{"product_id":"portfolio-management-in-practice-volume-2-asset-allocation-hardback-9781119787969","title":"Portfolio Management in Practice, Volume 2; Asset Allocation (Hardback) 9781119787969","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003ePortfolio Management in Practice, Volume 2\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eAsset Allocation\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781119787969, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 25 January 2021\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e640 pages\u003cbr\u003e25.9 x 19.1 x 4.1 cm, 1.225 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e\u003cb\u003eDiscover the latest essential resource on asset allocation for students and investment professionals. \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePart of the CFA Institute’s three-volume \u003ci\u003ePortfolio Management in Practice \u003c\/i\u003eseries, \u003ci\u003eAsset Allocation \u003c\/i\u003eoffers a deep, comprehensive ­treatment of the asset allocation process and the underlying theories and markets that support it. As the second volume in the series, \u003ci\u003eAsset Allocation \u003c\/i\u003emeets the needs of both graduate-level students focused on finance and industry professionals looking to become more dynamic investors.\u003c\/p\u003e \u003cp\u003eFilled with the insights and industry knowledge of the CFA Institute’s subject matter experts, \u003ci\u003eAsset Allocation \u003c\/i\u003eeffectively blends theory and practice while helping the reader expand their skillsets in key areas of interest.\u003c\/p\u003e \u003cp\u003eThis volume provides complete coverage on the following topics:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eSetting capital market expectations to support the asset allocation process\u003c\/li\u003e \u003cli\u003ePrinciples and processes in the asset allocation process, including handling ESG-integration and client-specific constraints\u003c\/li\u003e \u003cli\u003eAllocation beyond the traditional asset classes to include allocation to alternative investments\u003c\/li\u003e \u003cli\u003eThe role of exchange-traded funds can play in implementing investment strategies\u003c\/li\u003e \u003cli\u003eAn integrative case study in portfolio management involving a university endowment\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eTo further enhance your understanding of tools and techniques explored in \u003ci\u003eAsset Allocation\u003c\/i\u003e, don’t forget to pick up the \u003ci\u003ePortfolio Management in Practice, Volume 2: Asset Allocation Workbook\u003c\/i\u003e. The workbook is the perfect companion resource containing learning outcomes, summary overview sections, and challenging practice questions that align chapter-by-chapter with the main text.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eAbout the CFA Institute Investment Series xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Basics of Portfolio Planning and Construction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 1\u003c\/p\u003e \u003cp\u003e2. Portfolio Planning 2\u003c\/p\u003e \u003cp\u003e2.1. The Investment Policy Statement 2\u003c\/p\u003e \u003cp\u003e2.2. Major Components of an IPS 3\u003c\/p\u003e \u003cp\u003e2.3. Gathering Client Information 17\u003c\/p\u003e \u003cp\u003e3. Portfolio Construction 19\u003c\/p\u003e \u003cp\u003e3.1. Capital Market Expectations 20\u003c\/p\u003e \u003cp\u003e3.2. The Strategic Asset Allocation 20\u003c\/p\u003e \u003cp\u003e3.3. Steps Toward an Actual Portfolio 28\u003c\/p\u003e \u003cp\u003e3.4. ESG Considerations in Portfolio Planning and Construction 32\u003c\/p\u003e \u003cp\u003e3.5. Alternative Portfolio Organizing Principles 33\u003c\/p\u003e \u003cp\u003e4. Conclusion and Summary 34\u003c\/p\u003e \u003cp\u003eReferences 35\u003c\/p\u003e \u003cp\u003ePractice Problems 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Security Market Indexes 41\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 41\u003c\/p\u003e \u003cp\u003e2. Index Definition and Calculations of Value and Returns 42\u003c\/p\u003e \u003cp\u003e2.1. Calculation of Single-Period Returns 43\u003c\/p\u003e \u003cp\u003e2.2. Calculation of Index Values over Multiple Time Periods 45\u003c\/p\u003e \u003cp\u003e3. Index Construction and Management 46\u003c\/p\u003e \u003cp\u003e3.1. Target Market and Security Selection 46\u003c\/p\u003e \u003cp\u003e3.2. Index Weighting 47\u003c\/p\u003e \u003cp\u003e3.3. Index Management: Rebalancing and Reconstitution 56\u003c\/p\u003e \u003cp\u003e4. Uses of Market Indexes 58\u003c\/p\u003e \u003cp\u003e4.1. Gauges of Market Sentiment 58\u003c\/p\u003e \u003cp\u003e4.2. Proxies for Measuring and Modeling Returns, Systematic Risk, and Risk-Adjusted Performance 58\u003c\/p\u003e \u003cp\u003e4.3. Proxies for Asset Classes in Asset Allocation Models 58\u003c\/p\u003e \u003cp\u003e4.4. Benchmarks for Actively Managed Portfolios 59\u003c\/p\u003e \u003cp\u003e4.5. Model Portfolios for Investment Products 59\u003c\/p\u003e \u003cp\u003e5. Equity Indexes 59\u003c\/p\u003e \u003cp\u003e5.1. Broad Market Indexes 59\u003c\/p\u003e \u003cp\u003e5.2. Multi-Market Indexes 60\u003c\/p\u003e \u003cp\u003e5.3. Sector Indexes 61\u003c\/p\u003e \u003cp\u003e5.4. Style Indexes 62\u003c\/p\u003e \u003cp\u003e6. Fixed-Income Indexes 63\u003c\/p\u003e \u003cp\u003e6.1. Construction 63\u003c\/p\u003e \u003cp\u003e6.2. Types of Fixed-Income Indexes 63\u003c\/p\u003e \u003cp\u003e7. Indexes for Alternative Investments 66\u003c\/p\u003e \u003cp\u003e7.1. Commodity Indexes 66\u003c\/p\u003e \u003cp\u003e7.2. Real Estate Investment Trust Indexes 66\u003c\/p\u003e \u003cp\u003e7.3. Hedge Fund Indexes 67\u003c\/p\u003e \u003cp\u003e8. Summary 70\u003c\/p\u003e \u003cp\u003ePractice Problems 71\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Capital Market Expectations, Part 1: Framework and Macro Considerations 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 78\u003c\/p\u003e \u003cp\u003e2. Framework and Challenges 78\u003c\/p\u003e \u003cp\u003e2.1. A Framework for Developing Capital Market Expectations 79\u003c\/p\u003e \u003cp\u003e2.2. Challenges in Forecasting 82\u003c\/p\u003e \u003cp\u003e3. Economic and Market Analysis 90\u003c\/p\u003e \u003cp\u003e3.1. The Role of Economic Analysis 90\u003c\/p\u003e \u003cp\u003e3.2. Analysis of Economic Growth 91\u003c\/p\u003e \u003cp\u003e3.3. Approaches to Economic Forecasting 96\u003c\/p\u003e \u003cp\u003e3.4. Business Cycle Analysis 100\u003c\/p\u003e \u003cp\u003e3.5. Analysis of Monetary and Fiscal Policy 108\u003c\/p\u003e \u003cp\u003e3.6. International Interactions 117\u003c\/p\u003e \u003cp\u003e4. Summary 121\u003c\/p\u003e \u003cp\u003eReferences 124\u003c\/p\u003e \u003cp\u003ePractice Problems 125\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Capital Market Expectations, Part 2: Forecasting Asset Class Returns 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 132\u003c\/p\u003e \u003cp\u003e2. Overview of Tools and Approaches 132\u003c\/p\u003e \u003cp\u003e2.1. The Nature of the Problem 132\u003c\/p\u003e \u003cp\u003e2.2. Approaches to Forecasting 133\u003c\/p\u003e \u003cp\u003e3. Forecasting Fixed-Income Returns 134\u003c\/p\u003e \u003cp\u003e3.1. Applying DCF to Fixed Income 134\u003c\/p\u003e \u003cp\u003e3.2. The Building Block Approach to Fixed-Income Returns 136\u003c\/p\u003e \u003cp\u003e3.3. Risks in Emerging Market Bonds 142\u003c\/p\u003e \u003cp\u003e4. Forecasting Equity Returns 145\u003c\/p\u003e \u003cp\u003e4.1. Historical Statistics Approach to Equity Returns 145\u003c\/p\u003e \u003cp\u003e4.2. DCF Approach to Equity Returns 146\u003c\/p\u003e \u003cp\u003e4.3. Risk Premium Approaches to Equity Returns 148\u003c\/p\u003e \u003cp\u003e4.4. Risks in Emerging Market Equities 153\u003c\/p\u003e \u003cp\u003e5. Forecasting Real Estate Returns 154\u003c\/p\u003e \u003cp\u003e5.1. Historical Real Estate Returns 154\u003c\/p\u003e \u003cp\u003e5.2. Real Estate Cycles 155\u003c\/p\u003e \u003cp\u003e5.3. Capitalization Rates 156\u003c\/p\u003e \u003cp\u003e5.4. The Risk Premium Perspective on Real Estate Expected Return 157\u003c\/p\u003e \u003cp\u003e5.5. Real Estate in Equilibrium 158\u003c\/p\u003e \u003cp\u003e5.6. Public vs. Private Real Estate 158\u003c\/p\u003e \u003cp\u003e5.7. Long-Term Housing Returns 160\u003c\/p\u003e \u003cp\u003e6. Forecasting Exchange Rates 161\u003c\/p\u003e \u003cp\u003e6.1. Focus on Goods and Services, Trade, and the Current Account 162\u003c\/p\u003e \u003cp\u003e6.2. Focus on Capital Flows 164\u003c\/p\u003e \u003cp\u003e7. Forecasting Volatility 170\u003c\/p\u003e \u003cp\u003e7.1. Estimating a Constant VCV Matrix with Sample Statistics 170\u003c\/p\u003e \u003cp\u003e7.2. VCV Matrices from Multi-Factor Models 170\u003c\/p\u003e \u003cp\u003e7.3. Shrinkage Estimation of VCV Matrices 172\u003c\/p\u003e \u003cp\u003e7.4. Estimating Volatility from Smoothed Returns 173\u003c\/p\u003e \u003cp\u003e7.5. Time-Varying Volatility: ARCH Models 174\u003c\/p\u003e \u003cp\u003e8. Adjusting a Global Portfolio 175\u003c\/p\u003e \u003cp\u003e8.1. Macro-Based Recommendations 175\u003c\/p\u003e \u003cp\u003e8.2. Quantifying the Views 178\u003c\/p\u003e \u003cp\u003e9. Summary 179\u003c\/p\u003e \u003cp\u003eReferences 181\u003c\/p\u003e \u003cp\u003ePractice Problems 183\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Overview of Asset Allocation 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 191\u003c\/p\u003e \u003cp\u003e2. Asset Allocation: Importance in Investment Management 193\u003c\/p\u003e \u003cp\u003e3. The Investment Governance Background to Asset Allocation 194\u003c\/p\u003e \u003cp\u003e3.1. Governance Structures 195\u003c\/p\u003e \u003cp\u003e3.2. Articulating Investment Objectives 195\u003c\/p\u003e \u003cp\u003e3.3. Allocation of Rights and Responsibilities 197\u003c\/p\u003e \u003cp\u003e3.4. Investment Policy Statement 198\u003c\/p\u003e \u003cp\u003e3.5. Asset Allocation and Rebalancing Policy 199\u003c\/p\u003e \u003cp\u003e3.6. Reporting Framework 199\u003c\/p\u003e \u003cp\u003e3.7. The Governance Audit 199\u003c\/p\u003e \u003cp\u003e4. The Economic Balance Sheet and Asset Allocation 201\u003c\/p\u003e \u003cp\u003e5. Approaches to Asset Allocation 205\u003c\/p\u003e \u003cp\u003e5.1. Relevant Objectives 207\u003c\/p\u003e \u003cp\u003e5.2. Relevant Risk Concepts 208\u003c\/p\u003e \u003cp\u003e5.3. Modeling Asset Class Risk 209\u003c\/p\u003e \u003cp\u003e6. Strategic Asset Allocation 215\u003c\/p\u003e \u003cp\u003e6.1. Asset Only 217\u003c\/p\u003e \u003cp\u003e6.2. Liability Relative 222\u003c\/p\u003e \u003cp\u003e6.3. Goals Based 225\u003c\/p\u003e \u003cp\u003e7. Implementation Choices 230\u003c\/p\u003e \u003cp\u003e7.1. Passive\/Active Management of Asset Class Weights 230\u003c\/p\u003e \u003cp\u003e7.2. Passive\/Active Management of Allocations to Asset Classes 231\u003c\/p\u003e \u003cp\u003e7.3. Risk Budgeting Perspectives in Asset Allocation and Implementation 235\u003c\/p\u003e \u003cp\u003e8. Rebalancing: Strategic Considerations 236\u003c\/p\u003e \u003cp\u003e8.1. A Framework for Rebalancing 238\u003c\/p\u003e \u003cp\u003e8.2. Strategic Considerations in Rebalancing 239\u003c\/p\u003e \u003cp\u003e9. Summary 241\u003c\/p\u003e \u003cp\u003eReferences 242\u003c\/p\u003e \u003cp\u003ePractice Problems 244\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Principles of Asset Allocation 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 248\u003c\/p\u003e \u003cp\u003e2. Developing Asset-Only Asset Allocations 249\u003c\/p\u003e \u003cp\u003e2.1. Mean–Variance Optimization: Overview 249\u003c\/p\u003e \u003cp\u003e2.2. Monte Carlo Simulation 262\u003c\/p\u003e \u003cp\u003e2.3. Criticisms of Mean–Variance Optimization 265\u003c\/p\u003e \u003cp\u003e2.4. Addressing the Criticisms of Mean–Variance Optimization 267\u003c\/p\u003e \u003cp\u003e2.5. Allocating to Less Liquid Asset Classes 279\u003c\/p\u003e \u003cp\u003e2.6. Risk Budgeting 280\u003c\/p\u003e \u003cp\u003e2.7. Factor-Based Asset Allocation 283\u003c\/p\u003e \u003cp\u003e3. Developing Liability-Relative Asset Allocations 287\u003c\/p\u003e \u003cp\u003e3.1. Characterizing the Liabilities 287\u003c\/p\u003e \u003cp\u003e3.2. Approaches to Liability-Relative Asset Allocation 290\u003c\/p\u003e \u003cp\u003e3.3. Examining the Robustness of Asset Allocation Alternatives 302\u003c\/p\u003e \u003cp\u003e3.4. Factor Modeling in Liability-Relative Approaches 304\u003c\/p\u003e \u003cp\u003e4. Developing Goals-Based Asset Allocations 304\u003c\/p\u003e \u003cp\u003e4.1. The Goals-Based Asset Allocation Process 306\u003c\/p\u003e \u003cp\u003e4.2. Describing Client Goals 308\u003c\/p\u003e \u003cp\u003e4.3. Constructing Sub-Portfolios 310\u003c\/p\u003e \u003cp\u003e4.4. The Overall Portfolio 314\u003c\/p\u003e \u003cp\u003e4.5. Revisiting the Module Process in Detail 315\u003c\/p\u003e \u003cp\u003e4.6. Periodically Revisiting the Overall Asset Allocation 319\u003c\/p\u003e \u003cp\u003e4.7. Issues Related to Goals-Based Asset Allocation 320\u003c\/p\u003e \u003cp\u003e5. Heuristics and Other Approaches to Asset Allocation 321\u003c\/p\u003e \u003cp\u003e5.1. The “120 minus your age” rule 321\u003c\/p\u003e \u003cp\u003e5.2. The 60\/40 stock\/bond heuristic 323\u003c\/p\u003e \u003cp\u003e5.3. The endowment model 323\u003c\/p\u003e \u003cp\u003e5.4. Risk parity 324\u003c\/p\u003e \u003cp\u003e5.5. The 1\/N rule 326\u003c\/p\u003e \u003cp\u003e6. Portfolio Rebalancing in Practice 326\u003c\/p\u003e \u003cp\u003e7. Conclusions 331\u003c\/p\u003e \u003cp\u003eReferences 332\u003c\/p\u003e \u003cp\u003ePractice Problems 335\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Asset Allocation with Real-World Constraints 345\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 345\u003c\/p\u003e \u003cp\u003e2. Constraints in Asset Allocation 346\u003c\/p\u003e \u003cp\u003e2.1. Asset Size 346\u003c\/p\u003e \u003cp\u003e2.2. Liquidity 352\u003c\/p\u003e \u003cp\u003e2.3. Time Horizon 355\u003c\/p\u003e \u003cp\u003e2.4. Regulatory and Other External Constraints 359\u003c\/p\u003e \u003cp\u003e3. Asset Allocation for the Taxable Investor 364\u003c\/p\u003e \u003cp\u003e3.1. After-Tax Portfolio Optimization 365\u003c\/p\u003e \u003cp\u003e3.2. Taxes and Portfolio Rebalancing 369\u003c\/p\u003e \u003cp\u003e3.3. Strategies to Reduce Tax Impact 370\u003c\/p\u003e \u003cp\u003e4. Revising the Strategic Asset Allocation 374\u003c\/p\u003e \u003cp\u003e5. Short-Term Shifts in Asset Allocation 381\u003c\/p\u003e \u003cp\u003e5.1. Discretionary TAA 382\u003c\/p\u003e \u003cp\u003e5.2. Systematic TAA 383\u003c\/p\u003e \u003cp\u003e6. Dealing with Behavioral Biases in Asset Allocation 386\u003c\/p\u003e \u003cp\u003e6.1. Loss Aversion 387\u003c\/p\u003e \u003cp\u003e6.2. Illusion of Control 387\u003c\/p\u003e \u003cp\u003e6.3. Mental Accounting 388\u003c\/p\u003e \u003cp\u003e6.4. Representativeness Bias 389\u003c\/p\u003e \u003cp\u003e6.5. Framing Bias 390\u003c\/p\u003e \u003cp\u003e6.6. Availability Bias 391\u003c\/p\u003e \u003cp\u003e7. Summary 394\u003c\/p\u003e \u003cp\u003eReferences 396\u003c\/p\u003e \u003cp\u003ePractice Problems 397\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Asset Allocation to Alternative Investments 407\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 407\u003c\/p\u003e \u003cp\u003e2. The Role of Alternative Investments in a Multi-Asset Portfolio 408\u003c\/p\u003e \u003cp\u003e2.1. The Role of Private Equity in a Multi-Asset Portfolio 411\u003c\/p\u003e \u003cp\u003e2.2. The Role of Hedge Funds in a Multi-Asset Portfolio 412\u003c\/p\u003e \u003cp\u003e2.3. The Role of Real Assets in a Multi-Asset Portfolio 412\u003c\/p\u003e \u003cp\u003e2.4. The Role of Commercial Real Estate in a Multi-Asset Portfolio 413\u003c\/p\u003e \u003cp\u003e2.5. The Role of Private Credit in a Multi-Asset Portfolio 414\u003c\/p\u003e \u003cp\u003e3. Diversifying Equity Risk 414\u003c\/p\u003e \u003cp\u003e3.1. Volatility Reduction over the Short Time Horizon 414\u003c\/p\u003e \u003cp\u003e3.2. Risk of Not Meeting the Investment Goals over the Long Time Horizon 418\u003c\/p\u003e \u003cp\u003e4. Perspectives on the Investment Opportunity Set 420\u003c\/p\u003e \u003cp\u003e4.1. Traditional Approaches to Asset Classification 421\u003c\/p\u003e \u003cp\u003e4.2. Risk-Based Approaches to Asset Classification 424\u003c\/p\u003e \u003cp\u003e4.3. Comparing Risk-Based and Traditional Approaches 429\u003c\/p\u003e \u003cp\u003e5. Investment Considerations Relevant to the Decision to Invest in Alternatives 431\u003c\/p\u003e \u003cp\u003e5.1. Risk Considerations 431\u003c\/p\u003e \u003cp\u003e5.2. Return Expectations 432\u003c\/p\u003e \u003cp\u003e5.3. Investment Vehicle 432\u003c\/p\u003e \u003cp\u003e5.4. Liquidity 434\u003c\/p\u003e \u003cp\u003e5.5. Fees and Expenses 438\u003c\/p\u003e \u003cp\u003e5.6. Tax Considerations 438\u003c\/p\u003e \u003cp\u003e5.7. Other Considerations 439\u003c\/p\u003e \u003cp\u003e6. Suitability Considerations 442\u003c\/p\u003e \u003cp\u003e6.1. Investment Horizon 442\u003c\/p\u003e \u003cp\u003e6.2. Expertise 442\u003c\/p\u003e \u003cp\u003e6.3. Governance 442\u003c\/p\u003e \u003cp\u003e6.4. Transparency 443\u003c\/p\u003e \u003cp\u003e7. Asset Allocation Approaches 445\u003c\/p\u003e \u003cp\u003e7.1. Statistical Properties and Challenges of Asset Returns 446\u003c\/p\u003e \u003cp\u003e7.2. Monte Carlo Simulation 451\u003c\/p\u003e \u003cp\u003e7.3. Portfolio Optimization 458\u003c\/p\u003e \u003cp\u003e7.4. Risk Factor-Based Optimization 465\u003c\/p\u003e \u003cp\u003e8. Liquidity Planning 469\u003c\/p\u003e \u003cp\u003e8.1. Achieving and Maintaining the Strategic Asset Allocation 470\u003c\/p\u003e \u003cp\u003e8.2. Managing the Capital Calls 476\u003c\/p\u003e \u003cp\u003e8.3. Preparing for the Unexpected 476\u003c\/p\u003e \u003cp\u003e9. Monitoring the Investment Program 480\u003c\/p\u003e \u003cp\u003e9.1. Overall Investment Program Monitoring 480\u003c\/p\u003e \u003cp\u003e9.2. Performance Evaluation 481\u003c\/p\u003e \u003cp\u003e9.3. Monitoring the Firm and the Investment Process 483\u003c\/p\u003e \u003cp\u003e10. Summary 485\u003c\/p\u003e \u003cp\u003eReferences 487\u003c\/p\u003e \u003cp\u003ePractice Problems 488\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Exchange-Traded Funds: Mechanics and Applications 497\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 497\u003c\/p\u003e \u003cp\u003e2. ETF Mechanics 498\u003c\/p\u003e \u003cp\u003e2.1. The Creation\/Redemption Process 499\u003c\/p\u003e \u003cp\u003e2.2. Trading and Settlement 503\u003c\/p\u003e \u003cp\u003e3. Understanding ETFs 504\u003c\/p\u003e \u003cp\u003e3.1. Expense Ratios 504\u003c\/p\u003e \u003cp\u003e3.2. Index Tracking\/Tracking Error 505\u003c\/p\u003e \u003cp\u003e3.3. Tax Issues 511\u003c\/p\u003e \u003cp\u003e3.4. ETF Trading Costs 512\u003c\/p\u003e \u003cp\u003e3.5. Total Costs of ETF Ownership 518\u003c\/p\u003e \u003cp\u003e3.6. Risks 521\u003c\/p\u003e \u003cp\u003e4. ETFs IN PORTFOLIO MANAGEMENT 526\u003c\/p\u003e \u003cp\u003e4.1. ETF Strategies 526\u003c\/p\u003e \u003cp\u003e4.2. Efficient Portfolio Management 526\u003c\/p\u003e \u003cp\u003e4.3. Asset Class Exposure Management 528\u003c\/p\u003e \u003cp\u003e4.4. Active and Factor Investing 530\u003c\/p\u003e \u003cp\u003e5. Summary 533\u003c\/p\u003e \u003cp\u003ePractice Problems 536\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Case Study in Portfolio Management: Institutional 541\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Introduction 541\u003c\/p\u003e \u003cp\u003e2. Background: Liquidity Management 542\u003c\/p\u003e \u003cp\u003e2.1. Liquidity Profiling and Time-to-Cash 543\u003c\/p\u003e \u003cp\u003e2.2. Rebalancing, Commitments 545\u003c\/p\u003e \u003cp\u003e2.3. Stress Testing 546\u003c\/p\u003e \u003cp\u003e2.4. Derivatives 547\u003c\/p\u003e \u003cp\u003e2.5. Earning an Illiquidity Premium 547\u003c\/p\u003e \u003cp\u003e3. QUINCO Case 548\u003c\/p\u003e \u003cp\u003e3.1. Quadrivium University Investment Company (QUINCO) 550\u003c\/p\u003e \u003cp\u003e3.2. Investment Strategy: Background and Evolution 551\u003c\/p\u003e \u003cp\u003e3.3. Strategic Asset Allocation 553\u003c\/p\u003e \u003cp\u003e3.4. Liquidity Management 558\u003c\/p\u003e \u003cp\u003e3.5. Asset Manager Selection 563\u003c\/p\u003e \u003cp\u003e3.6. Tactical Asset Allocation 565\u003c\/p\u003e \u003cp\u003e3.7. Asset Allocation Rebalancing 570\u003c\/p\u003e \u003cp\u003e4. Summary 574\u003c\/p\u003e \u003cp\u003eReferences 575\u003c\/p\u003e \u003cp\u003ePractice Problems 576\u003c\/p\u003e \u003cp\u003eGlossary 581\u003c\/p\u003e \u003cp\u003eAbout the Authors 587\u003c\/p\u003e \u003cp\u003eAbout the CFA Program 589\u003c\/p\u003e \u003cp\u003eIndex 591\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52501440692504,"sku":"9781119787969","price":82.29,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781119787969.jpg?v=1786239045","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/portfolio-management-in-practice-volume-2-asset-allocation-hardback-9781119787969","provider":"Freshly Printed Books","version":"1.0","type":"link"}