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Learn Asset management foundations

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B Basic

Mandates and benchmarks8m
Active and passivePro8m
Fundamental research on the buy sidePro9m
Fixed income for a fundPro9m

A Advanced

Portfolio constructionPro10m
Risk, tracking error, and the ratiosPro9m
Performance attributionPro10m
The long-only stock pitchPro10m

FlashcardsPro0/22
Basic quizPro80% passes
Advanced quizPro80% passes
Terms

Asset management foundations

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of 8 lessons: 0
of 22 cards

Flashcards Start the first lesson

How a fund is told what it may own, how it is measured against an index, how its analysts pick stocks and bonds, and how a portfolio manager sizes, risks, and explains the result.

BBasic4 lessons

1Mandates and benchmarksAn asset manager invests other people's money under a written mandate and is judged against a benchmark index. Both decide what the job actually is.8 min
2Active and passiveProA passive fund owns the index for a tiny fee. An active fund charges more to try to beat it. The math of fees is why the argument never ends.8 min
3Fundamental research on the buy sideProA long-only analyst owns stocks for years, not quarters. The question is what the business will earn over a cycle and what return today's price implies.9 min
4Fixed income for a fundProMost money in asset management sits in bonds. A bond fund's return is its yield plus the price change from rates and spreads, and duration and spread tell you how big that change can be.9 min
Basic quizPro10 questions, 80% passes

AAdvanced4 lessons

5Portfolio constructionProPicking stocks is half the job. The other half is how much of each to own, so that the bets you mean to take are the ones that drive the result.10 min
6Risk, tracking error, and the ratiosProAbsolute risk is how much the fund moves. Relative risk is how much it moves away from its benchmark. A long-only PM is paid to manage the second one.9 min
7Performance attributionProAttribution splits a fund's excess return into two answers: did it pick the right sectors, and did it pick the right stocks inside them.10 min
8The long-only stock pitchProA long-only pitch is a three to five year case: what the business will earn, what that is worth, the return from today's price, the downside, and why it fits the fund.10 min
Advanced quizPro10 questions, 80% passes