Finanças Privadas PDF

Aula 04
Finanças Privadas p/ Analista do BACEN - Área 3

Professor: Paulo Portinho

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Desempenho da Economia
Retornos Bom Médio Ruim
R. Fixa -4,00% 6,00% 18,00%
Ações 31,00% 12,00% -25,00%
Probab. 25,00% 50,00% 25,00%
. ∗.∀ !−%∗∀67( ∋& ,((. &)(/Θ.−)(8 (! %3%∗<(! ∋& ∃&/∋∀ 5−2∀ Α+
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Retornos Prob R. Fixa Ações
Bom 25,00% -4,00% 31,00%
Médio 50,00% 6,00% 12,00%
Ruim 25,00% 18,00% -25,00%
Retorno esperado 6,50% 7,50%

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2 2
Retornos Prob R. Fixa R-Ri (R-Ri) w*(R-Ri)
Bom 25,00% -4,00% (0,1050) 0,0110 0,0028
Médio 50,00% 6,00% (0,0050) 0,0000 0,0000
Ruim 25,00% 18,00% 0,1150 0,0132 0,0033
Retorno esperado 6,50% 0,0050 VAR 0,0061
7,79%
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Retornos Prob Ações R-Ri (R-Ri) w*(R-Ri)
Bom 25,00% 31,00% 0,2350 0,0552 0,0138
Médio 50,00% 12,00% 0,0450 0,0020 0,0010
Ruim 25,00% -25,00% (0,3250) 0,1056 0,0264
Retorno esperado 7,50% (0,0450) VAR 0,0412
20,30%
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Desempenho da Economia
Retornos Bom Médio Ruim Peso
R. Fixa -4,00% 6,00% 18,00% 50,00%
Ações 31,00% 12,00% -25,00% 50,00%
Probab. 25,00% 50,00% 25,00%
!!( !−∆/−5−)∀ 9∗& (! %3%∗<(! ∋& ∃&/∋∀ 5−2∀ & ∀! ∀6Ε&! )(∃∃&!#(/∋&.8
)∀∋∀∗.8∀ΛΗ∋∀)∀∃%&−∃∀−/4&!%−∋∀
Ω1 !∀,&.(! (! ∃&%(∃/(! & (! ∃−!)(! #∀∃∀ )∀∋∀ ∀%−4( −/∋−4−∋∗∀<.&/%&8
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Retornos Prob R. Fixa Ações Portfolio
Bom 25,00% -4,00% 31,00% 13,50%
Médio 50,00% 6,00% 12,00% 9,00%
Ruim 25,00% 18,00% -25,00% -3,50%
Retorno esperado 6,50% 7,50% 7,00%
&()&/1∃−(!&)(/5−∃.∀∃8(∃&%(∃/(&!#&∃∀∋(∋∀)∀∃%&−∃∀!&∃1∋&
8Λ2ΤΗΖ8Λ2Η[8ΛΗ<&#&∃∋&∃1Η/∀∃&/∋∀5−2∀89∗&)(∃∃&!#(/∋&
∀ΛΗ∋(#(∃%5;<−(&∆∀/=∀∃1Η/∀∃&/∋∀4∀∃−14&<Α∀6Ε&!Β89∗&)(∃∃&!#(/∋&
∀ΛΗ∋(#(∃%5;<−(

!∀
∃&%(∃/(&!#&∃∀∋(∋(#(∃%5;<−(!&∃1∋&Ψ8Η89∗&+∀#(/∋&∃∀67(∋(!
4∀<(∃&!∋&∃&%(∃/(&!#&∃∀∋(!∋(#(∃%5;<−(#&<∀!#∃(,∀,−<−∋∀∋&!∋(!)&/1∃−(!
9∗∀<(∋&!4−(Τ#∀∋∃7(∋(#(∃%5;<−(Ι
Retornos Prob Portfolio R-Ri (R-Ri)2 w*(R-Ri)2
Bom 25,00% 13,50% 0,0650 0,0042 0,0011
Médio 50,00% 9,00% 0,0200 0,0004 0,0002
Ruim 25,00% -3,50% (0,1050) 0,0110 0,0028
6,33%

&∃)&,&.(! 9∗& ( #(∃%5;<−( %&. ∗. ∃−!)( .&/(∃ ∋( 9∗& 9∗∀<9∗&∃ ∗.
∋(! −/4&!%−.&/%(! &. !&#∀∃∀∋( Α∀6Ε&! & ∃&/∋∀ 5−2∀Β & ∗. ∃&%(∃/( .∀−(∃ ∋(
9∗&(∋∀∃&/∋∀5−2∀
&∃%∀.&/%& !&∃−∀ −∃∃∀)−(/∀< )(<()∀∃ %(∋( ( ∋−/=&−∃( /∀ ∃&/∋∀ 5−2∀8 #(−!
%&∃3∀.(! ∗. ∃−!)( .∀−(∃ Α∋&!4−( #∀∋∃7( ∋& Ψ8Ψ Η )(/%∃∀ 8Η ∋( #(∃%5;<−(Β
)(. .&/(! ∃&%(∃/( &!#&∃∀∋( Α[8ΛΗ8 )(/%∃∀ ΨΗ ∋( #(∃%5;<−(Β ∋( 9∗& (
(,%−∋()(.(#(∃%5;<−(
&>∀.(!(!∃&!∗<%∀∋(!#∀∃∀41∃−∀!)(.,−/∀6Ε&!∋&#(∃%5;<−(!Φ
RF-RV Retorno
100%-0% 6,50% 7,79%
90%-10% 6,60% 5,02%
80%-20% 6,70% 2,32%
72,5%-27,5 6,77% 0,90%
70%-30% 6,80% 1,12%
60%-40% 6,90% 3,58%
50%-50% 7,00% 6,33%
40%-60% 7,10% 9,12%
30%-70% 7,20% 11,91%
20%-80% 7,30% 14,71%
10%-90% 7,40% 17,50%
0%-100% 7,50% 20,30%
&∃)&,∀ 9∗&8 ∀( ∀∋−)−(/∀∃.(! ∃&/∋∀ 4∀∃−14&< Α∀6Ε&!Β /∀ )∀∃%&−∃∀8 (
∃&%(∃/(!(,&8.∀!(∃−!)(∋−.−/∗−8#(−!&!%∀.(!∋−4&∃!−5−)∀/∋((!∃−!)(!
%∃∀4+! ∋& .+%(∋(! /∗.+∃−)(! )∀<)∗<∀.(! 9∗& ∀ )∀∃%&−∃∀ ∋& .&/(∃
∃−!)( !&∃−∀ )(.#(!%∀ #(∃ Ψ 8ΛΗ −/4&!%−∋(! &. ∃&/∋∀ 5−2∀ & Ψ8ΛΗ &. ∃&/∋∀
4∀∃−14&< %−/∆−∃3∀.(! 8ΨΨΗ ∋& ∃&%(∃/( &!#&∃∀∋(8 )(. ∃−!)( Α∋&!4−( #∀∋∃7(Β
∋&∀#&/∀!8Η
;#∀∃∀∃&<&.,∃∀∃∀!∃&∆∃−/=∀!∋(∋&!4−(#∀∋∃7(8)(.(!∋∀∋(!(,%−∋(!
%&∃3∀.(!(!&∆∗−/%&)(.#(∃%∀.&/%(&!#&∃∀∋(#∀∃∀(#(∃%5;<−(Φ

!∀
/%∃& Ψ8ΞΗ & Λ8ΨΗ ∋& ∃&%(∃/( %&∃3∀.(! ΞΗ ∋∀! (,!&∃4∀6Ε&!8 /(
#(∃%5;<−( ;%−.( Α∗. ∋&!4−( #∀∋∃7( #∀∃∀ .∀−! (∗ #∀∃∀ .&/(!8 &. ∃&<∀67( ?
.+∋−∀Β
/%∃& Ξ8ΞΛΗ & 8 Η ∋& ∃&%(∃/( %&∃3∀.(! ΛΗ ∋∀! (,!&∃4∀6Ε&!8 /(
#(∃%5;<−(;%−.(
Ρ )<∀∃∀.&/%& ∗. −/4&!%−.&/%( ∋& .&/(∃ ∃−!)( ∋( 9∗& ∀ ∃&/∋∀ 5−2∀
!(Χ−/=∀8(∗∀!∀6Ε&!!(Χ−/=∀!

!
Ρ #(!!34&< )∀<)∗<∀∃ ∋−∃&%∀.&/%& ( ∋&!4−(Τ#∀∋∃7( ∋( #(∃%5;<−(8 ∀ #∀∃%−∃

∋(!∃&%(∃/(!&!#&∃∀∋(!&∋(!∋&!4−(!#∀∋∃Ε&!∋&)∀∋∀∀%−4(
∀∃∀ %∀/%(8 #∃&)−!∀.(! )∀<)∗<∀∃ ∀ )(4∀∃−ϑ/)−∀ &/%∃& (! ∀%−4(! & !∗∀
)(∃∃&<∀67(
)(4∀∃−ϑ/)−∀ + ∗.∀ .&∋−∋∀ ∋( ∆∃∀∗ ∋& −/%&∃Τ∃&<∀67( &/%∃& ∋∗∀!
4∀∃−14&−! . %&!&8 !& ∀! 4∀∃−14&−! 5(∃&. )(.#<&%∀.&/%& ∀<&∀%;∃−∀!8 (∗ !&>∀8
/7( ∆∗∀∃∋∀∃&. 9∗∀<9∗&∃ ∃&<∀67( &/%∃& !−8 ∀ )(4∀∃−ϑ/)−∀ ∋&4&∃−∀ !&∃ Χ&∃( Α(∗
.∗−%(#∃;2−.(∋−!!(Β
)1<)∗<(+,&.!−.#<&!
&<&.,∃&.(! ∀! 5;∃.∗<∀! #∀∃∀ ( ∋&!4−( #∀∋∃7( & ∋∀ 4∀∃−ϑ/)−∀ Α∋∀
#(#∗<∀67(ΒΦ
&

! ∀ ∃ % !#
#

∋
5;∃.∗<∀∋∀)(4∀∃−ϑ/)−∀!&∃−∀Φ
&
()∗
+! ∃
%
, ! +% +!−
+!
∋
&∃−∀ ( !(.∀%;∃−( ∋∀! ∋−5&∃&/6∀! &/%∃& ∀ (,!&∃4∀67( 2− & !∗∀ .+∋−∀8
.∗<%−#<−)∀∋∀#&<∀!∋−5&∃&/6∀!∋∀!(,!&∃4∀6Ε&!Ο−&!∗∀.+∋−∀8.∗<%−#<−)∀/∋(8∀(
5−/∀<8#&<∀#∃(,∀,−<−∋∀∋&∋&()(∃∃:/)−∀∋(&4&/%(Α2−8∴−Β
(/(!!()∀!(%&∃3∀.(!Φ
A B C D E
Retornos Prob RF (R-Ri) Aç (R-Ri) BxC AxD
Bom 25,00% (0,1050) 0,2350 (0,0247) (0,0062)
Médio 50,00% (0,0050) 0,0450 (0,0002) (0,0001)
Ruim 25,00% 0,1150 (0,3250) (0,0374) (0,0093)
Retorno esperado 6,50% 0,0750 COV (0,0156)

!∀
!!(!−∆/−5−)∀∀<∆(−/%&∃&!!∀/%&∗&9∗∀/∋(∀(,!&∃4∀67(]&!%1∀)−.∀
∋&!∗∀.+∋−∀8∀(,!&∃4∀67(∴&!%1∀,∀−2(∋&!∗∀.+∋−∀8#(∃−!!(∀)(4∀∃−ϑ/)−∀
/&∆∀%−4∀
∗%∃∀ 5;∃.∗<∀ #(∋& !&∃ ∀#<−)∀∋∀8 9∗∀/∋( /7( =1 #∃(,∀,−<−∋∀∋&!
∋−!%−/%∀!#∀∃∀∀!(,!&∃4∀6Ε&!−/∋−4−∋∗∀−!Φ
& & &

()∗
+! .∃
% ! +% ! ∃
% ! ∃ +% !/

∋ ∋ ∋

.∀/(%∀67()(.∗.#∀∃∀∀)(4∀∃−ϑ/)−∀+∀!&∆∗−/%&Φ
()∗
+! ∀01
)(∃∃&<∀67(+)∀<)∗<∀∋∀#&<∀5;∃.∗<∀∀!&∆∗−∃Φ
()∗
+! ∀01
()
+! 201
∀0 ∀1 ∀0 ∀1

()∀!(&.&!%∗∋(%&∃3∀.(!Φ

()
+! 201 3
3
−/%&∃#∃&%∀67(∋∀)(∃∃&<∀67(+!−.#<&!
−/%&∃4∀<(4∀−!&.#∃&∋&Τ∀
(∃∃&<∀67( !&∃−∀ ∀ −/∋−)∀67( ∋& 9∗& ∀! 4∀∃−14&−! !& .(4&.
#∃∀%−)∀.&/%& >∗/%∀!8 !&.#∃& 9∗& ∗.∀ !(,&8 (∗%∃∀ !(,& %∀.,+. Α&.
.∀∆/−%∗∋&!#∃(#(∃)−(/∀−!Β
(∃∃&<∀67( Τ !&∃−∀ ∀ −/∋−)∀67( ∋( )(/%∃1∃−(8 ∋& 9∗& !& .(4&. /(
!&/%−∋()(/%∃1∃−(!&.#∃&
(∃∃&<∀67( ΑΧ&∃(Β !−∆/−5−)∀ 9∗& ∀! 4∀∃−14&−! /7( %&. &4−∋:/)−∀! ∋&
∃&<∀67(&/%∃&&<∀!Α∀<&∀%;∃−∀!Β
(∃∃&<∀6Ε&! ∀)−.∀ ∋& 8Ψ & ∀,∀−2( ∋& Τ8Ψ #(∋&. !&∃ )(/!−∋&∃∀∋∀!
5(∃%&! −.(! 9∗& ∀ )(∃∃&<∀67( /&∆∀%−4∀ Π &/%∃& (! ∃&%(∃/(! ∋∀! ∀6Ε&! &
∋∀ ∃&/∋∀ 5−2∀ /(! #&∃.−%−∗ ∗.∀ &2)&<&/%& ∋−4&∃!−5−)∀67(8 ,∀−2∀/∋(
!∗,!%∀/)−∀<.&/%&(∃−!)(∋(#(∃%5;<−(

∀
#!

#
;!>1)∀<)∗<∀.(!∋−∃&%∀.&/%&&!!&∋&!4−(#∀∋∃7(8.∀!&<&#(∋&∃−∀%&∃
!−∋()∀<)∗<∀∋(#&<(∗!(∋∀5;∃.∗<∀∀!&∆∗−∃Φ

!∀
−)456 )! ∀789:;5<%8

#
=0# ∀0# =1# ∀1# =0 =1 ∀01
(/(!!(&2&.#<(%&∃3∀.(!Φ
−)456 )! ∀789:;5<%8
#
# 3# # # !
−)456 )! ∀789:;5<%8

#

∀789:;5<%8 >
∗∀<!&∃−∀∀.+∋−∀#(/∋&∃∀∋∀∋(!∋&!4−(!#∀∋∃Ε&!∋&)∀∋∀∀%−4(Ι
∀789:;5<%8 =0 ∀0 =1 ∀1 3
∋−5&∃&/6∀+!−∆/−5−)∀%−4∀&+∋&∃−4∀∋∀∋∀∋−4&∃!−5−)∀67(
& ∀ )(∃∃&<∀67( 5(!!& 8 /7( =∀4&∃−∀ #(!!−,−<−∋∀∋& ∋& ∋−4&∃!−5−)∀67(
9∗&!−∆/−5−)∀−!!(Ι
−∆/−5−)∀ 9∗& ( ∋&!4−(Τ#∀∋∃7( ∋( #(∃%5;<−( !&∃−∀ −∋:/%−)( ∀( ∋&!4−(
#∀∋∃7(.+∋−(#(/∋&∃∀∋(∋(!∀%−4(!
∃

∃−.&−∃( 4∀.(! ∃&&!)∃&4&∃ ∀ 5;∃.∗<∀ ∋∀ 4∀∃−ϑ/)−∀ ∋( #(∃%5;<−( #∀∃∀

∗%−<−Χ∀∃∀)(∃∃&<∀67(&.4&Χ∋∀)(4∀∃−ϑ/)−∀Φ
−)456 )! ∀789:;5<%8
#
=0# ∀0# =1# ∀1# =0 =1 ()
+!∀0 ∀1
−)456 )! ∀789:;5<%8

#
=0# ∀0# =1# ∀1# =0 =1 ∀0 ∀1
∗#(/∋()(∃∃&<∀67(−∆∗∀<∀
&∃)&,∀9∗&(%&∃.(?∋−∃&−%∀∋∀&9∗∀67(+∗.#∃(∋∗%(/(%14&<

+! #
# +#
+
(∃%∀/%(%&.(!8∋&5(∃.∀!−.#<−5−)∀∋∀8(9∗&!&∆∗&Φ
∀789:;5<%8
#
=0 ∀0 =1 ∀1 !#
(∆(Φ
∀789:;5<%8 =0 ∀0 =1 ∀1

∃,&21&−,)∀#∃#)&−)()(,#.∋−#3,.
;!>1)∀<)∗<∀.(!(!∃&%(∃/(!&(!∋&!4−(!Α∃−!)(!Β#∀∃∀/(!!(#(∃%5;<−(
∋& ∀%−4(!Α∃&/∋∀5−2∀&∀6Ε&!8(∗∃&/∋∀4∀∃−14&<Β
&>∀.(!)(.(5−)∀∃−∀∆∃∀5−)∀.&/%&

!∀
Retorno
7,5%
7,4% 100% RV
7,3%
7,2%
7,1%
7,0%
6,9%
6,8%
6,7%
6,6%
6,5%
6,4% 100% RF
6,3%
6,2%
6,1%
6,0%
2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22%

Desvio Padrão

;!>1!∀,&.(!9∗&∀)(∃∃&<∀67(&/%∃&(!∀%−4(!+5(∃%&.&/%&/&∆∀%−4∀8
#(∃ −!!( 9∗∀!& %&.(! ∋∗∀! <−/=∀! ∃&%∀! −/∋( ∀%+ ( #(/%( ∋& ∃−!)( Α∋&!4−(
#∀∋∃7(Β.3/−.(∋(#(∃%5;<−(Α#(/%(∋&.3/−.∀4∀∃−ϑ/)−∀Β
∀!&!!∀)∗∃4∀4∀−.∗∋∀∃8∋&∀)(∃∋()(.∀!)(∃∃&<∀6Ε&!∋(!∋−5&∃&/%&!
∀%−4(!∋(#(∃%5;<−(
<∗!%∃∀.(!−!!(/∀5−∆∗∃∀∀!&∆∗−∃Φ

!∀

∗. .∗/∋( (/∋& !; &2−!%&. &!!&! ∋(−! ∀%−4(!8 /7( !&∃−∀ #(!!34&<
&/)(/%∃∀∃#(∃%5;<−(!5(∃∀∋∀!)∗∃4∀!
7( =∀4&∃−∀8 #(∃ &2&.#<(8 ∗.∀ )(.,−/∀67( ∋& ∀%−4(! 9∗& /(! ∋&!!&
Ψ8ΛΗ ∋& ∃&%(∃/( & ∃−!)( Α∋&!4−( #∀∋∃7(Β Η8 /&. =∀4&∃−∀ #(∃%5;<−(! %&∃∃34&−!
9∗&∋&!!&.∃&%(∃/(∋&ΛΗ&∃−!)(∋& Η
∀! =1 #∀∃%&! ∋&!!∀ )∗∃4∀ ∋& ∃&%(∃/(! & ∋&!4−(! &. 9∗& /&/=∗.
−/4&!%−∋(∃∃∀)−(/∀<5−)∀∃−∀
&>∀∀5−∆∗∃∀∀!&∆∗−∃Φ

!∀

&∃)&,∀9∗&=1 )(.,−/∀6Ε&!∋&#&!(!∋(!∀%−4(!/(#(∃%5;<−(9∗&/(!
%∃∀∃−∀.∗.∃−!)(∋&Η

.∀.∀−!#∃;2−.∀∋(!Η∋∀∃&/∋∀5−2∀8∃&/∋&/∋()&∃)∀∋&8ΛΗ&
(∗%∃∀∀)−.∀∃&/∋&/∋(∗.#(∗)(.&/(!9∗&ΨΗ

. −/4&!%−∋(∃ ∃∀)−(/∀< /7( ∋&4&∃−∀ &!)(<=&∃ ∀ )(.,−/∀67( 9∗& ∋1
∃&%(∃/(.&/(∃#∀∃∀(.&!.(∃−!)(
&!!∀ 5(∃.∀8 ∀ 5∃(/%&−∃∀ &5−)−&/%& #∀∃∀ &!!&! ∋(−! ∀%−4(! !&∃−∀
∃&#∃&!&/%∀∋∀∀!&∆∗−∃Φ

!∀

∃,&21&−,)∀#∃#)&−)0∋+∋34+#,.∋−#3,.
(.41∃−(!∀%−4(!+#(!!34&<&/)(/%∃∀∃)(.,−/∀6Ε&!9∗&5∗>∀.∋∀9∗&<∀
5∃(/%&−∃∀&5−)−&/%& &5(∃.∀∆&∃∀<%&∃3∀.(!Φ

! 41∃−∀! )(.,−/∀6Ε&! ∋& ∀%−4(! 5−)∀∃−∀. ∋( &!#∀6( 5(∃.∀∋(
#(∃%(∋(!(!#(∃%5;<−(!)(.,−/∀∋(!&∀5∃(/%&−∃∀&5−)−&/%&
7(!&∃−∀#(!!34&<.(/%∀∃)∀∃%&−∃∀!5(∃∀∋&!!∀1∃&∀5&)=∀∋∀∋(∆∃15−)(

!∀
∀−! ∗.∀ 4&Χ8 ∀ 5∃(/%&−∃∀ &5−)−&/%& 4∀− ∋( #(/%( ∋& .3/−.∀ 4∀∃−ϑ/)−∀
ΑΒ∀%+(∀%−4(#∗∃(∋&.∀−(∃∃−!)(&.∀−(∃∃&%(∃/(#(!!34&<
∀.(! ∆&/&∃∀<−Χ∀∃ ∀9∗&<∀ 5;∃.∗<∀ ∋& )1<)∗<( ∋( ∋&!4−( #∀∋∃7( ∋(
#(∃%5;<−( #∀∃∀ .∀−! ∀%−4(! &∃1 /&)&!!1∃−( ∃&#∃&!&/%∀∃.(! &. ∗.∀ .∀%∃−Χ8
#∀∃∀)(/!&∆∗−∃.(!4−!∗∀<−Χ∀∃.&<=(∃(!%&∃.(!

%−4(!
=∋# ∀∋# =∋ =# ?)∗ ∋ # ! =∋ =≅ ?)∗ ∋ ≅ ! =∋ =Α ?)∗ ∋ Α !
=# =∋ ?)∗ # ∋! =## ∀## =# =≅ ?)∗ # ≅ ! =# =Α ?)∗ # Α !
=≅ =∋ ?)∗ ≅ ∋! =≅ =# ?)∗ ≅ # ! =≅# ∀≅# =≅ =Α ?)∗ ≅ Α !

=Α =∋ ?)∗ Α ∋ ! =Α =# ?)∗ Α # ! =Α =≅ ?)∗ Α ≅ ! =Α# ∀Α#

&∃)&,∀ 9∗&8 #∀∃∀ ( )∀!( ∋& =∀4&∃ ∀#&/∀! ∀%−4(!8 ∀ 5;∃.∗<∀ + ∀
.&!.∀9∗&&/∗/)−∀.(!∀/%&∃−(∃.&/%&
%&/%∀/∋(#∀∃∀(5∀%(∋&9∗&Φ
=# =∋ ?)∗ # ∋ ! =∋ =# ?)∗ ∋ # !
01∀<∆(,∀!%∀/%&−/%&∃&!!∀/%&/&!!∀.∀%∃−Χ
%

−.#<&!Φ2[
%

&

∋
!

−.#<&!8!7((!9∗&&!%7(/∀∋−∀∆(/∀<Φ
%

∀.,+.!−.#<&!Φ Τ
∀∃∀ ∗. #(∃%5;<−( )(. ∀%−4(!8 %&∃3∀.(! %&∃.(! ∋&#&/∋&/%&! ∋(
∋&!4−( #∀∋∃7( ∋(! ∀%−4(! −/∋−4−∋∗∀−! & Α ΤΒ 9∗& ∋&#&/∋&. ∋∀!
)(4∀∃−ϑ/)−∀!&/%∃&(!∀%−4(!

!∀
!!(/(!∋1∗.∀−/∋−)∀67(∋&9∗&∀4∀∃−ϑ/)−∀∋(#(∃%5;<−(∋&#&/∋&.∀−!
∋∀!)(4∀∃−ϑ/)−∀!&/%∃&(!∀%−4(!∋(9∗&∋∀4∀∃−ϑ/)−∀∋(!∀%−4(!−/∋−4−∋∗∀−!
&∆∗&.(!∗.)∀!(!−.#<&!Φ
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Λ( ?4 !

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∀%−4(/∀)∀∃%&−∃∀

Ativo Peso Betas w.Beta
A 20,00% 1,36 0,2720
B 55,00% 0,80 0,4400
C 25,00% 0,44 0,1100
Médias 0,8220

)∀∃%&−∃∀∀)−.∀∋&.(/!%∃∀&!!&)1<)∗<(
ΙΝϑ9:Ο%9ϑ =Θ Ρ ΙΘ =Σ Ρ ΙΣ =Τ Ρ ΙΤ Ρ Ρ Ρ

7#&=∋(,∗)+∃∋(,()−>−17,.? )∃1+#−#).∋+:)−#&) ≅
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&∀)∀∃%&−∃∀∋&.&∃)∀∋(
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5(∃.∀9∗&!&∗,&%∀+!&.#∃&χ
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Φ Ν ! Υ
ΙΝ Υ

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&!!&4∀<(∃)∀#%∀∋(/(∀%−4(
&∃3∀.(! ΛΗ −/4&!%−∋(! &. & ΑΤΛΗΒ −/4&!%−∋(! /( ∀%−4( <−4∃& ∋&
∃−!)(!!(!−∆/−5−)∀9∗&8&.4&Χ∋&∃&)&,&∃.(!Η8#∀∆∀∃&.(!Η
Π−)∀∃−∀∀!!−.Φ
Φ Ν ! Υ 3
ΙΝ Υ
1 #∀∃∀ ∋&∃−4∀∃.(! ∗.∀ %∀,&<∀ #∀∃∀ ∀! ∋−5&∃&/%&! )(.#(!−6Ε&! ∋&

)∀∃%&−∃∀Α(∗#(∃%5;<−(Β
Carteira Ret % Beta
0%A/100%Rf 6,00% 0,00
25%A/75%Rf 8,25% 0,35
50%A/50%Rf 10,50% 0,70
75%A/25%Rf 12,75% 1,05
100%A/0%Rf 15,00% 1,40
150%A/-50%Rf 19,50% 2,10
200%A/-100%Rf 24,00% 2,80

!∀
−/)<−/∀67( ∋&!!∀ ∃&%∀8 9∗& ∃&#∃&!&/%∀ ∀ ∃&<∀67( &/%∃& ( ,&%∀ & (

∃&%(∃/( ∋∀ )∀∃%&−∃∀8 −/∋−)∀ 9∗∀< ( #&∃)&/%∗∀< ∋& ∃−!)( Μ#(∃ ∗/−∋∀∋& ∋& ,&%∀Ν
!&∃−∀&2−∆−∋(∋∀9∗&<&∀%−4(

Φ Θ !
ς(6 Π)
ΙΘ

!!( !−∆/−5−)∀ 9∗&8 #∀∃∀ )∀∋∀ ∗/−∋∀∋& ∋& ∃−!)( !−!%&.1%−)( Α,&%∀Β8 (
#(∃%5;<−(&2−∆−∃−∀∗.∃&%(∃/(∋&8Η∀.∀−!

∋.=4∋,05/,()1∗∋−#3,ΑΒ
%−4(ΦΑΒ[ Ηα [8
Π∀Χ&/∋((!.&!.()1<)∗<(!9∗&5−Χ&.(!#∀∃∀(#(∃%5;<−()(.(∀%−4(8
∗. #(∃%5;<−( )(/%&/∋( ( %−4( & ( ∀%−4( <−4∃& ∋& ∃−!)( %&∃−∀ (! !&∆∗−/%&!
∃&!∗<%∀∋(!Φ

Carteira Ret % Beta
0%B/100%Rf 6,00% 0,00
25%B/75%Rf 7,50% 0,30
50%B/50%Rf 9,00% 0,60
75%B/25%Rf 10,50% 0,90
100%B/0%Rf 12,00% 1,20
150%B/-50%Rf 15,00% 1,80
200%B/-100%Rf 18,00% 2,40

(.,−/∀/∋((∆∃15−)(∋(#(∃%5;<−()(.)(.(∃15−)(∋(#(∃%5;<−()(.
8%&.(!Φ

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#
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Φ Θ ! Φ Σ !

ΙΘ ΙΣ

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.
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−/)<−/∀67(∋∀+Φ

Φ Ζ ! Φ Ζ !
ς(6 Π)ΩΞΨ [∴Γ ) ())Ξ()
ΙΖ

#−
.

#
−
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!&∆∗−/%&Φ
Φ % !
Φ Ζ !
Ι%

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Φ % ! Φ Ζ ! ! Ι%

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ΑΒ
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Aula 04

Finanças Privadas p/ Analista do BACEN - Área 3

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