Registry

Module Specifications

Archived Version 2011 - 2012

Module Title	Fund Management
Module Code	EF508
School	DCUBS
Online Module Resources
NFQ level	9	Credit Rating	5
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

Description

This course is designed as a complement to the course in portfolio theory with a view to introducing students to the practical aspects of institutional portfolio management.

Learning Outcomes

1. Identify the key portfolio management techniques.
2. Critically assess the risks and expected rewards associated with different types of institutionally managed portfolios and funds.

*Type*	*Hours*	*Description*
Workload	Full-time hours per semester
Lecture	24	No Description
Independent Study	36	Assigned Readings
Independent Study	40	Exam preparation
Independent Study	25	Assignment (report)
Total Workload: 125

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Passive Management StrategiesImmunizing portfolios
methods of immunizing bond portfolios; single and multiple liabilities; convexity; immunisation risk.Index funds: choosing the best method of indexation, problems relating to the compilation and maintenance of index funds.Accessing overseas markets through passive strategies.Active Management StrategiesSearching for market inefficiency; strategies for adding value over index performance.Combining a core fund with satellite active management portfolios, specialty management.Using stock index futures and options; options on futures; currency hedging for overseas portfolios.Bond switches.Asset AllocationPortfolio diversification, methods of evaluating and comparing investment markets; e.g. multi-scenario projections, risk premiums, the reverse yield gap.Portfolio insurance, hedging portfolios with capital protection strategies.Asset allocation in passive portfolios.Considering transactions costs.Investment Performance AppraisalMeasures of analysing investment performance, comparison with investment objectives, frequency of appraisal, time horizon over which performance should be judged. Analysis of performance.Property ManagementReal property as an investment medium, property in the portfolio context, property portfolio construction and management, international property in the portfolio: opportunities and problems

Passive Management StrategiesImmunizing portfolios
methods of immunizing bond portfolios; single and multiple liabilities; convexity; immunisation risk.

Index Funds
choosing the best method of indexation, problems relating to the compilation and maintenance of index funds.Accessing overseas markets through passive strategies.

Active management strategies
Searching for market inefficiency; strategies for adding value over index performance.Combining a core fund with satellite active management portfolios, specialty management.Using stock index futures and options; options on futures; currency hedging for overseas portfolios.Bond switches.

Asset Allocation
Portfolio diversification, methods of evaluating and comparing investment markets; e.g. multi-scenario projections, risk premiums, the reverse yield gap.Portfolio insurance, hedging portfolios with capital protection strategies.Asset allocation in passive portfolios.Considering transactions costs.

Investment performance appraisal
Measures of analysing investment performance, comparison with investment objectives, frequency of appraisal, time horizon over which performance should be judged. Analysis of performance.

Property Management
Real property as an investment medium, property in the portfolio context, property portfolio construction and management, international property in the portfolio: opportunities and problems

Assessment Breakdown
Continuous Assessment	30%	Examination Weight	70%

Type	Description	% of total	Assessment Date
Course Work Breakdown

Reassessment Requirement
Resit arrangements are explained by the following categories; 1 = A resit is available for all components of the module 2 = No resit is available for 100% continuous assessment module 3 = No resit is available for the continuous assessment component
Unavailable

Indicative Reading List

JL Farrell: 0, Portfolio Management, Theory and Application,
GR Brown: 0, Property Investment and Capital Market,

Other Resources

Programme or List of Programmes

MITB	MSc in Investment, Treasury & Banking

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