CFA Level 1 - Portfolio Management

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Study Session 18: Portfolio Management (1)

Reading 51 Portfolio Management: An Overview 6 LOSs | 1 Quiz

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Reading Content

0% Complete 0/6 Steps

Describe the portfolio approach to investing

Describe the steps in the portfolio management process

Describe types of investors and distinctive characteristics and needs of each

Describe defined contribution and defined benefit pension plans

Describe aspects of the asset management industry

Describe mutual funds and compare them with other pooled investment products

Reading 51 Portfolio Management: An Overview – Quiz 1

Reading 52 Portfolio Risk and Return: Part I 9 LOSs | 2 Quizzes

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0% Complete 0/9 Steps

Calculate and interpret major return measures and describe their appropriate uses

Compare the money-weighted and time-weighted rates of return and evaluate the performance of portfolios based on these measures

Describe characteristics of the major asset classes that investors consider in forming portfolios

Calculate and interpret the mean, variance, and covariance (or correlation) of asset returns based on historical data

Explain risk aversion and its implications for portfolio selection

Calculate and interpret portfolio standard deviation

Describe the effect on a portfolio’s risk of investing in assets that are less than perfectly correlated

Describe and interpret the minimum-variance and efficient frontiers of risky assets and the global minimum-variance portfolio

Explain the selection of an optimal portfolio, given an investor’s utility (or risk aversion) and the capital allocation line

Reading 52 Portfolio Risk and Return: Part I – Quiz 1

Reading 52 Portfolio Risk and Return: Part I – Quiz 2

Reading 53 Portfolio Risk and Return: Part II 9 LOSs | 2 Quizzes

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Reading Content

0% Complete 0/9 Steps

Describe the implications of combining a risk-free asset with a portfolio of risky assets

Explain the capital allocation line (CAL) and the capital market line (CML)

Explain systematic and nonsystematic risk, including why an investor should not expect to receive additional return for bearing nonsystematic risk

Explain return generating models (including the market model) and their uses

Calculate and interpret beta

Explain the capital asset pricing model (CAPM), including its assumptions, and the security market line (SML)

Calculate and interpret the expected return of an asset using the CAPM

Describe and demonstrate applications of the CAPM and the SML

Calculate and interpret the Sharpe ratio, Treynor ratio, M2, and Jensen’s alpha

Reading 53 Portfolio Risk and Return: Part II – Quiz 1

Reading 53 Portfolio Risk and Return: Part II – Quiz 2

Study Session 19: Portfolio Management (2)

Reading 54 Basics of Portfolio Planning and Construction 8 LOSs | 2 Quizzes

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Reading Content

0% Complete 0/8 Steps

Describe the reasons for a written investment policy statement (IPS)

Describe the major components of an IPS

Describe risk and return objectives and how they may be developed for a client

Distinguish between the willingness and the ability (capacity) to take risk in analyzing an investor’s financial risk tolerance

Describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique circumstances and their implications for the choice of portfolio assets

Explain the specification of asset classes in relation to asset allocation

Describe the principles of portfolio construction and the role of asset allocation in relation to the IPS

Describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction

Reading 54 Basics of Portfolio Planning and Construction – Quiz 1

Reading 54 Basics of Portfolio Planning and Construction – Quiz 2

Reading 55 Introduction to Risk Management 7 LOSs | 2 Quizzes

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0% Complete 0/7 Steps

Define risk management

Describe features of a risk management framework

Define risk governance and describe elements of effective risk governance

Explain how risk tolerance affects risk management

Describe risk budgeting and its role in risk governance

Identify financial and non-financial sources of risk and describe how they may interact

Describe methods for measuring and modifying risk exposures and factors to consider in choosing among the methods

Reading 55 Introduction to Risk Management – Quiz 1

Reading 55 Introduction to Risk Management – Quiz 2

Reading 56 Technical Analysis 8 LOSs | 2 Quizzes

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Explain principles of technical analysis, its applications, and its underlying assumptions

Describe the construction of different types of technical analysis charts and interpret them

Explain uses of trend, support, resistance lines, and change in polarity

Describe common chart patterns

Describe common technical analysis indicators (price-based, momentum oscillators, sentiment, and flow of funds)

Explain how technical analysts use cycles

Describe the key tenets of Elliott Wave Theory and the importance of Fibonacci numbers

Describe intermarket analysis as it relates to technical analysis and asset allocation

Reading 56 Technical Analysis – Quiz 1

Reading 56 Technical Analysis – Quiz 2

Reading 57 Fintech in Investment Management 4 LOSs | 1 Quiz

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Reading Content

0% Complete 0/4 Steps

Describe “fintech”

Describe Big Data, artificial intelligence, and machine learning

Describe fintech applications to investment management

Describe financial applications of distributed ledger technology

Reading 57 Fintech in Investment Management – Quiz 1

Portfolio Management – Exam

CFA Level 1 – Portfolio Management

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