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Course Details
Title:Portfolio Management and Investment Analysis
School: BUSINESS SCHOOL
Course Co-ordinator：James Clunie(爱丁堡大学商学院的教授，寡妇基金的经理）

Course Contents：
Basic Investment Theory and its Applications

Fund Structures and Strategies

The Asset Management Industry

Portfolio Management

Risk Management

Investing for Taxable Clients

Industry analysis

Trading

Environmental, Social Responsibility and Corporate Governance Issues

Hedge Fund Strategies

Portfolio Management and Investment Analysis

March 2011

Course Description and Objectives


This course aims to help students develop a broad knowledge and understanding of portfolio management and investment analysis. Students build on the knowledge gained from earlier courses. Students will build on theory and learn the importance of understanding client objectives in the portfolio management process. They will also explore practical issues (such as taxation and trading costs) that arise in managing client portfolios. We will review a number of investment and trading strategies that have been suggested as having the potential to create superior returns. Students should gain an understanding of the distribution of returns of a number of trading strategies, and also an understanding of risk in a portfolio context.



Learning Outcomes
Knowledge and Understanding:On completion of the course, students should have developed an understanding of:

• Client objectives and the investment policy statement
• Applying portfolio theory in practice
• Asset allocation and international investment
• Portfolio risk management
• Risk-adjusted performance measurement
• Taxation
• Trading and portfolio execution
• Value strategies
• Momentum strategies
• Hedge fund strategies

Intellectual Skills and Personal Development: The course will develop analytical, numerical and problem-solving skills.
Subject Specific Skills:On completion of the course, students should have:

• Gained an ability to understand, speak and write the language of investment analysis and portfolio management.
• Become familiar with output from investment and risk management tools such as Style Research.

Planned Student Learning Experiences

During lectures you will be asked to be active, completing exercises and discussing issues with your fellow students. The discussions are the learning process and the nature of the material means that in most cases there is not a single acceptable answer. The important thing is being able to argue a case and present evidence to back your argument.

Consultation

Students are encouraged to raise any concerns of a subject specific nature with the course lecturer – it will be possible to consult during office hours.



Suggested Textbook

Maginn, Tuttle, Pinto, and McLeavey (2007) ‘Managing Investment Portfolios: A Dynamic Process’ published by CFA Institute and Wiley.

A number of journal articles and other publications will be made available.



Course Lecturer

James Clunie James is Investment Director – UK Equities for Scottish Widows Investment Partnership. He is manager of a long/short UK equity fund and is also investment analyst for the UK banking, insurance and utility sectors. James worked at the University of Edinburgh between 2003 and 2007 as a Senior Lecturer in Finance and as Director of the MSc Finance and Investment programme. He conducts research into securities lending, short selling and risk. Prior to this, James worked for Murray Johnstone International from 1989 to 2000, latterly as Head of Asset Allocation; and at Aberdeen Asset Management as Head of Global Equities. James is qualified as a Chartered Financial Analyst. He studied at the University of Edinburgh, graduating with a BSc (Hons) in Mathematics and Statistics and a PhD on indirect short-selling constraints. He is a Visiting Professor at the University of Edinburgh