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Tài liệu hướng dẫn ôn thi CFA Level 1 phần Porfolio Management | The following is a review of the Portfolio Management principles designed to address the learning outcome statements set forth by CFA Institute . This topic is also covered in The Asset Allocation Decision Study Session 12 Exam Focus There is nothing difficult here but the material is important because it is likely to be tested and it is the foundation for the portfolio construction material at Level 2 and especially Level 3. You should be ready to explain the what and why of an investment policy statement and know the objectives risk and return and the constraints liquidity legal time horizon tax treatment and unique circumstances. Know the four common return objectives why the objectives part of the investment policy statement should include risk objectives and in broad strokes the factors that influence risk tolerance. LOS 49.a Describe the steps in the portfolio management process and explain the reasons for a policy statement. There are four general steps in the portfolio management process 1. Write a policy statement that specifies the investor s goals and constraints and itemize the risks the investor is willing to take to meet these goals. 2. Develop an investment strategy designed to satisfy the investor s policy statement based on an analysis of the current and projected financial and economic conditions. 3. Implement the plan by constructing the portfolio and allocating the investor s assets across countries asset classes and securities based on current and forecast economic conditions. 4. Monitor and update the investor s needs and market conditions. Rebalance the investor s portfolio as needed. Rebalancing refers to shifting assets when the account allocations to different asset classes deviate significantly from the strategic asset allocation specified. The policy statement is the framework that provides structure to the investment process. It forces investors to understand their own needs and constraints and to articulate them within the construct of
