Registry

Module Specifications

Current Academic Year 2012 - 2013
Please note that this information is subject to change.

Module Title	Fund Management
Module Code	EF508
School	DCUBS
Online Module Resources
Module Co-ordinator	Semester 1: Shane Murphy Semester 2: Shane Murphy Autumn: Shane Murphy
Module Teacher	John O'Brien
NFQ level	8	Credit Rating	5
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

Description

This course is designed as a complement to the course in portfolio theory with a view to introducing students to the practical aspects of institutional portfolio management.

Learning Outcomes

1. Identify the key portfolio management techniques.
2. Critically assess the risks and expected rewards associated with different types of institutionally managed portfolios and funds.

Workload	Full-time hours per semester
*Type*	*Hours*	*Description*
Lecture	24	No Description
Independent learning	36	Assigned Readings
Independent learning	40	Exam preparation
Independent learning	25	Assignment (report)
Total Workload: 125

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Passive Management StrategiesImmunizing portfolios.
methods of immunizing bond portfolios; single and multiple liabilities; convexity; immunisation risk.Index funds: choosing the best method of indexation, problems relating to the compilation and maintenance of index funds.Accessing overseas markets through passive strategies.Active Management StrategiesSearching for market inefficiency; strategies for adding value over index performance.Combining a core fund with satellite active management portfolios, specialty management.Using stock index futures and options; options on futures; currency hedging for overseas portfolios.Bond switches.Asset AllocationPortfolio diversification, methods of evaluating and comparing investment markets; e.g. multi-scenario projections, risk premiums, the reverse yield gap.Portfolio insurance, hedging portfolios with capital protection strategies.Asset allocation in passive portfolios.Considering transactions costs.Investment Performance AppraisalMeasures of analysing investment performance, comparison with investment objectives, frequency of appraisal, time horizon over which performance should be judged. Analysis of performance.Property ManagementReal property as an investment medium, property in the portfolio context, property portfolio construction and management, international property in the portfolio: opportunities and problems.

Passive Management StrategiesImmunizing portfolios.
methods of immunizing bond portfolios; single and multiple liabilities; convexity; immunisation risk..

Index Funds.
choosing the best method of indexation, problems relating to the compilation and maintenance of index funds.Accessing overseas markets through passive strategies..

Active management strategies.
Searching for market inefficiency; strategies for adding value over index performance.Combining a core fund with satellite active management portfolios, specialty management.Using stock index futures and options; options on futures; currency hedging for overseas portfolios.Bond switches..

Asset Allocation.
Portfolio diversification, methods of evaluating and comparing investment markets; e.g. multi-scenario projections, risk premiums, the reverse yield gap.Portfolio insurance, hedging portfolios with capital protection strategies.Asset allocation in passive portfolios.Considering transactions costs..

Investment performance appraisal.
Measures of analysing investment performance, comparison with investment objectives, frequency of appraisal, time horizon over which performance should be judged. Analysis of performance..

Property Management.
Real property as an investment medium, property in the portfolio context, property portfolio construction and management, international property in the portfolio: opportunities and problems.

Assessment Breakdown
Continuous Assessment	30%	Examination Weight	70%

Course Work Breakdown
Type	Description	% of total	Assessment Date

Reassessment Requirement
Resit arrangements are explained by the following categories; 1 = A resit is available for all components of the module 2 = No resit is available for 100% continuous assessment module 3 = No resit is available for the continuous assessment component
This module is category 1

Indicative Reading List