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这份报告的目的是生动描绘在项目组合管理的过程中一个合格的投资组合经理必须拥有的基本需求和专业知识。

投资组合构建前的准备

作为一个合格的投资组合经理,在处理任何具体的投资组合构建和修改时,对项目组合管理过程有一个全面的了解是很有必要的。从理论上讲,投资过程可以分为四个阶段:“指定目标,确定约束条件,制定政策以及监测和更新所需的投资组合”(Bodie, Kane and Marcus, 2004, P940).

首先,投资组合的目标是集中在返回需求和投资者的风险承受能力之间的权衡。换句话说,投资经理必须找出在追求更高的回报时,客户的意愿以及接受风险的能力。(Bodie, Kane and Marcus, 2004, p.940)

此外,个人和机构投资者因其特定的限制都将限制其投资行为。一般来说,投资者的主要约束可以概括为五个常见的类别。那就是流动性需求、时间范围、税收方面的考虑,法规和独特的需求和偏好(Bodie, Kane and Marcus, 2004, p.943-944).

投资组合经理所需的基本需求和专业知识-Basic Needs And Expertise Of A Portfolio Manager

This report is aimed to draw a vivid picture regarding the basic needs and expertise that a qualified portfolio manager has to possess in the process of portfolio management.

Preparation before the portfolio construction

As a qualified portfolio manager, before processing any concrete portfolio construction and modification, it is rather essential to have a comprehensive understanding concerning the portfolio management process. Theoretically, investment process can be divided into four stages: “specifying objectives, identifying constraints, formulating policies and later monitoring and updating the portfolio as needed” (Bodie, Kane and Marcus, 2004, P940).

First and foremost, portfolio objectives focus on the trade-off between return requirements and risk tolerance of investors. In other words, investment managers must figure out clients’ willingness as well as ability to accept risk in the pursuit of higher rates of return. (Bodie, Kane and Marcus, 2004, p.940).

Besides, both individual and institutional investors would limit their investments within the boundaries arising from their specific restrictions. Generally, main constraints for investors can be summarized into five common categories. That is, liquidity needs, time horizon, tax considerations, regulations and unique needs and preference (Bodie, Kane and Marcus, 2004, p.943-944).

Having considered various objectives and constraints for different investors, the third step of portfolio management – asset allocation – is able to advance in an effort to satisfy investors’ needs in compliance with their specific restrictions. In detail, asset allocation refers to the procedure of making decision regarding the proportion of wealth invested in each major asset categories. (Bodie, Kane and Marcus, 2004,p.496-497).

In all, each stage in the process of portfolio management is not in isolation. After indentifying clients’ risk and return objectives for investment, a qualified portfolio manager has to take serious consideration regarding the constraints that the clients are facing. Then tailored asset allocation is ready to be made in accordance with those objectives and constraints obtained previously, ensuring the investment policy relevant to the investor’s specific situation and desires.

In practice, as far as I am concerned, as a young investor, capital appreciation will be my priority for investing. In terms of risk tolerance, according to the questionnaire offered by Dow Jones & Company, I am a moderate investor with a risk aversion A set as 6 (Bodie, Kane and Marcus, 2004,p.170-171).Thus, my investment objectives would be to bear moderate risk in the pursuit of high return.

As to investment constrains, I have little needs for liquidity since