Managing Investment Portfolios

JOHN L. MAGINN, CFA, is President of Maginn Associates, Inc. He is an adjunct professor at Creighton University. DONALD L. TUTTLE, PHD, CFA, was vice president of CFA Institute in its Curriculum and Examinations Department from 1992 to 2004. He received his PhD from the University of North Carolina at Chapel Hill. JERALD E. PINTO, PHD, CFA, is Director in the CFA and CIPM Programs Division at CFA Institute. He holds an MBA from Baruch College and a PhD in finance from the Stern School, and earned his CFA charter in 1992. DENNIS W. MCLEAVEY, CFA, is Head of Professional Development Products at CFA Institute. He holds a doctorate from Indiana University and earned his CFA charter in 1990.

• PART I Learning Outcomes, Summary Overview, and ProblemsCHAPTER 1 The Portfolio Management Process and the Investment Policy Statement 3Learning Outcomes 4Summary Overview 4Problems 6CHAPTER 2 Managing Individual Investor Portfolios 12Learning Outcomes 12Summary Overview 13Problems 15CHAPTER 3 Managing Institutional Investor Portfolios 25Learning Outcomes 25Summary Overview 26Problems 28CHAPTER 4 CapitalMarket Expectations 35Learning Outcomes 35Summary Overview 36Problems 38CHAPTER 5 Asset Allocation 47Learning Outcomes 47Summary Overview 48Problems 50CHAPTER 6 Fixed-Income Portfolio Management 60Learning Outcomes 60Summary Overview 61Problems 64CHAPTER 7 Equity Portfolio Management 69Learning Outcomes 69Summary Overview 70Problems 72CHAPTER 8 Alternative Investments Portfolio Management 76Learning Outcomes 77Summary Overview 78Problems 79CHAPTER 9 Risk Management 86Learning Outcomes 86Summary Overview 87Problems 89CHAPTER 10 Execution of Portfolio Decisions 95Learning Outcomes 95Summary Overview 96Problems 97CHAPTER 11 Monitoring and Rebalancing 102Learning Outcomes 102Summary Overview 103Problems 104CHAPTER 12 Evaluating Portfolio Performance 112Learning Outcomes 112Summary Overview 113Problems 116CHAPTER 13 Global Investment Performance Standards 121Learning Outcomes 121Summary Overview 122Problems 125PART II SolutionsCHAPTER 1 The Portfolio Management Process and the Investment Policy Statement 135Solutions 135CHAPTER 2 Managing Individual Investor Portfolios 140Solutions 140CHAPTER 3 Managing Institutional Investor Portfolios 152Solutions 152CHAPTER 4 Capital Market Expectations 160Solutions 160CHAPTER 5 Asset Allocation 170Solutions 170CHAPTER 6 Fixed-Income Portfolio Management 177Solutions 177CHAPTER 7 Equity Portfolio Management 183Solutions 183CHAPTER 8 Alternative Investments Portfolio Management 186Solutions 186CHAPTER 9 Risk Management 194Solutions 194CHAPTER 10 Execution of Portfolio Decisions 199Solutions 199CHAPTER 11 Monitoring and Rebalancing 205Solutions 205CHAPTER 12 Evaluating Portfolio Performance 210Solutions 210CHAPTER 13 Global Investment Performance Standards 218Solutions 218About the CFA Program 231

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