唯学网小编提醒：CFA金融分析师考试三级课程着重于投资组合管理，包括应用因素和工具的战略，以及个人或机构管理股票证券、固定收益证券、衍生工具和另类投资的资产评估模式。所以本内容的投资组合也就是考试的重点，希望本文对参加CFA金融分析师考试的同学能有帮助。
Reading 68 投资组合管理的流程
1. Portfolio management processes:
1) Planning step:
a) Identify the investor’s objectives and constraints;
b) Create the Investment Policy Statement (IPS): long-term plan for a particular investor but not a group of investors;
c) Form capital market expectations (对市场的预期);
d) Strategic asset allocation.
2) Execution step:
a) Portfolio selection and composition decision;
b) Portfolio implementation (timing, transaction cost).
3) Feedback step:
a) Monitoring and rebalancing;
b) Performance evaluation.
2. Investment objectives and constraints:
1) Distinguish investor’s willing and ability: depend on the investor’s financial position but not his description.
2) Objectives: risk, return: risk tolerance should not depend on the need for a higher return.
3) Constraints: liquidity, time horizon, tax concerns, legal and regulatory factors.
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