成人大片

On successful completion of this course, students will be able to:

1. Demonstrate understanding of the Modern Portfolio Theory and the Mean-Variance Framework.

2. Create an Investment Portfolio and test its ability to achieve Investment Objectives

3. Analyse Core Asset classes (Equities and Fixed Income Securities) based on their characteristics and performance over economic and business cycles.

4. Evaluate Non-Core Asset classes and Alternative Investments, and their relationship with Core Asset classes in a portfolio setting.

5. Understand issues in portfolio construction, its management and its performance.

Required Textbook:
Two textbooks are required for this course. Both textbooks are available online from the library and 成人大片 students can access these through the Library. We will also use the Braeburn University case-study.

Multi-Asset Investing : A Practical Guide to Modern Portfolio Management
by Yoram Lustig
Publisher: Harriman House
Date: 2012-12-13


Braeburn University case from Running Money: Professional Portfolio Management
by Stewart, S. D., Prios, C. D., and J. C. Heisler, 1st Edition, published by Mc


Other Suggested Text:
TBA

Students are encouraged to stay abreast of global financial issues. The Australian Financial Review and finance commentary on the Morningstar (US and Aus), ABC Australia, Bloomberg and CNBC networks are excellent sources of current financial news and should be referred to on a regular basis. The internet is also abundantly populated with all aspects of this course, and should be used as well. 

This course will utilize the online learning environment in a variety of ways. 

Lectures: All lectures will be redorded and will be avilable after the lecture. However, pre-recorded lecture for each Topic willalso be available one week before the topic is scheduled. Students should watch the pre-recorded lecture in advance for better understanding of the topic.

Demonstations: Pre-recorded demonstation on Excel usage within the scope of the course will be uploaded so students can improve their Excel skills while learning various aspects of the course.

Tutorials: Only Excel/Quants based tutorial questions recording will be provided on Ecdho 360.  

Discussion Board: Students can clarify any issues during the tutroials as well as by posting their questions on the Discussion Board. Discussion Board will be the primary source of online interface between students and the academic staff. All questions will be answered within 2 working days. We had tremendous success in using the Discussion Board last semester and students felt that it helped them in their assignments, test and examination preparation. 

Fortnightly online tutorial quizzes (starting in week 4): will help students check their undersatnding of the course material.The first 4 quizzes focus on developing skills required for the assignment as well.

Test solutions will be provided on Echo 360 so students can understand where they may have made a mistake.

Please feel free to use emails for personal issues and they will be answered in 2 working days. You will be asked to post course related questions on the discussion board and everyone is encouraged to join the discussion. These discussions are extremely useful and will help everyone in the course. For any urgent matter, please contact the lecturer-in-charge (syed.ali@adelaide.edu.au).
 

This course is an applied course where students will use theoretical concepts of the Modern Portfolio Theory (MPT) and apply it in a real world setting. Students will design multi-asset class and multi-market investment portfolio(s) for institutional investors, and then test the effectiveness of the portfolio to achieve investment objectives. 

To achive the level of skill required a flip-classroom teaching style will be employed. Students will watch the pre-recorded lectures on every topic prior to attending the lecture. Lecture time will be dedicated to taking a deep dive into the important aspects of the topic as well as allow students to discuss these ideas in further details. Lectures serve another important aspect of getting students to interact with each other and in the process also get to know their fututre project partners.

Students will be required to enhance their Excel skills for the assignment. These skills are highly desirable in the asset management and advisory industry. The recommended textbook (Lustig) provides codes for eachg Excel function required. Pre-recorded demonstrations will also be provided in Echo 360 so students can follow the process easily.

Tutorials are important to clarify aspects related to each topic and it is expected that students will work on tutorial questions each week and come prepared to their tutorial class. Tutorial recordings for only the quantitative questions, or Excel bases exercises will be made available on Ech 360 at the end of each week. Please note that tutorial solutions for discussion/conceptual questions will not be provided (either as a recording OR as a document). Students must attend tutorials to get the solutions to each week's tutorial questions (if a student misses their own tutorial they must attend another tutorial in the same week). The student can also write out their answer on the discussion board OR discuss this during consultation time. Tutorials also serve an important aspect of getting students to interact with each other in a smaller group. Project teams are usually formed amongst students who know each other.

Group project is an important aspect of the course to demonstrate the concepts and skills acquired during the semester. The projectr will require students to form a team of investment advisors to design investment protfolio(s) for an institutional investor. This is a sequential project (one section must be completed to progress to the next section) and will require teams to work cohesively together to be successful.

Weekly online quizzes will start in week 4 and occur every second week (4, 6, 8, 10 and 12). Quizzes are designed for buildup skills required to complete the assignment project. Stuidents will have 5 days (Monday to Friday) to complete the quizz and are able to discuss the question on the diuscussion board. 

This course has two one hour tests in week 5 and 9 to ensure that students have understood the required concepts. 

Final/Replacement examination is an assessment of how well students have uderstood the concepts and are able to apply them in an exmination setting.

The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This means that you are expected to commit approximately 9 hours for a three-unit course of private study outside of your regular classes.

Students in this course are expected to attend all lectures throughout the semester plus one tutorial class each week. If a student is unable to attend a lecture, it is the student's responsibility to watch the lecture recording prior to attending the tutorial. The student must allocate atleast 2 hours for this activity on a weekly basis.

Week 1: The Return Objective (Lustig - Chapter 1) and Benchmarks (Lustig - Chapter 2). Braeburn University Case study (Stewart et al –
pages 43 to 50)

Week 2: The Risk Objectives (Lustig – Chapter 3) and Rational and Irrational Markets (Lustig - Chapter 4). Braeburn University Case study (Stewart et al – pages 43 to 50)

Week 3: Relationship between Risk and Return. (Lustig – Chapter 5) and Investment Constraints (Lustig – Chapter 6)

Week 4: Strategic Asset Allocation (Lustig – Chapter 7), Historical Performance of Asset Classes (Lustig – Chapter 8) and Combining Asset Classes (Lustig – Chapter 9)

Week 5:  The Traditional Approach to Asset Allocation (Braga - Chapter 2) + Modern Portfolio Theory (TBA)

Week 6: Diversification (Lustig – Chapter 10) and Capital Market Assumptions (Lustig – Chapter 11)

Week 7: Optimization (Lustig – Chapter 12) and Risk Parity Portfolios (Braga - Chapter 3 and 4)

Week 8: The Investment Manasgement Process (Lustig - Chapter 22) and Portfolio Construction (Lustig – Chapter 23)

Week 9:  Risk Budgeting and Risk Management (Lustig - Chapter 27 and 28)

Week 10: Alternative Investments

Week 11: Portfolio Review and Performance Attribution (Lustig – Chapter 30 and 31)

Week 12: Review of Course

This course draws upon previous knowledge from Business Finance I and Business Valuation II. Students must have passed both courses to be sucessful in this course. Additionally, students may need to review both courses if they have scored only a "Pass" in either of these two courses.

This course is a single pass course. Successful completion of this course will require students to keep up to date with the assigned material. This means that students should have had browsed the assigned chapter and the power point presentation for that topic (Details of each topic is avilable in MyUni) prior to the lecture. Students should review the lecture recordings and get better understanding by reading the assigned chapter after the lecture to prepare for the tutorial. It is expected that students would have prepared the tutorial questions prior to attending their assigned tuitorial class. This will allow students to have a deeper understanding of the topic and have a healthy discussion in the tutorial class. Tutorial recording will be provided at the end of the tutorial week.

This course relies heavily on Excel usage. Lectures, tutorials, quizzes, and assignmnets will have Excel components and students are encouraged to take Excel classes (provided by the university) and also to watch demonstartion recodings made aavilable on Echo 360..

This course includes a group project. Group projects can be completed in groups of upto 3 students, and no groups can have more than 3 students. Group projects allow students to create a solution to an assigned problem and test their solution using quantitative and qualitative methodologies. It is expected that each member of a group will be able to leverage of their own particular expertise as well as that of the other members in the group. Groups will be created by the students themselves. Issues related to the assignment can be discussed on the Discussion Board.

Assessment Task	Task Type	Due	Weighting	Learning Outcome
2 x Test	Individual	Week 5 and week 9	15% each = 30%	1, 2 and 3
5 x Quizzes	Individual	Weeks 4, 6, 8, 10, and 12	2% each = 10%	1, 2, 3, 4, 5
Assignment	Group	Week 11	30%	2, 3, 5
Final Exam	Individual	Exam Period	30%	2, 3, 4, 5
TOTAL			100%

The approach in this course is to first establish the theoretical foundations and then to build upon these to understand portfolio
construction, implementation and management for an institutional investor. This will be done through lectures, tutorials, quizzes, tests,
a group assignment, and a final examination.

Due dates for Quizzes, Tests, Assignments and Final/Replacement examination are available from the Assessments section of the course in MyUni. Late submissions of tests and quizzes is not allowed in this course. Late assignments will incur a 2 mark penalty per working day (Saturdays, Sundays and Public holidays will not be counted as working days).

Assessments from previous semester(s) cannot be redeemed.There are no specific assessment hurdles or double pass requirements in this course

The assessment components are as follows:

· (15%) Test 1: 1 hour test (as per schedule). 

· (15%) Test 2: 1 hour test (as per schedule).

· (10%) 5 x Tutorial Quizzes (as per schedule).

- (30%) Group Assignment (as per schedule).

· (30%) Final/Replacement Exam: 2 hours exam as per examination schedule.