INVOICE : JURNAL ILMU AKUNTANSI
Vol. 7 No. 2 (2025): September 2025

Optimal Portfolio Analysis Using the Markowitz Model: A Case Study in Mining Industry Companies Listed on the Indonesia Stock Exchange

Budiandriani, Budiandriani (Unknown)
Sarira, Wahyuni Tommo (Unknown)
Nurhasimah, Nurhasimah (Unknown)
Manjas, Sitti Zalsamala Maulina (Unknown)
Rafiuddin, Rafiuddin (Unknown)



Article Info

Publish Date
30 Sep 2025

Abstract

This study aims to test. Optimal Portfolio Using the Markowitz Model: Case Study in Mining Industry Companies Listed on the Indonesia Stock Exchange. This study uses Secondary data needed in this study is the Annual Report data of Mining Industry Companies Listed on the Indonesia Stock Exchange in 2021 - 2023 from the official website of each company. Sampling of respondents was carried out by purposive sampling. Purposive sampling is the selection of samples based on assessment. This analysis is assisted by Microsoft Excel software. The results of the study show that the portfolio with maximum profit consists of ICNO 2.93, ENRG 0.32, TINS -0.23, MEDC 0.01, PSAB -1.24, IFSH 3.01, ANTM 1.65, MBAP 0.09, and PTBA 1.40. The expected return of the portfolio is 0.66 with a risk of 0.22. This optimal portfolio is better than a portfolio filled with 10 stocks with the same weight, where the expected return increases from 0.21 to 0.66 and the standard deviation decreases from 0.29 to 0.22. This shows that allocating funds using the optimal portfolio is more effective than equalizing the weights on each stock.

Copyrights © 2025






Journal Info

Abbrev

invoice

Publisher

Subject

Economics, Econometrics & Finance

Description

Invoice: Journal of Accounting Science has p-ISSN 2714-6359 and e-ISSN 2714-6340 published by the Accounting Study Program, Faculty of Economics and Business, University of Muhammadiyah Makassar, this journal publishes research articles in the field of Accounting Science. This journal publishes ...