PM : Reading 41. Basics of Portfolio Planning and Construction

Reading 41. Basics of Portfolio Planning and Construction

a. describe the reasons for a written investment policy statement (IPS). (page 153)

b. describe the major components of an IPS. (page 154)

- Risk object

- Return object

- 투자 제약사항

- 투자 가이드라인

- 책임, 의무

 

C. describe risk and return objectives and how they may be developed for a client. (page 154)

absolute risk objectives

- 특정한 비교대상 없이 절대적 risk, return을 제시 (i.e. 5% 미만 확률로 수익률이 -5%이하일 수 있다)

 

relative risk objectives

- 특정한 bechmark와 비교한 risk, return을 제시 (i.e. 5%미만의 확률로 MSCI지수보다 4% 떨어질 수 있다.)

 

d. distinguish between the willingness and the ability (capacity) to take risk in analyzing an investor's financial risk tolerance. (page 155)

ability to bear risk

- 투자자가 처한 financial circumstance에 달려있음

 

willingness to bear risk

- 투자자의 태도 및 신념에 기초함

- ability와 willingness가 상충하면 둘 중 낮은 것에 맞춰야하지만, ability가 높은 경우는 willingness를 높이기 위해 educate할 수는 있음

 

e. describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique circumstances and implications for the choice of portfolio assets. (page 156)

 

Investment constraints (TTLLU)

- Time horizon, Tax, Liquidity, Legal restrictions, unique constraints

1. Time horizon

2. Tax situation

3. Liquidity

4. Legal and regulatory

5. Unique circumstances : 개인적인 특성 및 선호도

 

f. explain the specification of asset classes in relation to asset allocation (page 157)

strategic asset allocation

- 자산 배분 비중 구체화

 

g. describe the principles of portfolio construction and the role of asset allocation in relation to the IPS. (page 159)

risk budgeting

- overall risk를 포트폴리오에서 허락하는 만큼의 risk로 제한

 

core-satellite approach

- major(core) portion은 passive 운용, 적은 부분(satellite)은 active하게 운용