Abstract: Unlike the literature.this paper mainly discusses the characteristics of the portfolio which isn't on the portfolio frontier. A more general concept—q-zero-covariance portfolio frontier is proposed, and its geometric configuration is depicted in the σ₂(r)—E［r］ space. The usual zero covariance portfolio of the frontier portfolio is its degenerate case, and the portfolio frontier is the envelope of our q-zero-covariance portfolio frontier as q moves.

Key words: portfolio frontier, frontier portfolio, q-zero-covariance portfolio frontier

摘要： 探讨了资本市场里非前沿资产组合的结构特征，提出一个更具一般性的概念——q-零协方差资产组合前沿，在σ²(r)—E［r］坐标平面中刻画了其几何结构。通常使用的前沿资产组合的零协方差资产组合是它的退化型特例，资产组合前沿是所有q-零协方差资产组合前沿的包络线。

关键词: 资产组合前沿, 资产前沿组合, q-零协方差资产组合前沿