投资组合目标设定总结.ppt

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2 投资限制
• Tax concerns税收考虑
– Capital gains or losses – taxed differently from income
• 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?
–determine strategies to meet goals –requires monitoring and updating
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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
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Investment Objectives
General Goals
• Total return总收益率
– Increase portfolio value by capital gains and by reinvesting current income
– Maintain moderate risk exposure
• 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?
accordingly
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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
• How knowledgeable am I about investments and the financial markets?
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Constructing A Policy Statement
• What other capital or income sources do I have? How important is this particular portfolio to my overall financial position?
• Reduces the possibility of inappropriate behavior on the part of the portfolio manager 保护客户免受最p新m. 错误投资和不道德行为的侵9害
Constructing A Policy Statement
Questions to be answered:
–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
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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
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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
• 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
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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
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投资组合管理的过程
1. 投资计划书Policy statement
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投资计划书的ቤተ መጻሕፍቲ ባይዱ素 1 投资目标
• Risk Tolerance • Absolute or relative percentage
return
• General goals
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1 投资目标
General Goals
• Capital preservation本金的安全性
– minimize risk of real loss
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2 投资限制
• Liquidity needs流动性
– Vary between investors depending upon age, employment, tax status, etc.
• Time horizon时间限制
– Influences liquidity needs and risk tolerance
第二章 组合目标设定和 投资计划书
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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
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引言
• 中国的情况：无对冲手段，克服风险的手 段只有Timing
• 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 generating income rather than
capital gains