nÃo hà / Este trabalho propÃe uma estratÃgia de alocaÃÃo Ãtima dos ativos dos RPPS exclusivamente em fundos de investimentos, respeitando-se os limites impostos pela ResoluÃÃo CMN n. 3.922 de 25 de novembro de 2010. Esta pesquisa foi motivada a partir de um cenÃrio com tendÃncia de estagnaÃÃo das taxas de juros (SELIC), frente ao aumento da expectativa de vida dos brasileiros, impondo aos RPPS metas atuarias desafiadoras, que talvez possam nÃo ser cumpridas por gestÃo passiva, alocando os recursos de forma conservadora em renda fixa. TambÃm pretende-se, com este trabalho, apresentar uma alternativa para a polÃtica de investimentos, especialmente para os pequenos municÃpios que possuem RPPS, haja vista a escassez de capital humano para gerir os recursos nesses municÃpios. A partir da base de dados de fundos de investimento da empresa Quantum, foram selecionados quarenta fundos de investimentos de renda fixa e variÃvel com melhor desempenho no Ãndice Information Ratio nos Ãltimos 12 meses. Em seguida, elaborou-se a matriz de covariÃncia desses fundos para formar uma carteira Ãtima a partir da minimizaÃÃo da variÃncia da carteira in sample, conforme proposto por Markowitz na sua Teoria de SeleÃÃo de PortfÃlio. Este processo à refeito a cada trÃs meses com base nas cotaÃÃes histÃricas diÃrias compreendidas entre o perÃodo de janeiro de 2008 a outubro de 2013. Os resultados demonstram que a rentabilidade acumulada da carteira formada pela estratÃgia proposta supera vis a vis os benchmarks SELIC, IBOVESPA, IMA Geral, IMA-B e IPCA+6% no perÃodo de janeiro de 2009 a dezembro de 2013, destacando-se o cumprimento da meta atuarial (IPCA+6%) em quatro dos cinco exercÃcios analisados, resultando num percentual acumulado de 20,30% a mais do que a meta atuarial. Conclui-se que a estratÃgia mostra-se consistente e pode ser adaptada aos RPPS, de acordo com suas caracterÃsticas e polÃticas de investimentos. / This paper proposes an optimal asset allocation strategy of RPPS exclusively in investment funds, respecting the limits imposed by CMN Resolution no. 3.922 of November 25, 2010. This resarch is motivated from the trend of a scenario of low interest rates (SELIC) against the increase in life expectancy by requiring actuarial RPPS challenging targets, which perhaps can not be hit with a passive management, allocating resources conservatively in fixed income. Also intended with this paper to presente na alternative to the policy of investiments, especially for small municipalities that have RPPS, given the scarcity of human capital to manage the resourses in these cities. From the database of investment fund Quantum, thirty investment funds in fixed income and variable were selected with better performance in the Information Ratio index in last 12 months. Then builds up the covariance matrix these funds, to form an optimal portfolio from the minimization of the variance in the portfolio sample, as proposed by Markowitz in his Theory of Portfolio Selection. This process is redone every three months based on the daily historical quotes between the period January 2008 to October 2013. The results demonstrate that cumulative profitability of the portfolio formed by the proposed strategy outperforms the benchmarks SELIC, Bovespa Index, IMA Geral, IMA-B and IPCA+6% from January 2009 to December 2013, emphasizing compliance with the actuarial target (IPCA+6%) in all years, resulting in a cumulative percentage of 20.30% more than the acturaial target. The conclusion shows that the strategy is consistente and can be adapted to RPPS according to their characteristics and investment policies.

<p dir="ltr">Global forest ecosystems provide essential ecosystem services that contribute to water and climate regulation, food production, recreation, and raw materials. They also serve as crucial habitats for numerous terrestrial species of amphibians, birds, and mammals worldwide. However, recent decades have witnessed unprecedented changes in forest ecosystems due to climate change, shifts in species distribution patterns, increased planted forest areas, and various disturbances such as forest fires, insect infestations, and urbanization. These changes can have far-reaching impacts on ecological networks, human well-being, and the well-being of global forest ecosystems. To address these challenges, I present four studies to quantify forest dynamics through mapping, classification, and projection, using artificial intelligence tools in combination with a vast amount of training data. (I) I present a spatially continuous map of planted forest distribution across East Asia, produced by integrating multiple sources of planted and natural forest data. I found that China contributed 87% of the total planted forest areas in East Asia, most of which are located in the lowland tropical/subtropical regions and Sichuan Basin. I also estimated the dominant genus in each planted forest location. (II) I used continent-wide forest inventory data to compare the range shifts of forest types and their constituent tree species in North America in the past 50 years. I found that forest types shifted more than three times as fast as the average of their constituent tree species. This marked difference was attributable to a predominant positive covariance between tree species ranges and the change of species relative abundance. (III) Based on individual-level field surveys of trees and breeding birds across North America, I characterized New World wood-warbler (<i>Parulidae</i>) species richness and its potential drivers. I identified forest type as the most powerful predictor of New World wood-warbler species richness, which adds valuable evidence to the ongoing physiognomy versus composition debate among ornithologists. (IV) In the appendix, I utilized continent-wide forest inventory data from North America and South America and the combination of supervised and unsupervised machine learning algorithms to produce the first data-driven map of forest types in the Americas. I revealed the distribution of forest types, which are useful for cost-effective forest and biodiversity management and planning. Taken together, these studies provide insight into the dynamics of forest ecosystems at a large geographic scale and have implications for effective decision-making in conservation, management, and global restoration programs in the midst of ongoing global change.</p>