783:, information ratio) or differential returns compared to benchmarks (alphas). The Sharpe ratio is the simplest and best-known performance measure. It measures the return of a portfolio over above the risk-free rate, compared to the total risk of the portfolio. This measure is said to be absolute, as it does not refer to any benchmark, avoiding drawbacks related to a poor choice of benchmark. Meanwhile, it does not allow the separation of the performance of the market in which the portfolio is invested from that of the manager. The information ratio is a more general form of the Sharpe ratio in which the risk-free asset is replaced by a benchmark portfolio. This measure is relative, as it evaluates portfolio performance about a benchmark, making the result strongly dependent on this benchmark choice.
647:. The exercise of allocating funds among these assets (and among individual securities within each asset class) is what investment management firms are paid for. Asset classes exhibit different market dynamics, and different interaction effects; thus, the allocation of money among asset classes will have a significant effect on the performance of the fund. Some research suggests that allocation among asset classes has more predictive power than the choice of individual holdings in determining portfolio return. Arguably, the skill of a successful investment manager resides in constructing the asset allocation, and separating individual holdings, to outperform certain benchmarks (e.g., the peer group of competing funds, bonds, and stock indices).
421:, and the preparation of reports for clients. The largest financial fund managers are firms that exhibit all the complexity their size demands. Apart from the people who bring in the money (marketers) and the people who direct investment (the fund managers), there are compliance staff (to ensure accord with legislative and regulatory constraints), internal auditors of various kinds (to examine internal systems and controls), financial controllers (to account for the institutions' own money and costs), computer experts, and "back office" employees (to track and record transactions and fund valuations for up to thousands of clients per institution).
746:), the calculation would be made (as far as the client is concerned) every quarter and would show a percentage change compared with the prior quarter (e.g., +4.6% total return in US dollars). This figure would be compared with other similar funds managed within the institution (for purposes of monitoring internal controls), with performance data for peer group funds, and with relevant indices (where available) or tailor-made performance benchmarks where appropriate. The specialist performance measurement firms calculate quartile and
709:, small capitalisation, indexed, etc. Each of these approaches has its distinctive features, adherents, and in any particular financial environment, distinctive risk characteristics. For example, there is evidence that growth styles (buying rapidly growing earnings) are especially effective when the companies able to generate such growth are scarce; conversely, when such growth is plentiful, then there is evidence that value styles tend to outperform the indices particularly successfully.
2519:
795:, or good fortune. The first component is related to allocation and style investment choices, which may not be under the sole control of the manager, and depends on the economic context, while the second component is an evaluation of the success of the manager's decisions. Only the latter, measured by alpha, allows the evaluation of the manager's true performance (but then, only if you assume that any outperformance is due to the skill and not luck).
807:, allowing a better description of portfolio risks and a more accurate evaluation of a portfolio's performance. For example, Fama and French (1993) have highlighted two important factors that characterize a company's risk in addition to market risk. These factors are the book-to-market ratio and the company's size as measured by its market capitalization. Fama and French-, therefore proposed a three-factor model to describe portfolio normal returns (
66:
2527:
25:
567:
the team been working together? This last question is vital because whatever performance record was presented at the outset of the relationship with the client may or may not relate to (have been produced by) a team that is still in place. If the team has changed greatly (high staff turnover or changes to the team), then arguably the performance record is completely unrelated to the existing team (of fund managers).
168:
771:
succeeded in reaching their objective, i.e. if their return was sufficiently high to reward the risks taken; how they compare to their peers; and finally, whether the portfolio management results were due to luck or the manager's skill. The need to answer all these questions has led to the development of more sophisticated performance measures, many of which originate in
754:
serious preoccupation with short-term numbers and the effect on the relationship with clients (and resultant business risks for the institutions). One effective solution to this problem is to include a minimum evaluation period in the investment management agreement, whereby the minimum evaluation period equals the investment manager's investment horizon.
489:—advocate simply owning every company, reducing the incentive to influence management teams. A reason for this last strategy is that the investment manager prefers a closer, more open, and honest relationship with a company's management team than would exist if they exercised control; allowing them to make a better investment decision.
815:
model, in which factors are style indices. This model allows a custom benchmark for each portfolio to be developed, using the linear combination of style indices that best replicate portfolio style allocation, and leads to an accurate evaluation of portfolio alpha. However, certain research indicates
786:
Portfolio alpha is obtained by measuring the difference between the return of the portfolio and that of a benchmark portfolio. This measure appears to be the only reliable performance measure to evaluate active management. we have to distinguish between normal returns, provided by the fair reward for
668:
that makes sense for a given client (given its risk preferences) and construct a list of planned holdings accordingly. The list will indicate what percentage of the fund should be invested in each particular stock or bond. The theory of portfolio diversification was originated by
Markowitz (and many
655:
It is important to look at the evidence on the long-term returns to different assets, and to holding period returns (the returns that accrue on average over different lengths of investment). For example, over very long holding periods (e.g. 10+ years) in most countries, equities have generated higher
467:
However, there is the problem of how the institution should exercise this power. One way is for the institution to decide, the other is for the institution to poll its beneficiaries. Assuming that the institution polls, should it then: (i) Vote the entire holding as directed by the majority of votes
459:
In practice, the ultimate owners of shares often do not exercise the power they collectively hold (because the owners are many, each with small holdings); financial institutions (as agents) sometimes do. Institutional shareholders should exercise more active influence over the companies in which they
525:
assets accounted for $ 29.9 trillion of the total, with $ 24.7 trillion invested in mutual funds and $ 24.6 trillion in insurance funds. Together with alternative assets (sovereign wealth funds, hedge funds, private equity funds, and exchange-traded funds) and funds of wealthy individuals, assets of
1054:
So for example even if a trading system has 60% losing probability and only 40% winning of all trades, using money management a trader can set his average win substantially higher compared to his average loss in order to produce a profitable trading system. If he set his average win at around $ 400
969:
the highest interest-output value for any amount spent. Spending money to satisfy cravings (regardless of whether they can justifiably be included in a budget) is a natural human phenomenon. The idea of money management techniques has been developed to reduce the amount that individuals, firms, and
566:
refer to the staff, especially the fund managers. The questions are, Who are they? How are they selected? How old are they? Who reports to whom? How deep is the team (and do all the members understand the philosophy and process they are supposed to be using)? And most important of all, How long has
559:
refers to how the overall philosophy is implemented. For example: (i) Which universe of assets is explored before particular assets are chosen as suitable investments? (ii) How does the manager decide what to buy and when? (iii) How does the manager decide what to sell and when? (iv) Who takes the
727:
is often thought to be the acid test of fund management, and in the institutional context, accurate measurement is a necessity. For that purpose, institutions measure the performance of each fund (and usually for internal purposes components of each fund) under their management, and performance is
480:
to implement significant changes in the business. In some cases, institutions with minority holdings work together to force management change. Perhaps more frequent is the sustained pressure that large institutions bring to bear on management teams through persuasive discourse and PR. On the other
770:
Performance measurement should not be reduced to the evaluation of fund returns alone, but must also integrate other fund elements that would be of interest to investors, such as the measure of risk taken. Several other aspects are also part of performance measurement: evaluating if managers have
761:
or after-tax performance. After-tax measurement represents the benefit to the investor, but investors' tax positions may vary. Before-tax measurement can be misleading, especially in regimens that tax realised capital gains (and not unrealised). It is thus possible that successful active managers
496:
as a lever to pressure management teams. In Japan, it is traditional for shareholders to be below in the 'pecking order', which often allows management and labor to ignore the rights of the ultimate owners. Whereas US firms generally cater to shareholders, Japanese businesses generally exhibit a
753:
It is probably appropriate for an investment firm to persuade its clients to assess performance over longer periods (e.g., 3 to 5 years) to smooth out very short-term fluctuations in performance and the influence of the business cycle. This can be difficult however and, industry-wide, there is a
471:
The price signals generated by large active managers holding or not holding the stock may contribute to management change. For example, this is the case when a large active manager sells his position in a company, leading to (possibly) a decline in the stock price, but more importantly a loss of
943:
There is much discussion as to the various factors that can affect the performance of an investment manager, including the manager's qualifications. Some conclude that there is no evidence that any particular qualification enhances the manager's ability to select investments that result in
455:
Institutions often control huge shareholdings. In most cases, they are acting as fiduciary agents rather than principals (direct owners). The owners of shares theoretically have great power to alter the companies via the voting rights the shares carry and the consequent ability to pressure
317:
Venture the board includes expertly overseeing speculation portfolios for the benefit of clients to accomplish their monetary objectives. This incorporates key resource designation, developing broadened portfolios, and effectively observing execution while relieving gambles. Speculation
442:
Above-average fund performance appears to be dependent on the unique skills of the fund manager; however, clients are loath to stake their investments on the ability of a few individuals- they would rather see firm-wide success, attributable to a single philosophy and internal
802:
and explains portfolio returns with the market index as the only factor. It quickly becomes clear, however, that one factor is not enough to explain the returns very well and that other factors have to be considered. Multi-factor models were developed as an alternative to the
1058:
Expectancy = (Trading system
Winning probability * Average Win) – (Trading system losing probability * Average Loss) Expectancy = (0.4 x 400) - (0.6 x 100)=$ 160 - $ 60 = $ 100 net average profit per trade (of course commissions are not included in the computations).
552:
or value shares, or a combination of the two (and why)? (ii) Do they believe in market timing (and on what evidence)? (iii) Do they rely on external research or do they employ a team of researchers? It is helpful if all of such fundamental beliefs are supported by
986:
These techniques are investment-boosting and portfolio-multiplying. There are certain companies as well that offer services, provide counseling and different models for managing money. These are designed to manage grace assets and make them grow.
712:
Large asset managers are increasingly profiling their equity portfolio managers to trade their orders more effectively. While this strategy is less effective with small-cap trades, it has been effective for portfolios with large-cap companies.
475:
Some institutions have been more vocal and active in pursuing such matters; for instance, some firms believe that there are investment advantages to accumulating substantial minority shareholdings (i.e. 10% or more) and putting pressure on
1591:
1037:
Money management can mean gaining greater control over outgoings and incomings, both in a personal and business perspective. Greater money management can be achieved by establishing budgets and analyzing costs and income etc.
526:
the global fund management industry totalled around $ 117 trillion. Growth in 2010 followed a 14% increase in the previous year and was due both to the recovery in equity markets during the year and an inflow of new funds.
1062:
Therefore, the key to successful money management is maximizing every winning trades and minimizing losses (regardless whether you have a winning or losing trading system, such as %Loss probability > %Win probability).
1371:
318:
administrators use exploration and examination to recognize valuable open doors and pursue informed choices, guaranteeing portfolios line up with client targets and hazard resilience. In addition, successful
656:
returns than bonds, and bonds have generated higher returns than cash. According to financial theory, this is because equities are riskier (more volatile) than bonds which are themselves riskier than cash.
2506:
1632:
811:). Carhart (1997) proposed adding momentum as a fourth factor to allow the short-term persistence of returns to be taken into account. Also of interest for performance measurement is Sharpe's (1992)
669:
others). Effective diversification requires management of the correlation between the asset returns and the liability returns, issues internal to the portfolio (individual holdings volatility), and
1588:
190:
974:, in one of his documentaries, admonished prospective investors to embrace his highly esteemed "frugality" ideology. This involves making every financial transaction worth the expense:
1452:
920:(CIIA) in Europe and Asia, are increasingly required for advancement; even to gain entry-level positions in the industry, enrollment / partial completion of exams is often helpful.
787:
portfolio exposure to different risks, and obtained through passive management, from abnormal performance (or outperformance) due to the manager's skill (or luck), whether through
1006:
for clients, has traditionally served as an intermediary to investment managers in the United States and less so in Europe. However, as of 2019, the lines were becoming blurred.
1654:
560:
decisions and are they taken by committee? (v) What controls are in place to ensure that a rogue fund (one very different from others and from what is intended) cannot arise?
611:
A certified company investment advisor should conduct an assessment of each client's individual needs and risk profile. The advisor then recommends appropriate investments.
1363:
1867:
1327:
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cast? (ii) Split the vote (where this is allowed) according to the proportions of the vote? (iii) Or respect the abstainers and only vote the respondents' holdings?
852:
1757:
492:
The national context in which shareholder representation considerations are set is variable and important. The USA is a litigious society and shareholders use the
904:
Increasingly, those with aspirations to work as an investment manager, require further education beyond a bachelor's degree in business, finance, or economics.
446:
Analysts who generate above-average returns often become sufficiently wealthy that they avoid corporate employment in favor of managing their personal portfolios.
1629:
876:
779:(CAPM) developed by Sharpe (1964) highlighted the notion of rewarding risk and produced the first performance indicators, be they risk-adjusted ratios (
286:, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment
1802:
398:
in the United States, refers to both a firm that provides investment management services and to the individual who directs fund management decisions.
1699:
762:(measured before tax) may produce miserable after-tax results. One possible solution is to report the after-tax position of some standard taxpayer.
1677:
2253:
2146:
1348:
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and universities internationally offer "Investments" as a subject within their degree; further, some universities, in fact, confer a specialist
401:
The five largest asset managers are holding 22.7 percent of the externally held assets. Nevertheless, the market concentration, measured via the
959:
is the process of expense tracking, investing, budgeting, banking and evaluating taxes of one's money, which includes investment management and
433:
Revenue is directly linked to market valuations, so a major fall in asset prices can cause a precipitous decline in revenues relative to costs.
1392:
1055:
per trade (this can be done using proper exit strategy) and managing/limiting the losses to around $ 100 per trade; the expectancy is around:
533:
or some $ 36 trillion. The UK was the second-largest centre in the world and by far the largest in Europe with around 8% of the global total.
1834:
2213:
2001:
C. D. Ellis, "A New
Paradigm: The Evolution of Investment Management." Financial Analysts Journal, vol. 48, no. 2 (March/April 1992):16–18.
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983:
4. establish the expected benefits of every desired expenditure using the canon of plus/minus/nil to the standard of living value system.
1486:
1569:
917:
858:
541:
The 3-P's (Philosophy, Process, and People) are often used to describe the reasons why the manager can produce above-average results.
945:
1960:, "Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment," New York, NY: The Free Press, May 2000.
1651:
576:
Ethical or religious principles may be used to determine or guide the way in which money is invested. Christians tend to follow the
130:
3068:
2522:
834:
1045:, money management plays an important role in every success of a trading system. This is closely related with trading expectancy:
102:
413:
The business of investment has several facets, the employment of professional fund managers, research (of individual assets and
83:
38:
2038:
2006:
1297:
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2016:
109:
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1319:
728:
also measured by external firms that specialize in performance measurement. The leading performance measurement firms (e.g.
1113:
732:
in the US or BI-SAM in Europe) compile aggregate industry data, e.g., showing how funds in general performed against given
1967:, Annual Yearbooks dealing with Stocks, Bonds, Bills and Inflation (relevant to long-term returns to US financial assets).
1475:"Thinking Beyond the Hiring and Firing of Asset Managers: a New Framework Truly Aligning Asset Owners with Asset Managers"
391:
by financial advisors takes a more holistic view of a client, with allocations to particular asset management strategies.
2139:
1749:
373:
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Above-average fund performance is difficult to sustain, and clients may not be patient during times of poor performance.
1911:
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institutions spend on items that add no significant value to their living standards, long-term portfolios, and assets.
808:
758:
635:
definitions are widely debated, but four common divisions are cash and fixed income (such as certificates of deposit),
116:
2561:
2082:
1995:
1981:
1940:
1051:
Expectancy = (Trading system
Winning probability * Average Win) – (Trading system losing probability * Average Loss)
234:
216:
149:
52:
1718:
1614:
1610:
1529:
798:
Portfolio returns may be evaluated using factor models. The first model, proposed by Jensen (1968), relies on the
460:
hold shares (e.g., to hold managers to account, to ensure Board's effective functioning). Such action would add a
98:
3383:
2930:
775:. Modern portfolio theory established the quantitative link that exists between portfolio risk and returns. The
322:
requires adherence to ethical standards, compliance with regulations, and effective communication with clients.
3731:
3662:
3465:
2970:
2617:
2530:
2350:
2280:
2132:
1987:
V. Le Sourd, 2007, "Performance
Measurement for Traditional Investment – Literature Survey", EDHEC Publication.
1275:
1133:
472:
confidence by the markets in the management of the company, thus precipitating changes in the management team.
402:
87:
608:
At the heart of the investment management industry are the managers who invest and divest client investments.
3000:
2238:
979:
2. always go for the most cost-effective alternative (establishing small quality-variance benchmarks, if any)
1904:; Pearlman, Philip; Ivanhoff, Ivaylo. The StockTwits Edge: 40 Actionable Trade Set-Ups from Real Market Pros
1799:
3061:
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2259:
1733:
1208:
1048:“Expectancy” which is the average amount you can expect to win or lose per dollar at risk. Mathematically:
913:
846:
812:
291:
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1257:
909:
840:
804:
799:
776:
1674:
1530:"New tool for stock investment risk management: Trend forecasting based on individual investor behavior"
1230:
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refers to the overarching beliefs of the investment organization. For example: (i) Does the manager buy
3412:
2905:
2682:
2270:
1737:
1640:
1183:
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mentality, in which they seek consensus amongst all interested parties (against a background of strong
44:
3500:
3081:
2667:
2218:
2187:
665:
577:
1514:
1430:
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3323:
2426:
2340:
1399:
1138:
1083:
870:
729:
198:
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178:
123:
1826:
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1973:, Portfolio Selection: Efficient Diversification of Investments, New Haven: Yale University Press
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The US remained by far the biggest source of funds, accounting for around a half of conventional
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405:, could be estimated at 173.4 in 2018, showing that the industry is not very concentrated.
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Money management is used in investment management and deals with the question of how much
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may refer to management of assets not necessarily primarily held for investment purposes.
8:
3700:
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3168:
3005:
2975:
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2825:
2752:
2742:
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1976:
S.N. Levine, The
Investment Managers Handbook, Irwin Professional Publishing (May 1980),
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939:- may also be required for advancement to senior roles; and lately for entry-level roles.
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1364:"Concentration In The Asset Management Industry: Implications For Corporate Engagement"
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on behalf of (normally wealthy) private investors may often refer to their services as
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2012:
1991:
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Against the background of the asset allocation, fund managers consider the degree of
521:
of the global fund management industry increased by 10% in 2010, to $ 79.3 trillion.
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that internet data may not necessarily enhance the precision of predictive models.
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2011:. World Scientific-Nobel Laureate Series: Vol. 1. World Scientific. p. 716.
1970:
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in "Investment
Management" or in "Asset Management" or in "Financial Markets".
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data and close attention would be paid to the (percentile) ranking of any fund.
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3213:
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1901:
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1957:
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Successful fund managers are expensive and may be headhunted by competitors.
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managements, and if necessary out-vote them at annual and other meetings.
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16:
Professional asset management of securities for the benefit of investors
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2330:
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2198:
1123:
1023:
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477:
275:
3617:
1827:"Market pressure blurs the line between US asset and wealth managers"
482:
364:, depending on if the client is an institution or private individual/
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of fund management that the institution can implement. For example,
65:
3475:
2607:
877:
Professional certification in financial services § Investments
287:
279:
197:
external links, and converting useful links where appropriate into
1445:"Performance Measurement & Attribution | FactSet FactSet"
3530:
2712:
2571:
1990:
D. Broby, "A Guide to Fund
Management", Risk Books, (Aug 2010),
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522:
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2116:
1026:
or what part of the decision maker's wealth should be put into
981:
3. favor expenditures on interest-bearing items over all others
747:
603:
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to those (the regulators and the Board) overseeing management.
356:
Most investment management clients can be classified as either
2036:
966:
Money management is a strategic technique to make money yield
946:
Chartered
Financial Analyst § Efficacy of the CFA program
512:
2980:
2275:
267:
3612:
2121:
of the
Investment Management Association – UK industry body
1027:
1015:
303:
1894:
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928:
493:
1528:
Sun, Yi; Jin, Quan; Cheng, Qing; Guo, Kun (2019-11-01).
765:
1320:"Top 400 Asset Managers 2018: 10 years of asset growth"
977:
1. avoid any expense that appeals to vanity or snobbery
2111:
of the Investment Company Institute – US industry body
2106:
1930:
1114:
Financial risk management § Investment management
481:
hand, some of the largest investment managers—such as
1931:
Billings, Mark; Cowdell, Jane; Cowdell, Paul (2001).
450:
1258:"5 Popular Investment Trends For The Start of 2024"
90:. Unsourced material may be challenged and removed.
2070:
990:
536:
1652:BSc Hons Investment and Financial Risk Management
1018:a decision maker should take in situations where
181:may not follow Knowledge's policies or guidelines
3723:
1935:. Canterbury, U.K.: Financial World Publishing.
2254:Qualifying investor alternative investment fund
2073:Money Management Strategies for Futures Traders
2004:
1857:"Facing the facts of risk and money management"
383:or portfolio management within the context of "
1888:
1527:
705:, value, growth at a reasonable price (GARP),
3062:
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2214:Labour-sponsored venture capital corporation
1317:
604:Investment managers and portfolio structures
329:is often used to refer to the management of
1347:: CS1 maint: numeric names: authors list (
513:Size of the global fund management industry
53:Learn how and when to remove these messages
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1848:
1231:Outline of finance § Portfolio theory
1030:in order to maximize the decision maker's
918:Certified International Investment Analyst
912:(CFA), internationally, or the more local
859:Certified International Investment Analyst
757:An enduring problem is whether to measure
716:
2154:
2037:Elton, Edwin J; Gruber, Martin J (2010).
1009:
250:(sometimes referred to more generally as
235:Learn how and when to remove this message
217:Learn how and when to remove this message
150:Learn how and when to remove this message
1534:Industrial Management & Data Systems
835:Chartered Alternative Investment Analyst
368:. Investment managers who specialize in
2068:
1824:
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425:Key problems of running such businesses
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1854:
871:Financial analyst § Qualification
739:and peer groups over various periods.
349:, and/or bonds. The more generic term
3050:
3031:Valuation using discounted cash flows
2543:
2128:
2040:Investments and Portfolio Performance
1820:
1818:
827:Investment management certifications
766:Risk-adjusted performance measurement
571:
1750:"Should You Get A CFA, MBA Or Both?"
944:above-average returns. But see also
676:
650:
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88:adding citations to reliable sources
59:
18:
1719:Honours Degree in Financial Markets
951:
881:Outline of finance § Education
614:
417:), dealing, settlement, marketing,
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1825:Altbach, Gabriel (21 March 2019).
1815:
1473:Wierckx, Patrick J. (2021-04-01).
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2043:. World Scientific. p. 416.
1900:Change is the only Constant. IN:
1760:from the original on 27 June 2015
742:In a typical case (let us say an
584:which proscribed the charging of
451:Representing the owners of shares
408:
34:This article has multiple issues.
3344:Conditional Value-at-Risk (CVaR)
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2931:Quantitative behavioral finance
2008:Harry Markowitz: Selected Works
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1300:from the original on 2020-04-12
991:Comparison to wealth management
537:Philosophy, process, and people
75:needs additional citations for
42:or discuss these issues on the
3663:Strategic financial management
3466:Asset and liability management
2971:Strategic financial management
2618:Bull (stock market speculator)
2351:Socially responsible investing
2281:Split capital investment trust
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1398:. . 2011-10-05. Archived from
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1134:List of asset management firms
809:Fama–French three-factor model
697:There is a range of different
596:and so started the concept of
1:
3001:Sustainable Development Goals
2239:Open-ended investment company
1242:
580:. Several religions follow
333:, most often specializing in
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304:Real estate investment trusts
292:collective investment schemes
2497:Returns-based style analysis
2260:Real estate investment trust
1870:. p. 33. Archived from
1855:Harris, Michael (May 2002).
1615:Advanced Investment Analysis
1209:Returns-based style analysis
914:Chartered Investment Manager
847:Chartered Investment Manager
825:
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3241:Operational risk management
2432:Efficient-market hypothesis
2069:Balsara, Nauzer J. (1992).
1780:Active Portfolio Management
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910:Chartered Financial Analyst
841:Chartered Financial Analyst
777:capital asset pricing model
592:forbade involvement in the
403:Herfindahl-Hirschmann Index
262:, including shareholdings,
10:
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3413:Proportional hazards model
3364:Interest rate immunization
2683:Enterprise risk management
2271:Short-term investment fund
1800:Asset and Money Management
1738:University of Johannesburg
1675:BCom Investment Management
1641:University of South Africa
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1184:Separately managed account
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2188:Fonds commun de placement
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1898:; Lindloff, Andy (2011).
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916:(CIM) in Canada, and the
908:Designations such as the
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278:goals for the benefit of
3359:First-hitting-time model
3324:Arbitrage pricing theory
2427:Arbitrage pricing theory
2005:Markowitz, H.M. (2009).
1697:BS Investment Management
1665:, London (formerly Cass)
1318:KennedyJune 2018, Liam.
1139:Low-volatility investing
1084:Asset management company
853:Chartered Wealth Manager
730:Russell Investment Group
3668:Stress test (financial)
3374:Modern portfolio theory
2502:Traditional investments
2487:Commodity pool operator
2461:Noisy market hypothesis
2456:Modern portfolio theory
2306:Unitised insurance fund
2234:Open-ended fund company
2176:Common contractual fund
1723:University of Fort Hare
1159:Performance attribution
773:modern portfolio theory
717:Performance measurement
531:assets under management
519:assets under management
99:"Investment management"
2881:Investment performance
2583:Alternative investment
2482:Alternative investment
2396:Institutional investor
1963:Rex A. Sinquefeld and
1686:University of Pretoria
1509:Cite journal requires
1425:Cite journal requires
1174:Quantitative investing
1010:Trading and investment
627:Portfolio optimization
429:Key problems include:
254:) is the professional
3732:Investment management
3706:Investment management
3608:Investment management
3334:Replicating portfolio
3110:Sovereign credit risk
2876:Investment management
2861:International finance
2688:Environmental finance
2648:Computational finance
2296:Unit investment trust
2156:Investment management
1933:Investment Management
1809:Retrieved 5-08-2015.
1782:by Grinold and Kahn (
1663:Bayes Business School
1619:University of Wyoming
1611:Investment Management
1567:Investment management
1236:Outline of management
1221:Transition management
1189:Sovereign Wealth Fund
948:re related research.
869:Further information:
673:between the returns.
327:investment management
320:investment management
300:exchange-traded funds
248:Investment management
3711:Mathematical finance
3643:Risk-return spectrum
3633:Mathematical finance
3588:Fundamental analysis
3521:Exchange traded fund
3105:Consumer credit risk
2941:Risk-return spectrum
2896:Mathematical finance
2816:Fundamental analysis
2810:Financial technology
2708:Experimental finance
2703:Exchange traded fund
2286:Tax transparent fund
2182:Exchange-traded fund
1578:University of London
1449:Research Systems Inc
1290:"Advisor Definition"
1109:Financial management
1099:Exchange-traded fund
1089:Corporate governance
1079:Alpha capture system
274:, to meet specified
187:improve this article
84:improve this article
3701:Financial economics
3658:Statistical finance
3424:Value-at-Risk (VaR)
3329:Black–Scholes model
3169:Holding period risk
3006:Sustainable finance
2976:Statistical finance
2956:Statistical finance
2866:Investment advisory
2826:Greater fool theory
2341:Manager of managers
2249:Private-equity fund
1600:American University
1589:Investment Analysis
282:. Investors may be
199:footnote references
3678:Structured product
3673:Structured finance
3653:Speculative attack
3339:Cash flow matching
3302:Non-financial risk
3199:Interest rate risk
3125:Concentration risk
2991:Structured product
2986:Structured finance
2871:Investment banking
2846:History of banking
2633:Capital management
2451:Martingale pricing
2361:Thematic investing
2326:passive management
1864:Trading Strategies
1805:2015-07-11 at the
1702:2021-07-19 at the
1680:2021-07-20 at the
1657:2021-10-21 at the
1635:2021-07-26 at the
1594:2021-07-26 at the
1572:2021-09-17 at the
1362:Eccles, Robert G.
1179:Securities lending
1149:Passive management
1144:Momentum investing
1004:financial planning
1000:financial advisors
671:cross-correlations
598:ethical investment
578:Biblical scripture
572:Ethical principles
396:investment adviser
347:alternative assets
288:contracts/mandates
3719:
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3491:Corporate finance
3486:Capital structure
3440:Cash flow at risk
3436:Liquidity at risk
3409:Survival analysis
3310:
3309:
3256:Reputational risk
3130:Credit derivative
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2921:Position of trust
2653:Corporate finance
2638:Capital structure
2598:Asset (economics)
2570:General areas of
2537:
2536:
2315:Investment styles
2077:. Wiley Finance.
2050:978-981-4335-39-3
2018:978-981-283-364-8
1965:Roger G. Ibbotson
1906:. Wiley Trading.
1477:. Rochester, NY.
1393:"Fund Management"
1074:Active management
996:Wealth management
961:wealth management
895:bachelor's degree
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866:
677:Investment styles
651:Long-term returns
553:proof-statements.
419:internal auditing
389:Wealth management
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3593:Growth investing
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3426:and extensions (
3369:Market portfolio
3233:Operational risk
3218:Refinancing risk
3093:
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2916:Personal finance
2906:Over-the-counter
2886:Investor profile
2856:Impact investing
2851:History of money
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2693:Equity (finance)
2603:Asset allocation
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2117:Official website
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3016:Systematic risk
2936:Quantum finance
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2658:Cost of capital
2643:Climate finance
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889:level, several
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1081:
1076:
1070:
1068:
1065:
1011:
1008:
992:
989:
972:Warren Buffett
953:
950:
941:
940:
921:
865:
864:
863:
862:
856:
850:
844:
838:
829:
828:
821:
818:
813:style analysis
767:
764:
718:
715:
707:market neutral
681:Main article:
678:
675:
661:
658:
652:
649:
631:The different
619:Main article:
616:
613:
605:
602:
573:
570:
569:
568:
561:
554:
538:
535:
514:
511:
462:pressure group
452:
449:
448:
447:
444:
440:
437:
434:
426:
423:
410:
409:Industry scope
407:
311:
308:
243:
242:
225:
224:
179:external links
174:
172:
165:
158:
157:
72:
70:
63:
58:
32:
31:
29:
22:
15:
9:
6:
4:
3:
2:
3744:
3733:
3730:
3729:
3727:
3712:
3709:
3707:
3704:
3702:
3699:
3698:
3695:
3689:
3686:
3684:
3683:Systemic risk
3681:
3679:
3676:
3674:
3671:
3669:
3666:
3664:
3661:
3659:
3656:
3654:
3651:
3649:
3646:
3644:
3641:
3639:
3636:
3634:
3631:
3629:
3626:
3624:
3621:
3619:
3616:
3614:
3611:
3609:
3606:
3604:
3601:
3599:
3596:
3594:
3591:
3589:
3586:
3582:
3579:
3577:
3574:
3572:
3569:
3567:
3564:
3562:
3559:
3557:
3554:
3552:
3549:
3547:
3544:
3542:
3539:
3537:
3534:
3533:
3532:
3529:
3527:
3524:
3522:
3519:
3517:
3514:
3512:
3509:
3507:
3504:
3502:
3499:
3497:
3494:
3492:
3489:
3487:
3484:
3482:
3481:Capital asset
3479:
3477:
3474:
3472:
3471:Asset pricing
3469:
3467:
3464:
3462:
3459:
3458:
3456:
3452:
3445:
3441:
3437:
3433:
3429:
3425:
3422:
3420:
3417:
3414:
3410:
3407:
3405:
3404:Sortino ratio
3402:
3400:
3397:
3395:
3392:
3390:
3387:
3385:
3382:
3380:
3377:
3375:
3372:
3370:
3367:
3365:
3362:
3360:
3357:
3355:
3352:
3350:
3347:
3345:
3342:
3340:
3337:
3335:
3332:
3330:
3327:
3325:
3322:
3321:
3319:
3317:
3313:
3303:
3300:
3298:
3297:Systemic risk
3295:
3293:
3290:
3288:
3285:
3284:
3282:
3278:
3272:
3269:
3267:
3264:
3262:
3259:
3257:
3254:
3252:
3249:
3247:
3246:Business risk
3244:
3242:
3239:
3238:
3236:
3234:
3230:
3223:
3219:
3215:
3212:
3210:
3207:
3205:
3202:
3200:
3197:
3195:
3192:
3190:
3187:
3185:
3182:
3180:
3177:
3174:
3170:
3166:
3162:
3158:
3154:
3151:
3150:
3148:
3146:
3142:
3136:
3133:
3131:
3128:
3126:
3123:
3121:
3118:
3116:
3113:
3111:
3108:
3106:
3103:
3102:
3100:
3098:
3094:
3091:
3087:
3083:
3079:
3072:
3067:
3065:
3060:
3058:
3053:
3052:
3049:
3037:
3036:Watered stock
3034:
3032:
3029:
3027:
3024:
3022:
3019:
3017:
3014:
3012:
3009:
3007:
3004:
3002:
2999:
2997:
2994:
2992:
2989:
2987:
2984:
2982:
2979:
2977:
2974:
2972:
2969:
2967:
2964:
2962:
2959:
2957:
2954:
2952:
2949:
2947:
2944:
2942:
2939:
2937:
2934:
2932:
2929:
2927:
2924:
2922:
2919:
2917:
2914:
2912:
2909:
2907:
2904:
2902:
2899:
2897:
2894:
2892:
2889:
2887:
2884:
2882:
2879:
2877:
2874:
2872:
2869:
2867:
2864:
2862:
2859:
2857:
2854:
2852:
2849:
2847:
2844:
2842:
2839:
2837:
2834:
2832:
2829:
2827:
2824:
2822:
2819:
2817:
2814:
2811:
2808:
2804:
2801:
2799:
2796:
2794:
2791:
2789:
2786:
2784:
2781:
2779:
2776:
2774:
2771:
2769:
2766:
2764:
2761:
2759:
2756:
2754:
2751:
2749:
2746:
2744:
2741:
2739:
2736:
2734:
2731:
2729:
2726:
2724:
2721:
2719:
2716:
2715:
2714:
2711:
2709:
2706:
2704:
2701:
2699:
2696:
2694:
2691:
2689:
2686:
2684:
2681:
2679:
2678:Eco-investing
2676:
2674:
2671:
2669:
2666:
2664:
2663:Disinvestment
2661:
2659:
2656:
2654:
2651:
2649:
2646:
2644:
2641:
2639:
2636:
2634:
2631:
2629:
2628:Capital asset
2626:
2624:
2621:
2619:
2616:
2614:
2611:
2609:
2606:
2604:
2601:
2599:
2596:
2594:
2591:
2589:
2586:
2584:
2581:
2580:
2577:
2573:
2565:
2560:
2558:
2553:
2551:
2546:
2545:
2542:
2532:
2524:
2514:
2508:
2505:
2503:
2500:
2498:
2495:
2493:
2490:
2488:
2485:
2483:
2480:
2479:
2477:
2473:
2467:
2464:
2462:
2459:
2457:
2454:
2452:
2449:
2446:
2442:
2438:
2435:
2433:
2430:
2428:
2425:
2424:
2422:
2418:
2412:
2409:
2407:
2406:Open-end fund
2404:
2402:
2399:
2397:
2394:
2392:
2389:
2387:
2384:
2383:
2381:
2377:
2371:
2367:
2364:
2362:
2359:
2357:
2354:
2352:
2349:
2347:
2344:
2342:
2339:
2337:
2334:
2332:
2329:
2327:
2323:
2320:
2319:
2317:
2313:
2307:
2304:
2302:
2299:
2297:
2294:
2292:
2291:Umbrella fund
2289:
2287:
2284:
2282:
2279:
2277:
2274:
2272:
2269:
2267:
2266:Royalty trust
2264:
2261:
2258:
2255:
2252:
2250:
2247:
2245:
2242:
2240:
2237:
2235:
2232:
2230:
2229:Offshore fund
2227:
2225:
2222:
2220:
2217:
2215:
2212:
2210:
2207:
2205:
2202:
2200:
2197:
2195:
2194:Fund of funds
2192:
2189:
2186:
2183:
2180:
2177:
2174:
2173:
2171:
2169:
2161:
2157:
2150:
2145:
2143:
2138:
2136:
2131:
2130:
2127:
2118:
2113:
2108:
2103:
2102:
2086:
2084:0-471-52215-5
2080:
2075:
2074:
2067:
2057:on 2010-12-08
2056:
2052:
2046:
2042:
2041:
2035:
2025:on 2011-02-23
2024:
2020:
2014:
2010:
2009:
2003:
2000:
1997:
1996:1-906348-18-9
1993:
1989:
1986:
1983:
1982:0-87094-207-7
1979:
1975:
1972:
1969:
1966:
1962:
1959:
1958:David Swensen
1956:
1952:
1948:
1944:
1942:9780852976135
1938:
1934:
1929:
1928:
1915:
1909:
1905:
1903:
1897:
1891:
1877:on 2006-10-17
1873:
1869:
1868:Active trader
1865:
1858:
1851:
1836:
1832:
1828:
1821:
1819:
1808:
1804:
1801:
1796:
1789:
1785:
1781:
1775:
1759:
1755:
1751:
1745:
1739:
1735:
1730:
1724:
1720:
1715:
1709:
1705:
1701:
1698:
1693:
1687:
1683:
1679:
1676:
1671:
1664:
1660:
1656:
1653:
1648:
1642:
1638:
1634:
1631:
1626:
1620:
1616:
1612:
1607:
1601:
1597:
1593:
1590:
1585:
1579:
1575:
1571:
1568:
1563:
1555:
1551:
1547:
1543:
1539:
1535:
1531:
1524:
1516:
1503:
1488:
1484:
1480:
1476:
1469:
1454:
1450:
1446:
1440:
1432:
1419:
1405:on 2012-03-29
1401:
1394:
1388:
1373:
1369:
1365:
1358:
1350:
1344:
1329:
1325:
1321:
1314:
1299:
1295:
1291:
1285:
1277:
1271:
1263:
1259:
1252:
1248:
1237:
1234:
1232:
1229:
1227:
1224:
1222:
1219:
1217:
1214:
1210:
1207:
1205:
1202:
1201:
1200:
1197:
1195:
1192:
1190:
1187:
1185:
1182:
1180:
1177:
1175:
1172:
1170:
1167:
1165:
1162:
1160:
1157:
1155:
1152:
1150:
1147:
1145:
1142:
1140:
1137:
1135:
1132:
1130:
1127:
1125:
1122:
1120:
1117:
1115:
1112:
1110:
1107:
1105:
1102:
1100:
1097:
1095:
1094:Exchange fund
1092:
1090:
1087:
1085:
1082:
1080:
1077:
1075:
1072:
1071:
1064:
1060:
1056:
1052:
1049:
1046:
1044:
1041:In stock and
1039:
1035:
1033:
1029:
1025:
1021:
1017:
1007:
1005:
1001:
997:
988:
984:
975:
973:
967:
964:
962:
958:
949:
947:
938:
934:
930:
926:
922:
919:
915:
911:
907:
906:
905:
902:
900:
896:
892:
888:
887:undergraduate
882:
878:
872:
860:
857:
854:
851:
848:
845:
842:
839:
836:
833:
832:
830:
817:
814:
810:
806:
801:
796:
794:
793:stock picking
790:
789:market timing
784:
782:
778:
774:
763:
760:
755:
751:
749:
745:
740:
738:
735:
731:
726:
723:
714:
710:
708:
704:
700:
694:
690:
684:
674:
672:
667:
657:
648:
646:
642:
638:
634:
628:
622:
612:
609:
601:
599:
595:
591:
587:
583:
579:
565:
562:
558:
555:
551:
547:
544:
543:
542:
534:
532:
527:
524:
520:
517:Conventional
510:
508:
504:
500:
495:
490:
488:
484:
479:
473:
469:
465:
463:
457:
445:
441:
438:
435:
432:
431:
430:
422:
420:
416:
415:asset classes
406:
404:
399:
397:
392:
390:
386:
382:
378:
376:
375:discretionary
371:
367:
363:
359:
358:institutional
354:
352:
348:
344:
340:
339:public equity
336:
332:
328:
323:
321:
315:
307:
305:
301:
297:
293:
289:
285:
281:
277:
273:
269:
265:
261:
257:
253:
249:
239:
236:
221:
218:
210:
200:
196:
195:inappropriate
192:
188:
182:
180:
173:
164:
163:
154:
151:
143:
140:November 2018
132:
129:
125:
122:
118:
115:
111:
108:
104:
101: –
100:
96:
95:Find sources:
89:
85:
79:
78:
73:This article
71:
67:
62:
61:
56:
54:
47:
46:
41:
40:
35:
30:
21:
20:
3705:
3638:Moral hazard
3623:Risk of ruin
3607:
3399:Sharpe ratio
3261:Country risk
3222:Deposit risk
3120:Default risk
2911:Pension fund
2875:
2836:Growth stock
2758:institutions
2623:Asset growth
2492:Robo-advisor
2437:Fixed income
2368: /
2324: /
2244:Pension fund
2155:
2088:. Retrieved
2072:
2059:. Retrieved
2055:the original
2039:
2027:. Retrieved
2023:the original
2007:
1932:
1899:
1896:Gomez, Steve
1890:
1879:. Retrieved
1872:the original
1863:
1850:
1839:. Retrieved
1830:
1811:(in Swedish)
1795:
1779:
1774:
1762:. Retrieved
1753:
1744:
1729:
1714:
1692:
1670:
1647:
1625:
1606:
1584:
1562:
1537:
1533:
1523:
1502:cite journal
1491:. Retrieved
1468:
1457:. Retrieved
1448:
1439:
1418:cite journal
1407:. Retrieved
1400:the original
1387:
1376:. Retrieved
1367:
1357:
1332:. Retrieved
1323:
1313:
1302:. Retrieved
1294:Investopedia
1293:
1284:
1261:
1256:Asif, Noor.
1251:
1154:Pension fund
1061:
1057:
1053:
1050:
1047:
1040:
1036:
1013:
994:
985:
976:
968:
965:
956:
955:
942:
903:
884:
797:
785:
781:Sharpe ratio
769:
756:
752:
741:
720:
711:
696:
663:
654:
630:
610:
607:
575:
563:
556:
545:
540:
528:
516:
498:
491:
474:
470:
466:
458:
454:
428:
412:
400:
393:
374:
369:
366:family trust
361:
357:
355:
350:
326:
324:
316:
313:
296:mutual funds
284:institutions
266:, and other
251:
247:
246:
231:
213:
204:
189:by removing
176:
146:
137:
127:
120:
113:
106:
94:
82:Please help
77:verification
74:
50:
43:
37:
36:Please help
33:
3688:Toxic asset
3648:Speculation
3581:social work
3566:engineering
3394:Risk parity
3379:Omega ratio
3292:Profit risk
3179:Equity risk
3157:Volume risk
3145:Market risk
3097:Credit risk
3026:Toxic asset
2966:Stockbroker
2951:Speculation
2901:Mutual fund
2891:Market risk
2798:social work
2748:engineering
2593:Super angel
2466:Yield curve
2379:Terminology
2331:Hedge Funds
2224:Mutual fund
2164:Investment
1630:Investments
1204:Style drift
1194:Stockbroker
1020:uncertainty
923:Further, a
744:equity fund
734:performance
725:performance
693:Style drift
645:real estate
633:asset class
594:slave trade
507:legislation
499:stakeholder
443:discipline.
343:real assets
272:real estate
258:of various
3271:Legal risk
3251:Model risk
3165:Shape risk
3161:Basis risk
3089:Categories
2783:regulation
2763:management
2673:Divestment
2301:Unit trust
2209:Hedge fund
2199:Index fund
2168:structures
2090:2006-10-29
2061:2011-12-22
2029:2011-12-22
1881:2006-11-19
1841:2020-03-29
1493:2021-08-25
1459:2021-10-23
1409:2011-10-05
1378:2020-12-21
1334:2020-12-21
1304:2020-03-15
1243:References
1124:Investment
1024:percentage
899:with title
875:See also:
759:before-tax
687:See also:
625:See also:
582:Mosaic law
546:Philosophy
505:and labor
478:management
377:management
310:Investment
276:investment
270:, such as
260:securities
110:newspapers
39:improve it
3618:Risk pool
3531:Financial
2812:(Fintech)
2753:inclusion
2743:economics
2738:deepening
2713:Financial
2445:Convexity
1778:See e.g.
1554:0263-5577
1164:Portfolio
483:BlackRock
325:The term
280:investors
207:June 2018
191:excessive
45:talk page
3726:Category
3541:analysis
3476:Bad debt
3354:Drawdown
3316:Modeling
2793:services
2718:analysis
2608:Bad debt
2523:Category
2441:Duration
1951:47637275
1835:Archived
1803:Archived
1758:Archived
1700:Archived
1678:Archived
1655:Archived
1633:Archived
1592:Archived
1570:Archived
1487:Archived
1453:Archived
1372:Archived
1343:cite web
1328:Archived
1298:Archived
1270:cite web
1067:See also
1002:perform
998:, where
586:interest
487:Vanguard
370:advisory
314:Source:
3556:betting
3546:analyst
3536:adviser
3189:FX risk
2778:planner
2723:analyst
2572:finance
2256:(QIAIF)
1483:3873146
1262:Wanpays
885:At the
737:indices
590:Quakers
588:. The
557:Process
523:Pension
335:private
290:or via
185:Please
177:use of
124:scholar
3598:Hazard
3349:Copula
3216:(e.g.
3155:(e.g.
2803:system
2768:market
2420:Theory
2322:Active
2262:(REIT)
2081:
2047:
2015:
1994:
1980:
1949:
1939:
1910:
1786:
1764:13 May
1754:Forbes
1552:
1481:
1368:Forbes
879:, and
861:(CIIA)
837:(CAIA)
748:decile
703:growth
699:styles
637:stocks
564:People
550:growth
503:unions
268:assets
126:
119:
112:
105:
97:
3603:Hedge
3561:crime
3551:asset
3384:RAROC
3280:Other
2981:Stock
2733:crime
2728:asset
2507:UCITS
2366:Value
2276:SICAV
2190:(FCP)
2184:(ETF)
2178:(CCF)
1875:(PDF)
1860:(PDF)
1403:(PDF)
1396:(PDF)
855:(CWM)
849:(CIM)
843:(CFA)
641:bonds
302:, or
294:like
264:bonds
131:JSTOR
117:books
3613:Risk
3576:risk
3080:and
2788:risk
2773:plan
2531:List
2166:fund
2079:ISBN
2045:ISBN
2013:ISBN
1992:ISBN
1978:ISBN
1947:OCLC
1937:ISBN
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