Fund and Portfolio Management

Transcription

1 Fund and Portfolio Management A 2-day course This course can be presented in-house or via webinar for you on a date of your choosing The Banking and Corporate Finance Training Specialist

2 Course Overview Participant will: Learn about the portfolio construction process Have explained to them the tradeoff between risk and return Understand an asset allocation process Evaluate the different styles of fund management Get to grips Course with Overview the investment process Grasp most investment products and their associated risks Differentiate between various strategies in both fixed income and equity markets Understand the use of risk controls and benchmarking Gain an appreciation investment performance measurement tools Course Content Day 1 Understanding the Fundamentals of Investing Investors : requirements objectives Investment risk The diversification effect Investment returns from stocks and portfolios historical returns projecting returns Portfolio Theory Evolution of portfolio theory Understanding variance Differentiating co-variance and correlation Investment returns The benefits of diversification Capital Asset Pricing Model - CAPM The flaws of the theory Best practice Case Study : Correlation impact on a portfolio The Fund Management Process Roles and responsibilities within a fund management operation Planning for optimal portfolio returns setting investment objectives constraints on the fund manager Active & passive fund management The active/passive debate Empirical evidence Case Study : Going through an example of investment policy

3 Examining the Types of Investment Fund and their Portfolios Pension funds Mutual funds Unit trusts New key regulations Tracker & index funds Exchange-Traded-Funds - ETF Hedge Funds Other alternative funds Understanding the different asset classes Equities Bonds Property Commodities Cash Currency Derivatives Case Study : Performance comparisons Day 2 Analysing Equity Investment Styles Index and tracker matching Sector rotation style Geographic investment & diversification Top down investing Bottom up investing Growth investing Value investing Momentum investing Equity Investment Analysis Understanding balance sheet data Other key financial statements Accounting and valuation ratios Case Study : Evaluating a quoted company from a balance sheet report Analysing Bond Investment Styles Bond portfolio styles Index matching Liability matching Bond types Bond switching /swapping Dedication strategy Immunization strategy Cash flow matching

4 Bond Investment Analysis Understanding bond pricing Bond yields Duration analyisis Convexity issues Repayment risk Refinancing risk Case Study: Comparing bond performance The Process of Investment Allocation Strategic allocation Tactical asset decisions Currencies Countries Sectors Stock picking Evaluation of Investment Performance Understanding investment returns Benchmarks and benchmarking The rationale of indexing Risk-adjusted performance measurement Attribution analysis superior stock selection superior market timing Global Investment Performance Standards - GIPS Case Study : Risk adjusted performance analytics Discussion session and closing Course Summary While the performance of funds in the past few years has been increasingly under scrutiny by investors, stocks, bonds and other assets such as commodities have at the same time experienced unprecedented volatility as active portfolio managers switched more frequently between risk-on and risk-off transactions. It now becomes absolutely essential to have a thorough understanding of the basics of portfolio management to be able to have a balanced view of this fast expanding industry.

5 During this 2 day intensive course, we will define the fundamentals of portfolio management, the different types of funds available, and examine the investment process for both passive and active management. We will also look at the theories, appreciating their limitations while focussing on current best practice. The programme will include an analysis of the pros and cons of the different types of assets available, the various investment styles and allocation strategies used in practice, and the tools available to monitor fund performance. The course will examine how to choose an optimal asset mix, determine which is best suited given specific risk tolerance and constraints, and understand why and how portfolio managers can beat or match an index or a specific liability structure. E-Learning This course can also be presented as a bespoke e-learning programme created by you to fit your exact requirements.