<?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>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552023000200143</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2023v38n98/samaniego</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Levels of economic concentration for the Treynor-Black model]]></article-title>
<article-title xml:lang="es"><![CDATA[Niveles de concentración económica para el modelo Treynor-Black]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Samaniego]]></surname>
<given-names><![CDATA[Ángel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Occidente  ]]></institution>
<addr-line><![CDATA[San Pedro Tlaquepaque Jalisco]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2023</year>
</pub-date>
<volume>38</volume>
<numero>98</numero>
<fpage>143</fpage>
<lpage>154</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552023000200143&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552023000200143&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552023000200143&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The levels of economic concentration in investment portfolios are studied using the Herfindahl index (HI). From portfolios formed with the Treynor-Black (TB) model, only in its active part. Using the components included in the Dow Jones Industrial Average (DJIA) between 2000-2020. Although the TB model outperforms the DJIA, it presents investment periods with a low HI. Portfolios with HI&gt;=0.885 (between 11 to 17 assets) do not outperform the DJIA. On the contrary, when TB portfolios with HI&lt;0.05 (a single asset, 20.7% of total observations) outperform the DJIA and the rest of the combinations with HI&gt;0.05. Having an average return of 17.1%, with an 83.2% probability of outperforming the DJIA, and. 85.3% probability of returns above zero.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se estudian los niveles de concentración económica en portafolios de inversión mediante el índice de Herfindahl (HI). De portafolios formados con el modelo de Treynor-Black (TB), solo en su parte activa. Utilizando los componentes incluidos en el Dow Jones Industrial Average (DJIA) entre 2000-2020. Aunque el modelo TB es superior al desempeño al DJIA, presenta períodos de inversión con un bajo HI. Los portafolios con HI&gt;=0.885 (entre 11 a 17 activos) no superan al desempeño del DJIA. Al contrario, cuando los portafolios de TB con HI&lt;0.05 (un solo activo, 20.7% del total de observaciones) superan el desempeño del DJIA y al resto de combinaciones con HI&gt;0.05. Teniendo un rendimiento promedio del 17.1%, con una probabilidad del 83.2% de superar al DJIA, y una probabilidad del 85.3% de rendimientos superiores a cero.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Appraisal]]></kwd>
<kwd lng="en"><![CDATA[portfolio diversification]]></kwd>
<kwd lng="en"><![CDATA[portfolio selection]]></kwd>
<kwd lng="en"><![CDATA[CAPM]]></kwd>
<kwd lng="es"><![CDATA[Evaluación]]></kwd>
<kwd lng="es"><![CDATA[diversificación de cartera]]></kwd>
<kwd lng="es"><![CDATA[selección de carteras]]></kwd>
<kwd lng="es"><![CDATA[CAPM]]></kwd>
</kwd-group>
</article-meta>
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