This thesis deals with models of investment strategies in an environment of capital markets. Based on the research environment of financial markets, analysis of available financial products and the help of supporting information resources, there are developed and simulated three different investment strategies – risk dynamic strategy, medium balanced strategy and a stable conservative strategy. The output of work is an investment questionnaire, which is used to select appropriate investment strategies, and three models of investment strategies, including evaluation. Investment evaluation itself is performed by fuzzy logic.

This master thesis evaluates about investing in the currency market, commonly known as Forex. The master thesis is primarily deal with proposal of automated trading system for trading in major currency pairs using breakout strategies. These strategies creation is based on market analysis, volatility, correlation and analysis revealing patterns of time during the trading day. In practical part is formed diversified investment portfolio composed of five investment profitable strategies, which were used during four-month testing period on unknown market data.

Die fondsgebundene Umsetzung einer Long/Short-Strategie stößt schnell an ihre Grenzen, wenn die Regulierungserfordernisse der UCITS IV-Richtlinie 2009/65/EG als rechtlicher Rahmen für den Investmentfonds maßgeblich sind. Die betreffenden Regelungen verlangen einerseits eine diversifizierte Ausrichtung des Portfolios und beschränken das Universum an investierbaren Vermögenswerten auf finanzielle und liquide Produkte. Andererseits führen sie zu einer wesentlichen Begrenzung der zulässigen Anlagetechniken. Die Möglichkeiten zur Hebelinvestition sind streng limitiert und das Durchführen von Leerverkäufen wird vollständig ausgeschlossen. Der Anknüpfungspunkt, die Performance einer Short-Position dennoch in den Fonds zu integrieren, ist die Abkehr von der direkten und physischen Umsetzung hin zu einer indirekten und synthetischen Einbindung, wie sie durch den Einsatz von Derivaten möglich ist. Um die Auswirkungen der Derivate auf das Risiko- und Renditeprofil der Investmentfonds überschaubar und kontrollierbar zu halten, wird die Intensität des Derivatehandels durch das Festsetzen von Risikolimits auf ein vertretbares Maß beschränkt. Die Wahl eines konkreten Derivats beeinflusst die technische Umsetzung der synthetischen Positionsbildung und bestimmt deren assoziierte Vorgaben im Kontext des Risikomanagements. Insofern Derivate bei der Strategieausrichtung des UCITS-Fonds ausgeschlossen werden, lassen sich Short-Positionen lediglich gegenüber aggregierten Exposures in Form einer Dachfondskonstruktion berücksichtigen. Das Ausarbeiten kapitalrechtlicher Vorgaben und das darauf basierende Ableiten von praxisrelevanten Investitionsansätzen, zur Abbildung der Short-Positionen innerhalb einer fondsgebundenen Long/Short-Strategie, stehen im Fokus.

Closed-end funds (CEFs) are popular investments amongst the Swedish population as they provide diversification to investors and have in many cases historically outperformed the market. In deciding whether to invest in a CEF, the method of valuation differs from classical financial ratios used to value most companies, as the revenue-bringing operations differ significantly. The Net Asset Value (NAV) per share is compared to the market price per share of a CEF, to determine if the share is traded at a discount or premium. The purpose is based upon the rationalization that a share’s market price and the value of the closed-end fund’s underlying assets cannot drift too far apart from each other. In other words, the discount cannot drift too far from its mean over time, as there would be an upward pressure on the share price if the NAV-discount is large, and a downward pressure on the share price if the premium is large. Tests of unit roots and cointegration are applied and analysed in the light of previous findings for discounts in CEFs. Our findings show that the majority of selected CEFs’ prices and NAVs have long-run equilibrium relationships. Additionally, the discount appears to be stationary over time for the majority of CEFs, supporting the notion of mean reversion in the discount. For certain Swedish CEFs, the findings allow for investment decisions to be made upon the deviation from the mean. This study contributes to previous research done on the topic of mean reversion in the financial market as it finds statistical evidence of mean-reverting process for the NAV-discount of Swedish CEFs. The thesis also provides additional value to the plethora of research provided in the financial field as it specifies its findings to the Swedish market of CEFs.

This thesis investigates the two investment strategies Dogs of Dow and The Magic Formula. We test how the strategies perform when getting weighted to ESG scores and also if they outperform OMXSPI during the years 2012-2022. What we find in our study is that when returns are risk adjusted, both Dogs of Dow and The Magic Formula and their ESG weighted portfolios outperform the benchmark during the period. We also conclude that ESG weighted portfolios yield lower returns than equally weighted Dogs of Dow and The Magic Formula portfolios. The portfolio that produce the highest return was the equally weighted Dogs of Dow portfolio. For the value at risk we find that on a five percent significant level, the portfolios observe values from -1,55% to -1,69%.

Background: In recent years, a record amount of people has turned towards various stock markets to invest in the boom that has been present since the financial crisis. To get the portfolio to be profitable or even more profitable than the market, is a goal that can be hard to achieve, where certain previous research proves that it is possible to outperform the market, while other research proves the opposite. A factor that refutes the individual’s ability to outperform the market is the human beings’ psychological behavior, which can cause irrational investment decisions. To circumvent the psychology behind investment decisions,several investment strategies have been formed throughout history, one of them being a multiple-strategy. Due to the rise in popularity of investing, it is of interest to analyze whether a multiple-strategy is successful in creating profitability.  Purpose: The purpose of the study is to analyze the multiples EV/S and EV/EBITDA as a multiple-strategy to observe which one generates the highest return for the companies on OMX Stockholm.  Methodology: With the aim of best achieving the purpose of the study, a quantitative method has been used with a deductive approach. With a selection of 251 companies through the period 2010-2019, eight portfolios have been created containing the 20 highest respectively the 20 lowest EV/S- or EV/EBITDA-multiples, with a holding period of either three or twelve months.  Results: The study shows that high EV/S- and EV/EBITDA-multiples as well as low EV/EBITDA-multiples successfully outperform the comparing index over a nine-year period. Low EV/S-multiples do not achieve the same performance. The portfolio with highEV/EBITDA-multiples with a holding period of three months yielded the highest return.

Bakgrund Värdeinvesteringar bygger på att handla lågt prissatta tillgångar i förhållande till värde. Många har under åren formulerat olika strategier för att identifiera underprissatta tillgångar. Särskilt populärt är strategier baserade på att handla bolag med låga nyckeltal såsom P/B- och P/E-tal. Dessa strategier visade i flertalet studier förmågan att generera riskjusterad överavkastning på 80- och 90-talet. Just dessa strategier har dock visat upp sämre resultat i senare studier gjorda på 2000-talet. På den svenska marknaden har riskjusterad överavkastning mellan åren 1980-2010 uppvisats. Det har dock förblivit obesvarat hur resultatet hade blivit på den svenska marknaden efter 2010. Syfte Syftet med studien är att analysera i vilken utsträckning en värdeinvesteringsstrategi baserad på P/B-, respektive P/E-talet, genererar riskjusterad överavkastning.   Metod Studien har antagit en kvantitativ strategi med en deduktiv ansats. Genom en tidsserieundersökning har portföljer skapats och analyserats utifrån främst avkastning och risk. I studien avser riskjusterad överavkastning sådan avkastning för portföljen som överstiger vad som kan förväntas enligt CAPM. Parvisa t-test har genomförts för att avgöra resultatens statistiska signifikans. Bolagen som ingår i studien har varit sådana noterade på Stockholmsbörsens Large Cap mellan 2010-06-30, till och med 2020-06-30.    Slutsats Samtliga portföljer genererade en riskjusterad överavkastning och, med utdelningar inkluderade, en sharpekvot som översteg ett. Strategin baserad på P/B-talet genererade högre riskjusterad överavkastning än strategin baserad på P/E-talet. / Background The fundamental aspect in value investing is to buy assets for a lower market price, than its fundamental value. Over the years a lot of investors have tried to create strategies in order to identify undervalued companies. Particularly popular is value investing strategies based on buying stocks with low P/E and P/B ratios. These strategies have, according to several studies, managed to gain risk adjusted excess returns during the 1980s and 1990s. But during the 2000s, studies have shown inferior results on the American market. On the Swedish market, studies have shown that excess return was possible during the period 1980-2010, but it is still unanswered how the strategy would have performed during the period 2010-2020.    Purpose The purpose is to analyze to what extent a value investing strategy, based on the P/E and P/B ratio, respectively, generates risk adjusted excess return.  Methodology The study is based on a quantitative strategy with a deductive approach. Through a timeseries analysis, portfolios have been created in order to analyze return and risk. Risk adjusted excess returns is in this study, is defined as all returns who exceeds expected return from the CAPM model. Paired T-test have been used to determine the results statistical significance. The assets included in the sample is companies listed on Stockholm Large Cap index between 2010-06-30 and 2020-06-30.    Conclusions All constructed portfolios gained risk adjusted excess return during the period and, with dividends included, a Sharpe ratio higher than one. The strategy based on the P/B ratio outperformed the strategy based on the P/E ratio.

Syfte: Syftet med denna studie är att analysera vilken investeringsstrategi värde- eller tillväxtaktier baserade på P/B-, och P/E-talet, genererar en högre riskjusterad avkastning på den svenska börsmarknaden mellan åren 2010–2020. Teori: Denna studie grundar sig i, Den effektiva marknadshypotesen, CAPM, P/B-talet (price-to-book value), P/E-talet (price/earnings), Sharpekvot och Oparat T-test. Metod: En kvantitativ forskning med ett deduktivt angreppsätt. En studie baserad på aktier mellan perioden 2010-01-01 och 2020-01-01 för en analys av vilken portfölj värde- eller tillväxt som genererar en högre riskjusterad avkastning.  Resultat: Värdeportföljen genererar högst avkastning i relation till dess risk än tillväxtportföljen under tidsperioden. Slutsats: Värdeportföljen genererade en högre avkastning än tillväxtportföljen mellan tidsperioden 2010–2020 och visar att värdeinvestering är ett bättre alternativ för en investerare. / Aim: This study aims to analyze which investment strategy value or growth shares based on the P/B and P/E ratios, generates a higher risk-adjusted return on the Swedish stock market between the years 2010–2020. Theory: This study is based on, The effective market hypothesis, CAPM, P/B ratio (price-to-book value), P/E ratio (price/earnings), Sharpe ratio, and Oparat T-test. Method: Quantitative research with a deductive approach. A study based on equities between the period 2010-01-01 and 2020-01-01 for an analysis of which portfolio value or growth generates a higher risk-adjusted return. Result: The value portfolio generates the highest return on its risk than the growth portfolio during the period. Conclusion: The value portfolio generated a higher return than a growth portfolio between the period 2010-2020 and shows that value investing is a better alternative for an investor.

The rise of market globalization creates challenges for business executives seeking to pursue foreign direct investment (FDI) in least developed countries (LDC), such as Afghanistan. Multinational corporate (MNC) executives need strategies that will improve the timely delivery of minerals for mining projects in LDCs. Guided by the force field analysis theory, the purpose of this holistic, single-case study was to explore the strategy that 5 MNC executives in Beijing, China, used to improve the timely delivery of minerals associated with the Aynak copper mine project in Afghanistan. Semistructured interviews were used to elicit detailed narratives from MNC executives about their experiences to develop strategies for mining projects in LDCs. A review of company documents, as well as member-checking of initial interview transcripts, helped to bolster the trustworthiness of final interpretations. Study results included 2 themes. Theme 1 was determinants of mine investment strategies in LDCs that included an exploration of driving forces, restraining forces, neutral forces, and the effect of those forces. Theme 2 was FDI strategies for copper mine projects in LDCs that included the comparison of cost leadership strategy, differentiation strategy, and combination of cost leadership and differentiation strategies. By implementing a cost leadership strategy and best practices, MNC executives were able to achieve greater success to improve timely delivery of minerals associated with FDI copper mine projects in LDCs. Social implications include ongoing efforts of Afghan government leaders to implement effective economic policies that decrease unemployment while reducing poverty.

Denna uppsats kretsar kring beslutsfattande och metodik vid fastighetsinvesteringar i potentiella tillväxtnoder. Då fastighetssektorn är så omfattande har vi valt att avgränsa oss till en speciell typ av fastigheter, närmare bestämt logistikfastigheter. Ytterligare en fördjupning har skett, där vi valt ut en specifik investering i området, för att fördjupa oss om denna. Det specifika fall vi valt att ta mestadels av vår data från är Rosersbergs industriområde, även känt som Stockholm Nord Logistikcenter. Som en referenspunkt till Stockholm Nord Logistikcenter har vi i arbetet även skrivit översiktligt om Arenastaden, som är belägen i Solna. En del tidigare forskning har gjort på området Logistik, och somliga av dessa studier har vi även tagit del av för att utvinna information inom ämnet som även kunnat användas i vårt arbete. Dock har den studien vi främst använt oss av varit inriktad på logistik i sin helhet och inte ett specifikt fall. På cirka 9 år har området utanför Rosersberg villastad förvandlats från en skog, inom ett bullerområde utanför en mindre bostadsort, till en logistiknod där ett tiotal stora företag bedriver verksamhet i tusentals kvadratmeter lokaler. Allt detta i något som tros komma att bli ett av de största logistikcentrena i hela Sverige, och med tanke för de framtidsplaner som finns är det inte osannolikt. Den största drivkraften för projektet har varit Kilenkrysset, men detta med hjälp av gott samarbetsvilja från offentlig sektor. Vår studie kretsar kring vilka faktorer som påverkat till att denna investering blivit lyckad, samt vilken typ av företag det är som bedrivit arbetet. Vi har även gått in på hur orten Rosersberg, som tidigare legat i lä, påverkats av detta händelseförlopp. Innan projektet i Rosersberg initierades av Kilenkrysset har många frågor angående området diskuterats inom kommunen under många årtionden, dock har man aldrig kommit till skott på grund av bristande intresse och samhällsnytta. Utifrån det vi kunnat utläsa av den tillgängliga data vi samlat, har vi kunnat dra slutsatsen att utvecklingen bidragit till att göra platsen attraktiv för företag, men likväl för människor att numera bo i. Under arbetet har vi tagit kontakt med fyra respondenter som intervjuats, varav tre av dessa respondenter kommer från koncernen Kilenkrysset. Flera företag, bland annat NCC, har kontribuerat till utvecklingen i Rosersbergs industriområde, men Kilenkrysset är de som varit överlägset störst i området. Vi har även haft kontakt med en före detta anställd på bygg- och trafiknämnden i Sigtuna kommun för att få en objektiv, och mer överskådlig bild över hur samarbetet mellan offentlig sektor och investerare sett ut. För att bättre kunna förstå hur beslutsfattande skötts inom Kilenkrysset, både under och innan projektets fortgående, har vi studerat företaget mer grundligt. Information har framtagits kring företagets uppstart och dess historia, och hur det beslutsfattandet som till sist ledde dem till Rosersberg sett ut. Man kan klart se att både företaget i sin helhet och dess ledning är säregna, vilket man även ur materialet kan observera hur detta gynnat dem under projektets fortlöpande. Men även negativa aspekter har tagits upp angående deras beslutsfattande och tillvägagångssätt. Detta för att ge en rättvisande bild av vilka för- och nackdelar som i realiteten kretsar runt dessa metoder. / This essay revolves around the desicion making process in real estate investments, where the investment contributes to the economic growth of the surrounding area. Due to the sheer size of the sector, we have chosen to limit our study to a specific type of real estate, which we decided to be logistic property. We have also chosen to study a specific case in more detail, to be able to understand how these projects develops. The case we chose was the investment of Rosersbergs Industrial park, also known as Stockholm Nord Logistic Centre. As a point of reference to this project we have chosen to briefly look into another, quite similar in size, project; Arenastaden in Solna. There have been studies made on Logistics in the past, some of which we have chosen to use as sources of information on our study. The study we used as the main source studied logistics on a different scale than ours, where the whole logistics market in Stockholm was studied. In merely 9 years the area surrounding Rosersberg has transformed, from unexploited land suffering from airport noise, into a rapidly growing logistics center where dozens of companies have chosen to exist. All this in an area many believe will be one of the biggest logistic centers in Sweden, which is not unlikely due to the future plans of the area. The company that initiated the project, which also has been the driving force is Kilenkrysset AB, with a lot of assistance from a supportive municipality. Before the company's initiative in the area, the municipality has been contemplating since the 60's what to do with the area, and how to make it grow. The issue before the company came along was almost solely economical; because there was no solid plan or investor to take care of the area and the infrastructure surrounding it. Based on the data we collected the area has improved its attraction both to companies, as well as to the residents in the area. Our study will attempt to determine which of the variables had the greatest importance on the end result of the project. As well as to study which type of company that decides to take on these kinds of projects. We have also studied how the surrounding area in Rosersberg has grown as a result of this specific investment. To gather information on the subject, we have contacted four respondents, which consists of three people from the Kilenkrysset organization. The reason why the majority of the interviewed respondents has been from one single company is because they have by far been the biggest investor in the area. The construction company NCC has also been part of the development in the area, but have sold most of their property to Kilenkrysset. The last respondent is from the building and traffic department within the municipality (Bygg- och trafiknämnden). Since we want to understand how decision making is handled within these types of organizations, we have chosen to study Kilenkrysset more thoroughly. Information about their history and the decision making process that eventually lead them to Rosersberg. From the information collected we can conclude that the company and its management have quite an extraordinary way of doing business. It is also obvious how their way of thinking has benefited them throughout their project in Rosersberg. But every technique has consequences, and we will also enlighten these consequences to try to observe both the pros and the cons about these methods.