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Chapter 4 Portfolio Management: An Overview

Chapter 4 Portfolio Management: An Overview. Presenter Venue Date. The Portfolio Perspective. Evaluate in isolation?. Evaluate as a portfolio?. EXHIBIT 4-3 Cumulative Wealth Index of Sample of Shares Listed on HKSE. Source: Datastream.

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Chapter 4 Portfolio Management: An Overview

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  1. Chapter 4 Portfolio Management: An Overview Presenter Venue Date

  2. The Portfolio Perspective Evaluatein isolation? Evaluate as a portfolio?

  3. EXHIBIT 4-3 Cumulative Wealth Index of Sample of Shares Listed on HKSE Source:Datastream

  4. EXHIBIT 4-4 The Importance of the Portfolio Perspective Mean annual return, randomly selected security = 15.1% Annual standard deviation, randomly selected security = 24.9% Diversification ratio = 17.9% ÷ 24.9% ≈ 71% Source:Datastream

  5. EXHIBIT 4-5 Optimal Portfolios for a Sample of HKSE Shares Optimal Portfolios Source:Datastream

  6. Key Tenets of Modern Portfolio Theory

  7. Representative Investment Motives for Individual Investors

  8. Examples of Institutional Investors

  9. EXHIBIT 4-10 Institutional Assets (in US$ billions) Source: OECD, “Recent Trends in Institutional Investors Statistics” (2008).

  10. Defined Benefit Pension Plans Defined Benefit Investment Returns?

  11. EXHIBIT 4-11 Top Ten U.S. University Endowments by Asset Value Source: NACUBO, “2008 NACUBO Endowment Study” (January 2009).

  12. EXHIBIT 4-12 Top Ten U.S. Foundation Endowments by Asset Value Source: Foundation Center (2009).

  13. Banks, Insurance Companies, and Investment Companies

  14. EXHIBIT 4-13 Sovereign Wealth Funds by Asset Value Source: SWF Institute (www.swfinstitute.org).

  15. EXHIBIT 4-14 Summary of Investment Needs by Client Type

  16. Steps in the Portfolio Management Process

  17. Sell-Side Firm vs. Buy-Side Firm

  18. Pooled Investments

  19. EXHIBIT 4-17 Investment Products by Minimum Investment

  20. Mutual Funds: Open-End Funds vs. Closed-End Funds

  21. Mutual Funds: No-Load Funds vs. Load Funds “Load”

  22. Money Market Funds

  23. EXHIBIT 4-21 Bond Mutual Funds

  24. Stock Mutual Funds: Active vs. Passive Management

  25. Exchange-Traded Funds (ETFs)

  26. EXHIBIT 4-23 Types of Exchange-Traded Funds (ETFs) January 2009 Source: Investment Company Institute, “Exchange-Traded Fund Assets, January 2009” (25 February 2009).

  27. Separately Managed Account (SMA)

  28. Hedge Funds

  29. Hedge Fund Strategies

  30. Buyout and Venture Capital Funds

  31. Summary • Portfolio approach to investing • Investment management clients: types, characteristics, and needs • Steps in the portfolio management process • Pooled investments

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