Proceedings

Following the presented results it can be mentioned that we can create a set of optimal
equities portfolios in order to generate returns above the returns obtained by the
instruments that are considered risk-free only by using financial descriptors. Because
in the structure of portfolios are included only stocks traded in developed capital
markets, it can be said in the first instance that the developed portfolios are destined to
investors with a low aversion to risk.
However, by applying the selection criteria based on financial descriptors we
followed the development of some "defensive" portfolios whose structure to be
preserved for longer time horizons for holding financial assets. Thus, by applying this
method it can be said that these portfolios can also be selected by investors with an
average risk aversions.
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