Από κοινού διαχείριση περιουσιακών στοιχείων και υποχρεώσεων επαγγελματικών ταμείων με τη χρήση μεθόδων ανοσοποίησης
Pension funds often invest in financial products like bonds. In this project not only the basic elements of bonds and the various types of financial risk, which they include, are examined, but also the terms of duration and convexity are introduced. The significance of duration and convexity is that they constitute measures which assist us with the calculation and management of the interest rate risk exposure. Pension funds seek the systematic monitoring, together with the minimization of the risk exposure of their portfolios, while rebalancing their investments so as to adjust to the characteristics of their liabilities. The aim of this project is to present ways of investment of assets of Pension funds, in such way that the fund is able to offset its liabilities and also be hedged from the interest rate risk and the reinvestment risk. Investment strategies of immunization and dedication as well as the numerical application of these in the sector of Mutual Aid of Occupational Insurance Fund for Economists, are presented, in order to create the optimum portfolio of bonds, estimating the liabilities of the fund in monthly and annual base.