<?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>1870-6622</journal-id>
<journal-title><![CDATA[EconoQuantum]]></journal-title>
<abbrev-journal-title><![CDATA[EconoQuantum]]></abbrev-journal-title>
<issn>1870-6622</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Guadalajara]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1870-66222019000100057</article-id>
<article-id pub-id-type="doi">10.18381/eq.v16i1.7159</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Determinación de un portafolio de referencia para las SIEFORE Básicas a través de un modelo de riesgo-rendimiento que optimiza la tasa de reemplazo]]></article-title>
<article-title xml:lang="en"><![CDATA[Determination of a reference portfolio for the Siefore Básicas through a risk-return model that optimizes the replacement rate]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Núñez Mora]]></surname>
<given-names><![CDATA[José Antonio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[León Alvarado]]></surname>
<given-names><![CDATA[Martha Angélica]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey EGADE Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey EGADE Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<volume>16</volume>
<numero>1</numero>
<fpage>57</fpage>
<lpage>82</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1870-66222019000100057&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1870-66222019000100057&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1870-66222019000100057&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El sistema pensionario en México opera actualmente a través de cuentas individuales en donde el trabajador, el patrón y el gobierno aportan un porcentaje del salario a la cuenta de cada afiliado. Estos recursos son invertidos en diversos instrumentos financieros a través de Sociedades de Inversión (SIEFORES). El objetivo del estudio es elaborar un portafolio de referencia para cada una de las cuatro SIEFORE Básicas, incorporando activos y pasivos de largo plazo, para optimizar las inversiones del portafolio, con el fin de lograr la máxima tasa de reemplazo posible. Los resultados convergen a portafolios más conservadores que los que actualmente administran las SIEFORE. El portafolio de referencia obtenido asigna un bajo porcentaje a instrumentos de renta variable y un mayor peso a instrumentos de renta fija, la optimización elige también portafolios con instrumentos de menor plazo, 3 y 5 años, sobre instrumentos de más largo plazo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The Mexican system of pensions nowadays works through individual accounts, where the employee, employer and the government give a percentage of the wage to the individual account of the worker. The resources are invested in different financial instruments trough Investment Societies (SIEFORES). The objective of the paper is to construct a benchmark portfolio for each of four Basic SIEFORE, which permits incorporate the existence of long-term assets and liabilities to optimize the investments of this benchmark portfolio and to obtain the biggest replacement rate. The selected benchmark portfolio in the model assigns a low percentage of instrument of variable income and a greater weight to the fixed income, and the optimization selects portfolios with instrument of smaller term, 3 and 5 years, which are preferable than instrument of long term.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[AFORE]]></kwd>
<kwd lng="es"><![CDATA[pensiones]]></kwd>
<kwd lng="es"><![CDATA[portafolio de referencia]]></kwd>
<kwd lng="es"><![CDATA[renta fija]]></kwd>
<kwd lng="es"><![CDATA[renta variable]]></kwd>
<kwd lng="es"><![CDATA[H75]]></kwd>
<kwd lng="es"><![CDATA[J26]]></kwd>
<kwd lng="en"><![CDATA[Pension funds]]></kwd>
<kwd lng="en"><![CDATA[Benchmark portfolios]]></kwd>
<kwd lng="en"><![CDATA[fixed income]]></kwd>
<kwd lng="en"><![CDATA[variabe income]]></kwd>
<kwd lng="en"><![CDATA[H75]]></kwd>
<kwd lng="en"><![CDATA[J26]]></kwd>
</kwd-group>
</article-meta>
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