Strategic Risk Management : A Practical Guide to Portfolio Risk Management.
David. Iverson
Bok Engelsk 2013 · Electronic books.
| Omfang | 1 online resource (300 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- Strategic Risk Management -- Contents -- Acknowledgments -- Preface -- Chapter 1 Strategic Risk Management Framework -- Organizing Framework -- Fund -- Strategy -- Implementation -- Review -- What Risks Does the Fund Face at each Level? -- Governance Risk -- Asset Allocation Risk -- Timing Risk -- Structural Risks -- Manager Risk -- Implementation Risk -- Monitoring Risk -- Summary -- Putting the Ideas into Action -- Background -- Plan -- Chapter 2 Governance Risk -- Why Governance Matters -- Good Governance -- Mission Clarity -- Separate Governance and Management -- Structure of Governing Body -- Good Processes -- Investment Beliefs -- Review of Governance Approach -- Delegation -- Effective Monitoring and Oversight -- Signs of Poor Governance -- Too Many Managers -- Too Much Reliance on Consultants -- Top-Quartile Manager Selection as Policy -- Not Investing Enough Internationally -- Not Considering Indexing -- Policies Not Clear and in Writing -- Other Signs -- Chapter 3 Investment Beliefs -- Why Have Investment Beliefs? -- Knowledge and Investment Beliefs -- Investment Beliefs and Strategy -- Categories of Investment Beliefs -- Examples of Investment Beliefs -- Approach to Developing Investment Beliefs -- Step 1: Understand the Fundamentals of Risk and Return -- Step 2: Have a Sound Framework for How Markets Work -- Step 3: Make Sure the Investment Beliefs Best Suit Your Fund -- Investment Beliefs about Asset Classes -- Putting the Ideas into Action -- Chapter 4 Fund's Purpose -- Clear Definition -- Possible Ways to Express Objectives -- Examples -- Defined Benefit Plan -- Defined Contribution Plan -- Endowment -- Chapter 5 Strategic Asset Allocation -- Guiding Principles -- Key Steps -- Capital Market Assumptions -- Asset Class Return Relationships -- Global Asset Class Assumptions -- Equity Risk Premium -- Bonds.. - Candidate Portfolios -- Combining Asset Classes to Form Portfolios -- Asset-Liability Modeling -- Selecting a Portfolio -- Chapter 6 Hedge Funds -- Not an Asset Class -- Types of Strategies -- Characteristics of Hedge Funds -- Risks of In vesting in Hedge Funds -- Process Risk -- Mapping Risk -- Event Risk -- Data Risk -- Performance Measurement Risk -- Risk and Return Characteristics -- Historical Performance -- Hedge Fund of Funds -- Successful Hedge Funds Programs -- Good Implementation -- Reasonable Risk and Return Expectations -- Chapter 7 Private Equity -- Types of Private Equity -- Stages of Investment -- Features of Private Equity -- Risks of Private Equity -- Market-Related Risks -- Investment-Specific Risks -- Managing the Risks -- Manager Research and Selection -- Diversification -- Access to Good Funds -- Due Diligence -- Fund of Funds -- Suitability for an Investor's Portfolio -- Risk and Return Characteristics -- Historical Performance -- Reasonable Risk and Return Expectations -- Achieving Private Equity Allocations -- Chapter 8 Benchmarks -- What Are Benchmarks For? -- Characteristics of Good Benchmarks -- Example: Global Equities -- Market Capitalization and Benchmarks -- Chapter 9 Tactical Asset Allocation -- Tactical versus Strategic Asset Allocation -- Approaches to TAA -- TAA versus Global TAA versus DAA -- Investment Beliefs -- Conditions for Success -- TAA Process -- Evaluate Relative Attractiveness -- Allocate Capital -- Implement the Decision -- Evidence of Value Added -- United States and Canada -- United Kingdom -- Australia -- Market Timing and Time Out of the Market -- GTAA -- Chapter 10 Active versus Passive Management -- Decision Framework -- Market Capitalization Starting Point -- Availability -- Suitability -- Active Management Expected to Outperform -- Cost versus Benefit of Alternative.. - Evidence on Market Efficiency -- What Is Market Efficiency? -- What Is the Evidence on Market Efficiency? -- Summary -- What Barriers Exist to Acceptance of the Concept of Market Efficiency? -- Market Impediments -- Behavioral Impediments -- Chapter 11 Passive Management -- Physical Alternatives -- Synthetic Implementation -- Risk Considerations -- Operational Considerations -- Managing Risk with Derivatives-An Example of Alpha-Beta Separation -- Concept in Detail -- Implementation Aspects -- Chapter 12 Active Global Equities Structure -- Active Risk and Return -- Management Fees -- Style Risks -- What Is Style? -- Style Classification -- Determining Style -- Intended or Unintended Style Risks -- Management Structure -- Single- versus Multiple-Manager Portfolio -- Global Equity Risks -- Number of Managers -- Self-Managed versus Outsourcing -- Market Extensions -- Small-Capitalization Equities -- Emerging Market Equities -- Chapter 13 Active Global Fixed Income Structure -- Style -- What Is Style? -- Most Likely Rewarded Strategies -- Management Structure -- Specialist and Broad-Market Managers -- How Many Managers? -- Market Extensions -- High-Yield Debt -- Emerging Market Debt -- Risk and Return Assumptions -- Chapter 14 Manager Selection -- Hiring Managers -- Asset Class Structure -- Collecting Information -- Manager Evaluation -- Firing Managers -- Trade-Off -- Benefits -- Costs -- Overall Trade-Off -- Example -- Fees -- Stated Fee Schedules -- Performance-/Incentive-Based Investment Management Fees -- Conclusion -- Chapter 15 Execution -- Rebalancing -- Why Is Rebalancing Necessary? -- Principles of Rebalancing -- How Is Rebalancing Accomplished? -- What Sort of Rebalancing Approach Is Appropriate? -- Practical Considerations -- Example -- Discipline Is Essential -- Transitioning Managers -- Why Is Change Costly? -- Process in Changing Managers.. - Selecting the Appropriate Option -- Chapter 16 Review and Monitoring -- Levels of Performance Reporting -- Fund Level -- Asset Class Level -- Manager Level -- Sample Reports -- Fund Level -- Asset Class Level -- Manager Level -- Conclusion -- Chapter 17 Case Study 1-Defined Benefit Plan -- Background -- Financial Position and Actuarial Valuation -- Actuarial Assumptions -- Funding Ratio -- Engaging an Investment Advisor -- Investment Objectives -- Asset Allocation Strategy -- Investment Assumptions -- Candidate Portfolios -- Asset-Liability Modeling -- Suitable Portfolios -- Chapter 18 Case Study 2-DC Member Investment Choice Fund -- Plan Characteristics -- Review of the Plan -- Investment Objectives -- Purpose of the Fund -- Risk-Return Trade-Off -- Stating Investment Objectives -- Fund Design -- Design Issues -- Forms of Investment Options -- Investment Strategy -- Asset Allocation -- Asset Class Structure -- Manager Structure -- Implementation Model -- Manager Structure Options -- Global Fixed Income -- Manager Selection Process -- Next Steps -- References -- About the Author -- Index.. - A comprehensive guide to the key investment decisions all investors must make and how to manage the risk that entails Since all investors seek maximize returns balanced against acceptable risks, successful investment management is all about successful risk management. Strategic Risk Management uses that reality as a starting point, showing investors how to make risk management a process rather than just another tool in the investor's kit. The book highlights and explains primary investment risks and shows readers how to manage them across the key areas of any fund, including investment objectives, asset allocation, asset class strategy, and manager selection. With a strong focus on risk management at the time of asset allocation and at the time of implementation, the book offers important guidance for managers of benefit plans, endowments, defined contribution schemes, and family trusts. Offers a thorough examination of the role of risk management in the decision-making process for asset allocation, manager selection, and other duties of fund managers Written by the current head of portfolio design for the New Zealand Superannuation Fund Addresses the fundamental importance of risk management in today's post-crisis fund management landscape Strategic Risk Management is a comprehensive and easy-to-read guide that identifies the primary risks investors face and reveals how best to manage them.
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| ISBN | 9781118176412
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