SS16-Execution of Portfolio Decisions; Monitoring and Rebalancing
资产管理专业英语
资产管理专业英语词汇和表达方式：* 资产管理（Asset Management）: 管理个人或机构的资产，包括投资组合的规划、资产配置、风险管理、收益/风险分析等。
* 投资策略（Investment Strategy）: 一种特定的资产配置方式或投资组合构建方法，旨在实现特定的投资目标，如资本增值、固定收入平衡、全球多元化等。
* 资产配置（Asset Allocation）: 根据投资者的风险承受能力、投资期限、收益需求等因素，将资产分配到不同的投资工具中，如股票、债券、现金、房地产等。
* 风险管理（Risk Management）: 通过使用各种工具和技术来评估、控制和降低投资组合中的风险，以实现预期的收益。
* 量化分析（Quantitative Analysis）: 利用数学模型和统计方法对投资组合进行评估和优化，以实现更精确的投资决策。
* 宏观经济学（Macroeconomics）: 研究一个国家或地区的整体经济状况，包括经济增长、通货膨胀、失业率等。
* 微观经济学（Microeconomics）: 研究市场中的个体经济活动，包括消费者和生产者的行为、市场结构等。
* 投资组合理论（Portfolio Theory）: 研究如何通过优化投资组合来降低风险并获得最大收益的理论。
* 资本资产定价模型（CAPM）: 研究投资组合风险的模型，它提供了理解市场风险如何影响特定资产价格的关键信息。
* 金融工程技术（Financial Engineering）: 利用数学模型、计算机程序和金融数据来设计和优化投资组合和风险管理策略的技术。
以上是资产管理专业英语的一些常用词汇和表达方式，随着金融市场的不断发展，这些词汇和表达方式也在不断更新和演变。
此外，资产管理行业还需要了解相关的法规和监管政策，以确保在合法合规的前提下实现良好的投资回报。
以下是一些与资产管理相关的专业英语表达方式：* 证券投资（Securities Investment）: 指购买股票、债券等有价证券以获取收益的行为。
财富管理行业英文术语
财富管理行业英文术语
财富管理行业的英文术语包括：
1.Portfolio Management：投资组合管理，指通过分
散投资来降低风险，并实现资产的保值和增值。
2.Asset Allocation：资产配置，指根据投资者的风险承
受能力和投资目标，将资金分配到不同的资产类别中。
3.Risk Management：风险管理，指通过识别、评估、
控制和监控风险，以最小化潜在损失并最大化潜在收益。
4.Tax Planning：税务规划，指通过合理规划个人或企
业的税务，以实现税收负担的最小化。
5.Estate Planning：遗产规划，指通过制定合理的遗产
计划，以确保财产的顺利传承和避免遗产纠纷。
6.Wealth Transfer：财富转移，指将财富从一代人转移
到下一代人，通常涉及到遗产、信托、慈善捐赠等工具。
7.Philanthropy Planning：慈善事业规划，指通过建
立慈善基金或进行慈善捐赠，实现社会公益事业的发展和个
人财富的回馈。
8.Family Office：家族办公室，指为富裕家族提供全方
位财富管理和服务的一种机构。
9.Private Banking：私人银行业务，指为高净值客户提
供个性化、专业化的财富管理和投资咨询服务。
10.Trust and Estate Administration：信托和遗产管
理，指对信托和遗产进行管理和监督的一系列活动，以确保财产的顺利传承和管理。
这些是财富管理行业的一些常用英文术语，了解这些术语有助于更好地理解和参与财富管理活动。
portfolio dispersion 公式
portfolio dispersion 公式
投资组合风险管理的风险管理是对市场风险、信用风险、操作风险、流动性风险等进行综合管理，聚焦于投资的事前、事中风险管理。
交易成本，建仓、调仓和清仓的时候都涉及交易成本，不同的交易规模，交易成本也不同，交易规模较大时，交易成本也具备一定的可谈判空间，对估算Alpha也会产生较大影响，同时，由于交易成本的问题，使得原本风险和回报之间的一维问题变为率2维问题。
Alphas，alpha可进行标淮化调整，消除异常值，和风险中性调整。
IC, Information Coefficient 表示基金经理的预测能力，一般在0-100%之间。
Score服从标淮正态分布。
风险中性调整指从Alpha中消除偏差。
例如：Alpha（Benchmark）=2%， Alpha（Portfolio）=6%，Portfolio的benchmark-neutral alpha的Beta=1.5，则投资组合风险中性调整后的portfolio dispersion 公式为：Alpha（Portfolio）=6%-1.5*2%=3%。
cfa一级公式
Quantitative1010365/:D 360360:==360:1360A :(1)1Continuously compounded rate of re BD BD MM BD t P P CF Holding Period Yield HPY P FV P Bank Discount Yield r F t FV tr Money Market Yield r HPY t t r Effective nnual Yield EAY HPY -+ =- ⨯⨯ =⨯=-⨯ =+-()12turn: r ln ln 1cc s HPR s ⎛⎫==+ ⎪⎝⎭23653651111(1)(1)21;;);1t tTime weighted Money weighted nini Arithmetic Weighted i i Geometric Geometric Arithmetic Harmonic ni i iy BEY HPY EAY R R IRR Xn X X W X X X X X n X L ⨯--===+=+=+=====<==∑∑∑(1)100y n +⨯2222111[()]2Excess kurtosis = Sample kurtosis - 3()();:;:;111nnniiii i i x X ks Range MaxValue MinValue XXXX MAD PopulationVariance SampleVariance s MAD n nn P k Coefficient of Variat μμσσ===-≤= ----===<-≥- ∑∑∑切比雪夫不等式：:;xp fpsion CV XR R Sharp Ratio σ=- =越大越好Excess Kurtosis=Sample Kurtosis 3()1()Odds of event=;Odds against of event=1()()()(|)()(|)();()()()()()=0()()()()(|)()P E P E P E P E P AB P A B P B P B A P A P AorB P A P B P AB P AB P AorB P A P B P AB P B A P A ---=⨯=⨯=+-=+=一般条件：互斥事件：；贝叶斯公式：(|)()()(1)()x x n xn P A B P B P x C P P P A -⨯=⋅⋅-=;贝努力实验：2221,2121,21111222212221122121,21;()[()()][()()]()[()()][()()]()();290% Confidence interval for X is 1.65 ; 95% for 1.96A B A B n p p i i i Cov Cov P A B P A E r P B E r P A B P A E r P B E r E R w E R w w w w Cov X s X s ρσσσσσ===⋅-⋅-+⋅-⋅-=⋅=++±±∑2) ; 95% for 2.58~(,),;()1()(Roy's Safety-first Ratio=;Minimum Acceptable Returnp LL pX sx X N Z F z F z E R R R μμσσσ±-=-=--=/2/20000000000Confidence interval: point Estimate;One tail:,;,;Two tail:,Reject :;F X Z X Z X Z H H H H H H H test statistic critical value αααααμμμμμμ=±≥<≤>== >中心极限定理：0ail to reject ::~(0,1);:~(1)H test statistic critical value X X Z test Z N t test t t n < -=-=-22221121222212121/222212121(1) :~(1);:(S S )~(1,1)Test for equality of means: t-statistic=(Sample Variances assumed unequal);t-statistic=PPs n s chi Square test x x n F test F F n n s x x x x s s s s n n n σ--=--=>----⎛⎫++ ⎪⎝⎭条件：1/222(equal)n ⎛⎫ ⎪⎝⎭Portfolio Management22221,21212221122121,2,,2()()():()[()]pM f p f pM i mkti i i mkt mktmkti f i M f p fpCov w w w w Cov E R R CML E R R Total Risk systematic Risk unsystematic RiskCov SML CAPM E R R E R R R R Sharpe Ratio ρσσσσσσσσβρσσβσ==++-⎡⎤:=+⎢⎥⎣⎦= + ==⨯=+-- =;()();'()()Mp f M f pp fp p f p M f pM Squared R R R R R R Treynor Measure Jensen s R CAPM R R R R σσαββ-=---- ==-=---Economics%;1,;1,%Pr %;0,normal good(0<<1,necessity good;>1,Luxury);e 0,inferior good%%%Price of related g p p i i i i QOwn price elasticity e elastic e inelasticice QIncome elasticity e e e IncomeQCross elasticity ∆- =><∆∆ =><∆∆ =∆;0,;0,oodbreakeven point if AR=ATC(Perfect competition);TR=TC(imperfect competition)shutdown point if AR<AVC(Perfect competition);TR<TVC(imperfect competition)TR=P Q;AR=TR/Q;c c e substitute e complement><⨯MR=TR/QTC=TFC+TVC;MC=TC/QAccounting profit = total revenue - total accounting costsEconomic profit = Accounting profit-implicit opportunity costs=total revenue-explicit costs-implicit costs Normal p ∆∆∆1110rofit = accounting profit - economic profit=;x y x nyNominal GDPGDP deflator=Real GDP ()()()();Fiscal budget deficit=Excess over dome xy yMRS n xQ P Base BaseQ P GDP C I G X M C S TG T S I X M ∆=-∆⨯⨯=⨯⨯=+++-=++-=---用替代，用1替代currentBase PeriodRe [stic investment+trade balance Price CPI=100Price 1Money multiplier =Reserve MV=PY;Real money supply Velocity of money=Price level Real GDP :Nom al Inflati requirementFisher Effect R R E ⨯ ⨯⨯ =+]1Fiscal multiplier =;Marginal propensity to consume1(1)Real Exchange Rate(d/f)=nominal forex rate 1domestic interst (d/f):(d/f)on MPC MPC t foreign CPIdomestic CPIForward No Arbitrage Forex Rate Spot =-- ⨯+- =rate 3601foreign interest rate 360tt ⨯+⨯Equity001111Trigger Price();Trigger ()11Pr ice Weighted Index=number of stocksPrice-changeEqual Weighted Index =(1+) Equal Weighted In ni i nii Arithmetic IM IMLong P price Short P MM MMPinitial index valuen==-+=⨯=⨯-+⨯∑∑1110dex current total market valueMarket capitalization-weighted index=base year index valuebase year total market valueOne-year DDM:;Multiple-y 11Geometric n ps pss s X initial index valueD P k D P P k k ⨯⨯==+++12020ear DDM:...1(1)(1)(1)FCFE=CFO-FCInv+net borrowing;FCFF=CFO-FCInv+Int(1-t)CFO=NI+Dep-Increase in working capital;net borrowing -debt principal+new debt issues P (1n n n ns s s s ns D P D D P k k k k FCFE k =++++++++==+0110100000111) :;(1);(1);:[()](1)///;/nni s s f i M f D DGordon Growth Model P D D g g RR ROE payout ratio ROE payout ratio k g EPSCAPM k R E R R P P D g E D E Payout Ratio Payout Leading P E Trailing P E E k g k g E k g β===⨯+=⨯=- ⨯ =-=+-+ === ===---∑(1)Enterprise Value=MV of common stock+MV of Pre-stock+MV of Debt-Cash and Investment Market Value of equity/;Common equity=total asset-total liabilities-pref Book Value of equityRatio g k g P B Ratio MV ⨯+- ==erred stockAlternativeNAV Per Share Assets - Per Share LiabilitiesProb (1)Appraisal price NOI /Market cap rate;NOI=Income-Operating Expense Market cap rate Benchmark NOI /Benchmark trans nSuccess nCF Venture Capital NPV CF i = =⨯-+==()()()()action price After Tax Net Income NOI D INT *1t After Tax Cash Flow ATNI D PRN principal repayment NOI TAX PRN INT =---=+-=--+Derivative()()floating rate at settlement forward rate 360notional principal 39361+floating rate at settlement 360 rincipal ( )360Option v days FRA FRA days daysNet Fixed Rate Payment P Fixed rate LIBOR ⎡⎤-⨯⎢⎥=⨯=⎢⎥⎢⎥⨯⎣⎦=⨯-⨯；期前，期后()0000alue intrinsic value time value /1covered call S ;Breakeven=S c;Maximum Gain= X (S c)protective put S ;Breakeven=S ;Maximum Loss= X (S )Tfc X R S pp p p =+++=+=---=++-+－cFixed Income112n tt=1t 0Full Price Clean PriceAccrued Interest Accrued interestt PVCF Macaulay duration=PVCF ()Macaulay duration Modified duration=1+periodic market yield Effective Duration=T CouponT T P P P P y+0/2Δy 21absolute yield spread Absolute yield spread =high yield-low yield;Relative yield spread=benchmark bond yieldsubject Yield ratioOptionbondoptionfree bondPut Call OptionP V V V STRIPS Maturity 10111(1)1 bond yield benchmark bond yieldTax Free YieldTax equivalent yield1tax rateOAS Z-spread - Option cost(Z-spread > Nominal Spread, if spot Yield is upward sloping)(1)(1)(1)(1);TT T S f f ff 00n 2N MRT 2Face valueZero coupon bond value=(interest rate risk )(1+)2Reinvestment Income=PV (1+r )-FV-Coupon Total percentage price change=duration effect + convexity effect [MD ()][Conv ()S i Py y P最大]Dollar duration duration bond price 1%(100)PVBPduration bond price 0.01%(1) [Duration PV ]bp bp 不求，算出两个相减也可计算FSAA=L+E; E=CC+R/E; R/E R/E +NI-Div; A=L+CC+R/E +Revenue-Expense-Div current assets Current ratio =current liabilitiescash + marketable securities + A/RQuick ratio =current liabilitiescash Cash ratio =E B B =+ marketable securitiescurrent liabilitiescash + marketable securities + A/RDefensive interval=Average daily expend annual salesReceivables turnover =A/R Inventory turnover =Payables turn COGSInventory over =A/P365Average receivables collection period =receivable turnover365Average inventory processing period =inventory turnover 365Average payment period =payable Cash conversion c turn yc overPurchasePretax margin =total debt total debtD/E ratio=;D/A le = collection period + inve ratio=Equtiy AssetRevenueWorking Capital turno ntory period - payme ver=;Working Ca Average Working Capital nt period EBT Sales pital=Current Asset-Current LiabilityInterest Coverage EBIT+Lease PaymentFixed Charge Coverage=Interest+Leasr Payment Return on assets (ROA) =Return on equity(ROE) Net =ROE=EBITInterestNIAsset NIEquity=Profit Margin Asset Turnover Financial Leverage Tax burden Interest burden EBIT Margin Asset Turnover Financial Leverage =ROE=EBT NI Sales AssetSales Asset EquityNI EBIT Sales Asset EBT EBIT Sales Asset Equit ⨯⨯⨯⨯⨯⨯⨯⨯=⨯⨯⨯⨯LIFO Reserve COGS LIFO Reserve taxable income tax rate=tax payableIncome tax expense=tax payable+DTL-DTAReported effec END BGN FIFO LIFO FIFO LIFO yInventory Inventory Purchase COGS Inventory Inventory COGS =+-=+=-∆⨯∆∆income tax expensetive tax rate=pretax incometax payableeffective tax rate=pretax incomeCorporate Finance120120101100...(1)(1)(1)(1)1(1):();;(1);nnniii d d ps ps c spsps s f m f s s Asse CF CF CF NPV CF k k k CF CF IRR NPVPI CF WACC W k t W k W k D k PCAPM k R R R D D D k g P g RR ROE payout ratio ROE payout ratio P k g EPSββ==+++++++=+=+=⨯-+⨯+⨯==+-=+==⨯=- ⨯ =-∑Pr ;[1(1)]1(1)cost of capital change :Break Point=weight of capital structure()();()()(Equityt oject Asset D t EDt EMCC Q P V S TVC EBIT Q P V FDOL DFL Q P V F S TVC F EBIT Interest Q P V F IQ P DTL DOL DFL βββ==⨯+-⋅+-⋅----====--------=⨯=)();365365365;//Net working capital=Current Asset-Current Liabilitie Breakeven OperatingBE V S TVCQ P V F I S TVC F IF I FQ Q P V P VCash Conversion Cycle Purchase Inv COGSCOGS Sales Purchase Inventory A R A PC --=------+==-- =+-=∆+365/()(1)11tdiscount ost of trade credit EAR discount=+--史上最全的CFA复习笔记，爱不释手T-bill rates是nominal risk-free ratesnominal risk-free rate= real risk-free rate + expected inflation ra te风险种类：default risk违约风险liquidity risk 流动性风险maturity risk 久期风险（利率风险）EAR=e^t-1贴现率=opportunity cost，required rate of return，cost of capital ordinary annuity在期末产生现金流annuity due在期初产生现金流永续年金perpetuity PV=PMT/(I/Y)对于同一个项目IRR和NPV结论相同：IRR大于必要收益率则NPV为正，否则NPV为负如果公司目标是权益所有人财富最大化，那么始终选择NPV（通常都是这样）HPR(持有期回报）=（期末值-期初值）/期末值或者（期末值-期初值+现金）/期末值Time-weighted rate of return时间的加权平均值，（1+HPR1)(1+HPR2)…即几何平均数如果组合处于高上涨期，时间加权平均会比金钱加权平均小，反之则大。
Fidelity 个性化规划与建议管理账户服务FAQ说明书
Fidelity® Personalized Planning & AdviceFAQWhat is a managed account service?A Fidelity Personalized Planning & Advice managed account develops a risk-managedinvestment strategy that factors in your unique financial situation. We guide youthrough a series of questions to get to know your risk tolerance, financial situation,and how much you may need in retirement. You’ll have access to an exclusivedashboard to track income estimates, your progress toward retirement, and makeupdates based on life events.Is a managed account right for me?A managed account may be just what you're looking for if you:o Want a team of professionals to evaluate your plan's investment options and allocate your assets among themo Want to delegate the ongoing management of your workplace savings to Fidelity's investment professionalso Are willing to pay an annual advisory fee for ongoing professionalmanagement of your workplace savings accountWhat will the Service do for me and what will I be expected to do?Using your expected retirement age or your responses in your Personal Profile as aguide, the Service will take on many of the day-to-day investment decisions on yourbehalf. The Service will:o Determine the initial and ongoing investment mix in your plan account to align with a model portfolio that seeks to support growth and manage risko Change the investment mix of your future contributions to align with your model portfolio (note, however, that the Service does not control the amountof the contributions you choose to make to your retirement savings account)o Rebalance and reallocate your workplace savings plan account through the ups and downs of the marketo Provide confirmations showing transactions initiated by the Service on your behalfo Provide account statements detailing your holdings and investment mix, as well as any advisory fees paid from your account during the statement periodo Contact you annually to review your investment approach to make sure that it is still appropriate for your future goalsYou will continue to decide how much to contribute to your workplace savingsaccount, make loan or withdrawal decisions for your workplace savings account, andmake decisions about your company stock, if you have any. You may choose tocomplete your Personal Profile at any time, if you have not done so. We will use thisadditional information to provide a more comprehensive analysis of your workplacesavings account.Beyond this, you should update your information with us whenever a personal orfinancial change occurs.Can I contact someone about my managed account once I've signed up for this Service?Yes, you can speak to a dedicated Workplace Planning Consultant by calling 1-866-811-6041. These Consultants can provide you with the latest information on youraccount's investment holdings and offer general account assistance.How does a managed account work?It's easy to enroll. To get you started we assign a strategy based on the things weknow about you, either through your employer or your relationship with Fidelity: your age, your salary, and the value of your retirement accounts or pensions with Fidelity.We also look at your anticipated retirement age, and how you would like us toconsider your company stock, if you own any. If you prefer a more comprehensiveapproach, which is what we recommend, you can choose to answer a series ofquestions about your financial situation through your Personal Profile. We'll propose an investment approach based on your responses. Either way, we will use yourinformation to suggest an investment approach and a model portfolio designed for an investor like you, using the investments offered through your workplace savings plan.When you accept this investment approach, we will allocate your current plan account balance and invest your future contributions to align with the model portfolio. Theinvestments in your assigned model portfolio may be reallocated when market oreconomic conditions warrant, if there are changes to the characteristics of the model portfolio holdings, or if your plan makes changes to its investment options. If younotify us of changes in your situation, the Service may rebalance your account toreflect the change, if appropriate.Once a year, we ask you to review your responses in your Personal Profile to helpensure your current investment approach is still appropriate for your retirement goals.If you revise your responses, we'll review your investment approach and makechanges, if necessary.Currently, we take financial responsibility for certain charges incurred during theongoing management of your account, such as purchase fees and redemption fees.However, we reserve the right to pass on to your account these types of fees that are typically generated when exchanges into or out of an investment option in youraccount occur. You are responsible for any redemption fees, if applicable, that mayresult from the initial exchanges when you enroll in the Service or from any loans orwithdrawals you initiate. However, if the Service initiates a transaction in your planaccount that results in a redemption fee, this fee will be covered by the Service unless we have changed our practice of assuming financial responsibility for these costs. What are the benefits of a managed account?• A team consistently reviews your investment strategy, and proactively adjusts it through market ups and downs to stay aligned with your retirement goals.•Risk tolerance, how much you’ve saved, and how long your money will need to last are all taken into account.•Access to an exclusive dashboard to make any updates based on life events. track income estimates, view your progress toward retirement.Who will be managing my workplace savings account?Your Fidelity managed account will be managed by Strategic Advisers and FidelityPersonal and Workplace Advisors, both are registered investment advisers andFidelity Investments companies. For nearly 30 years, Strategic Advisers has provided professional investment management and financial planning and advice tools toFidelity's customers. Following asset allocation principles, along with deepquantitative and fundamental research, Strategic Advisers and Fidelity Personal and Workplace Advisors LLC's disciplined approach to investment management thatseeks risk-adjusted results over time—all designed to help give individuals andfamilies the reassurance they need.See the Terms and Conditions for the education and business backgrounds of theinvestment professionals who develop model portfolios.What is your Personal Profile?For a more comprehensive analysis of your situation, your Personal Profile guides you through a series of questions to determine your preferred investment style, howmuch you may need in retirement, your anticipated income sources, and yourretirement time frame. This information will help us determine an appropriateinvestment approach of stocks, bonds, and short-term investments for your assigned model portfolio.How is company stock considered?Investing a portion of your plan in company stock can play an important role inhelping you meet your long-term retirement goals. However, a large holding of asingle stock, including company stock, may create higher risk.Your company stock is not part of the assets that are managed by the Service. You can direct the Service to (1) attempt to offset the risks of your company stock in ourapproach, (2) ignore your company stock in our approach, or (3) sell all your company stock (unitized company stock fund only). You can also sell your company stockbefore enrolling or updating your plan. You may wish to consult a tax advisor before making a decision about selling your company stock.•Offset Company Stock: Offsetting the risk associated with company stock may result in a more conservative investment approach than if your stock holdingswere ignored. If you request that Fidelity attempt to "offset" the characteristics ofcompany stock in your account, they will assign you to a model portfolio thatstrives to offset the risks associated with owning company stock. If, as a result ofyour company stock position, your offset model portfolio consists exclusively ofbond funds and short-term investments, you should carefully consider whetherthis fee-based service is appropriate for you.•Ignore Company Stock: Ignoring the risk associated with company stock may result in a more aggressive investment approach than if your stock holdings wereoffset. If you request that Fidelity "ignore" the characteristics of company stock inyour account, they will assign you to a model portfolio that ignores the risksassociated with owning company stock.•Sell Company Stock: (Only available for company stock traded in a unitized stock fund). You can direct the Service to sell all of your company stock holdings in thisplan for you. You should carefully consider the tax and other implications ofselling company stock held within your account. You may wish to consult a taxadvisor before making a decision.For more information on how the Service treats company stock, please see the Terms and Conditions.Why am I unable to invest in BrokerageLink® when enrolled in Personalized Planning & Advice?If you are currently enrolled in Personalized Planning & Advice and your plan allowsall assets to be managed by this service, enrolling or depositing additional moniesinto BrokerageLink is not allowed. If you wish to enroll in BrokerageLink, or if yourplan allows, contribute more to BrokerageLink , you must first un-enroll fromPersonalized Planning & Advice.For more information on how to un-enroll before opening or contributing additional monies into your BrokerageLink account, please contact a service representative.How are BrokerageLink® assets considered by Personalized Planning & Advice?Personalized Planning & Advice does not manage the BrokerageLink® assets;however, the Service takes in to account the equity percentage of the BrokerageLink assets to determine an appropriate investment approach of stocks, bonds, and short-term investments for your assigned model portfolio.For more information on how the Service treats BrokerageLink assets, please contacta service representative.What does "Other" mean under "Not eligible for Personalized Planning & Advice" and how is it treated by the Personalized Planning & Advice?Your plan sponsor may elect to exclude certain investment options in your line-upfrom Personalized Planning & Advice. In these cases, the Service does notmanage those investment options; however, it does consider the equity percentage of these excluded investments to determine an appropriate investment approach of stocks, bonds, and short-term investments for your assigned model portfolio.These assets may also be restricted from exchange by plan rules. To exchange these assets, or determine which investment options have been excluded please contact a service representative.How can I access my account information?There are many ways to stay informed about your managed account.o You may view your account through NetBenefits®, virtually 24 hours a dayo You will automatically receive confirmations showing transactions initiated by the Service on your behalfo You will receive or may view online your account statement, detailing your holdings and investment mix, as well as any advisory fees paid from youraccount during the statement periodo You can speak with a Fidelity representative by calling 1-866-811-6041. These representatives can provide you with the latest information on your account'sinvestment holdings and offer general account assistance.What if my financial situation changes?Whenever there are changes to your personal or financial situation, you will need to update your information to keep your approach on the right track. Changes include:o Changing your anticipated retirement ageo Selling some of your assets outside of your managed accounto Receiving an initial or large contribution in company stocko Selling your company stock holdingso A significant change in your annual incomeYou can update your information online virtually 24 hours a day or by calling adedicated Fidelity representative at 1-866-811-6041.What if I need to take a loan or withdrawal from my plan account?You would follow the same procedures that your workplace savings plan currently has in place. If you take a partial withdrawal, your remaining assets will continue to bemanaged. If you take a full payout, you will no longer be enrolled in the Service. Inthis case, the Service will automatically deduct from your payout amount the prorated advisory fee based on the number of days you used the Service during the statement period, unless your plan sponsor is paying for the Service.What if I cancel the service?There is no cancellation fee should you decide to terminate the Service. You maycancel at any time by calling 1-866-811-6041. Unless you take action to change yourinvestment mix, your workplace savings account will remain invested in accordancewith the last investment mix determined by the Service and all additionalcontributions to your account will be invested in accordance with those allocations.You will receive a confirmation when you cancel the Service.We will automatically deduct a prorated advisory fee based on the number of daysyou used the Service during the statement period, unless your plan sponsor is paying for the Service. Sometimes a transaction that is in-process when you cancel results ina short-term trading fee after you cancel the Service--if that happens, you will beresponsible for paying this short-term trading fee.Can I make changes to my investments?Once you are enrolled in the Service, you cannot make changes to your investmentmix for the account(s) being managed. When you choose a managed account, youturn over the day-to-day management of your investments to a team of professionals.The Service determines the investment mix on your behalf and changes theinvestment mix for future contributions to align with your assigned model portfolio.What happens if I leave my current employer? Can I leave my money in the account?This depends on your plan rules. As long as your plan sponsor allows you to remain in the plan, you can continue to enjoy the benefits of Personalized Planning & Advice.How accurate do I need to be?While it's not necessary to be accurate down to the last penny, providing moredetailed, accurate information can help Fidelity develop a more comprehensiveproposal that more closely reflects your overall financial situation. For this reason, ithelps if you can be reasonably accurate.How is this different from a target date fund?While a target date fund is a good retirement savings solution for many workplaceinvestors, it may not be as comprehensive as Personalized Planning & Advice. With a target date fund, the investment mix is dictated primarily by the date associated with the fund, which is assumed to be at or near the investor's retirement date. So forinstance, a fund will have a certain prescribed mix of stocks, bonds, and moneymarket investments 20 years prior to the target date, a different prescribed mix 10years prior to the date, and so on, with the mix slightly changing until 15 years afterthe target date has passed. While these types of funds can help investors looking for an age-appropriate investment mix, they don't account for any data other than age.Personalized Planning & Advice is designed to be much more comprehensive,drawing on a range of personal and financial data, including (depending onhow many of the questions you answer), your age, your salary and plancontributions, the precise year you hope to retire, the number of years you'll needmoney, the amount you've saved in both retirement and non-retirement accounts,any income you may receive from things like Social Security or a pension, yourfeelings about investment risk, your investment knowledge and experience, and your overall financial picture.What if I expect this information to change in the future?In order to ensure that your investment mix is based on the most up-to-dateinformation, Fidelity recommends that you revisit this questionnaire annually, making adjustments to reflect your changing situation. You should also come back and revisit this tool if you've gone through a major life event, such as a marriage, or if theanswers to some of these questions have changed significantly. For instance, you may have increased the contributions you make to your workplace plan, or you may have changed the way you view investment risk. Keeping your information as current aspossible is the best way to ensure that you're maintaining an investment mix that'sappropriate for you.What if I have significant income not reflected here?If you have significant amounts of other income from a second job, a rental property you own, or a structured settlement, or if you think your financial situation is morecomplex than what's shown here, you can provide more detail in the questionnaire.It's been designed to go into greater depth and can help capture some of thesedetails.Do I have to answer every question?While it's not necessary to answer every question, it's important to remember thathaving more information about you can help Fidelity develop a more comprehensive proposal and an investment mix that more accurately reflects your unique financialsituation.Can I have my non-workplace accounts managed by this service?No. Personalized Planning & Advice is not available for personal accounts. Fidelitydoes however have other managed account options for personal accounts. For more information call 866-811-6041.Learn more about Personalized Planning & Advice at /PPA.Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.Fidelity® Personalized Planning & Advice at Work is a service of Fidelity Personal and Workplace Advisors LLC and Strategic Advisers LLC. Both are registered investment advisers and Fidelity Investments companies and may be referred to as “Fidelity,” “we,” or “our” within. For more information, refer to the Terms and Conditions of the Program. When used herein, Fidelity Personalized Planning & Advice refers exclusively to Fidelity Personalized Planning & Advice at Work. This service provides advisory services for a fee.You may unenroll by calling a representative. There are no cancellation fees.Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917© 2023 FMR LLC. All rights reserved.1083822.1.0。
信用习题带答案
CFA（注册金融分析（特许金融工程师），SII（英国证券投资分析师），复旦大学金融工程硕士，复旦大学财务管理学士，香港理工73. The bid ask spread is a determinant of liquidity risk reflecting the cost95. What will be the least effective stress test for credit risk?60. The spread on a one-year BBB-rated bond relative to the risk-free41. Consider a portfolio of six equally weighted bonds. Each bond has a52. Beta Bank owns a portfolio of 10 AA-rated bonds from 10 different66. Suppose the rate on Company A’s one-year zero-coupon bond is90. Under the comprehensive approach for the foundation internal Ratings122. Consider two portfolios. One with USD 100 million credit exposure如果信用产品的相关性下降，则信用风险下降。
139. Suppose Bank A sells exposure in a mortgage portfolio to Bank B. In114. You have a credit exposure to Bank Three. Which of the following102. Which of the following is not considered an event of default on the49. The management of a bank wants to limit the credit loss to a specific116. Which of the following is not a commonly used method for51. Mr. Rosenqvist, asset manager at BCD Bank, holds a portfolio of SEK15. Assume the marginal monthly default rates (conditional on no previous103. Which of the following is not modeling approach to credit scoring?111. Which of the following is not a correct statement about internal credit79.With regard to evaluating sovereign risk, which of the following74. Moody's estimates the average recovery rate for senior unsecured debt59. Assuming the 1-year T-bill rate of 4.25% and the rate on 1-year zero-101. Which of the following statements about the term structure of creditdata. Your boss wants you to49. Company Y has assets valued at USD 205 million. The value of its56. Which of the following variables is not used in the KMV model to108. The KMV model produces a measure called Expected Default9. In the CreditRisk+ model, default events are assumed to follow a53. In the CreditRisk+ model, the loss distribution for a broadly diversified79. As part of a currency hedging strategy, a US portfolio manager entered20. Which of the following reduce(s) a credit exposure by shortening the14. Sylvia, a portfolio manager, established a Yankee bond portfolio.91. You have a USD 50 million short at-the-money EUR/USD put option96. Which of the following statements correctly describes the impact of45. Bank B has a EUR 100million loan portfolio and has set aside a55. Suppose the return on US Treasuries is 3% and a risky bond is110. Bank A makes a USD 10 million five-year loan and wants to offset74. A trader whose risk you are monitoring tells you that he wants to42. Wallace, an emerging market bond trader, is holding a 5-year USD30. Your bank has chosen to use the advanced Internal Rating BasedThe bank sets up an Special Purpose Vehicle (SPV) that issues securities. All proceeds from selling these securities are invested in a portfolio of equities. The SPV sells protection to the bank through a credit default形成了实际参股，要合并报表，对于减少监管136. A three-year, credit-linked note (CLN) with underlying Company Z110. Which of the following is not a distinction between cash CDOs and。
ch17EQUITY-PORTFOLIOMANAGEMENT(投资学,赖利)
Active Equity Portfolio
Management Strategies
Three Strategies
Market timing - shifting funds into and out of stocks, bonds, and T-bills depending on broad market forecasts and estimated risk premiums
Active Equity Portfolio
Management Strategies
Global Investing: Three Strategies
Identify countries with markets undervalued or overvalued and weight the portfolio accordingly
This relies on historical correlations, which may change over time, leading to failure to track the index
Passive Equity Portfolio
Management Strategies
Completeness Funds
Passive portfolio customized to complement active portfolios which do not cover the entire market
Performance compared to a specialized benchmark that incorporates the characteristics of stocks not covered by the active managers
CFA一级押题 equity 权益投资 1页版
Equity（5）
An investor primarily invests in stocks of publicly traded companies. The investor wants to increase the diversification of his portfolio. A friend has recommended investing in real estate properties. The purchase of real estate would best be characterized as a transaction in the: A. derivative investment market. B. traditional investment market. C. alternative investment market.
Solution: C The purchase of real estate properties is a transaction in the alternative investment market.
7-32
Equity（6）
An investor purchased 5,000 stocks at 57 dollars on margin. The initial margin he deposited to his broker is 40%. The broker will make a margin call when the margin account is less than 25%. The price that will cause a margin call is closest to: A. 30.0. B. 45.6. C. 23.0.