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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