U ovome radu korištena je suvremena teorija portfelja Harryja Markowitza za stvaranje efikasnih portfelja unaprijed odabranih dionica. Izabrali smo četiri dionice sa Zagrebačke burze iz turističkog sektora. U prvom koraku iz povijesnih podataka kroz pet godina a preko dnevnih prinosa izračunavaju se očekivani povrat, varijanca i standardna devijacija za svaku pojedinu dionicu. Nakon toga izračunava se granica efikasnosti (Efficient frontier), kao portfelj od ove četiri dionice koji daje najbolji odnos prinosa i rizika. Svrha je pokazati kako najbolje kombinirati ulaganja u ove četiri dionice da bi dobili najbolji odnos prinosa i rizika. Rezultati rada jasno pokazuju da ima smisla ulagati u učinkoviti portfelj. Razlog tomu je da ovakva diversifikacija, u usporedbi s ulaganjem u pojedinačnu dionicu, ili povećava prinos uz dani rizik ili smanjuje volatilnost uz dani prinos. Osim toga, treba naglasiti da je ulaganje u jedan učinkoviti portfelj s vise dionica poželjnije od ulaganja u jedan učinkovit portfelj s manje dionica.; In this paper, Modern portfolio theory of Harry Markowitz was used to build-up efficient portfolios of forehand chosen stocks. Four tourism sector stocks were chosen from Zagreb Stock Exchange. In the first step, on the basis of historic daily returns in five years period, expected return, variance and standard deviation for each chosen stock were calculated. Afterward, Efficient frontier of four stocks with best return and risk profile was calculated. The task is to show the optimal combination of four stocks investment that produce the best risk return profile. The results of the paper clearly show that it makes sense to invest in an efficient portfolio. The reason for this is that such diversification, as compared to single stock investment, either increases return with a given risk or decreases volatility with a given return. Besides, it should be emphasized that investment in an efficient portfolio with more stocks is preferable to investment in an efficient portfolio with fewer stocks.