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CPM Certified Portfolio Manager

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Training by LEORON PDI

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USD 4,190.00

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INTRODUCTION

This five day intensive course offers an in-depth and practical analysis of the tools to assist portfolio managers and investors in making their decisions by shaping their in-depth understanding of investment; what worked and what didn’t and why. It will cover the seven most popular investment philosophies and the necessary tools to measure and monitor fund managers performance through 17 different risk measures. Understanding the meaning, application and use of these measures (and not just the formulas) is an important step towards monitoring portfolios effectively and will be fully covered through the use of Excel models and case studies. This highly practical course will lead you quickly from the basics through to the more advanced topics. You are required to bring your laptop.

KEY OBJECTIVES OF THE COURSE

» Differentiate between the dynamics of the 7 basic investment philosophies
» Measure risk in different ways using Excel models
» Understand the role of investment professionals in creating and destroying capital
» Evaluate the different measures of stress testing your managers
» Understand the basic guidelines of valuation

« Add to outlook

inRecommend

Delivery Type: Group Live
Pre-requisites: None
Level: Advanced
This Program is worth
35 NASBA CPE credits & 35 PDU’s

OVERVIEW
TRAINER
PROGRAM
IN HOUSE
CONTACT US

WHO SHOULD ATTEND?

» Portfolio managers
» Trustees
» Institutional investors
» High Net Worth Individuals
» Risk Managers
» Wealth Managers
» Fund of funds managers
» Research analysts
» CEO’s of asset management companies
» Directors of asset management companies
» Pension funds consultants
» Private Clients Managers
» Finance ministry officials
» Private equity and Venture Capital managers
» Hedge fund managers»Chief Financial Officers
» Corporate lawyers
» Financial journalists
» Market commentators
» Asset Management compliance officers
» Parliamentary representatives
» Fund Accountants
» Fund auditors

Outline

DAY ONE

Introduction to Investment Strategies
»What is an investment strategy?
»Why do you need an investment strategy?
»The big picture of investing
»Categorizing investment strategies
Understanding Risk
»What is risk?
»Equity risk and expected returns
»A comparative analysis of risk and return
How to Assess Riskness of Your Portfolio
»Risk management modeling in Excel
»Standard deviation (Excel model)
»Sharpe Ratio (Excel model)
»Risk adjusted return: M2 (Excel model)
»Regression, bull, and bear betas (Excel model)
»Systematic risk (Excel model)
»Specific or residual risk (Excel model)
»Treynor ratio (Excel model)
»Relative risk (Excel model)
»Tracking error (Excel model)
»Information ratio (Excel model)
»Return and normal distribution (Excel model)
»Skewness and kurtosis (Excel model)
»Downside risk (Excel model)
»Sortino ratio (Excel model)
»Which risk measure to use? Why?
»Case study: applying all the measures to a number of hypothetical funds

DAY TWO

BasIcs of Valuation
»Intrinsic value
»Relative value
1st Strategy: Technical analysis
»Foundations of technical analysis
»Random walks and price patterns
»Serial Correlation
»High frequency trading
»The short term: price reversals
»The medium term: price momentum
»The long term: price reversal again
»Market bubbles from inception to crash
»Seasonal and temporal patterns in prices
»Volume patterns
»Data mining or anomalies
»Technical indicators and charting patterns
»Contrarian indicators
»Shifting demand indicators
»Momentum indicators
»Leading indicators
»Mystical indicators
»Determinants of success in Technical analysis

DAY THREE

2nd Strategy: Value Investing
»Who is a value investor?
»The passive screener
»Benjamin Graham’s screens
»Warren Buffett investment philosophy
»Warren Buffett’s investment tenets
»Can you be the next Buffett?
»The different value screens
»What can go wrong?
»Dividend yields
»The contrarian value investor
»Buying the losers
»Bad companies can be good investments and vice versa
»Activist value investing
»Asset redeployment/restructuring
»Value enhancement actions portfolio managers can impose
»Spin offs, split offs, split ups, divestiture, and liquidation
»Involvement in corporate governance
»Classes of activist investors
»Can you make money following activist investors?
»How diversified you should be?
»Determinants of success in value investing
3rd Strategy: Growth Investing
»Who is a growth investor?
»Passive growth investing
»Small cap investing
»The small cap effect
»The small cap cycles
»Deconstructing the small cap effect
»Explanations of the small cap premium
»Failure to consider liquidity»Initial public offerings
»The Bludgeon strategy
»Riding the waves
»Growth screens
»High PE strategy
»Historical growth
»Peter Lynch: finding value in growth stocks
»PEG ratio
»Activist growth investing
»Private equity and venture capital
»How deal structuring creates value to Private equity
»The payoff of PE and VC
»Postdeal management
»Determinants of success in growth investing

DAY FOUR

4th Strategy: Training on News
(Information Traders)
»Information and prices
»Trading on private information
»Trading on public information
»Information efficiency
»How stock prices react to news
»Insiders trading and stock prices
»Can you follow insiders
»Illegal vs legal insider trading
»Following sell side analysts
»What to watch for?
»Earnings forecasts
»The information in analyst forecasts
»The quality of earnings forecasts
»Market reaction to earnings forecasts revisions
»Potential huge pitfalls
»The recommendation game
»Finding the best analysts
»Earnings announcements
»Earnings surprises and price reactions
»Earnings delays
»Intraday price reaction
»Earnings quality and market reaction
»Can you make money off earnings announcements?
»Acquisitions
»The acquisition date and the announcement effects
»After the acquisition
»Takeover-based investment strategies
»Pre-announcement investing
»Post-announcement investing
»Dividend changes
»Implementing an information-based investment strategy
»Determinants of success in information trading
5th Strategy: Arbitrage Trading
»Pure arbitrage
»Futures arbitrage numerical example
»Treasury Bonds futures
»Near arbitrage
»Same security, multiple markets
»Dual and multiple listings
»Depository receipts
»Closed–end funds
»Limits of arbitrage
»Speculative arbitrage
»Paired arbitrage
»Long/Short strategies of Hedge Funds»Performance of Hedge Funds
»Mergers arbitrage
»The fall of Long Term capital Management in 1999
»Long short strategies- Hedge Funds
»Determinants of success in arbitrage trading

DAY FIVE

6th Strategy: Market Timing
(The Impossible Dream)
»Market timing, payoff and costs
»Market timing approaches
»Market timing strategies
»Market timing based on non-financial indicators
»Spurious indicators
»Feel-good indicators
»Hype indicators
»Technical indicators
»Volatility indicators
»Mean reversion indicators
»Fundamental indicators
»Business cycle indicators
»Cash Holdings indicators
»Tactical asset allocation and other market timing funds
»Investment newsletters
»Market timers: from Livermore to Acampora
»Style switching
»Sector rotation
»Market timing instruments: Futures, Options, ETFs
»Connecting market timing to security selection
»Determinants of success in market timing
7th Strategy: Indexing
»The mechanics of indexing
»A history of indexing
»Fully Indexed funds
»Sampled Index fund
»Are all index funds alike?
»Does average mutual fund beat the market?
»Measurement issues
»Survivor bias
»Performance by subcategories
»Emerging markets and international funds
»Third party rankings and ratings
»Funds of fund managers- who delivers the excess return?
»Transaction costs
»Too much activity
»Alternative paths to indexing
»Exchange Traded Funds ETFs
»Index Futures and Options
»Enhanced Index Funds
»Tracking error, information ratio and closet indexing
»Determinants of success in indexing
A Road Map to Choosing an Investment Philosophy
»Self-assessment
»Finding an investment philosophy

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