Multi-Asset Investing: A Practical Approach

Multi-Asset Investing: A Practical Approach

by Yoram Lustig

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Overview

Planning, constructing and managing a multi-asset portfolio
A multi-asset investment management approach provides diversification benefits, enhances risk-adjusted returns and enables a portfolio to be tailored to a wide range of investing objectives, whether these are generating returns or income, or matching liabilities.
This book is divided into four parts that follow the four stages of the multi-asset investment management process:
1. Establishing objectives: Defining the return objectives, risk objectives and investment constraints of a portfolio.
2. Setting an investment strategy: Setting a plan to achieve investment objectives by thinking about long-term strategic asset allocation, combining asset classes and optimisation to derive the most efficient asset allocation.
3. Implementing a solution: Turning the investment strategy into a portfolio using short-term tactical asset allocation, investment selection and risk management. This section includes examples of investment strategies.
4. Reviewing: Evaluating the performance of a portfolio by examining results, risk, portfolio positioning and the economic environment.
By dividing the multi-asset investment process into these well-defined stages, Yoram Lustig guides the reader through the various decisions that have to be made and actions that have to be taken. He builds carefully from defining investment objectives, formulating an investment strategy and the steps of selecting investments, leading to constructing and managing multi-asset portfolios.
At each stage the considerations and strategies to be undertaken are detailed, and the description of the process is supported with relevant financial theory as well as practical, real-life examples.
'Multi-asset Investing' is an essential handbook for the modern approach to investment portfolio management.

Product Details

ISBN-13: 9780857192516
Publisher: Harriman House Publishing
Publication date: 01/07/2013
Pages: 538
Product dimensions: 6.10(w) x 9.10(h) x 1.30(d)

About the Author

Yoram joined AXA Investment Managers in 2013 as Head of Multi-Asset Investments UK and Deputy Global Head of Multi-Asset Investments. From 2009 to 2012, Yoram was Head of Multi-Asset Funds at Aviva Investors, leading the multi-asset team and managing a range of multi-billion, multi-asset portfolios. From 2002 to 2009 he was head of portfolio construction at Merrill Lynch, responsible for managing multi-asset discretionary portfolios.
Yoram began his career in 1998 as a lawyer, specialising in corporate, financial and commercial law. Yoram was awarded the Chartered Advisor in Philanthropy (CAP) designation in 2007; the Professional Risk Manager (PRM) certification in 2005; the Charted Financial Analyst (CFA) designation in 2004; an MBA from London Business School in 2002; and a law degree from Tel Aviv University in 1997. He is admitted to both the Israel and New York State Bars. He had studied Electrical Engineering for two years in the Technion - Israel Institute of Technology prior to his military service. Yoram is the author of the book Multi-Asset Investing: A practical guide to modern portfolio management (Harriman House, 2013).

Table of Contents

About the Author
Acknowledgements
Preface
Introduction
Part 1: Establishing Objectives
Introduction
1. Return Objectives
2. Benchmarks
3. Risk Objectives
4. Rational or Irrational Markets
5. The Relationship Between Reward and Risk
6. Investment Constraints
Part 2: Setting an Investment Strategy
Introduction
7. Strategic Asset Allocation
8. Historical Performance of Asset Classes
9. Combining Asset Classes
10. Diversification
11. Capital Market Assumptions
12. Optimisation
Part 3: Implementing a Solution
Introduction
13. Tactical Asset Allocation
14. Forecasting
15. Economic Cycle
16. Investment Selection
17. Investment Selection Process
18. Active Versus Passive Investments
19. Investment Vehicles
20. Single-Manager Versus Multi-Manager
21. Single Asset Classes
22. Investment Management Process
23. Portfolio Construction
24. Implementation
25. Derivatives
26. Currency
27. Risk Budgeting
28. Risk Management
29. Investment Strategies
Part 4: Reviewing
30. Portfolio Review
31. Performance Attribution
Conclusion
Bibliography
Endnotes
Index

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