Portfolio Structure Research Articles

SIGNIFICANCE AND PLACE OF PORTFOLIO IN PEDAGOGICAL ASSESSMENT

In this article, attention is paid to the portfolio as the latest form of pedagogical assessment in the activity of the competence-based approach in higher professional education. Based on the competence-based approach, the article considers the sequence, reality and formation of students’ achievements. The concepts in pedagogical assessment are analyzed, such as the pedagogical test and its significance, pedagogical diagnosis, monitoring as a concept inherently close to assessment, as well as the difference between the comparative characteristics of the portfolio from the traditional one. Proposals have been made to the portfolio structure, its sections and headings. As you know, group curators face certain difficulties in compiling a database of students, in this case, the portfolio plays an important role as the best form of compiling a database of students’ achievements in the process of training and education.

Possible new applications of the interactive programming based on aspiration levels—case of pure and mixed strategies

The interactive programming (IP) using aspiration levels is a well-known method applied to multi-criteria decision making under certainty (M-DMC). However, some essential analogies between M-DMC and scenario-based one-criterion decision making under uncertainty (1-DMU) have been recently revealed in the literature. These observations give the opportunity to adjust the IP to a totaly new issue. The goal of the paper is to create two novel procedures for uncertain problems on the basis of the IP ideas: the first one for pure strategy searching and the second for mixed strategy searching. In many ways, they allow a better consideration of the decision maker's preferences than classical decision rules. One of their significant advantages consists in analyzing particular scenarios sequentially. Another strong point is that the new procedures can be used by any kind of decision makers (optimists, moderate, pessimists). The new approaches may be helpful when solving problems under uncertainty with partially known probabilities. Both methods are illustrated in the paper on the basis of two fictitious decision problems concerning the choice of an optimal location and the optimization of the stock portfolio structure.

Дослідження впливу кваліфікуючих факторів на інвестиційно-інноваційні процеси в умовах сучасних викликів

This article explores the influence of qualifying factors on investment and innovation processes in the face of modern challenges. The influence of Ukraine's positioning in world rankings on the dynamics of investment and innovation processes is determined, which determines the degree of confidence of a foreign investor and highlights the main obstacles to the formation of an innovation-active environment within the country according to the structural components of the indices. Attention is paid to the scientific discussion of the issue of protecting the rights of minority shareholders, which has become aggravated with the implementation of the principle of liberalization of the Ukrainian financial market. The tendencies of the increase in the cost of borrowed resources within the country in connection with the policy of inflation targeting are considered, which reveals the difference between the planned and actual inflation target, since an increase in the discount rate is a managerial lever for reducing inflation. Attention is focused on a fairly high share of NPL loans in the structure of the loan portfolio of commercial banks, which necessitated improving access to credit information through the creation of a new public credit registry based on the NBU. The need has been identified for increasing the volume of the resource base, in particular with increasing the share of external sources of financing, which will help ensure competitive conditions for the implementation of the financial and economic activities of national producers. The expediency of introducing managerial financial and economic levers for the development of medium- and long-term financial instruments in the context of financing investment and innovation processes is substantiated.

Performance of Social Pillar-Based Portfolio in Developing Capital Market

Research Question: This study examined the preconditions and efficiency of socially responsible investing (SRI) in the developing capital market, specifically the Belgrade Stock Exchange (BSE). Motivation: Considering the increasing trend of SRI (GSIA, 2020) and importance of information on corporate social responsibility (CSR) to investors (Miralles‐Quiros, Miralles‐Quiros, & Arraiano, 2017), especially on social issues (Giese, Nagy, & Lee, 2021), we explored the influence of applying the social criteria in asset selection on investment portfolio performance at the BSE. This study builds on the existing literature that is mostly focused on developed capital markets of Europe, the United States and Canada (Von Wallis & Klein, 2015) by analysing the issue of SRI in the developing market. The provided setup for socially driven portfolio structuring based on market trends and social performance disclosure proved to be efficient in the long-term. Idea: The core idea of this paper was to analyse the terms for SRI and empirically evaluate the performance of social pillar-based portfolio on the BSE in order to provide evidence to support the trend of SRI in developing markets. The structure of the portfolios was set using the best-in-class strategy, while the classes were determined on the basis of the stocks’ return trends. Data: The analysis was conducted using trading data and information from financial and non-financial reports of the companies listed on the BSE. Tools: Cluster analysis was used for classification of stocks, while performances of portfolios were evaluated implementing return, volatility and risk-adjusted measures. Findings: The social pillar-based portfolio outperformed the conventional one and benchmarking indices in the observed five-year period. However, mixed results were obtained in the short-term indicating that specific effects of CSR practice on financial performance of the companies in observed developing market could still be obscured. Contribution: This paper expands the existing research related to SRI in the developing markets and offers practical recommendations for potential socially conscious investors.

Development and approbation of a software solution for the investment portfolios formation using fractal analysis and predictive models

This paper describes the development and approbation of the software solution, which implements the methodology of forming recommendations for the composition of investment portfolios using fractal analysis and long memory predictive models, which is the result of research conducted over several years at the Department of Information Systems and Mathematical Methods in Economics of PSU. The general algorithm of the program includes four main steps: 1) obtaining and preparing data; 2) sorting assets by the fractal dimension of their price series; 3) forecasting asset returns; 4) forming portfolios (determining asset shares). The described algorithm stages correspond to the structure of the program solution, expressed by the set of its subsystems. The features of the developed program are as follows: possibility to load data of share prices from the FINAM website; calculation of the fractal dimension of asset price series by the DFA and minimum coverage methods; asset returns forecasting using the ARFIMA and ARFIMA-GARCH models; selection of portfolio structures based both on the forecasted and historical data; possibility of multiple generation of portfolios based on random-selected assets with characteristics averaging; evaluation of portfolio characteristics using test data (if any); support for multi-core processors for multiple acceleration of calculations; windowed graphical interface. The results of program approbation on the Russian stock market data under crisis economic conditions are given. On the whole, these results are in line with those obtained earlier on the developed US market data. The developed program can be used by portfolio investors, carrying out investment activities in the international financial markets. Scientific application of the program is important: its users can be scientists, students and other researchers of innovative methods of investment portfolios formation.

Инвестиционная деятельность российских негосударственных пенсионных фондов: тенденции, возможности и перспективы

Non-state pension insurance is currently a highly-relevant and rapidly developing form of financial services in the Russian Federation. More and more citizens choose to supplement their state pension with a voluntary pension insurance contract. Non-state pension funds have a great responsibility to preserve and increase the funds of their clients. As a result, they keep looking for new ways to improve their investment strategy. This article features the current trends in the investment policy of Russian non-state pension funds and their development. The research included the methods of statistical and regression analyses, as well as a comparative analysis of the investment portfolios of Russian and foreign non-state pension funds, which revealed the effect of the structure of the investment portfolio on its profitability. Based on the best international practices and the Russian legislation, the main directions of development of domestic non-state pension funds included diversification, sustainable development, asset management companies, etc.

ICT Competence for Prospective Tutors and Teachers

This article shows the effectiveness using electronic portfolio as a means of informatization training aimed at forming the ICT competence for future tutors and teachers taking into account its systematic use in the information and educational environment of the university. The authors developed the structure and content of the electronic portfolio, as well as the ICT competency model for prospective tutors and teachers while studying the core disciplines by the informatics cycle using the e-portfolio. This model includes the following components: motivational-target, structural-content, procedural-technological, evaluation and result-oriented. The principle of selection content and structure disciplines aimed at forming ICT-competence has been formulated.

Financial Risk and Profitability Management in Russian Insurance Companies in the Context of Digitalization

The dynamics of the financial reliability of insurers show rather unstable and often unfavorable trends, which indicate an increase in the risks of their financial insecurity and requires searching for reserves to improve their financial condition in the context of digitalization. The aim of the present research is to develop approaches for managing financial risks and profitability in Russian insurance companies in the context of digitalization. Structurally, the study consisted of a comprehensive analysis of the insurance market in the Russian Federation, as well as an identification of the components of the risk management process of insurance companies in the context of digitalization. Documents containing key features of the risk management system were selected for the study. We determined that to optimize the structure of the insurance portfolio, the insurer must regulate its portfolio by increasing the share of insurance receipts for personal insurance, which is highly profitable but occupies a meager share in the insurance portfolio. To do this, it is necessary to carry out active work to expand the insurance field, in particular, in relation to voluntary personal insurance, attracting a significant number of policyholders by conducting explanatory mass work using advertising events and agency-broker networks regarding the need and effectiveness of such insurance. Further research prospects should include proposals for replenishing the insurance portfolio with new types of personal insurance, making adjustments to the tariff policy of insurers for all types of voluntary personal insurance, and determining optimal tariffs.

The Innovative Medicines Initiative neurodegeneration portfolio: From individual projects to collaborative networks.

The IMI public-private partnership between the European Commission and the European Federation of Pharmaceutical Industries and Associations (EFPIA) was launched in 2008 with an initial budget of €2 billion. Aiming to accelerate the development of innovative medicines for areas of unmet clinical need, the IMI has committed over €380 million to projects on neurodegenerative disorders (NDD), catalyzing public-private collaborations at scale and at all stages of the R&D pipeline. Because of this vast investment, research on neurodegenerative diseases has made enormous strides in recent decades. The challenge for the future however remains to utilize this newly found knowledge and generated assets to develop better tools and novel therapeutic strategies. Here, we report the results of an integrated programme analysis of the IMI NDD portfolio, performed by the Neuronet Coordination and Support Action. Neuronet was launched by the IMI in 2019 to boost synergies and collaboration between projects in the IMI NDD portfolio, to increase the impact and visibility of research, and to facilitate interactions with related initiatives worldwide. Our analysis assessed the characteristics, structure and assets of the project portfolio and identifies lessons from projects spanning preclinical research to applied clinical studies and beyond. Evaluation of project parameters and network analyses of project partners revealed a complex web of 236 partnering organizations, with EFPIA partners often acting as connecting nodes across projects, and with a great diversity of academic institutions. Organizations in the UK, Germany, France and the Netherlands were highly represented in the portfolio, which has a strong focus on clinical research in Alzheimer's and Parkinson's disease in particular. Based on surveys and unstructured interviews with NDD research leaders, we identified actions to enhance collaboration between project partners, by improving the structure and definition of in-kind contributions; reducing administrative burdens; and enhancing the exploitation of outcomes from research investments by EU taxpayers and EFPIA. These recommendations could help increase the efficiency and impact of future public-private partnerships on neurodegeneration.

Effectiveness of an interactive method in teaching investment literacy: Factors determining the return of beginning investors’ portfolios

Introduction. The article examines how certain factors influence the efficiency of forming virtual portfolio of financial assets. The purpose of the article is to identify the factors that contribute to the investment return of beginning investors. Materials and Methods. The methodological basis of the study includes Russian and international research articles devoted to enhancing financial and investment literacy on the national level, the role of financial education in successful investments, and the factors of return estimations for various groups of investors, including young people and beginners. The research was carried out at Novosibirsk State University (the Faculty of Economics). Portfolios produced by 396 students majoring in Economics, Management, and IT Business, who completed the ‘Financial Markets and Financial Institutions’ module were analyzed. The portfolios were completed in 2020, 2021, and 2022. The dependent variable in the econometric model was an investment portfolio return. The main factors considered for this research included students' academic performance, academic year, degree programme, age, gender, and financial asset structure of each portfolio. Results. The review of the scholarly literature allowed to identify the following potential return factors: investment literacy, educational background, personal behaviour characteristics, gender, financial market shocks, and economic crises. It was found that portfolio return is determined by the following factors: economic instability influencing financial markets, students’ academic performance in finance disciplines which is closely connected to their investment literacy and personality features revealed in the portfolio structure. However, age, degree programme and gender did not show any significant influence on the project outcome. Conclusions. Identifying the factors of students’ investment portfolio return enabled the authors to determine further development of the financial course with the interactive method in teaching investing literacy. Taking into consideration economic instability factor significance, it is necessary to discuss financial assets characteristics and dynamics during economic crises. In general, investment literacy increase influences the result positively.

Role of climate fund raising under fiscal balance on climate change mitigation: an analysis from Pareto optimality.

Since there is little progress being made in multinational climate discussions, climate finance is at a crossroads as lenders must come up with new plans for the "Future of Environment Funds." The mission of effectively and efficiently distributing money to support the shift to low-carbon, climate-resilient economies has been given to climate finance organizations. Due to its purpose to contribute to a paradigm shift, the Green Climate Fund (GCF) is anticipated to help the most vulnerable populations adapt to and mitigate climate change. This research alters the premise of the Baumol and Oates public externality model to make it more appropriate for global climate governance analysis. This research then deduces the special pricing conditions to persuade the market to comply with Pareto optimality criteria by contrasting the Pareto optimality model of global climate governance and the market equilibrium model. The rules and potential approaches that must be followed for raising capital and allocating GCFs are then determined by taking into account global Pareto optimality and fiscal balance. The study finds that when each country assumes that the GCF aims to achieve Pareto optimality in climate governance globally and its own fiscal balance, the equilibrium results of the international climate game will not achieve both the financial balance of the GCF and global Pareto optimality simultaneously. The GCF may successfully finance non-bankable components of bigger "almost bankable projects," according to our empirical analysis of the GCF portfolio structure and strategy in this research. This lends credence to an alternative interpretation of the GCF.

How vulnerable are interconnected portfolios of South African banks?

Price shocks that propagate through the financial system present a significant risk to financial system stability. This study was an evaluation of the vulnerability of South African banks’ portfolios to pricemediated contagion in the last decade. Using longitudinal data of balance sheet positions of the 10 largest banks from 2010 to 2020, the stress tests were triggered by price shocks on one marketable asset held by all banks: South African government bonds. Overall, the study found that second-order feedback effects from bank deleveraging are muted and that the concentrated structure of the South African banking system has a positive effect on shock absorption. However, a gradual trend towards more similar asset portfolios in the past 10 years has gradually increased exposure to the price-mediated contagion channel. Significance: The paper presents a novel modelling framework to study feedback price-effects in stress tests conducted on the South African banking system. A new data set shows the evolution of South African banks’ portfolio structure and vulnerability by computing two fragility metrics and a portfolio similarity measure. Using this data set, the relationship between banking sector vulnerability and portfolio similarity is tested empirically and it is shown how common asset holdings aggravate systemic risk to pricemediated contagion.

COLLATERAL OPERATIONS OF BANKS IN TERMS OF EXISTENTIAL CRISES IN UKRAINE

The paper presents results of the study on essence, types and features of collateral operations of Ukrainian banks in terms of existential crises. It is studied the legal interpretation of the essence of pledge, its own definition has been proposed. It is disclosed features of pledge as an instrument of securing bank loans, which consists in the ability to secure possible future claims, therefore its spread in bank lending is justified by the ability to cover not only the borrowed value, but also accrued interest, including at a variable (floating) rate. It is presented the author’s approach to the essence of collateral operation as a complex of interrelated bank’s actions aimed at establishing, terminating and realizing the right of pledge, the subject of which is property pledged to secure loans granted or received on the basis of concluded pledge agreements. It is substantiated the extraction of valuation, insurance, and monitoring collateral operations, which reflect the bank’s actions to implement the principles of the acceptance of security for clients’ credit debt, namely: the principle of fair valuation, the principle of preservation, and the principle of availability. It is analyzed the dynamics and structure of the aggregate collateral portfolio of Ukrainian banks within the available statistical base (since Q3 2017). It is concluded that the security of bank loans has deteriorated as a result of the reduction in the value of the pledged property against the background of an almost unchanged volume of the loan portfolio. It is substantiated the imbalance in the structure of the collateral portfolio, where more than 2/3 is constituted by various types of movable property and property rights, while real estate objects do not exceed 35%. It is noted a decrease in the productivity of bank lending against a weakening of the corresponding collateral coverage, which is confirmed by the low ratio of the value of the collateral to the volume of lending and the excessive liquidity of the banking system in Ukraine.

Strategic priorities of the country's debt policy

Relevance of the research topic. Ensuring purposeful influence on social development requires the formation and implementation of an effective debt policy based on improving the institutional support of financial and budgetary reforms. Formulation of the problem. Important tasks in modern conditions are: increasing the efficiency of the debt mechanism and ensuring debt sustainability; improving the debt instruments of fiscal policy; optimizing the structure of the debt portfolio. Analysis of recent research and publications. Problems of formation and implementation of debt policy are quite common in the research of: D. Ricardo, R. McConnell, J. Mill, P. Samuelson, A. Smith, M. Friedman, I. Zapatrina, G. Kucher, L. Lysyak, I. Lukyanenko, A. Mazaraki, M. Pasichnyi, I. Chugunov and others. Selection of unexplored parts of the general problem. The above issues are relevant in connection with the deteriorating trend of socio-economic development, increasing military aggression against Ukraine, which requires a number of specific tasks in the field of debt management. Problem setting, research goals. The objectives of the study are: to reveal the role of debt policy at this stage of development of public relations; substantiate the peculiarities of the application of debt instruments of fiscal policy. The purpose of the study is to reveal the strategic directions of debt policy in modern conditions. Method or methodology of the study. The article uses a set of research methods: a systematic approach, structuring, synthesis, etc. Presentation of the main material (results of work). The role of debt policy at this stage of development of public relations is revealed. The peculiarities of the application of debt instruments of fiscal policy are substantiated. The strategic directions of debt policy in modern conditions are determined. Field of application of results. The results of the study can be used in the formation and implementation of debt policy. Conclusions according to the article. The validity of the implementation of debt policy is an important condition for achieving national socio-economic interests. In modern conditions it is necessary to understand the complexity and multidimensionality of the issues raised. At the same time, one of the most important tasks is to increase the efficiency of the debt mechanism and ensure debt stability.

Multidimensional risk spillovers among carbon, energy and nonferrous metals markets: Evidence from the quantile VAR network

Carbon market attracts much attention due to its unique statue of promoting the transformation and development of low-carbon economy. In this paper, we investigate the multidimensional risk spillover effects among carbon, energy and nonferrous metals markets, and also examine the portfolio diversification. The quantile VAR network framework and GARCHSK model are applied. We find that: (i)There are significant risk spillover effects among carbon, energy and nonferrous metal market with prominent dynamic characteristics, while the risk spillover under different dimensions shows apparent differences. (ii)According to the findings based on network structure features, the Coal market becomes the core market of carbon-energy-nonferrous system, and the position of carbon trading market is significantly weakened when the market is downturn. (iii) In their portfolios, the nonferrous metals assets are preferred over carbon and energy, investors should adjust the portfolio structure and hedge positions according to market conditions. These findings have important implications for investors to construct diversified portfolios and regulators to formulate risk regulation policies.

Bank Portfolio Allocation Strategy and Its Probability of Failure: Case of the Russian Banking Sector Purge

This paper aims to discover portfolio allocation strategies that facilitate a bank’s stability. The paper examines the phenomenon of massive failures of Russian banks in the period from 2013 to 2019, in order to identify which of the banks’ strategic decisions regarding assets and liabilities, as well as portfolio structure, lead to higher stability. The dataset contains financial indicators and prudential ratios of 895 commercial banks operating in Russia during that period. 507 banks, or 57% of all banks, lost their license during the considered period. Cases of bank failures were classified depending on whether the Central Bank identified any illegal activities conducted by the failed bank. The high failure rate provides an opportunity to study the differences between failed and non-failed banks in order to determine the factors associated with lowerfailure probability. Following the approach applied in most of the previous studies, we use a logistic regression to model the effect of different asset and liability portfolio structure on the failure probability. The hypothesis that failure probability of a bank is affected by its strategic focus of forming an assets and liabilities portfolio was statistically confirmed. We found that the focus of a bank’s activity on providing loans to individuals and attracting deposits from companies leads to lower failure probability, confirming the results of previous studies. Also, we found that more active cooperation with other banks in terms of both borrowing and lending is associated with lower failure probability. Furthermore, we found that banks are less likely to borrow from or lend money to their fellow banks that later fail with illegal activity accusations.Finally, we found that unlike the EU banks, Russian banks with higher profitability ratios are more stable. The results are relevant for industry practitioners in facilitating the development of a more resilient bank strategy, as well as for regulators for incorporation in early warning models.

Finances, accounting and taxation

Methods. Economic and mathematical modeling was used in the process of revealing the specifics of the portfolio of banking products in Ukraine and its optimization in the conditions of Fintech development. Methods of economic and statistical analysis, nonlinear multiparameter optimization, and methods of dynamic stochastic programming were used to solve the tasks. Results. Based on the results of modeling the optimal structure of the investment portfolio, it was established that the use of a dynamic model is a fairly effective tool and allows to increase the profitability of the optimal portfolio of banking products in Ukraine. With the help of this tool, in the course of the research, a new, more optimal distribution of securities in the investment portfolio of banking products was obtained and recommendations were made to optimize its structure. Novelty. The scientific novelty of this work lies in the simplification of the dynamic model of investment portfolio formation with long planning horizons. Practical value of the research is that the innovation, namely, the simplification of the dynamic model of investment portfolio formation with long planning horizons, makes the model more accessible for use in practice. The practical significance of this work also lies in the possibility of wider use of this effective model, which will increase the profitability of the portfolio of banking products and reduce the level of portfolio risk.

Loan portfolio structure: the impact of foreign and Islamic banks

PurposeThis study aims to investigate the role of bank ownership (foreign versus domestic) and the type of service (Islamic versus conventional) on bank lending to large enterprises and small and medium enterprises (SMEs).Design/methodology/approachBased on previous literature, the study proposes that foreign banks lend more to large enterprises and less to SMEs than domestic banks do. It also proposes that Islamic banks lend more to SMEs than conventional banks do. It utilizes unique hand-collected data of Jordanian banks from 2007 to 2018 to carry out its investigation. It applies regression estimation methods and propensity score matching to test its hypotheses.FindingsConsistent with prior empirical evidence, the findings show that foreign banks lend significantly less (more) to SMEs (large enterprises) than their domestic counterparts. However, the findings indicate that Islamic banks lend significantly less to SMEs than their conventional counterparts. Further analysis shows that Islamic banks operating in Jordan are ultimately owned by foreign investors hence their incentives to adopt full features of Islamic financial instruments are confounded by their incentives to utilize transaction lending technologies which in turn attenuates the expected positive impact of Islamic banking services on SMEs finance.Originality/valueThis research provides novel evidence on the impact of Islamic banks on SMEs finance as the results suggest that the success of Islamic finance in bridging the gap of SMEs finance is conditional on embracing its full features.

How resilient are Islamic financial markets during the COVID-19 pandemic?

The COVID-19 pandemic has posed a massive disruption to the finance sector. Islamic financial markets are no exception. We explore the resilience of Islamic financial markets to the COVID-19 pandemic vis-à-vis conventional markets. A comparative analysis of the impact of the first and second waves of COVID-19 is also conducted. We use five Dow Jones Islamic stock indices and two bond indices and their conventional counterparts as proxies of Islamic and conventional financial markets. Using wavelet, wavelet-based Granger causality, hedge ratio, optimal weights, and hedging effectiveness methods from January 1, 2019, to February 26, 2021, our empirical estimates indicate that both Islamic and conventional stock indices are almost similarly affected by the extreme market turbulence triggered by COVID-19. Hence, Islamic stock markets fail to provide diversification benefits. We also unveil no significant differences between the first and second waves of COVID-19 in the case of dependency. Conversely, Islamic bonds exhibit low dependence on their conventional counterparts, indicating their diversification benefits. We further demonstrate that Islamic and conventional bond pairs could be utilized as a strong portfolio mix because the least hedging cost and highest hedging effectiveness are observed in those portfolios, especially during COVID-19. Overall, our results suggest that global Sukuk offers more resilience in times of extreme market turmoil than other instruments considered in this study. Our findings present global investors and regulators with new insights on diversification and hedging strategy with Islamic finance during a worldwide, severe economic crisis. We present some policy recommendations in creating a more sustainable financial system post-COVID-19.

Estimation of the value of the client capital of a higher educational institution (on the example of the Novosibirsk State University of Economics and Management)

The article examines the views of researchers on the client capital of a higher educational institution. The author formulated the following theses: client capital is one of the elements of the structure of intellectual capital, the share of which depends on the field of activity under consideration; client capital is a special type of intangible asset of an organization that affects its value; client capital itself is heterogeneous, structural elements can be distinguished in it; for a certain kind of organizations, an anchor element can be distinguished, which characterizes client capital; for higher education institutions, the anchor is student client capital. Six factors influencing the financial indicator of the university's client capital are identified: personnel; infrastructure, educational processes; the price of educational services; non-enrolled applicants; availability of budget places (students of the budget form of education); loyalty of existing students. The author's structure of the university's client capital is substantiated: the main student client capital, loyalty capital, applicant's capital. The article presents the author's methodology for assessing the value of the client capital of a higher educational institution. The cost of the client capital of the Novosibirsk State University of Economics and Management "NINH" was estimated in the context of the structure of client capital and training levels. Based on the financial indicator, the structure of educational program portfolios is presented: strategic, investment, conservative.