PORTFOLIO MANAGEMENT

Transcription

1 MASTER CLASS PORTFOLIO MANAGEMENT Dates: 1-5 July 2018 Venue: Radisson Blu Hotel, Dubai Deira Creek, Dubai, UAE Delivery Type: Group Live Duration: 5 Days Non residential FOR MORE INFORMATION, PLEASE CONTACT US marketing@bricsaevents.in

2 OVERVIEW SUMMARY: A boot camp on investment management taught be an internationally renowned Finance Professor, portfolio manager, and author. A valuable workshop, with historically strong delegate course reviews, now entering its 10th year. TEACHING METHODS: Traditional Lectures, Case Studies, Excel Exercises, Internet Websites, Delegate Interaction / Group Work, Discussion of Current Events THE METHODOLOGY The workshop is designed to be interactive drawing on the knowledge and experiences of the trainer and participants. The trainer will explore best practices across the industry using current industry research, reports, analysis and case studies. Participants will be encouraged to apply the best practices to their own markets and businesses. LEARNING OBJECTIVES AND TAKEAWAYS Learn How to Value a Range of Equity, Fixed Income, and Derivative Investments Learn How to Construct and Rebalance Portfolios Learn Techniques for Asset Allocation and Sector Rotation Understand the Role of Investor Psychology in Investment Management Learn Strategies of Great Investors Develop Skills in Fundamental and Technical Analysis Learn Strategies Used by Successful Hedge Funds Uncover Alpha Generating Investment Opportunities Discover Effective Hedging Strategies and Risk Management Techniques Learn How to Effectively Evaluate Investment Strategies Obtain a Bookmark File of 100+ Financial Websites Interact with a Group of Financial Professionals WHO SHOULD ATTEND! The course will be of value to professionals in the following areas: Private Bankers and Wealth Managers Portfolio and Asset Managers Heads of Investment Investment Analysts and Advisors Pension Fund Managers and Trustees Asset & Liability Managers (ALM) Accountants and Finance Managers Regulators and Auditors Compliance Officers Course Director: BERNARD DUFFY Bernard Duffy is a dedicated training solutions provider to the Global Pension, Fund Management and Private Wealth Management sectors. He has over 20 years of training experience and he specializes in the design and delivery of training programmes across the full spectrum of products and asset classes, both traditional and alternative. He is highly respected for his ability to explain and teach sophisticated investment and pension products and strategies in a very engaging manner. Bernard began his investment management career with Abbey Life in Dublin in 1981 before moving to London in 1985 to work for Irish Life Assurance Plc. At Irish Life, he was responsible for investment product marketing and new fund launches and was responsible for the company's successful entry into the single premium bond market. He joined County Bank at the end of 1986 as Research and Development executive in the unit trust division. In 1987 he transferred to the investment management division, assuming responsibility for the management and performance of Canadian equity investments. In 1991, he was seconded to the European equity desk to manage a research project on European smaller companies. At the end of 1992, he was promoted to head of the North American equity desk, a position he held until embarking on a training career in He has undertaken numerous training assignments throughout Europe, Asia, the Middle East and the U.S.A. for leading asset managers, pension funds and private banks. Bernard has a BA(Hons) in Economics and Politics and an MA in Development Economics from University College Dublin (UCD). He received his MBA in Finance from Cass Business School in London in Bernard is the founder of PensionsIQ which provides training and consulting services to pension funds and their advisors. CASE STUDIES AND WORKSHOPS The taught sessions will be interspersed by exercises and case study materials which is designed to give delegates practical experience of how to implement the principles and associated processes and procedures for the benefit of their respective organisations. IN-HOUSE All our programs are also available through in-house or bespoke format. You need to identify the requisite agenda which need to be covered, the dates most convenient, and have it delivered at your choice of location. Please us today on marketing@bricsaevents.in to discuss further.

3 Course Timings Registration will be at 0830 on Day One. Course will commence at 0900 and conclude at 1700 daily. Two refreshments and one lunch will be served daily Welcome and introduction YProgramme overview Delegates expectations Y Day One Asset Allocation and Portfolio Structuring Session 1 New Paradigms in Asset Allocation - The changing world of asset allocation - The demise of risk-free assumptions - Assets are undergoing structural change - Risk-on, risk-off mentalities - Why new approaches are needed - Relative Vs Absolute Vs Unconstrained investment approaches - How ETFs are disrupting the old landscape - Capturing risk premiums as cheaply as possible Case Study: Introducing a complex case study initial steps in asset allocation Session 2 Asset Allocation Theory - Inputs to the asset allocation decision - Models with alternative risk definitions - Correlations and the covariance matrix - Efficient frontiers and optimal portfolios - Utility functions and indifference curves - Static approaches to asset allocation strategic asset allocation - Dynamic approaches to asset allocation integrated, tactical and insured - Asset allocation rebalancing approaches Case Study: Quantitative exercises in asset allocation Session 3 Asset Allocation, Asymmetric Returns and Post Modern Portfolio Theory - Asymmetric investment returns and how to achieve them - What fund managers need to know about PMPT - Applying the principles of PMPT to portfolios - The search for assets with asymmetric return distributions - Downside deviation and the minimum acceptable return - Target rate of return and upside potential ratio Case Study: Applying the principles of PMPT Session 4 Dynamic Asset Allocation and Unconstrained Investment Approaches - The move towards more dynamic portfolio management - Multi-asset and multi-manager approaches - Constant active management and conviction driven decision making - Active risk budgets and volatility management - Downside risk management - Portable alpha and alpha transportation - Capturing the upside whilst controlling the downside Case Study: Structuring the portfolio for an Asset Allocation

4 Day Two Quantitative Equity Investing, Relative Value Investing and Investing in Private Equity and Venture Capital Session 1 Quantitative EPM Strategies - Principles guiding quantitative equity portfolio management - Moving beyond Markowitz mean-variance optimisation - Insights from Black-Litterman and Bayesian approaches - Factor choice, factor exposure and factor forecasting - Quantitative portfolio construction and management in emerging markets challenges and pitfalls - Quantitative unconstrained portfolio management when conviction is high - Minimum-variance portfolios, construction and performance - Portable alpha in theory and practice - 130/30 strategies - ETFs the vehicle of choice? Case Study : Calculating the Risk/Return Characteristics of an Unconstrained (high conviction) Equity Portfolio Session 2 Relative Value Strategies - What does relative value market-neutral mean? - Pair trades identification and exploitation - Examples of relative value strategies in practice i. Equity market neutral/statistical arbitrage ii. Convertible bond arbitrage iii. Fixed income arbitrage iv. Credit arbitrage v. Capital structure arbitrage Case Study: Relative Value Exercises Session 3 Private Equity - A brief history of private equity investing - The different routes to investing in private equity - Main differences between private equity investing Vs public equity investing - The J-curve of a private equity investment - Value drivers in a private equity investment - How LBOs work and how private equity managers make money on deals Case Study: Analysing an LBO Deal Session 4 Venture Capital - A brief history of venture capital investing - The various rounds and stages of venture capital investing - Do the returns compensate for the risk - The unique cash flow and risk dynamics of early-stage ventures - Valuing early-stage ventures - Why traditional valuation methods don t work for early-stage ventures - Structure of venture capital funds - Understanding how venture capital firms think - Term sheets what each side tries to achieve in a term sheet - Terms for splitting the rewards and allocating control - Aligning the interests of founders/management and investors Case Study: Silicon Valley and the Venture Capital Industry

5 Day Three Fixed Income Portfolio Management Tools of the Trade Session 1: Sovereign Bond Analysis Today - The changing character of sovereign debt - Sovereign bonds and risk-free returns - Key drivers of sovereign credit quality today - Sovereign risk analysis and CDS spreads Trainer Led Discussion: Reassessing sovereign debt risk in light of the credit crisis Session 2: Interest Rates, Yield Measures and Yield Curves - Overview of yield measures current yield, yield-to-maturity, horizon yield - Nominal yields, real yields, index linked yields and inflation - Factors affecting bond yields and the term structure of interest rates - Overview of sovereign term structure theories - The treasury yield curve and how to interpret it - Analysis and interpretation of spot, forward, par and swap curves - The importance of the forward curve and forward rates - Interest rate and yield curve modelling Case Study: Yield Curve Interpretation Session 3: Bond Price Volatility and Interest Rate Risk: Duration and Convexity - Basics of interest rate risk - Determinants of bond price volatility - PVBP (PV01) and the price value of a basis point - Duration concepts modified, effective and key rate - The importance of duration in managing a portfolio - Convexity, meaning and application Session 4: Hedging Sovereign Bonds - Principles of hedging sovereign bond portfolios - Choices of instruments for hedging - Calculating hedge ratios - Regression-based hedge ratios - Duration-based hedge ratios - Yield betas - Convexity hedging Case Study: Duration-based hedging

6 Day Four Risk and Performance Measurement and Investing in Infrastructure Session 1 Risk Management and Modelling in Portfolio Management - Identification of risks in asset management - Integrating risk into the investment process - Different types of risk and how to measure them - Tracking error, VaR, downside risk, shortfall probability - Defining acceptable risk levels - Extreme event distributions - Exposure based risk models - The total level of active risk in the portfolio - Active risk and active risk budgeting Case Study: Integrating risk management into the investment process Session 2 Performance Measurement and Attribution Analysis - Time-weighted and money-weighted returns - Risk-adjusted performance analysis and measurement - Meaning and interpretation and application of the following measures : - Sharpe ratio - Sortino ratio - Treynor ratio - Jensen ratio - Fama ratio - The skill/luck matrix - Standard error of the information ratio - Cross sectional comparison performance - Returns-based performance analysis - Components of investment performance - Performance attribution analysis - Selection effects Vs allocation effects Case Study: Attribution Analysis calculations Session 3 Investing in Infrastructure - History of infrastructure investing - Principle players in the infrastructure industry - Why infrastructure investing is not a fad and is here to stay - The unique characteristics of infrastructure as an asset class - Risks and rewards of infrastructure as an asset class - Characteristics of infrastructure investing that appeal to investors - Ways to invest in infrastructure - Opportunities and pitfalls of infrastructure investing Case Study : Ways to Invest in Infrastructure

7 Day Five Exchange Traded Funds The New Building Blocks Session 1 Characteristics of ETFs - A brief history of the evolution of ETFs - Stimulants and catalysts behind the growth of ETFs - Why the ETF market is poised for further growth - An overview of the different types of exchange traded product - An overview of what is needed to create an ETF - Key differences between ETFs and tracker funds - Key differences between ETFs and open-ended mutual funds - Key differences between ETFs and closed-ended funds Case Study: Comparing ETFs with other investment vehicles Session 2 Mechanics of ETF Creation and Redemption - The rationale for share creation and redemption during the trading day - Players involved in the ETF creation process - The role of authorised participants (AP) in the ETF creation and redemption process - The role and importance of creation units - Portfolio composition files (PCFs) - Market pricing of ETFs - Continual ETF pricing how it works - NAV calculations for ETFs - Intraday indicative values (IIVs) and indicative NAVs (inavs) - ETF premiums and discounts and their calculation - Authorised participants and the creation and redemption arbitrage mechanism - How ETF prices are kept close to their NAV price - Synthetic ETFs - Swap-based ETF models Vs portfolio-based models Case Study: Calculation of intraday indicative values Session 3 ETFs and Portfolio Strategies - Factors to consider in deciding the appropriate ETF investment strategy - Active ETFs are on the way - Strategic asset allocation, passive investing and ETFs - Tactical asset allocation, market timing and ETFs - ETFs, alpha and beta - Active sector allocation and rotation via ETFs - Active style rotation via ETFs - Active theme allocation via ETFs - Core-explore-satellite approaches via ETFs - Lifecycle investing via ETFs - Target date investing via ETFs - ETFs and equity investing - ETFs and fixed income investing - ETFs and commodities investing Case Study: Choosing an appropriate ETF portfolio investment strategy Session 4 Launching an ETF - Making the decision to launch an ETF - What you need to have in place to get it right first time - The 3 phases to a successful ETF launch - Choosing your service providers - Filing for regulatory approvals - Choosing a market maker/specialist firm - Reviewing the draft prospectus and Authorised Participant (AP) agreements - Deciding on a listing exchange and launch date - Deciding on your distribution strategy - Educating your distribution partners - Communicating the investment benefits Case Study: Launching an ETF and devising a marketing strategy Summary and conclude

8 5 Day 1-5 July 2018 Radisson Blu Hotel, Dubai Deira Creek, Dubai, UAE Sales Contract Please write in BLOCK letters DELEGATE DETAILS Name: Job title: Tel/Mob: 3 Name: Job title: 4 Tel/Mob: Name: Job title: Tel/Mob: Name: Job title: Tel/Mob: COMPANY DETAILS Company Name: Address: City: Tel: Country: Course Duration - 5 Days AUTHORISATION Name Position Date Signature* : : : : / / COURSE FEE: Course fee will cover training materials, luncheon and refreshments for the respective training days. This course is non-residential hence participants need to take care of the accommodation and logistics separately. For accommodation you may contact us to get a special rate at the venue. I/we hereby confirm to the above and authorise our participants. * This booking is invalid without signature. BOOK EARLY SAVE US$ 400 Early Bird Discounts Register before March 31, US$4190 Register before May 31, US$4390 Final Price..... US$4590 Group Discounts* 3-4 Delegates 10% 5 Delegates 15% *please note that all group discounts are given on the final price Easy ways to Register TERMS & CONDITIONS 100% payment of the full amount upon receipt of the invoice. All cancellations must be done in writing. Full refund for cancellations will only be paid to a maximum of one week from the invoice date. 50% refund for cancellations will only be paid to a maximum of two weeks from the invoice date. No refund for cancellations done after 2 weeks from the invoice date. Substitute is always welcomed; if not possible a credit note will be given which can be used for any of Bricsa Events up to 1 year. Force Majeure/indemnity: If the event is postponed, canceled or abandoned by reason of war, fire, storm, explosion, national emergency, labor dispute, strike, lock-out, civil, disturbance, actual or threatened violence by any terrorist group, or any other cause not within the control of our organization, we shall be under no liability to Company for non-performance or delay in performance of obligations under this contract or otherwise in respect of any actions, claims, losses (including consequential losses) costs or expenses whatsoever which may be brought against or suffered or incurred by Company, as the result of the happening of any such events. Complaint and Refund: For more information regarding administrative policies such as complaint and refund, please contact us at: Tel: , Fax: , marketing@bricsaevents.in Governing Law: This contract shall be governed by and construed in accordance with the Laws and Regulations of India and the High Court of Bombay shall have exclusive jurisdiction without regard to conflict of law provisions.