The article analyzes the evolution of financial risk management models in the formation of an investment portfolio. The theory of G. Markowitz , the founder of the modern portfolio theory , and its main ideas were studied. Markowitz's scientific work was reviewed by his student W. Sharpe 's improved theory and the main differences between them, degrees of superiority and error. "Arbitrage price theory" of S.Ross, who made a significant contribution to portfolio theory , was studied, its different aspects from other models were analyzed. Nedosekin and Zaychenko, who developed the next portfolio theory, were discussed in the article "Uncertain set model". Also, investment portfolio optimization models, their advantages and disadvantages, and their differences are compared.

Investment portfolio, financial risks,, portfolio theory

Decree of the President of the Republic of Uzbekistan "On the development strategy of the new Uzbekistan for 2022-2026". No. PF-60 dated 28.01.2022

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