图书简介
A go-to resource for institutional investors and asset allocators seeking practical advice from a proven leader in the field In The Climb to Investment Excellence: A Practitioners Guide to Building Exceptional Portfolios and Teams, celebrated institutional investor and asset allocator Ana Marshall draws on her 36 years experience in finance and investment to deliver a comprehensive and practical blueprint for a resilient and high-performing institutional portfolio, as well as a reliable roadmap for the management of its stakeholders. Youll discover ready-to-deploy strategies and advice thats informed by evidence and tried and tested in the real world, helping you to build and manage your team, construct a portfolio, set your goals, select the right managers, and more. Youll also find: Explorations of three themes that consistently define the careers of successful investors and asset allocators: strategy and planning, trust, and risk management The critical factors every investor and allocator should consider before making any sort of impactful decision Examinations of the importance of resilience in the face of bad fortune or mistakes A cant-miss resource for institutional investors and asset allocators, The Climb to Investment Excellence will also benefit board members tasked with overseeing their organizations investment objectives and performance in a volatile and ever-changing market.
Prologue PART 1: BASE CAMP - THE ADVENTURE BEGINS Preparing for Base Camp: The must-read chapters to maximize the probability of success. 1 Identifying the Summit Determining the Investment Objective Institutional Constraints and Payout Various Approaches to Policy Portfolios Risk Tolerance Time Horizon 2 Defining Responsibilities Delegation of Authority Governance Assembling the Team Transparency Settling in at Base Camp: Expanding the toolbox to refine skillset and broaden the options in the face of changing conditions. 3 The Subtlety of Public Asset Classes Public Equity Fixed Income Hedge Funds 4 A Closer Look at Private Markets Role of Private Investment Classes Illiquidity Premium Duration of Investment Holding Period Leverage Traditional Fund Structures Alternative Fund Structures Reconciling Performance PART 2: THE EXCITEMENT OF THE CLIMB From Base Camp to First Camp: Asset Allocation; Developing the roadmap for the expedition. 5 Developing a Policy Portfolio Setting Capital Market Assumptions Constraints for Optimizer The Cloud of Efficiency Creating an Asset Allocation Policy Range of Possible Outcomes Stress Testing the Policy Portfolio Shortcomings of Models From First Camp to Second Camp: Portfolio Management; The art of adapting to the constantly changing landscape. 6 Portfolio Construction Selecting Market Betas Designing Asset Class Strategies Concentration versus Diversified Manager Roster Sizing of Individual Managers Role of Re-sizing and Rebalancing Internal Process Exogenous Risk 7 Active Risk Measuring Active Risk Limits to Active Risk Setting Expectations of Annualized Alpha 8 Hedging Active Hedging Strategy Volatility Management Strategy Alternatives to Hedging 9 Liquidity Management Illiquidity Tolerance of Institution Unfunded Commitments Modeling Portfolio Cash Flows 10 Secondary Sales A Tool in Active Portfolio Management Constructing a Portfolio for Sale Advantages and Drawbacks 11 Benchmarks Design Options Benchmark Selection Testing the Benchmarks Making Changes to Portfolio Benchmarks From Second Camp to Third Camp: Manager Selection; Selecting your partners for the climb, trusting your instincts, and learning when to quit with grace. 12 Manager Selection and Due Diligence Evolution of Manager Selection Setting the Bar Refining the Skills of the Team Diligence using the four Ps -people, philosophy, process, performance Sizing the Investment Monitoring the Portfolio Identifying Biases Knowing When to Quit PART 3: THE SUMMIT IN VIEW Reaching for the Summit: Managing Stakeholders; The most dangerous part of the climb 13 Managing the Team Team Culture Team Structure Decision Making Size and Skills of Team Leadership Designing an Incentive Plan that Works 14 Managing Up Developing Trust with the Board Transparency in Reporting Balancing Optimism, Confidence, and Reality Communication with the IC 15 Managing Relationships with Fellow Investors Developing True Partnership with GPs/Managers Approaches to Diversity and Inclusion Epilogue Value of Discipline, Integrity, Trust, and Resilience Honing the Competitive Edge Glossary Works Cited Index
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