唯學(xué)網(wǎng)小編提醒：CFA金融分析師考試三級(jí)課程著重于投資組合管理，包括應(yīng)用因素和工具的戰(zhàn)略，以及個(gè)人或機(jī)構(gòu)管理股票證券、固定收益證券、衍生工具和另類(lèi)投資的資產(chǎn)評(píng)估模式。所以本內(nèi)容的投資組合也就是考試的重點(diǎn)，希望本文對(duì)參加CFA金融分析師考試的同學(xué)能有幫助。
Reading 68 投資組合管理的流程
1. Portfolio management processes:
1) Planning step:
a) Identify the investor’s objectives and constraints;
b) Create the Investment Policy Statement (IPS): long-term plan for a particular investor but not a group of investors;
c) Form capital market expectations (對(duì)市場(chǎng)的預(yù)期);
d) Strategic asset allocation.
2) Execution step:
a) Portfolio selection and composition decision;
b) Portfolio implementation (timing, transaction cost).
3) Feedback step:
a) Monitoring and rebalancing;
b) Performance evaluation.
2. Investment objectives and constraints:
1) Distinguish investor’s willing and ability: depend on the investor’s financial position but not his description.
2) Objectives: risk, return: risk tolerance should not depend on the need for a higher return.
3) Constraints: liquidity, time horizon, tax concerns, legal and regulatory factors.
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