Formation of the Portfolio of Shares on the Russian Market of Securities

Целью исследования является формирование портфеля акций на российском рынке ценных бумаг (биржа ММВБ) на основании официальных данных компаний в период с 15.03.2016 г. по 22.03.2018 г. Вопросы оптимальности являются важными экономическими задачами в любой инвестиционной деятельности. Методы. Реализация задачи оптимизации структуры инвестиционного портфеля на практике использует большое количество методик. Для активного управления портфелем применима модель Гарри Марковица как целесообразный инструмент, позволяющий учитывать ценные бумаги корпоративных эмитентов и безрисковые активы. Результат. Рассчитаны ожидаемая доходность акций и риски, построены корреляционная и ковариационная матрицы, позволяющие оценить наличие и тесноту взаимосвязи между изменениями доходностей соответствующих финансовых инструментов в портфеле. Сделан анализ полученных результатов, показывающий зависимость изменений доходностей акций выбранных компаний, корреляцию некоторых финансовых инструментов, возможности диверсификации портфеля. В качестве задачи Марковица рассмотрено построение портфеля минимального риска при заданном уровне доходности. Исходя из минимально и максимально возможных значений доходности портфеля, рассмотрены более 20 различных вариантов инвестирования, полученные с помощью надстройки «Поиск Решений» MS Excel. Вывод. На основании полученных данных построено эффективное множество портфелей Марковица. Представлена структура оптимального портфеля акций на российском рынке ценных бумаг. Доходность и риск портфеля составляют 0,148 % и 0,848 % соответственно.The purpose of the study is to form a portfolio of shares on the Russian securities market (MICEX Stock Exchange) on the basis of official data of companies in the period from March 15, 2016 to March 22, 2018. Optimality issues are important economic tasks in any investment activity. Methods. The implementation of the task of optimizing the structure of the investment portfolio in practice uses a large number of methods. To actively manage the portfolio, the Harry Markowitz model is applicable, as an appropriate tool that allows for the consideration of securities of corporate issuers and risk–free assets. Result. Expected share return and risks have been calculated, correlation and covariance matrices have been constructed to assess the presence and tightness of the relationship between the changes in yields of the relevant financial instruments in the portfolio. The analysis of the obtained results is made, showing the dependence of changes in stock returns of selected companies, the correlation of certain financial instruments, the possibility of portfolio diversification. As the problem of Markowitz, we consider the construction of a portfolio of minimum risk for a given level of profitability. Based on the minimum and max-imum possible yields of the portfolio, more than 20 different investment options obtained using the add–in "Search Solutions" MS Excel are considered. Conclusion. Based on the obtained data, an effective set of Markowitz portfolios is constructed. The structure of the optimal portfolio of shares on the Russian securities market is presented. The yield and risk of the portfolio are 0.148% and 0.848%, respectively

Combined administration of bacteriocin-producing, probiotic strain Enterococcus faecium CCM7420 with Eleutherococcus senticosus and their effect in rabbits

The effect of Enterococcus faecium CCM7420 (EF) – enterocin-producing and probiotic strain of rabbit origin, Eleutherococcus senticosus extract (ES) and their combination (ES+EF) was determined on selected bacteria in faeces and caecum content, leukocytes phagocytosis, blood biochemistry and growth performance. Ninety-six weaned rabbits were divided into 3 experimental (ES, EF, ES+EF) and control group (CG). The rabbits in the groups ES and EF+ES were fed commercial diet enriched with E. senticosus extract (30 g/100 kg feed), rabbits in groups EF and CG were fed untreated diet. The rabbits in the EF and ES+EF groups were administered with an overnight culture of E. faecium CCM7420 strain (500 μl/animal/day into water, 109 CFU/ml). The treatment period lasted 21 days. The microbiological examinations in faecal samples confirmed the presence of E. faecium CCM7420 strain. In groups EF and ES+EF, the reduction of faecal coliforms, Pseudomonas-like sp., Clostridium-like sp. and S. aureus was recorded. Leucocyte phagocytosis significantly increased in all experimental groups (P<0.0001) compared to CG. The lowest GPx values were measured in the ES+EF group. Higher total protein, triglycerides and calcium concentrations were detected in experimental groups compared to CG. The cholesterol concentration decreased in the ES group. The highest average daily gain was recorded in EF group; in ES+EF the better feed conversion ratio and no mortality was recorded. These results indicated that the dietary supplementation with the E. faecium CCM7420 and E. senticosus extract stimulate the leukocytes phagocytosis and reduces the potential pathogens in rabbits digestive tract without oxidative stress and improve the growth performance

The EASL-Lancet Liver Commission: protecting the next generation of Europeans against liver disease complications and premature mortality

Liver diseases have become a major health threat across Europe, and the face of European hepatology is changing due to the cure of viral hepatitis C and the control of chronic viral hepatitis B, the increasingly widespread unhealthy use of alcohol, the epidemic of obesity, and undiagnosed or untreated liver disease in migrant populations. Consequently, Europe is facing a looming syndemic, in which socioeconomic and health inequities combine to adversely affect liver disease prevalence, outcomes, and opportunities to receive care. In addition, the COVID-19 pandemic has magnified pre-existing challenges to uniform implementation of policies and equity of access to care in Europe, arising from national borders and the cultural and historical heterogeneity of European societies. In following up on work from the Lancet Commission on liver disease in the UK and epidemiological studies led by the European Association for the Study of the Liver (EASL), our multidisciplinary Commission, comprising a wide range of public health, medical, and nursing specialty groups, along with patient representatives, set out to provide a snapshot of the European landscape on liver diseases and to propose a framework for the principal actions required to improve liver health in Europe. We believe that a joint European process of thinking, and construction of uniform policies and action, implementation, and evaluation can serve as a powerful mechanism to improve liver care in Europe and set the way for similar changes globally. On the basis of these data, we present ten actionable recommendations, half of which are oriented towards health-care providers and half of which focus primarily on health policy. A fundamental shift must occur, in which health promotion, prevention, proactive casefinding, early identification of progressive liver fibrosis, and early treatment of liver diseases replace the current emphasis on the management of end-stage liver disease complications. A considerable focus should be put on underserved and marginalised communities, including early diagnosis and management in children, and we provide proposals on how to better target disadvantaged communities through health promotion, prevention, and care using multilevel interventions acting on current barriers. Underlying this transformative shift is the need to enhance awareness of the preventable and treatable nature of many liver diseases. Therapeutic nihilism, which is prevalent in current clinical practice across a range of medical specialities as well as in many patients themselves, has to end. We wish to challenge medical specialty protectionism and invite a broad range of stakeholders, including primary care physicians, nurses, patients, peers, and members of relevant communities, along with medical specialists trained in obesity, diabetes, liver disease, oncology, cardiovascular disease, public health, addictions, infectious diseases, and more, to engage in integrated person-centred liver patient care across classical medical specialty boundaries. This shift includes a revision in how we converse about liver disease and speak with our patients, and a reappraisal of disease-related medical nomenclature conducted to increase awareness and reduce the social stigmatisation associated with liver disease. Reimbursement mechanisms and insurance systems must be harmonised to account for patient-centric, multimorbidity models of care across a range of medical specialties, and the World Health Assembly resolution to improve the transparency and fairness of market prices for medicines throughout Europe should be reinforced. Finally, we outline how Europe can move forward with implementation of effective policy action on taxation, food reformulation, and product labelling, advertising, and availability, similar to that implemented for tobacco, to reduce consumption of alcohol, ultraprocessed foods, and foods with added sugar, especially among young people. We should utilise the window of opportunity created by the COVID-19 pandemic to overcome fragmentation and the variability of health prevention policies and research across Europe. We argue that the liver is a window to the 21st-century health of the European population. Through our proposed syndemic approach to liver disease and social and health inequities in Europe, the liver will serve as a sentinel for improving the overall health of European populations