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LecturePresentationSoftware

toaccompany

InvestmentAnalysisand

PortfolioManagement

SeventhEdition

by

FrankK.Reilly&KeithC.BrownChapter2LecturePresentationSoftwareChapter2

TheAssetAllocationDecisionQuestionstobeanswered:Whatisassetallocation?Whatarethefourstepsintheportfoliomanagementprocess?Whatistheroleofassetallocationininvestmentplanning?Whyisapolicystatementimportanttotheplanningprocess?Chapter2

TheAssetAllocationChapter2

TheAssetAllocationDecisionWhatobjectivesandconstraintsshouldbedetailedinapolicystatement?Howandwhydoinvestmentgoalschangeoveraperson’slifetimeandcircumstances?Whydoassetallocationstrategiesdifferacrossnationalboundaries?Chapter2

TheAssetAllocationFinancialPlanPreliminariesInsuranceLifeinsuranceTermlifeinsurance-Providesdeathbenefitonly.PremiumcouldchangeeveryrenewalperiodUniversalandvariablelifeinsurance–providecashvalueplusdeathbenefitFinancialPlanPreliminariesInFinancialPlanPreliminariesInsuranceHealthinsuranceDisabilityinsuranceAutomobileinsuranceHome/rentalinsuranceLiabilityinsuranceFinancialPlanPreliminariesInFinancialPlanPreliminariesCashreserveTomeetemergencyneedsIncludescashequivalents(liquidinvestments)EqualtosixmonthslivingexpensesrecommendedbyexpertsFinancialPlanPreliminariesCaIndividualInvestorLifeCycleAccumulationphase–earlytomiddleyearsofworkingcareerConsolidationphase–pastmidpointofcareers.EarningsgreaterthanexpensesSpending/Giftingphase–beginsafterretirementIndividualInvestorLifeCycleIndividualInvestorLifeCycleNetWorthAgeAccumulationPhaseLong-term: Retirement Children’scollege Short-term: House CarConsolidationPhaseLong-term: RetirementShort-term:VacationsChildren’sCollegeSpendingPhaseGiftingPhaseLong-term: EstatePlanningShort-term: LifestyleNeedsGifts

Exhibit2.1IndividualInvestorLifeCycleLifeCycleInvestmentGoalsNear-term,high-prioritygoalsLong-term,high-prioritygoalsLower-prioritygoalsLifeCycleInvestmentGoalsNeaThePortfolioManagementProcess1.Policystatement-Focus:Investor’sshort-termandlong-termneeds,familiaritywithcapitalmarkethistory,andexpectations2.Examinecurrentandprojectfinancial,economic,political,andsocialconditions-Focus:Short-termandintermediate-termexpectedconditionstouseinconstructingaspecificportfolio3.Implementtheplanbyconstructingtheportfolio-Focus:Meettheinvestor’sneedsattheminimumrisklevels4.Feedback:Monitorandupdateinvestorneeds,environmentalconditions,portfolioperformanceExhibit2.2ThePortfolioManagementProceThePortfolioManagementProcess

1.PolicystatementspecifiesinvestmentgoalsandacceptablerisklevelsshouldbereviewedperiodicallyguidesallinvestmentdecisionsThePortfolioManagementProceThePortfolioManagementProcess

2.StudycurrentfinancialandeconomicconditionsandforecastfuturetrendsdeterminestrategiestomeetgoalsrequiresmonitoringandupdatingThePortfolioManagementProceThePortfolioManagementProcess

3.Constructtheportfolioallocateavailablefundstominimizeinvestor’srisksandmeetinvestmentgoalsThePortfolioManagementProceThePortfolioManagementProcess

4.MonitorandupdateevaluateportfolioperformanceMonitorinvestor’sneedsandmarketconditionsrevisepolicystatementasneededmodifyinvestmentstrategyaccordinglyThePortfolioManagementProceTheNeedForAPolicyStatementHelpsinvestorsunderstandtheirownneeds,objectives,andinvestmentconstraintsSetsstandardsforevaluatingportfolioperformanceReducesthepossibilityofinappropriatebehavioronthepartoftheportfoliomanager

TheNeedForAPolicyStatemenInvestmentObjectivesRiskToleranceAbsoluteorrelativepercentagereturnGeneralgoalsInvestmentObjectivesRiskToleInvestmentObjectives

GeneralGoalsCapitalpreservationminimizeriskofreallossCapitalappreciationGrowthoftheportfolioinrealtermstomeetfutureneedCurrentincomeFocusisingeneratingincomeratherthancapitalgainsInvestmentObjectives GeneralInvestmentObjectives

GeneralGoalsTotalreturnIncreaseportfoliovaluebycapitalgainsandbyreinvestingcurrentincomeMaintainmoderateriskexposureInvestmentObjectives GeneralInvestmentConstraintsLiquidityneedsVarybetweeninvestorsdependinguponage,employment,taxstatus,etc.TimehorizonInfluencesliquidityneedsandrisktoleranceInvestmentConstraintsLiquiditInvestmentConstraintsTaxconcernsCapitalgainsorlosses–taxeddifferentlyfromincomeUnrealizedcapitalgain–reflectpriceappreciationofcurrentlyheldassetsthathavenotyetbeensoldRealizedcapitalgain–whentheassethasbeensoldataprofitTrade-offbetweentaxesanddiversification–taxconsequencesofsellingcompanystockfordiversificationpurposesInvestmentConstraintsTaxconcInvestmentConstraintsTaxconcerns(continued)interestonmunicipalbondsexemptfromfederalincometaxandfromstateofissueinterestonfederalsecuritiesexemptfromstateincometaxcontributionstoanIRAmayqualifyasdeductiblefromtaxableincometaxdeferralconsiderations-compoundingInvestmentConstraintsTaxconcEquivalentTaxableYieldEquivalentTaxableYieldExampleIfaninvestorisinthe28%marginaltaxrate,ataxableinvestmentyieldof8%hasanafter-taxyieldof8%(1-0.28),or5.76%;Anequivalent-riskmunicipalsecurityofferingayieldgreaterthan5.76%offerstheinvestorgreaterafter-taxreturns.Ontheotherhand,amunicipalbondyielding6%hasanequivalenttaxableyieldof6%/(1-0.28)=8.33%ExampleIfaninvestorisinthEffectofTaxDeferralonInvestorWealthoverTime$1,000InvestmentValueTime$10,062.66$5,365.91Exhibit2.6EffectofTaxDeferralonInveMethodsofTaxDeferralRegularIRA-taxdeductibleTaxonreturnsdeferreduntilwithdrawal

RothIRA-nottaxdeductibletax-freewithdrawalspossibleCashvaluelifeinsurance–fundsaccumulatetax-freeuntiltheyarewithdrawnEmployer’s401(k)and403(b)plans–tax-deferredinvestmentsMethodsofTaxDeferralRegularLegalandRegulatoryFactorsLimitationsorpenaltiesonwithdrawalsFiduciaryresponsibilities-“prudentman”ruleInvestmentlawsprohibitinsidertradingLegalandRegulatoryFactorsLiUniqueNeedsandPreferencesPersonalpreferencessuchassociallyconsciousinvestmentscouldinfluenceinvestmentchoiceTimeconstraintsorlackofexpertiseformanagingtheportfoliomayrequireprofessionalmanagementLargeinvestmentinemployer’sstockmayrequireconsiderationofdiversificationneedsInstitutionalinvestorsneedsUniqueNeedsandPreferencesPeConstructingthePolicyStatementObjectives-riskandreturnConstraints-liquidity,timehorizon,taxfactors,legalandregulatoryconstraints,anduniqueneedsandpreferencesDevelopingaplandependsonunderstandingtherelationshipbetweenriskandreturnandtheimportanceofdiversificationConstructingthePolicyStatemTheImportanceofAssetAllocationAninvestmentstrategyisbasedonfourdecisionsWhatassetclassestoconsiderforinvestmentWhatnormalorpolicyweightstoassigntoeacheligibleclassDeterminingtheallowableallocationrangesbasedonpolicyweightsWhatspecificsecuritiestopurchasefortheportfolioTheImportanceofAssetAllocaTheImportanceofAssetAllocationAccordingtoresearchstudies,most(85%to95%)oftheoverallinvestmentreturnisduetothefirsttwodecisions,nottheselectionofindividualinvestmentsTheImportanceofAssetAllocaReturnsandRiskofDifferentAssetClassesHistorically,smallcompanystockshavegeneratedthehighestreturns.Butthevolatilityofreturnshavebeenthehighesttoo（P38）Inflationandtaxeshaveamajorimpactonreturns（P37）ReturnsonTreasuryBillshavebarelykeptpacewithinflationReturnsandRiskofDifferentReturnsandRiskofDifferentAssetClassesMeasuringriskbyprobabilityofnotmeetingyourinvestmentreturnobjectiveindicatesriskofequitiesissmallandthatofT-billsislargebecauseoftheirdifferencesinexpectedreturnsFocusingonlyonreturnvariabilityasameasureofriskignoresreinvestmentriskReturnsandRiskofDifferentAssetAllocationSummaryPolicystatementdeterminestypesofassetstoincludeinportfolioAssetallocationdeterminesportfolioreturnmorethanstockselectionOverlongtimeperiods,sizableallocationtoequitywillimproveresultsRiskofastrategydependsontheinvestor’sgoalsandtimehorizonAssetAllocationSummaryPolicyAssetAllocationand

CulturalDifferencesSocial,political,andtaxenvironmentsinfluencetheassetallocationdecisionEquityallocationsofU.S.pensionfundsaverage58%IntheUnitedKingdom,equitiesmakeup78%ofassetsInGermany,equityallocationaverages8%InJapan,equitiesare37%ofassetsAssetAllocationand

CulturalSummaryIdentifyinvestmentneeds,risktolerance,andfamiliaritywithcapitalmarketsIdentifyobjectivesandconstraintsEnhanceinvestmentplansbyaccurateformulationofapolicystatementFocusonassetallocationasitdetermineslong-termreturnsandriskSummaryIdentifyinvestmentneeTheInternet

InvestmentsOnlineTheInternet

InvestmentsOnlinAppendix

ObjectivesandConstraintsofInstitutionalInvestorsMutualFunds–poolinvestorsfundsandinveststheminfinancialassetsasperitsinvestmentobjectiveAppendixPensionFundsReceivecontributionsfromthefirm,itsemployees,orbothandinveststhosefundsDefinedBenefit–promisetopayretireesaspecificincomestreamafterretirementDefinedContribution–donotpromiseasetofbenefits.Employees’retirementincomeisnotanobligationofthefirm

PensionFundsReceivecontributEndowmentFunds

Theyrepresentcontributionsmadetocharitableoreducationalinstitutions

EndowmentFunds TheyrepresentInsuranceCompaniesLifeInsuranceCompaniesearnrateinexcessofactuarialrategrowingsurplusifthespreadispositivefiduciaryprincipleslimittherisktoleranceliquidityneedshaveincreasedtaxrulechangesInsuranceCompaniesLifeInsuraInsuranceCompaniesNonlifeInsuranceCompaniescashflowslesspredictablefiduciaryresponsibilitytoclaimantsRiskexposurelowtomoderateliquidityconcernsduetouncertainclaimpatternsregulationmorepermissiveInsuranceCompaniesNonlifeInsBanksMustattractfundsinacompetitiveinterestrateenvironmentTrytomaintainapositivedifferencebetweentheircostoffundsandtheirreturnonassetsNeedsubstantialliquiditytomeetwithdrawalsandloandemandsFaceregulatoryconstraintsBanksMustattractfundsinacFuturetopics

Chapter3

InvestmentchoicesIncludingglobalassetsinassetallocationdecisionsFuturetopics

Chapter3InvestLecturePresentationSoftware

toaccompany

InvestmentAnalysisand

PortfolioManagement

SeventhEdition

by

FrankK.Reilly&KeithC.BrownChapter2LecturePresentationSoftwareChapter2

TheAssetAllocationDecisionQuestionstobeanswered:Whatisassetallocation?Whatarethefourstepsintheportfoliomanagementprocess?Whatistheroleofassetallocationininvestmentplanning?Whyisapolicystatementimportanttotheplanningprocess?Chapter2

TheAssetAllocationChapter2

TheAssetAllocationDecisionWhatobjectivesandconstraintsshouldbedetailedinapolicystatement?Howandwhydoinvestmentgoalschangeoveraperson’slifetimeandcircumstances?Whydoassetallocationstrategiesdifferacrossnationalboundaries?Chapter2

TheAssetAllocationFinancialPlanPreliminariesInsuranceLifeinsuranceTermlifeinsurance-Providesdeathbenefitonly.PremiumcouldchangeeveryrenewalperiodUniversalandvariablelifeinsurance–providecashvalueplusdeathbenefitFinancialPlanPreliminariesInFinancialPlanPreliminariesInsuranceHealthinsuranceDisabilityinsuranceAutomobileinsuranceHome/rentalinsuranceLiabilityinsuranceFinancialPlanPreliminariesInFinancialPlanPreliminariesCashreserveTomeetemergencyneedsIncludescashequivalents(liquidinvestments)EqualtosixmonthslivingexpensesrecommendedbyexpertsFinancialPlanPreliminariesCaIndividualInvestorLifeCycleAccumulationphase–earlytomiddleyearsofworkingcareerConsolidationphase–pastmidpointofcareers.EarningsgreaterthanexpensesSpending/Giftingphase–beginsafterretirementIndividualInvestorLifeCycleIndividualInvestorLifeCycleNetWorthAgeAccumulationPhaseLong-term: Retirement Children’scollege Short-term: House CarConsolidationPhaseLong-term: RetirementShort-term:VacationsChildren’sCollegeSpendingPhaseGiftingPhaseLong-term: EstatePlanningShort-term: LifestyleNeedsGifts

Exhibit2.1IndividualInvestorLifeCycleLifeCycleInvestmentGoalsNear-term,high-prioritygoalsLong-term,high-prioritygoalsLower-prioritygoalsLifeCycleInvestmentGoalsNeaThePortfolioManagementProcess1.Policystatement-Focus:Investor’sshort-termandlong-termneeds,familiaritywithcapitalmarkethistory,andexpectations2.Examinecurrentandprojectfinancial,economic,political,andsocialconditions-Focus:Short-termandintermediate-termexpectedconditionstouseinconstructingaspecificportfolio3.Implementtheplanbyconstructingtheportfolio-Focus:Meettheinvestor’sneedsattheminimumrisklevels4.Feedback:Monitorandupdateinvestorneeds,environmentalconditions,portfolioperformanceExhibit2.2ThePortfolioManagementProceThePortfolioManagementProcess

1.PolicystatementspecifiesinvestmentgoalsandacceptablerisklevelsshouldbereviewedperiodicallyguidesallinvestmentdecisionsThePortfolioManagementProceThePortfolioManagementProcess

2.StudycurrentfinancialandeconomicconditionsandforecastfuturetrendsdeterminestrategiestomeetgoalsrequiresmonitoringandupdatingThePortfolioManagementProceThePortfolioManagementProcess

3.Constructtheportfolioallocateavailablefundstominimizeinvestor’srisksandmeetinvestmentgoalsThePortfolioManagementProceThePortfolioManagementProcess

4.MonitorandupdateevaluateportfolioperformanceMonitorinvestor’sneedsandmarketconditionsrevisepolicystatementasneededmodifyinvestmentstrategyaccordinglyThePortfolioManagementProceTheNeedForAPolicyStatementHelpsinvestorsunderstandtheirownneeds,objectives,andinvestmentconstraintsSetsstandardsforevaluatingportfolioperformanceReducesthepossibilityofinappropriatebehavioronthepartoftheportfoliomanager

TheNeedForAPolicyStatemenInvestmentObjectivesRiskToleranceAbsoluteorrelativepercentagereturnGeneralgoalsInvestmentObjectivesRiskToleInvestmentObjectives

GeneralGoalsCapitalpreservationminimizeriskofreallossCapitalappreciationGrowthoftheportfolioinrealtermstomeetfutureneedCurrentincomeFocusisingeneratingincomeratherthancapitalgainsInvestmentObjectives GeneralInvestmentObjectives

GeneralGoalsTotalreturnIncreaseportfoliovaluebycapitalgainsandbyreinvestingcurrentincomeMaintainmoderateriskexposureInvestmentObjectives GeneralInvestmentConstraintsLiquidityneedsVarybetweeninvestorsdependinguponage,employment,taxstatus,etc.TimehorizonInfluencesliquidityneedsandrisktoleranceInvestmentConstraintsLiquiditInvestmentConstraintsTaxconcernsCapitalgainsorlosses–taxeddifferentlyfromincomeUnrealizedcapitalgain–reflectpriceappreciationofcurrentlyheldassetsthathavenotyetbeensoldRealizedcapitalgain–whentheassethasbeensoldataprofitTrade-offbetweentaxesanddiversification–taxconsequencesofsellingcompanystockfordiversificationpurposesInvestmentConstraintsTaxconcInvestmentConstraintsTaxconcerns(continued)interestonmunicipalbondsexemptfromfederalincometaxandfromstateofissueinterestonfederalsecuritiesexemptfromstateincometaxcontributionstoanIRAmayqualifyasdeductiblefromtaxableincometaxdeferralconsiderations-compoundingInvestmentConstraintsTaxconcEquivalentTaxableYieldEquivalentTaxableYieldExampleIfaninvestorisinthe28%marginaltaxrate,ataxableinvestmentyieldof8%hasanafter-taxyieldof8%(1-0.28),or5.76%;Anequivalent-riskmunicipalsecurityofferingayieldgreaterthan5.76%offerstheinvestorgreaterafter-taxreturns.Ontheotherhand,amunicipalbondyielding6%hasanequivalenttaxableyieldof6%/(1-0.28)=8.33%ExampleIfaninvestorisinthEffectofTaxDeferralonInvestorWealthoverTime$1,000InvestmentValueTime$10,062.66$5,365.91Exhibit2.6EffectofTaxDeferralonInveMethodsofTaxDeferralRegularIRA-taxdeductibleTaxonreturnsdeferreduntilwithdrawal

RothIRA-nottaxdeductibletax-freewithdrawalspossibleCashvaluelifeinsurance–fundsaccumulatetax-freeuntiltheyarewithdrawnEmployer’s401(k)and403(b)plans–tax-deferredinvestmentsMethodsofTaxDeferralRegularLegalandRegulatoryFactorsLimitationsorpenaltiesonwithdrawalsFiduciaryresponsibilities-“prudentman”ruleInvestmentlawsprohibitinsidertradingLegalandRegulatoryFactorsLiUniqueNeedsandPreferencesPersonalpreferencessuchassociallyconsciousinvestmentscouldinfluenceinvestmentchoiceTimeconstraintsorlackofexpertiseformanagingtheportfoliomayrequireprofessionalmanagementLargeinvestmentinemployer’sstockmayrequireconsiderationofdiversificationneedsInstitutionalinvestorsneedsUniqueNeedsandPreferencesPeConstructingthePolicyStatementObjectives-riskandreturnConstraints-liquidity,timehorizon,taxfactors,legalandregulatoryconstraints,anduniqueneedsandpreferencesDevelopingaplandependsonunderstandingtherelationshipbetweenriskandreturnandtheimportanceofdiversificationConstructingthePolicyStatemTheImportanceofAssetAllocationAninvestmentstrategyisbasedonfourdecisionsWhatassetclassestoconsiderforinvestmentWhatnormalorpolicyweightstoassigntoeacheligibleclassDeterminingtheallowableallocationrangesbasedonpolicyweightsWhatspecificsecuritiestopurchasefortheportfolioTheImportanceofAssetAllocaTheImportanceofAssetAllocationAccordingtoresearchstudies,most(85%to95%)oftheoverallinvestmentreturnisduetothefirsttwodecisions,nottheselectionofindividualinvestmentsTheImportanceofAssetAllocaReturnsandRiskofDifferentAssetClassesHistorically,smallcompanystockshavegeneratedthehighestreturns.Butthevolatilityofreturnshavebeenthehighesttoo（P38）Inflationandtaxeshaveamajorimpactonreturns（P37）ReturnsonTreasuryBillshavebarelykeptpacewithinflationReturnsandRiskofDifferentReturnsandRiskofDifferentAssetClassesMeasuringriskbyprobabilityofnotmeetingyourinvestmentreturnobjectiveindicatesriskofequitiesissmallandthatofT-billsislargebecauseoftheirdifferencesinexpectedreturnsFocusingonlyonreturnvariabilityasameasureofriskignoresreinvestmentriskReturnsandRiskofDifferentAssetAllocationSummaryPolicystatementdeterminestypesofassetstoincludeinportfolioAssetallocationdeterminesportfolioreturnmorethanstockselectionOverlongtimeperiods,sizableallocationtoequitywillimproveresultsRiskofastrategydependsontheinvestor’sgoalsandtimehorizonAssetAllocationSummaryPolicyAssetAllocationand

CulturalDifference

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