Management de l'investissement et théorie moderne du portfolio

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9 pages .pdf

anglais

finance

exposé

publié le 30/09/2008

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niveau : expert

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Résumé

Various assets or type of investment (stocks, bonds and cash equivalents) hold directly by investors and/or managed constitute a portfolio. In order to build up a coherence between the risk tolerance and the investing objectives, the investor will favor large cap values stocks based on index funds if his strategy is conservative, whereas a risk-taker will choose an aggressive stock position (risky markets : real estates, futures, international investments). The choice of the strategy and its implementation is what we can call the portfolio management. Investopedia gives the following definition of a portfolio management: “The art and science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk against performance.” The investment management concerns more the professional management of various securities and assets. The managers’ aim is to meet the defined investment goals for the benefit of their investors. They are specialized in advisory. They can also do some portfolio management on behalf of private investors, called in this case "private banking". Basically, they work is to do financial analysis, asset selection, stock selection, plan implementation and monitoring of investments.

Sommaire

Investment styles : passive management vs active management
1. Passive management
2. Active management
The importance of data analysis to optimize the results
1. Technical vs. fundamental data analysis
2. The rational analysis
Risk aversion management : modern portfolio theory
1. Creation and aim of the MPT
2. The importance of the Markowitz's diversification
Portfolio return : efficient performance measure
1. Beginnings of the performance measurement
2. Origins of the first performance indicator
3. Improvement of the performance measures through new models