Applying The Markowitz Model for Optimal Stock Portfolio Construction to Maximize Investor Returns in The Stock Market

Authors

  • Dina Yeni Martia (Orchid ID: 0000-0001-7073-3216) Politeknik Negeri Semarang http://orcid.org/0000-0001-7073-3216
  • Nina Woelan Soebroto Politeknik Negeri Semarang
  • Moch. Abdul Kodir Politeknik Negeri Semarang
  • Bagas Putra Pradana Politeknik Negeri Semarang
  • Aditya Rizqi Senoaji Politeknik Negeri Semarang

DOI:

https://doi.org/10.32497/aamar.v4i1.6569

Keywords:

Risk, Optimal Portofolio, Markowitz Model

Abstract

Increased investor interest in stocks that have sustainability principles (ESG), but price fluctuations that tend to be more stable in the IDX ESG Leaders index often make investors face challenges in obtaining optimal returns. ndex IDX ESG Leaders itself consists of 30 stocks that have good Environmental, Social, and Governance (ESG) assessments, solid financial performance, and high liquidity. The results showed that the resulting optimal portfolio provided an expected return of 0.06% with a risk of 0.68%. This portfolio consists of 9 stocks, namely ASII (17.66%), BMRI (12.85%), BRPT (1.68%), CTRA (7.14%), ICBP (20.77%), POWR (29.39%), PRDA (3.76%), RAJA (3.17%), and SMSM (3.58%).

Author Biography

Dina Yeni Martia, (Orchid ID: 0000-0001-7073-3216) Politeknik Negeri Semarang

Sinta ID :  6034495
Orchid ID :  0000-0001-7073-3216

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Published

2025-07-17

Issue

Vol. 4 No. 1 (2025): APPLIED ACCOUNTING AND MANAGEMENT REVIEW (AAMAR)

Section

Articles

License

Copyright (c) 2025 Dina Yeni Martia, Nina Woelan Soebroto, Moch. Abdul Kodir, Bagas Putra Pradana, Aditya Rizqi Senoaji

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This work is licensed under a Creative Commons Attribution 4.0 International License.