Investment Analysis and Portfolio Management

  1. The Portfolio Management Process
    1. The Investor Policy Statement
      1. Purpose and Structure of IPS
        1. Investment Philosophy
          1. Governance Structure
            1. Review Process
            2. Investment Objectives
              1. Return Requirements
                1. Absolute Return Targets
                  1. Relative Return Targets
                    1. Real Return Requirements
                    2. Risk Tolerance
                      1. Risk Capacity
                        1. Risk Perception
                          1. Risk Measurement
                        2. Investment Constraints
                          1. Liquidity Needs
                            1. Planned Expenditures
                              1. Emergency Reserves
                              2. Time Horizon
                                1. Single Stage
                                  1. Multi-Stage
                                  2. Tax Considerations
                                    1. Tax Status
                                      1. Tax-Advantaged Accounts
                                        1. Tax-Loss Harvesting
                                        2. Unique Circumstances
                                          1. ESG Considerations
                                            1. Concentrated Positions
                                              1. Family Considerations
                                          2. Asset Allocation
                                            1. Strategic Asset Allocation
                                              1. Long-Term Policy Mix
                                                1. Asset Class Selection
                                                  1. Target Allocations
                                                    1. Rebalancing Policy
                                                    2. Tactical Asset Allocation
                                                      1. Short-Term Adjustments
                                                        1. Market Timing
                                                          1. Momentum Strategies
                                                          2. Dynamic Asset Allocation
                                                            1. Life-Cycle Funds
                                                              1. Target-Date Funds
                                                              2. Core-Satellite Approach
                                                                1. Core Holdings
                                                                  1. Index Funds
                                                                    1. Passive Strategies
                                                                    2. Satellite Holdings
                                                                      1. Active Strategies
                                                                        1. Alternative Investments
                                                                    3. Security Selection and Portfolio Construction
                                                                      1. Passive Management Strategies
                                                                        1. Indexing
                                                                          1. Full Replication
                                                                            1. Sampling
                                                                              1. Synthetic Replication
                                                                              2. Buy-and-Hold Strategy
                                                                              3. Active Management Strategies
                                                                                1. Market Timing
                                                                                  1. Security Selection
                                                                                    1. Sector Rotation
                                                                                      1. Style Rotation
                                                                                      2. Portfolio Optimization Techniques
                                                                                        1. Mean-Variance Optimization
                                                                                          1. Black-Litterman Model
                                                                                            1. Risk Budgeting
                                                                                              1. Constraints in Portfolio Construction
                                                                                                1. Position Limits
                                                                                                  1. Turnover Constraints
                                                                                                    1. Transaction Costs

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                                                                                              6. Portfolio Theory

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                                                                                              8. Portfolio Performance Evaluation