Features of investment portfolio management during a crisis period

Abstract

The article examines the features of investment portfolio management under crisis shocks associated with the COVID-19 pandemic, geopolitical instability in 2022-2023, and the declining reliability of traditional diversification models. The relevance of reconsidering the 60/40 portfolio is substantiated, as in 2022 it demonstrated a significant deterioration in its protective properties. The research methodology is based on a comparative analysis of passive, active, defensive, and dynamic portfolio management models, as well as a computational testing of asset structures using Russian market data from the acute phase of the 2022 crisis. The study evaluates returns, final portfolio value, drawdown, the role of gold and the currency component, rebalancing frequency, and the economic effect relative to the baseline 60/40 model. It is established that crisis-oriented management is primarily aimed at reducing losses, preserving liquidity, and creating conditions for capital recovery. The conclusion is made that it is advisable to combine models, taking into account the type of crisis and investor behavior.