CFA三级基础段：机构IPS_Irene（打印版）.docx

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1、FPortfolioManagementfor卜InstitutionalJ1.Investors4匚s,()KKLImM*aa内LdTopicinCFALevelIIISessionContentStudySession1-2ETHICS&PROFESSIONALSTANDARDS&(2)StwdySession3StudySession4BEHAVIORALFINANCECAPITALMARKETEXPECTATIONSNEW1StudySession5StudySession6StudySession7-8ASSETALLOCATIONANDRELATEDDECISIONSINPORTF

2、OUOMANAGEMENTDERIVATIVESANDCURRENCYMANAGEMENTNEWFIXED-INCOMEPORTFOUOMANAGEMENT(1)(2)StudySession9-10StudySession11StudySession12-13StudySession14StudySession15StudySession16EQUITYPORTFOUOMANAGEMENT&(2)ALTERNATIVEINVESTMENTSFORPORTFOLIOMANAGEMENTNEW1PRIVATEWEALTHMANAGEMENT(l)8t(2)NEW】PORTFOUOMANAGEME

3、NTFORINSTITUTIONALINVESTORSNEWTRADING,PERFORMANCEEVALUATION,ANDMANAGERSELECTIONNEWCASESINPORTFOUOMANAGEMENTANDRISKMANAGEMENTINEWl2-95mnmFrameworkPortfolioManagementforInstitutionalInvestorsSiSdlbMttftBiiioaMairagbnsntR33PortfolioManagementforInstitutionalInvestorsCommoncharacteristicsofInstitutional

4、Investors1.Pensionplan(DB&DC)2.Sovereignwealthfunds3.Universityendowments4.Privatefoundations5.Banks6.Insurers.InstitutionalInvestorsTypesofinstitutionalinvestorsintheLevel3curriculum:PensionplansSovereignWealthFundsUniversityEndowmentsandPrivateFoundationsBanksandInsurersNewOldSStakeholdersLLiquidi

5、tyNeedsLiquidityNeedsLLiabilitiesandInvestmentHorizonTimeHorizonEExternalConstraintsUnique(R)Risk(onlyforDB&DC)Risk(onlyforDB&DC)IInvestmentObjectivesReturnAAssetAllocation4-95InstitutionalInvestors2008PensionPlan2009PensionPlan,Endowments&Foundation2010PensionPlan,LifeInsuranceCompany2011Endowments

6、&Foundation2012PensionPlan2013PensionPlan,Endowments&Foundation2014PensionPlan,Endowments&Foundation2015PensionPlan,Endowments&Foundation2016Endowments&Foundation2017PensionPlan2018Endowments&FoundationPortfolioManagementforInstitutionalInvestorsScale(i.e.fassetsize):Theissueofscaleisrelevantforinst

7、itutionalinvestorsbecauseitmayimpactinvestmentcapabilities,accesstostrategies,liquidity,tradingcosts,andotherkeyaspectsoftheinvestmentprocess.Institutionalinvestors*assetsundermanagementcanrangefromrelativelysmall(e.g.llessthanUS$25million)torelativelylarge(e.g.,morethanUS$10billion).Smallerinstitut

8、ionsmayfacechallengesthatunabletoaccesscertaininvestmentsthathaveahighminimuminvestmentsize.Smallinstitutionalinvestorsmayalsofacechallengesinhiringskilledinvestmentprofessionals.Theyaremorelikelytooutsourceinvestmentstoexternalassetmanagersandrelyoninvestmentconsultants.1.argerinstitutionalinvestor

9、sexperiencescalebenefitsthatallowthemaccesstoawiderinvestmentuniverse,andtheycanreadilyhireinvestmentprofessionals.写W出新I*1l*InstitutionalInvestors:CommonCharacteristics1.ong-terminvestmenthorizon:Institutionalinvestorsgenerallyhavealong-terminvestmenthorizonthatisoftendeterminedbyaspecificliabilitys

10、tream,suchasthebenefitobligationofapensionplanrthespendingpolicyofanendowmentorotherobligations.Pensionfunds,sovereignwealthfunds,endowments,andfoundationsalltypicallyhavelonginvestmenthorizonsandrelativelylowliquidityneeds1.owliquidityneedsallowtheseinstitutionstoinvestinabroadrangeofalternativeass

11、etclasses,includingprivateequity,privaterealestate,naturalresources,infrastructure,andhedgefunds.8-95Banksandinsurancecompanies,however,tendtobemuchmoreasset/Iiabilityfocusedwhileoperatingwithintightregulationsdesignedtoensureadequacyofcapital.与亚回断M_InstitutionalInvestors:CommonCharacteristicsGovern

12、anceframework:Institutionalinvestorstypicallyimplementtheirinvestmentprogramsthroughaninvestmentofficethatoftenhasaclearlydefinedgovernancemodel.ThegovernancestructuregenerallyincludesaboardOfdirectorsandaninvestmentcommittee.Theboardand/orinvestmentcommitteeprovideakeyroleinestablishingtheorganizat

13、ionsinvestmentpolicy,definingtheriskappetite,settingtheinvestmentstrategy,andmonitoringtheinvestmentperformance.Theboardmaycomprisecompanyrepresentativedirectors,employeerepresentativedirectors,andindependentdirectors.Independentdirectorsareusuallyselectedtoincreasetheboard,soverallinvestmentexperti

14、se.Investmentcommitteescanbesub-committeesoftheboardwithdelegatedauthoritytooverseeinvestmentpolicy.InstitutionalInvestors:CommonCharacteristicsRegulatoryframeworks:Institutionalinvestorsmustcontendwithmultipleregulatoryframeworksthatfrequentlyvarybyjurisdictionandcomplexityandareoftenevolving.Regul

15、ationshavebeentightenedsincethe2007-2009globalfinancialcrisisinanattempttolowerleverage,increasecentralizedclearing,andimprovereportingtransparency.Principal-Agentissues:Asinstitutionalinvestorsmanageassetsonbehalfofothers,principal-agentissuesmustberecognizedandmanagedappropriately.Forinstitutions,thisconflictoccursinternallythroughtheappointmentoftheinvestmentcommitteeandinvestmentstaffandoccursexternallythroughth