投资学英文版课件：Chap028 Investment Policy and the Framework of the CFA Institute

1、CHAPTER 28Investment Policy and the Framework of the CFA InstituteThe Four Stages of the Investment ProcessSpecifying objectivesSpecifying constraintsFormulating policyMonitoring and updating portfolio2Specifying ObjectivesInvestment managers must assess the level of risk investors can tolerate in p

2、ursuit of higher returns.Objectives and risk tolerance differ by type of investor.3Figure 28.1 CFA Institute Investment Management Process4Table 28.1 Components of the Investment Management Process5Table 28.2 Components of the Investment Policy Statement6Table 28.3 Determination of Portfolio Policie

3、s7Table 28.4 Matrix of Objectives8LiquidityEase (speed) with which an asset can be sold and created into cashInvestment horizon - planned liquidation date of the investmentRegulationsPrudent investor ruleTax considerationsUnique needsSpecifying Constraints on Investment Policies9Table 28.5 Matrix of

4、 Constraints10Policy StatementsThe Policy Statement (IPS) provides for:Governance of the investment program,The appropriate asset allocation,Roles of internal and/or external managers,Monitoring the results, Risk management,Appropriate reporting,AccountabilityA course of action in case of market tur

5、moil11Asset AllocationBy far the most important part of policy determination is asset allocation, that is, deciding how much of the portfolio to invest in each major asset category.Specify asset classesSpecify capital market expectationDerive the efficient portfolio frontier.Find the optimal asset m

6、ix.Manage taxes.12Managing Portfolios of Individual InvestorsHuman capital and insuranceInvestment in residenceSaving for retirement and the assumption of riskRetirement planning modelsManage your own portfolio or rely on others?13Tax Sheltering for Individual InvestorsTax-deferral option - controll

7、ing the timing of gains on investments.Tax-deferred retirement plansIRAsKeogh plansDeferred annuitiesFixedVariableVariable and universal life insurance14Pension FundsDefined contribution plansInvestment policy is essentially the same as for a tax-qualified individual retirement accountDefined benefi

8、t plansContractual arrangement setting out the rights and obligations of all parties15Pension FundsThe tax status of pension funds makes them favor assets with the largest spread between pretax and after-tax rates of return.Pension funds make use of immunization.Investing in equities occurs for both

9、 correct and wrong reasons.16Investments for the Long RunAdvice from the mutual fund industry:Dont try to outguess the market by moving your money in and out. Buy and hold instead.Diversify to reduce risk.Put money in stocks, bonds, and money market mutual funds.Avoid keeping 401(k) money in a companys low-risk default investment scheme.Be wary of investing a large percentage of your 401(k) in your companys stock.17Investments for the Long RunInvestment horizon determines which risk-free rate to choose.Make simple investment choices such as TDRFs (target