Euromoney Audit Training

This intensive 5-day training program will give delegates an indepth understanding of investment management in the context of today's economic climate. Delegates will learn how to value a variety of investment instruments and to construct portfolios to meet their own or their client's objectives.

Sessions of the course are dedicated to understanding the role of investor psychology and the strategies of the great investors. In addition, the program will enable delegates to develop their skills in fundamental and technical analysis, as well as how to identify alpha generating investment opportunities.

This case-study based course is designed to give delegates an in-depth understanding of investment management in the context of today's economic climate:

• Learn how to value a range of equity, fixed income, and derivative investments
• Discover how to construct and rebalance portfolios
• Understand the role of investor psychology in investment management
• Learn the strategies of great investors
• Develop skills in fundamental and technical analysis
• Learn strategies used by successful hedge funds
• Uncover alpha generating investment opportunities
• Develop effective hedging strategies and risk management techniques
• Understand how to effectively evaluate investment strategies
• Obtain a bookmark file of 100+ financial websites
  
  Who Should Attend?
  
  
  Investment Managers
  Portfolio and Asset Managers
  Investment Analysts and Advisors
  Relationship Managers
  Private Bankers
  Wealth Managers
  Family Offices
  Pension Fund Managers and Trustees
  Fund Operations Managers
  Audit and Product Controllers

Day 1


Introduction to Investment Management; Equity Analysis


Workshop Introduction


History of Portfolio Theory – Pre-Markowitz


Modern Portfolio Theory


• Markowitz Portfolio Theory
• Capital Asset Pricing Model
• Arbitrage Pricing Theory


Failure of Modern Portfolio Theory


• Behavioral Finance


Portfolio Construction and Rebalancing Techniques


Financial Statement Analysis
• Ratio Analysis
• Red Flags
• Analysis of Business and Strategic Models


Equity Valuation and Earnings Forecasts


Financial Modeling


Sector Rotation Strategies


Strategies of Great Investors
• Benjamin Graham
• John Templeton
• Warren Buffett
• Peter Lynch
• David Dreman
• Others


Equity Case Study


Day 2:


Fixed Income Investment Management


Macroeconomic Analysis
• Monetary Policy
• Fiscal Policy


Interest Rate Risk
• Duration
• Convexity


Yield
• Yield To Maturity
• Yield To Call to Worst


Fixed Income Securities

• Plain Vanilla Bonds

• Preferred Stock
• Convertible Bonds
• Mortgage Backed Securities
• Credit Derivatives
• Sovereign Inflation Protected Securities (e.g. TIPS)


Credit Risk and Analysis


Theories of the Term Structure of Interest Rates


• Pure Expectations Hypothesis
• Liquidity Preference Theory
• Market Segmentation Hypothesis
• Preferred Habitat Theory


Bond Valuation
• Prepayment Risk
• Option Adjusted Spreads


Passive Fixed Income Strategies


Active Fixed Income Strategies


• Substitutions Swaps
• Inter-market Spread Swaps
• Rate Anticipation Swaps
• Pure Yield Pickup Swaps
• Tax Swaps


Portfolio Immunization


Designing a Portfolio to Match Income Needs
Fixed Income Case Study


Day 3:


Derivatives and Their Role in Investment Management


Options


Factors Affecting Option Prices


Options Valuation


• Black Scholes Model
• Binomial Model
Option Strategies


• Straddle
• Covered Call
• Protected Put
• Bull Spread
• Bear Spread
• Collars


Portfolio Insurance Via Options


Futures

Valuation of Futures Contracts

• Commodity Futures
• Financial Futures


Information Contained In Futures Contracts


Swaps
• Equity Swaps
• Interest Rate Swaps
• Currency Swaps


Structured Products
• Principal Protected Notes
• Return Enhanced Notes
• Credit Risk


Overlay Strategies


Portable Alpha


Derivatives Case Study


Day 4:


Hedge Funds and Management of Alternative


Investments


Hedge Funds


History of Hedge Funds


Hedge Fund Strategies


• Long / Short
• Market Neutral
• Statistical Arbitrage
• Fixed Income Arbitrage
• Activist
• Merger Arbitrage
• Event Driven
• Global Macro
• Distressed


Managing a Fund of Hedge Funds Portfolio


Carry Trades


Hedge Fund Replication


Global Trends in Hedge Funds


Private Equity


• Leveraged Buyouts (LBOs)
• Mezzanine Financing
• Venture Capital
• J Curve Effect


Real Estate

• REITS

• Commercial Real Estate
• Timber


Hedge Fund Case Study


Day 5:


Risk Management and Performance Evaluation of Investment Portfolios


International Investing


• Characteristics of Global Markets
• Home Country Bias


Technical Analysis
• Moving Averages
• Oscillators
• Point and Figure Charts
• Trading Ranges
• Breakouts


Risk Management of Investments


• Risk Levers – Concentration, Liquidity, Quality, Leverage


Risk Measures
• Correlation
• Standard Deviation
• Semi-Deviation
• Value at Risk
• Multifactor Risk Models
• Introduction to Monte Carlo Simulation


Efficient Market Hypothesis (EMH)


• Violations of EMH - Market Anomalies


Performance Evaluation Techniques


• Sharpe Ratio
• Treynor Measure
• Sortino Ratio
• Jensen Measure
• Appraisal Ratio
• Omega Ratio
• Value at Risk
• Upside to Downside Capture


Theory of Active Portfolio Management


• Black Treynor Model
• Black Litterman Model


Theoretical Size of Alpha


Investment Mosaics / Dashboards

Performance Evaluation Case Study

• John Longo

  Dr. Longo, CFA is Clinical Associate Professor of Finance at the Finance Department at Rutgers Business School and the Chief Investment Strategist for The MDE Group, a registered investment advisor with $1.5 billion under management. At The MDE Group he is also a Principal in a $100 million hedge fund. Barron’s has ranked The MDE Group as the 4th best independent registered investment advisor in the U.S. for 2007 and 2008. He is author / editor of the critically acclaimed book, Hedge Fund Alpha: A Framework for Generating and Understanding Investment Performance. He has appeared on CNBC, Bloomberg, Fox Business, BBC World and been quoted in The Wall Street Journal, Forbes, and many other media outlets. Previously, he was a Vice President at Merrill Lynch & Co., Inc.

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

Administración de Portafolios de Inversión - Miami

23-25 Jul 2012 (Miami, United States)

Este curso le permitirá a usted aplicar técnicas para maximizar el rendimiento de la cartera a la vez que controlar el riesgo de esta, asi como conocer los aspectos más importantes que inciden en la conducta de las diversas alternativas de inversión.

Strategic Asset - Liability Management - New York City

1-4 Oct 2012 (New York, United States)

For every financial institution in the world today, the need for sophisticated Asset Liability Management (ALM) has become imperative. Volatile global markets, proliferation of new and more complex financial products, changing regulatory environments and increased emphasis on performance have made asset liability management an increasingly challenging task.

Private Equity - New York City

21-23 May 2012 (New York, United States)
5-7 Nov 2012 (New York, United States)

This three-day course has been designed to provide participants with an overview of the private equity industry and the investment process throughout the different stages of a company’s growth. It explains the investment process, objectives, financial instruments and negotiation options from the point of view of both the investor as well as the business owner.