<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462025000100004</article-id>
<article-id pub-id-type="doi">10.21919/remef.v20i1.978</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Construcción de portafolios de inversión usando el enfoque de paridad de riesgo]]></article-title>
<article-title xml:lang="en"><![CDATA[Building Investment Portfolios Using the Risk Parity Approach]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zapata Quimbayo]]></surname>
<given-names><![CDATA[Carlos Andres]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Garcia Gaona]]></surname>
<given-names><![CDATA[Robinson Alexander]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Externado de Colombia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Minuto de Dios  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2025</year>
</pub-date>
<volume>20</volume>
<numero>1</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462025000100004&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462025000100004&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462025000100004&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo propone una metodología para aplicar el enfoque de paridad de riesgo (PR) como una alternativa al enfoque tradicional media-varianza (MV) de Markowitz. Para ello, se exploran los fundamentos del enfoque de PR, basado en la noción de contribución al riesgo, donde se busca que cada activo contribuya de manera igualitaria al riesgo total del portafolio, garantizando así una diversificación óptima del portafolio de inversión. Este enfoque se contrasta con el modelo MV, cuyo rendimiento se ve afectado por problemas de concentración y errores en la estimación de los parámetros, que pueden llevar a un riesgo excesivo. Para llevar a cabo su implementación, se construyen dos portafolios diferentes: uno en el mercado de valores estadounidense y otro internacional que incluye este mercado desarrollado y emergentes, como México y Brasil. Además, se utilizan métricas de concentración, como el índice de Herfindahl-Hirschman (HHI), para demostrar que los portafolios basados en PR son más consistentes y requieren menos rebalanceo. Finalmente, se señalan algunas limitaciones del enfoque PR y recomendaciones para su implementación.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper proposes a methodology for applying the Risk Parity (RP) approach as an alternative to the traditional Markowitz Mean-Variance (MV) approach. To do that, we explore fundamentals of the RP approach, which is based on the notion of risk contribution, where each asset is expected to contribute equally to the overall risk of the portfolio, thereby ensuring optimal diversification from a risk perspective. This approach contrasts with the MV model, which is susceptible to concentration issues and errors in parameter estimation, which can result in an over-exposure to risk. To demonstrate the implementation of this approach, two portfolios are constructed: one based on the U.S. stock market and another that includes both the developed market and emerging markets, such as Mexico and Brazil. In addition, concentration measures such as the Herfindahl-Hirschman Index (HHI) are used to show that the PR-based portfolios are more consistent and require less rebalancing. Finally, the limitations of the PR approach and recommendations for its implementation are outlined.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[portafolio óptimo]]></kwd>
<kwd lng="es"><![CDATA[paridad de riesgo]]></kwd>
<kwd lng="es"><![CDATA[diversificación]]></kwd>
<kwd lng="en"><![CDATA[optimal portfolio]]></kwd>
<kwd lng="en"><![CDATA[risk parity]]></kwd>
<kwd lng="en"><![CDATA[diversification]]></kwd>
</kwd-group>
</article-meta>
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