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2018 CFA Level 1 Portfolio Management

STUDY SESSION 12

Portfolio Management
This study session provides the critical framework and context for subsequent Level I study sessions covering equities, fixed income, derivatives, and alternative investments. Furthermore, this study session also provides a basis for the coverage of portfolio management at Levels II and III. The first reading introduces the concept of a portfolio approach to investments. After discussing the investment needs of various types of individual and institutional investors, the reading compares the types of pooled investment management products that are available to investors. The second reading introduces risk management, including a risk management framework and sources of risk. The following two readings cover portfolio risk and return measures and introduce modern portfolio theory—a quantitative framework for portfolio selection and asset pricing. The last reading focuses on the portfolio planning and construction process, including the development of an investment policy statement.

READING ASSIGNMENTS

Reading 40 Portfolio Management: An Overview

Reading 41 Risk Management: An Introduction

Reading 42 Portfolio Risk and Return: Part I

Reading 43 Portfolio Risk and Return: Part II

Reading 44 Basics of Portfolio Planning and Construction

Exam Weight: 7%

本章学习重点

投资组合管理旨在是给人了解投资组合业务进行的整个流程，如何配合客户需求，计算回报、厘定风险，运用投资组合管理理论作资产分配、分散风险、并且定时作出检讨如何利用投资组合法，提升保险公司资产管理水平。

证券组合管理在一级的学习里所占比重不大，记忆性概念很少，都是需要深度理解公式的含义的。

Portfolio Management 投资组合管理