Abstract
This paper presents the basic principles and procedures of a theoretical portfolio management system and also the practical implementation and the actual results of real utilization efforts of such systems. Portfolio management of public pension reserve funds is one of the major factors that can contribute in the provision of adequate pension level. The key components of portfolio management are the chosen strategy of investment (active or passive portfolio management) and the sequential steps of the investment decision making process. Numerous studies focusing on the investment management behavior, function and practice have been conducted by various researchers and also the OECD. All of them have stressed the need of an effective portfolio management strategy in order to maintain a satisfactory level of pensions for the pensions fund beneficiaries.
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