投资组合目标设定.pptVIP

第二章 组合目标设定和投资计划书 引言 投资目标是投资过程中最为重要的步骤，也可以作为法律依据 投资目标的三个维度：时间、收益、风险——投资必要收益率的三个组成部分 核心是客户对风险－收益的要求和资金的使用期限 引言 中国的情况：无对冲手段，克服风险的手段只有Timing 对上市公司深入的了解是克服风险的手段吗？ 融资融券、股指期货的推出对中国股市的影响 引言 洋洋洒洒的招募说明书有用吗？ 招募说明书只需把两件事情说清楚： 投资者面临的最大风险时的情形 影响收益和投资策略的资金使用期限 投资组合管理的过程 1. 投资计划书Policy statement specifies investment goals and acceptable risk levels should be reviewed periodically经常审视 guides all investment decisions指引所有的投资决策 投资组合管理的过程 2. 研究金融和经济现状并预测未来其趋势 determine strategies to meet goals requires monitoring and updating 投资组合管理的过程 3. 构建投资组合 allocate available funds to minimize investor’s risks and meet investment goals 投资组合管理的过程 4. Monitor and update evaluate portfolio performance Monitor investor’s needs and market conditions revise policy statement as needed modify investment strategy accordingly 投资计划书的必要性 Helps investors understand their own needs, objectives, and investment constraints理解并明确现实投资者的目标和风险水平 Sets standards for evaluating portfolio performance评估投资组合绩效的标准 Reduces the possibility of inappropriate behavior on the part of the portfolio manager 保护客户免受pm错误投资和不道德行为的侵害 Constructing A Policy Statement Questions to be answered: What are the real risks of an adverse financial outcome, especially in the short run? What probable emotional reactions will I have to an adverse financial outcome? How knowledgeable am I about investments and the financial markets? Constructing A Policy Statement What other capital or income sources do I have? How important is this particular portfolio to my overall financial position? What, if any, legal restrictions may affect my investment needs? What, if any, unanticipated consequences of interim fluctuations in portfolio value might affect my investment policy? 投资计划书的要素1 投资目标 Risk Tolerance Absolute or relative percentage return General goals 1 投资目标 General Goals Capital preservation本金的安全性 minimize risk of real loss Capital appreciation资本增值 Growth of the portfolio in real terms to meet future need Current income当前收入 Focus is in genera