CFA三级基础段:机构IPS_Irene(打印版).docx
《CFA三级基础段:机构IPS_Irene(打印版).docx》由会员分享,可在线阅读,更多相关《CFA三级基础段:机构IPS_Irene(打印版).docx(32页珍藏版)》请在课桌文档上搜索。
1、FPortfolioManagementfor卜InstitutionalJ1.Investors4匚s,()KKLImM*aa内LdTopicinCFALevelIIISessionContentStudySession1-2ETHICS&PROFESSIONALSTANDARDS&(2)StwdySession3StudySession4BEHAVIORALFINANCECAPITALMARKETEXPECTATIONSNEW1StudySession5StudySession6StudySession7-8ASSETALLOCATIONANDRELATEDDECISIONSINPORTF
2、OUOMANAGEMENTDERIVATIVESANDCURRENCYMANAGEMENTNEWFIXED-INCOMEPORTFOUOMANAGEMENT(1)(2)StudySession9-10StudySession11StudySession12-13StudySession14StudySession15StudySession16EQUITYPORTFOUOMANAGEMENT&(2)ALTERNATIVEINVESTMENTSFORPORTFOLIOMANAGEMENTNEW1PRIVATEWEALTHMANAGEMENT(l)8t(2)NEW】PORTFOUOMANAGEME
3、NTFORINSTITUTIONALINVESTORSNEWTRADING,PERFORMANCEEVALUATION,ANDMANAGERSELECTIONNEWCASESINPORTFOUOMANAGEMENTANDRISKMANAGEMENTINEWl2-95mnmFrameworkPortfolioManagementforInstitutionalInvestorsSiSdlbMttftBiiioaMairagbnsntR33PortfolioManagementforInstitutionalInvestorsCommoncharacteristicsofInstitutional
4、Investors1.Pensionplan(DB&DC)2.Sovereignwealthfunds3.Universityendowments4.Privatefoundations5.Banks6.Insurers.InstitutionalInvestorsTypesofinstitutionalinvestorsintheLevel3curriculum:PensionplansSovereignWealthFundsUniversityEndowmentsandPrivateFoundationsBanksandInsurersNewOldSStakeholdersLLiquidi
5、tyNeedsLiquidityNeedsLLiabilitiesandInvestmentHorizonTimeHorizonEExternalConstraintsUnique(R)Risk(onlyforDB&DC)Risk(onlyforDB&DC)IInvestmentObjectivesReturnAAssetAllocation4-95InstitutionalInvestors2008PensionPlan2009PensionPlan,Endowments&Foundation2010PensionPlan,LifeInsuranceCompany2011Endowments
6、&Foundation2012PensionPlan2013PensionPlan,Endowments&Foundation2014PensionPlan,Endowments&Foundation2015PensionPlan,Endowments&Foundation2016Endowments&Foundation2017PensionPlan2018Endowments&FoundationPortfolioManagementforInstitutionalInvestorsScale(i.e.fassetsize):Theissueofscaleisrelevantforinst
7、itutionalinvestorsbecauseitmayimpactinvestmentcapabilities,accesstostrategies,liquidity,tradingcosts,andotherkeyaspectsoftheinvestmentprocess.Institutionalinvestors*assetsundermanagementcanrangefromrelativelysmall(e.g.llessthanUS$25million)torelativelylarge(e.g.,morethanUS$10billion).Smallerinstitut
8、ionsmayfacechallengesthatunabletoaccesscertaininvestmentsthathaveahighminimuminvestmentsize.Smallinstitutionalinvestorsmayalsofacechallengesinhiringskilledinvestmentprofessionals.Theyaremorelikelytooutsourceinvestmentstoexternalassetmanagersandrelyoninvestmentconsultants.1.argerinstitutionalinvestor
9、sexperiencescalebenefitsthatallowthemaccesstoawiderinvestmentuniverse,andtheycanreadilyhireinvestmentprofessionals.写W出新I*1l*InstitutionalInvestors:CommonCharacteristics1.ong-terminvestmenthorizon:Institutionalinvestorsgenerallyhavealong-terminvestmenthorizonthatisoftendeterminedbyaspecificliabilitys
10、tream,suchasthebenefitobligationofapensionplanrthespendingpolicyofanendowmentorotherobligations.Pensionfunds,sovereignwealthfunds,endowments,andfoundationsalltypicallyhavelonginvestmenthorizonsandrelativelylowliquidityneeds1.owliquidityneedsallowtheseinstitutionstoinvestinabroadrangeofalternativeass
11、etclasses,includingprivateequity,privaterealestate,naturalresources,infrastructure,andhedgefunds.8-95Banksandinsurancecompanies,however,tendtobemuchmoreasset/Iiabilityfocusedwhileoperatingwithintightregulationsdesignedtoensureadequacyofcapital.与亚回断M_InstitutionalInvestors:CommonCharacteristicsGovern
12、anceframework:Institutionalinvestorstypicallyimplementtheirinvestmentprogramsthroughaninvestmentofficethatoftenhasaclearlydefinedgovernancemodel.ThegovernancestructuregenerallyincludesaboardOfdirectorsandaninvestmentcommittee.Theboardand/orinvestmentcommitteeprovideakeyroleinestablishingtheorganizat
13、ionsinvestmentpolicy,definingtheriskappetite,settingtheinvestmentstrategy,andmonitoringtheinvestmentperformance.Theboardmaycomprisecompanyrepresentativedirectors,employeerepresentativedirectors,andindependentdirectors.Independentdirectorsareusuallyselectedtoincreasetheboard,soverallinvestmentexperti
14、se.Investmentcommitteescanbesub-committeesoftheboardwithdelegatedauthoritytooverseeinvestmentpolicy.InstitutionalInvestors:CommonCharacteristicsRegulatoryframeworks:Institutionalinvestorsmustcontendwithmultipleregulatoryframeworksthatfrequentlyvarybyjurisdictionandcomplexityandareoftenevolving.Regul
15、ationshavebeentightenedsincethe2007-2009globalfinancialcrisisinanattempttolowerleverage,increasecentralizedclearing,andimprovereportingtransparency.Principal-Agentissues:Asinstitutionalinvestorsmanageassetsonbehalfofothers,principal-agentissuesmustberecognizedandmanagedappropriately.Forinstitutions,
16、thisconflictoccursinternallythroughtheappointmentoftheinvestmentcommitteeandinvestmentstaffandoccursexternallythroughtheuseofoutsourcedinvestmentmanagers.10-95MH目收国新NT1B*OverviewofIPSTheIPSestablishespoliciesandproceduresfortheeffectiveadministrationandmanagementoftheinstitutionalassets.Awell-crafte
17、dIPScanhelpminimizeprincipal-agentchallengesbyprovidingclearguidanceonday-todaymanagementoftheassets.TheIPSshouldinclude:Theinstitutionsmissionandinvestmentobjectives(i.e.,returnandrisktolerance).Discussionoftheinvestmenthorizonandliabilities.Anyconstraintsaffectingtheassetallocation(legal,regulator
18、y,tax,andaccounting).Assetallocationpolicywithrangesandassetclassbenchmarks.Rebalancingpolicy.ReportingrequirementsTheIPSshouldbereviewedannuallyorwhenmaterialchangesoccurininvestorcircumstancesand/orthemarketenvironment,astheIPSservesasthefoundationfortheinvestmentprogram.*InvestmentApproachesThein
19、vestmentportfolioofaninstitutionalinvestorisdesignedtomeetitsobjectivesandshouldreflecttheappropriateriskandliquidityconsiderationsaddressedintheIPS.Whileinstitutionalinvestorseachhaveuniqueliabilitycharacteristics,fourdifferentapproachesevolved,including:NorwayModel;EndowmentModel;CanadaModel;1.iab
20、ilityDrivenInvesting(LDI)Model.InvestmentApproachDescriptionNorwayModel(sovereignwealthfund)Traditionalstylecharacterizedby60%40%equity/fixed-incomeallocation,fewalternatives,largelypassiveinvestments,tighttrackingerrorlimits,andbenchmarkasastartingposition.Pros:Lowcost,transparent,suitableforlarges
21、cale,easyforboardtounderstand.Cons:Limitedvalue-addedpotential.EndowmentModel(universityendowment)SWF,DB)Characterizedbyhighalternativesexposure,activemanagementandoutsourcing.Pros:Highvalue-addedpotential.Cons:Expensiveanddifficulttoimplementformostsovereignwealthfundsbecauseoftheirlargeassetsizes.
22、Highfees/costs13-95MB与业国新塔值InvestmentApproachDescriptionCanadaModel(pensionplanI)SWF)Characterizedbyhighalternativesexposure,activemanagement,andinternallymanagedassets.Pros:Highvalue-addedpotentialanddevelopmentofinternalcapabilities.Cons:Potentiallyexpensiveanddifficulttomanage.1.DIModel(banks&ins
23、urers11b11IDB111111)Characterizedbyfocusonhedgingliabilitiesandinterestrateriskincludingviaduration-matched,fixed-incomeexposure.Agrowthcomponentinthereturn-generatingportfolioisalsotypical(exceptionsbeingbankandinsurancecompanyportfolios).Pros:Explicitrecognitionofliabilitiesaspartoftheinvestmentpr
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- CFA 三级 基础 机构 IPS_Irene 打印
链接地址:https://www.desk33.com/p-833774.html