of expected returns and levels of risk. . In this way it is possible to study the contribution of diversification for the purpose of assessing the risk-return level of financial assets. Lastly, the main methods of ex-post enhancement of the performance of collective investment schemes are illustrated through the use of some particularly widespread indicators.