case study on investment analysis and portfolio management

Case Studies in Portfolio Management

• Background information: The case study begins by providing context and relevant details about the portfolio, its goals, and the market environment.
• Problem statement: The specific issue or challenge faced by the portfolio manager is clearly defined.
• Data and analysis: The case study presents relevant data, such as historical performance, risk metrics, and economic indicators. It may also include analyses and insights from the portfolio manager.
• Decision-making process: The case study describes the thought process and methodology used by the portfolio manager to evaluate options and make decisions.
• Outcome and reflection: The case study concludes by discussing the results of the portfolio manager's actions and any lessons learned.
• Read the case study carefully and identify the key issues and objectives.
• Analyze the provided data and information to gain insights into the portfolio's performance and risk characteristics.
• Apply relevant portfolio management concepts and theories to the specific situation.
• Develop a clear and well-reasoned solution or recommendation based on your analysis.
• Support your answer with evidence from the case study and your understanding of portfolio management principles.
• Read the case study thoroughly and highlight important information.
• Identify the main problem or decision point that needs to be addressed.
• Break down the problem into smaller components and analyze each one separately.
• Apply relevant formulas, models, and frameworks to support your analysis.
• Be specific and provide concrete examples from the case study to back up your arguments.
• Manage your time effectively and allocate sufficient time to read, analyze, and answer each question.
• Write clear and concise answers, focusing on the most important points.

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Case Studies in Portfolio Management practice test

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Specializations - Security Analysis & Portfolio Management

The Security Analysis and Portfolio Management specialization prepares students for careers in investment management, equity research, credit analysis, and related fields. The program equips students with advanced analytical frameworks and quantitative modeling techniques to value securities across asset classes and construct optimal investment portfolios.

Career Opportunities

Graduates are well-positioned for roles such as equity/credit analyst, portfolio manager, risk analyst, securities trader, and quantitative strategist at buy-side firms (mutual funds, hedge funds, pension funds), sell-side institutions (investment banks), and private equity/venture capital firms. The program develops a distinct competitive edge for those pursuing investment management careers.

The curriculum blends financial theory with practical applications through case studies, simulations, and applied projects. Students gain expertise in financial modeling, sensitivity analysis, trading strategies, and portfolio analytics tools used by investment professionals.

It is recommended that at least 12 elective credits with the FINA course designation be completed for a finance specialization. The following courses are recommended for a Security Analysis & Portfolio Management specialization:

8 credits from the following:

And at least 4 credits from:

Additionally, we recommend students pursuing a finance specialization consider incorporating interdisciplinary courses to obtain a well-rounded business foundation. The following courses are suggested as complementary to a finance specialization. 

• Foundational Courses
• Interdisciplinary Courses

Please note: not all courses listed above are offered every semester. Verify each semester’s course offerings in the  MyU Class Search tool . 

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Investment Analysis and Portfolio Management

Term Paper On Investment Analysis and Portfolio Management PREPARED BY Kamruzzaman Chowdhury Bangladesh University ID-081-12-0199 Department of Finance Faculty of Business Studies Bangladesh University Subject: Submission of the term paper Sir, I am honored and pleased to inform you that as per the course requirement, I selected to work on the field of Portfolio Management & have prepared the report. Based on our classroom knowledge and real-life key informant interviews, we have prepared this report for your kind consideration.

Researching for and finalizing this report have been an extremely learning, interesting and rewarding experience for me. It was a lifetime opportunity to compare the bookish knowledge with the real-world applications. I have gone heights to ensure the highest possible quality of our research and report. You would be pleased to know that I have worked with the utmost possible integrity, honesty and care for preparing this paper.

We Will Write a Custom Case Study Specifically For You For Only $13.90/page!

I also tried to follow your instructions properly now and when necessary.

I would like to request you to allow me to submit the report on the Portfolio Management Sincerely Yours Md. Sabirul Islam ID- 081-12-0199 Introduction: Security Portfolio Management: Portfolio is a group of financial assets such as shares, stocks, bonds, debt instruments, mutual funds, cash equivalents, etc. A portfolio is planned to stabilize the risk of non-performance of various pools of investment. Management is the organization and coordination of the activities of an enterprise in accordance with well-defined policies and in achievement of its pre-defined objectives.

Portfolio Management (PM) guides the investor in a method of selecting the best available securities that will provide the expected rate of return for any given degree of risk and also to mitigate (reduce) the risks. It is a strategic decision which is addressed by the top-level managers. Portfolio management is also known as investment management which consists of managing the investment securities options. There are seven main activities in portfolio management. They are: • Laying down the objectives of investment and the difficulties involved in it Choosing the asset mix • Portfolio strategy formulation • Securities selection • Execution of portfolio • Revision of portfolio and • Evaluation of performance. Here, Security selection is the first question and Asset allocation is the second question.

Security selection based on: • Risk: The measures of risk that are most widely and commonly used are variability and beta measures. The preferred measure of variability is standard deviation and beta reflects the systematic risk of the portfolio. • 2.

Return: Return can be expressed as a percentage and is calculated by adding the income and the change in value and then dividing by the initial principal or investment amount. The change in the value of a portfolio over an evaluation period, including any distributions made from the portfolio during that period. Measuring the overall performance measuring the performance of the portfolio involves considering both risk and return.

The most widely used measures of performance are Treynor’s measure, the Sharpe measure, the Jensen measure and the M2 measure. Apex Adelchi Footwear Limited [pic] | A leading manufacturer and exporter of leather footwear from Bangladesh to major shoe retailers in Western Europe, North America and Japan. The company has revenues of USD 42 million in 2006. AAFL pioneered the export of value added finished products export in the leather sector of Bangladesh and is also involved in the local footwear retail business with the second largest shoe retail network in the country. AAFL has equity , technical and marketing participation from La Nuova Adelchi one of the largest footwear manufacturers of Italy.

Public listed and traded since 1993, AAFL is professionally managed, currently employs 3944 persons and is in full compliance with Corporate Governance Compliance Report under Section 2CC of the Securities Exchange Commission Notification Order VISION: “Honest Growth” MISSION: Sustainable Growth Creating value for our shareholders Proactive compliance Corporate Social Responsibility VALUES: Respect for people Integrity Sense of Urgency Empowerment Courage PRODUCTION: Leather men’s and ladies shoes Styles include: [pic]Men’s’ dress and formals [pic]Men’s’ Casual [pic]Men’s’ Dress and Casual Boots [pic]Ladies Boots pic]Men’s’ and Ladies Hand stitched Moccasins SBL Profile [pic]Standard Bank Limited (SBL) was incorporated as a Public Limited Company on May 11, 1999 under the Companies Act, 1994 and the Bank achieved satisfactory progress from its commercial operations on June 03, 1999. SBL has introduced several new products on credit and deposit schemes. It also goes for Corporate and Retail Banking etc. The Bank also participated in fund Syndication with other Banks. Through all these myriad activities SBL has created a positive impact in the Market.

We have real time online banking for our valued clients at all branches [pic] Objectives To be a dynamic leader in the financial market in innovating new products as to the needs of the society. • To earn positive economic value addition (EVA) each year to come. • To top the list in respect of cost efficiency of all the commercial Banks. • To become one of the best financial institutions in Bangladesh economy participating in the most significant segments of business market that we serve. Core Values • Our Shareholders: By ensuring fair return on their investment through generating stable profit. • Our customer: To become most caring bank by providing the most courteous and efficient service in every area of our business.

Our employee: By promoting the well being of the members of the staff. • Community: Assuring our socially responsible corporate entity in a tangible manner through close adherence to national policies and objectives. Mission & Vision [pic] Vision To be a modern Bank having the object of building a sound national economy and to contribute significantly to the Public Exchequer. Mission To be the best private commercial bank in Bangladesh in terms of efficiency, capital adequacy, asset quality, sound management and profitability.

Beximco Pharma Beximco Pharma aspires to become a nationally admired and globally reputed generic pharmaceutical company, committed to enhancing human health and life.

Beximco Pharmaceuticals Ltd (BPL) is a leading manufacturer of pharmaceutical formulations and Active Pharmaceutical Ingredients (APIs) in Bangladesh. Beximco Pharma is the flagship company of Beximco Group, the largest private sector industrial conglomerate in Bangladesh, and remains the only Bangladeshi company with an AIM listing on the London Stock Exchange.

The company is the largest exporter of pharmaceuticals in the country and its state-of-the-art manufacturing facilities are certified by global regulatory bodies of Australia, European Union, Gulf nations, Brazil, among others. The company is consistently building upon its portfolio and currently producing more than four hundred products in different dosage forms covering broader therapeutic categories which include antibiotics, antihypertensives, antidiabetics, antireretrovirals, anti asthma inhalers etc, among many others.

With decades of contract manufacturing experience with global MNCs, skilled manpower and proven formulation capabilities, the company has been building a visible and growing presence across the continents offering high quality generics at the most affordable cost. Ensuring access to quality medicines is the powerful aspiration that motivates more than 2,500 employees of the organization, and each of them is guided by the same moral and social responsibilities the company values most.

Today Beximco Pharma is building its presence across five continents and is the only Bangladeshi company to market pharmaceutical products in the USA.

The company has a visible and growing presence in emerging market. We’ve built Beximco Pharma into one of the most trusted pharmaceutical companies in the country by delivering solid returns to our shareholders, and helping patients with life-altering conditions so that they may live their lives to the fullest. Products & Services The name Beximco Pharma assures you of many things: outstanding product quality, leading-edge technology, advanced new products, and a commitment to serve the medical community.

Our products come in a wide range of dosage forms including tablets, capsules, dry syrup, powder for suspension, cream, ointment, suppositories, metered dose nasal sprays, large volume intravenous fluids, metered dose inhalers etc. ensuring the global standard of quality.

Healthcare professionals may contact us directly or alternatively the nearest Beximco Pharma Medical Representatives for further information. Our country regulations do not allow pharmaceutical companies to offer medical advice or guidance to patients.

Prescription medicines should be taken only as directed by a registered medical practitioner. Click on the product name for Consumer Medicine Information (CMI). The CMIs on this website are for Bangladeshi residents only.

The CMIs were updated on 1st March, 2010 and are static documents. Objectives of Portfolio Management The main objectives of portfolio management are as follows: • Security of Principal Investment: Investment safety or minimization of risks is one of the most important objectives of portfolio management.

Portfolio management not only involves keeping the investment intact but also contributes towards the growth of its purchasing power over the period. The motive of a financial portfolio management is to ensure that the investment is absolutely safe. • Consistency of Returns: Portfolio management also ensures to provide the stability of returns by reinvesting the same earned returns in profitable and good portfolios.

The portfolio helps to yield steady returns. The earned returns should compensate the opportunity cost of the funds invested. Capital Growth: Portfolio management guarantees the growth of capital by reinvesting in growth securities or by the purchase of the growth securities. A portfolio shall appreciate in value, in order to safeguard the investor from any erosion in purchasing power due to inflation and other economic factors. A portfolio must consist of those investments, which tend to appreciate in real value after adjusting for inflation. • Marketability: Portfolio management ensures the flexibility to the investment portfolio.

A portfolio consists of such investment, which can be marketed and traded.

Suppose, if your portfolio contains too many unlisted or inactive shares, then there would be problems to do trading like switching from one investment to another. It is always recommended to invest only in those shares and securities which are listed on major stock exchanges, and also, which are actively traded. • Liquidity: Portfolio management is planned in such a way that it facilitates to take maximum advantage of various good opportunities upcoming in the market. The portfolio should always ensure that there are enough funds available at short notice to take care of the investor’s liquidity requirements.

Diversification of Portfolio: Portfolio management is purposely designed to reduce the risk of loss of capital and/or income by investing in different types of securities available in a wide range of industries. The investors shall be aware of the fact that there is no such thing as a zero risk investment. More over relatively low risk investment give correspondingly a lower return to their financial portfolio. • Favorable Tax Status: Portfolio management is planned in such a way to increase the effective yield an investor gets from his surplus invested funds.

By minimizing the tax burden, yield can be effectively improved.

A good portfolio should give a favorable tax shelter to the investors. The portfolio should be evaluated after considering income tax, capital gains tax, and other taxes. Methodology: In this assignment I am using different formula for calculating portfolio Securities. They model are: • Government 360 Days T-Bill • Average Daily Hpr • Average Percentage Return • Annualized Return • Standard Deviation (Daily) • Standard Deviation (Annualized) • Risk Premium • Reward to variability ratio • Weight • Expected Return of the Portfolio Variance of the Portfolio • Standard Deviation of the Portfolio • Risk Premium of the Portfolio • RTV of the Portfolio • Daily Average Market Return • Annualized Market Return • Beta of the security • Expected Return (Using CAPM) Expected return: [pic] Where Rp is the return on the portfolio, Ri is the return on asset i and wi is the weighting of component asset i (that is, the share of asset i in the portfolio). Portfolio returns variance: [pic] Where ? ij is the correlation coefficient between the returns on assets i and j.

alternatively the expression can be written as: [pic],

Where ? ij = 1 for i=j. Portfolio returns volatility (standard deviation): [pic] Main Research Report: In this report, I have selected 10 companies for calculating portfolio securities and I have collected securities data from DSE general index (2004 to2010). The names of 10 companies are 1. APEX FOOTWEAR LTD. 2.

BATA SHOE COMPANY. 3. BEXIMCO PHARMACITICAL LIMITED. 4. SQUARE PHARMACITICAL LTD. 5.

IBN SINA PHARMACITICAL LTD. 6. BAT. 7. STANDARD BANK LTD.

8. DHAKA BANK LTD. 9. ISLAMI BANK BD LTD. 10. PADMA OIL COM LTD.

Part: 1 Three securities Portfolio are given here: Government 360 Days T ill |9% | | | |Measures |APEX FOOTWEAR LTD |BEXIMCO PH LTD |STANDARD BANK LTD | |Average Daily HPR |0. 31% |0. 16% |0. 14% | |Average Percentage Return |110. 89% |58.

10% |50. 26% | |Annualized return |202. 9% |78. 71% |65. 24% | |Standard Deviation (Daily) |6.

10% |3. 93% |3. 22% | |Standard Deviation (Annualized) |115. 68% |74. 66% |61.

00% | |Risk Premium |194% |70% |56% | |Reward to Variability Ratio |1. 7 |0. 93 |0. 92 | |Expected return for (Apex, Beximco & Standard Bank) |138% | Above this table show that expected return of Apex is very high and Beximco is also moderate, Standard Bank is also moderate. The total Expected return for the portfolio is 138%. This is comfortable for the investor’s point of view.

2nd Part When consider the 3 securities portfolio: Portfolio For Three Securities : | | |Portfolio For (Apex, Beximco & Standard Bank) |  | |Expected return for (Apex, Beximco & Standard Bank) |138% | |Portfolio variance |44% | |Standard Deviation |67% | |Risk Premium |129% | |RTV of Portfolio |1. 94 | Here, the portfolio RTV is shown. And it is 1. 94; this is also a favorable investment situation for the investor. 3rd Part Considering the 2 security portfolio Expected Return of the Portfolio(APEX & BEXIMCO) |115% | |Variance of the Portfolio |36% | |Standard Deviation of the Portfolio |60% | |Risk Premium of the Portfolio |106. 28% | |RTV of the Portfolio |1.

78 | Here the portfolio is made between the Apex & Beximco . The RTV is Show maximum 1. 78 and the Expected return is 115% but the risk of the portfolio is 106. 28% which is also high. |Expected Return of the Portfolio(BEXIMCO & STANDARD BANK) |38.

1% | |Variance of the Portfolio |6. 78% | |Standard Deviation of the Portfolio |26. 04% | |Risk Premium of the Portfolio |29. 41% | |RTV of the Portfolio |1. 13 | Here the portfolio is made between the Beximco & Standard Bank.

The RTV is Show maximum 1. 13 and the Expected return is38. 41% but the risk of the portfolio is 29. 41% which is also high. Expected Return of the Portfolio(STANDARD BANK & APEX ) |120% | |Variance of the Portfolio |36% | |Standard Deviation of the Portfolio |60% | |Risk Premium of the Portfolio |111% | |RTV of the Portfolio |1. 86 | Here the portfolio is made between the Standard Bank & Apex.

The RTV is Show maximum 1. 86 and the Expected return is120% but the risk of the portfolio is 111% which is also high. 4th Part Next calculate the Optimal & complete portfolio. Optimal Portfolio of APEX & BEXIMCO |  |  |Optimal Complete portfolio | |Expected Return of the Portfolio(APEX & BEXIMCO) |115% | |53% | |Variance of the Portfolio |36% | |15% | |Standard Deviation of the Portfolio |60% | |25% | |Risk Premium of the Portfolio |106. 28% | | | |RTV of the Portfolio |1. 78 | | | | | | | | |Here the optimal complete portfolio shows that the expected return is 53% and the RTV | | | | |of the portfolio is 1.

78 and the risk premium of the portfolio is 106. 28%. | | | |Optimal Portfolio of BEXIMCO & STANDARD BANK |  |  |Optimal Complete portfolio | |Expected Return of the Portfolio(BEXIMCO & STANDARD BANK) |38. 41% | |9. 77% | |Variance of the Portfolio |6.

78% | |0. 18% | |Standard Deviation of the Portfolio |26. 04% | |0. 8% | |Risk Premium of the Portfolio |29. 41% | | | |RTV of the Portfolio |1.

13 | | | | | | | | |Here the optimal complete portfolio shows that the expected return is 9. 77% and the | | | | |RTV of the portfolio is 1. 13 and the risk premium of the portfolio is 29. 41%. | | | |Optimal Portfolio of STANDARD BANK & APEX |  |  |Optimal Complete portfolio | |Expected Return of the Portfolio(STANDARD BANK & APEX ) |120% | |57% | |Variance of the Portfolio |36% | |15% | |Standard Deviation of the Portfolio |60% | |26% | |Risk Premium of the Portfolio |111% | | | |RTV of the Portfolio |1.

86 | | | Here the optimal complete portfolio shows that the expected return is 57% and the RTV of the portfolio is 1. 86 and the risk premium of the portfolio is 111%. BETA & Expected return of CAPM For calculate the Beta at first I take the data from 2004-2010 general Index. Then calculate the general index HPR. Calculate the annual Market return . Annualized Market return=99% Using data analysis system run the regression.

Then find out the BETA of the3 securities. Beta Of Three Securities | | |APEX FOOTWEAR LTD |0. 0252044 | |BEXIMCO PH LTD |0. 0360095 | |STANDARD BANK LTD |0. 0063514 | | | | Expected Return BY CAPM |APEX FOOTWEAR LTD |11.

6% | |BEXIMCO PH LTD |12. 23% | |STANDARD BANK LTD |9357% | | | | Final Interpretation: By measuring all things we see that previous individual, 2 security portfolio, 3 security portfolio , optimal, complete portfolio is better than current all. Weight is an important part here. In every calculation what amount took for weight is depend on the RTV. We see that expected return effect the RTV.

When expected return is higher that RTV is also higher & vice-versa. [pic][pic]

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Impact of Artificial Intelligence (AI) on Data Analysis & Investment Strategies in Fund Management

Today, artificial intelligence (AI) and machine learning have moved beyond mere buzzwords in the financial sector. As per Nvidia Corp's report on the state of AI in Financial Services, ~91% of financial services firms have either adopted it or will implement it in 2024. AI & ML are now driving profound changes in how fund managers analyze data, manage portfolios, and formulate investment strategies. This blog delves into specific use cases and examples to illustrate how these technologies are reshaping the landscape of fund management. 

Advanced-Data Analysis: Harnessing AI for Textual Analysis 

One of the most transformative applications of AI in fund management is its capacity to process and analyze vast amounts of unstructured data, especially textual information. Traditionally, investment decisions heavily relied on available structured financial data from company reports. However, much critical information influencing stock prices is embedded in unstructured data such as news articles, social media posts, earnings call transcripts, and analyst reports. 

For instance, BlackRock has developed proprietary AI tools (Long Language Models -LLMs) to analyze text sources. These tools scan extensive textual data to detect subtle shifts in sentiment, which may signal potential investment opportunities or risks. During earnings seasons, these LLMs analyze transcripts from earnings calls to predict market reactions. With training on over 400,000 earnings call transcripts, BlackRock's models can make highly accurate predictions regarding how specific language in these calls might influence stock prices. 

This AI-driven approach gives BlackRock a competitive advantage by enabling the firm to detect market-relevant themes more quickly and accurately than traditional methods. The AI's ability to understand context and sentiment across large datasets empowers fund managers to make more informed decisions in real time, optimizing portfolio performance and mitigating risks. 

AI in Portfolio Optimization: The Power of Thematic Investing 

AI has also shown significant promise in thematic investing, focusing on broader trends or themes expected to drive market growth, such as technological innovation or shifts in consumer behavior. These themes often cross traditional industry boundaries, making them challenging for human analysts to track comprehensively. 

BlackRock's "Thematic Robot" exemplifies how AI can streamline the creation of investment baskets centered around specific themes. This tool leverages AI to build customized equity baskets based on themes identified by portfolio managers, such as the rise of telehealth or the growing adoption of electric vehicles. By analyzing huge amounts of text data from corporate earnings calls and other sources, the Thematic Robot can quickly identify companies directly or indirectly related to these themes—a process that traditionally could take weeks but now can be completed in minutes. 

Similarly, the AI-driven investment model employed by "Traders' AI" (as discussed in a case study by the CFA Institute) demonstrates AI's adaptability and precision in strategy execution. This model has been particularly effective during periods of high market volatility, generating returns by strategically avoiding trades on high-risk days and focusing on short-selling during bearish market conditions. Such examples highlight AI's capacity to dynamically optimize investment portfolios, responding quickly to changing market conditions. 

Precision in Risk Management Through AI 

Risk management is another critical area in which AI is making substantial contributions. Traditional risk management strategies often manually analyze historical data to identify potential risks based on established financial models. However, these approaches frequently struggle to account for today's financial markets' complexities and rapid changes. 

AI-enhanced risk management tools offer a significant upgrade by analyzing broader data points, including real-time market data, to provide more accurate assessments of potential risks. For instance, MDOTM, an AI-driven investment firm, uses sophisticated AI algorithms to monitor market conditions and continuously assess portfolio risks. These systems analyze everything from historical market behavior to current economic indicators to identify emerging risks and opportunities, allowing fund managers to adjust their strategies proactively. 

Furthermore, AI can uncover non-linear risk factors that traditional models might overlook. By analyzing complex relationships between different variables, AI can identify hidden risks and correlations within a portfolio that could pose significant threats if not addressed. 

Case Study: Renaissance Technologies' Use of AI 

Renaissance Technologies, a hedge fund renowned for its Medallion Fund, offers a compelling case study of AI's transformative potential. The Medallion Fund is famous for using AI and ML to develop quantitative trading strategies. The fund's algorithms analyze massive datasets to identify invisible patterns in human traders, enabling it to generate extraordinary returns, often with less volatility than the broader market. 

Renaissance's success underscores AI's ability to improve investment outcomes and fundamentally alter the investment process. The firm's use of AI extends beyond trading algorithms to optimize portfolio construction, enhance risk management, and improve operational efficiencies. 

Ethical Considerations and Future Trends 

With the growing integration of AI in fund management, the importance of ethical considerations has also grown simultaneously. The use of AI in fund management raises issues of transparency and accountability. For example, when an AI system makes a poor investment decision, it can take time to determine the exact cause or identify who is responsible. 

Additionally, AI models can inadvertently perpetuate biases present in historical data, leading to suboptimal or unethical investment decisions. To address these concerns, many firms are working on frameworks to govern the ethical aspect of AI in investment management. These frameworks emphasize transparency, fairness, and accountability in AI-driven decision-making processes. 

The role of AI in fund management is expected to expand even further. As technology advances, AI models will become even more sophisticated, enabling fund managers to make more accurate predictions, optimize portfolios more effectively, and manage risks more precisely. 

AI and machine learning have moved from the periphery to the core of modern fund management. From advanced data analysis and thematic investing to portfolio optimization and risk management, AI is reshaping the industry profoundly. In the future, with continuous evolvement in these technologies, fund managers will have new opportunities and challenges, ultimately steering the future of investment management towards a more data-driven, efficient, and sophisticated paradigm. 

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Investment Management Process – Portfolio Management Harvard Case Solution & Analysis

Home >> Harvard Case Study Analysis Solutions >> Investment Management Process – Portfolio Management

Investment Management Process – Portfolio Management

Introduction

This report attempts to analyze the portfolio values, returns, standard deviation etc. by investing in stocks and bonds for two different phases. The two different phases are training phase and the test phase. Currently, the allocation of the funds in equity and the bonds is 50% each. Based upon the range of the model for portfolio management, brand new models have been constructed and their relative risks and returns have been analyzed and then these risks and returns have been compared with the initial returns and risks generated in the initial models for both the training and the test phase.

Technical analysis has also been performed by taking 12 month moving average returns for stocks and bonds and lastly, based on the detailed analysis that has been performed, recommendations have been made to the management for optimal allocation of the funds, generate higher return and minimize risk. A number of variables/factors have been manipulated under each model to find out the optimal risks and returns under each of the models.All the models could be seen in the excel spreadsheet attached as an appendix to this case.

Portfolio Analysis

The analysis of the basic models has been performed by manipulating and changing the variables/factors by making use of three different portfolio management models. The three models that have been used in this case are the Tactical allocation model, value at risk model and the Fed model for portfolio allocation between equities and bonds. The technical analysis has also been incorporated within these models. The analysis for these models for the training and the testing phase has been performed individually as follows.

Tactical Asset Allocation Model

The goal of the tactical asset management model is to basically improve the risk adjusted returns associated with a passive approach to investment management. Under this model, the management can basically achieve superior returns and minimize the risk associated with the investment and the return is much higher as compared to a passive investment strategy. This is basically a 100% mechanical strategy and a long term investment strategy for optimal allocation of the assets in a portfolio(Baird, 2009).

Two asset classes have been used in this case in order to allocate the capital and the capital has been allocated on an equal basis with a ratio of 50%/50%. The 10 month simple moving average has been used based upon the monthly returns for the stocks and the bonds and when the new returns have been calculated then the older returns are dropped off. The main base of this model is that if at the end of the month the price of the stock is lesser than the price calculated through SMA, thenthe stock is sold and vice versa.

However, one of the issues with this model is the susceptibility of whipsaws under which the switch within the prices is slowed down and as a result, the signals and the price becomes more stable, which has also been observed in this case also for the training and the testing phases. However, based on the allocation of 50% to equity and 50% to bonds, the summary statistics has been computed for the training and the testing phase. It could be seen that the returns have increased significantly and the risk has been minimized. The Sharpe ratio has also increased as a result of this. The annual turnover and the average equity allocation ratios remain same................................

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Rishi Fazri

Kamal Eldik

Bonfring International Journal

In India, the history of capital markets dates back to the 18th century when East India Company securities traded the country. The present study is largely based on the available secondary data. The statistical data regarding growth of the capital markets was available from various websites. Capital markets help to channelize surplus funds into productive use. Generally, this market trades mostly in long-term securities. The important divisions of the capital market are stock market, bond market and primary, secondary markets. Primary markets deal with the trade of new issues of stocks and other securities, whereas secondary market deals with the exchange of existing or previously-issued securities. Our finding is that during the first and second five year plans, the Government emphasized on the development of agriculture and public undertakings. The Public sector undertaking was healthier than Private undertakings, but shares were not listed in the stock exchange. More over controller of Capital Issue (CCI) closely supervised everything. A number of investors were interested to invest their savings in debentures instead of company deposits. We conclude that Capital markets were not well organized and developed during the British rule. But in the present scenario, we find that Capital markets are well developed after the introduction of SEBI. Through provision of long term loans, the capital market brings about effective functioning of various sectors of the economy. A sound and efficient capital market is one of the most instrumental factors in the economic development of a nation.

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Detlef Glow

Other recent articles by Detlef Glow:

Wednesday investment wisdom: the state of the art of artificial intelligence integration in portfolio management processes.

• Monday Morning Memo: What the Managers of Active ETFs Can Learn from Their Mutual Fund Peers
• Friday Facts: Will the Growth of Passive Equity Products Start to Hurt Active Managers?

Wednesday Investment Wisdom: What is the Risk Tolerance of an Investor and How Does it Help to Build a Suitable Portfolio?

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by Detlef Glow .

Today (September 3, 2024) I have attended an investment conference at which the integration of artificial intelligence (AI) in the portfolio management processes was one of the topics discussed by a fund manager.

After seeing the launch of generative AI within the wealth management business of some big banks in the U.S., the review of today’s presentation might be a good reality check with regard to the integration of AI in portfolio management processes. The manager runs three portfolios with the help of artificial intelligence. While two of these portfolios are totally relying on the decisions from AI, the AI is only a support tool which pre-selects possible candidates for the portfolio for the third fund, where the fund manager makes the final decision for the portfolio holdings.

To be honest, the AI driven investment process of the first two funds looked to me like any other quant management approach, with the exception that the artificial intelligence model is able to extract data from various sources by itself and can process the data as needed. From my point of view this means that the AI is, in this case, a very advanced quantitative model. This is good, since the implementation of this kind of technology helps to develop the underlying models even further, which may lead to superior portfolios in the future. That said, one needs to bear in mind that these models are able to process more data in a systematic way than any human can. This thesis was also backed by case study from the fund manager in which he showcased single stocks selected by the AI, which would have normally been overlooked by the portfolio management team, since they are from more exotic sectors or locations. With regard to this, the portfolio manager clearly pointed out that the AI has some flaws when it comes to the analysis of balance sheets from banks, as they are very complex, as well as the analysis of balance sheets from companies based in emerging markets with different regulatory standards than developed economies.

As mentioned above, the third fund has a human interface, since the AI model is “only” analysing the data to create a pre-selection for the fund manager who then buys those stocks for which he forecasts the best returns based on additional qualitative research. As mentioned in my “Monday Morning Memo: Will AI be a Game Changer in Portfolio Management? ”, I assume that this is the use case for which AI can add the most value for portfolio managers and analysts since no human being would be able to extract and process the amount of data needed at the same speed as artificial intelligence. In addition to this, AI might be able to generate new investment ideas since the model can easily expand to new markets or market segments where the respective data is available.

Within this specific case it might be interesting to see how one of the AI-driven funds will perform compared to the product with the human interface, since these two products have a similar investment objective.

More generally, we can see that artificial intelligence has become a stable within the fund management processes of a lot of asset managers. That said, most of the AI models I have seen so far are more like enhanced quant models, which have much more firepower than the quant models from the past. I do like the fact that asset managers are adopting this new technology quite fast, since this will enable fund managers and analysts to more qualitative work, which might be in the best interest for their investors. Nevertheless, I do think that AI adoption is still in its childhood, and we will see much wider use cases for this new technology (including generative AI) in the portfolio management processes in the future.

This article is for information purposes only and does not constitute any investment advice.

The views expressed are the views of the author, not necessarily those of LSEG Lipper or LSEG.

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Investment analysis and portfolio management case studies

How to write mba investment management case study assignment.

The University of Chicago The Law School

Abrams environmental law clinic—significant achievements for 2023-24, protecting our great lakes, rivers, and shorelines.

The Abrams Clinic represents Friends of the Chicago River and the Sierra Club in their efforts to hold Trump Tower in downtown Chicago accountable for withdrawing water illegally from the Chicago River. To cool the building, Trump Tower draws water at high volumes, similar to industrial factories or power plants, but Trump Tower operated for more than a decade without ever conducting the legally required studies to determine the impact of those operations on aquatic life or without installing sufficient equipment to protect aquatic life consistent with federal regulations. After the Clinic sent a notice of intent to sue Trump Tower, the State of Illinois filed its own case in the summer of 2018, and the Clinic moved successfully to intervene in that case. In 2023-24, motions practice and discovery continued. Working with co-counsel at Northwestern University’s Pritzker Law School’s Environmental Advocacy Center, the Clinic moved to amend its complaint to include Trump Tower’s systematic underreporting each month of the volume of water that it intakes from and discharges to the Chicago River. The Clinic and co-counsel addressed Trump Tower’s motion to dismiss some of our clients’ claims, and we filed a motion for summary judgment on our claim that Trump Tower has committed a public nuisance. We also worked closely with our expert, Dr. Peter Henderson, on a supplemental disclosure and on defending an additional deposition of him. In summer 2024, the Clinic is defending its motion for summary judgment and challenging Trump Tower’s own motion for summary judgment. The Clinic is also preparing for trial, which could take place as early as fall 2024.

Since 2016, the Abrams Clinic has worked with the Chicago chapter of the Surfrider Foundation to protect water quality along the Lake Michigan shoreline in northwest Indiana, where its members surf. In April 2017, the U. S. Steel plant in Portage, Indiana, spilled approximately 300 pounds of hexavalent chromium into Lake Michigan. In January 2018, the Abrams Clinic filed a suit on behalf of Surfrider against U. S. Steel, alleging multiple violations of U. S. Steel’s discharge permits; the City of Chicago filed suit shortly after. When the US government and the State of Indiana filed their own, separate case, the Clinic filed extensive comments on the proposed consent decree. In August 2021, the court entered a revised consent decree which included provisions advocated for by Surfrider and the City of Chicago, namely a water sampling project that alerts beachgoers as to Lake Michigan’s water quality conditions, better notifications in case of future spills, and improvements to U. S. Steel’s operations and maintenance plans. In the 2023-24 academic year, the Clinic successfully litigated its claims for attorneys’ fees as a substantially prevailing party. Significantly, the court’s order adopted the “Fitzpatrick matrix,” used by the US Attorney’s Office for the District of Columbia to determine appropriate hourly rates for civil litigants, endorsed Chicago legal market rates as the appropriate rates for complex environmental litigation in Northwest Indiana, and allowed for partially reconstructed time records. The Clinic’s work, which has received significant media attention, helped to spawn other litigation to address pollution by other industrial facilities in Northwest Indiana and other enforcement against U. S. Steel by the State of Indiana.

In Winter Quarter 2024, Clinic students worked closely with Dr. John Ikerd, an agricultural economist and emeritus professor at the University of Missouri, to file an amicus brief in Food & Water Watch v. U.S. Environmental Protection Agency . In that case pending before the Ninth Circuit, Food & Water Watch argues that US EPA is illegally allowing Concentrated Animal Feeding Operations, more commonly known as factory farms, to pollute waterways significantly more than is allowable under the Clean Water Act. In the brief for Dr. Ikerd and co-amici Austin Frerick, Crawford Stewardship Project, Family Farm Defenders, Farm Aid, Missouri Rural Crisis Center, National Family Farm Coalition, National Sustainable Agriculture Coalition, and Western Organization of Resource Councils, we argued that EPA’s refusal to regulate CAFOs effectively is an unwarranted application of “agricultural exceptionalism” to industrial agriculture and that EPA effectively distorts the animal production market by allowing CAFOs to externalize their pollution costs and diminishing the ability of family farms to compete. Attorneys for the litigants will argue the case in September 2024.

Energy and Climate

Energy justice.

The Abrams Clinic supported grassroots organizations advocating for energy justice in low-income communities and Black, Indigenous, and People of Color (BIPOC) communities in Michigan. With the Clinic’s representation, these organizations intervened in cases before the Michigan Public Service Commission (MPSC), which regulates investor-owned utilities. Students conducted discovery, drafted written testimony, cross-examined utility executives, participated in settlement discussions, and filed briefs for these projects. The Clinic’s representation has elevated the concerns of these community organizations and forced both the utilities and regulators to consider issues of equity to an unprecedented degree. This year, on behalf of Soulardarity (Highland Park, MI), We Want Green, Too (Detroit, MI), and Urban Core Collective (Grand Rapids, MI), Clinic students engaged in eight contested cases before the MPSC against DTE Electric, DTE Gas, and Consumers Energy, as well as provided support for our clients’ advocacy in other non-contested MPSC proceedings.

The Clinic started this past fall with wins in three cases. First, the Clinic’s clients settled with DTE Electric in its Integrated Resource Plan case. The settlement included an agreement to close the second dirtiest coal power plant in Michigan three years early, $30 million from DTE’s shareholders to assist low-income customers in paying their bills, and $8 million from DTE’s shareholders toward a community fund that assists low-income customers with installing energy efficiency improvements, renewable energy, and battery technology. Second, in DTE Electric’s 2023 request for a rate hike (a “rate case”), the Commission required DTE Electric to develop a more robust environmental justice analysis and rejected the Company’s second attempt to waive consumer protections through a proposed electric utility prepayment program with a questionable history of success during its pilot run. The final Commission order and the administrative law judge’s proposal for final decision cited the Clinic’s testimony and briefs. Third, in Consumers Electric’s 2023 rate case, the Commission rejected the Company’s request for a higher ratepayer-funded return on its investments and required the Company to create a process that will enable intervenors to obtain accurate GIS data. The Clinic intends to use this data to map the disparate impact of infrastructure investment in low-income and BIPOC communities.

In the winter, the Clinic filed public comments regarding DTE Electric and Consumers Energy’s “distribution grid plans” (DGP) as well as supported interventions in two additional cases: Consumers Energy’s voluntary green pricing (VGP) case and the Clinic’s first case against the gas utility DTE Gas. Beginning with the DGP comments, the Clinic first addressed Consumers’s 2023 Electric Distribution Infrastructure Investment Plan (EDIIP), which detailed current distribution system health and the utility’s approximately $7 billion capital project planning ($2 billion of which went unaccounted for in the EDIIP) over 2023–2028. The Clinic then commented on DTE Electric’s 2023 DGP, which outlined the utility’s opaque project prioritization and planned more than $9 billion in capital investments and associated maintenance over 2024–2028. The comments targeted four areas of deficiencies in both the EDIIP and DGP: (1) inadequate consideration of distributed energy resources (DERs) as providing grid reliability, resiliency, and energy transition benefits; (2) flawed environmental justice analysis, particularly with respect to the collection of performance metrics and the narrow implementation of the Michigan Environmental Justice Screen Tool; (3) inequitable investment patterns across census tracts, with emphasis on DTE Electric’s skewed prioritization for retaining its old circuits rather than upgrading those circuits; and (4) failing to engage with community feedback.

For the VGP case against Consumers, the Clinic supported the filing of both an initial brief and reply brief requesting that the Commission reject the Company’s flawed proposal for a “community solar” program. In a prior case, the Clinic advocated for the development of a community solar program that would provide low-income, BIPOC communities with access to clean energy. As a result of our efforts, the Commission approved a settlement agreement requiring the Company “to evaluate and provide a strawman recommendation on community solar in its Voluntary Green Pricing Program.” However, the Company’s subsequent proposal in its VGP case violated the Commission’s order because it (1) was not consistent with the applicable law, MCL 460.1061; (2) was not a true community solar program; (3) lacked essential details; (4) failed to compensate subscribers sufficiently; (5) included overpriced and inflexible subscriptions; (6) excessively limited capacity; and (7) failed to provide a clear pathway for certain participants to transition into other VGP programs. For these reasons, the Clinic argued that the Commission should reject the Company’s proposal.

In DTE Gas’s current rate case, the Clinic worked with four witnesses to develop testimony that would rebut DTE Gas’s request for a rate hike on its customers. The testimony advocated for a pathway to a just energy transition that avoids dumping the costs of stranded gas assets on the low-income and BIPOC communities that are likely to be the last to electrify. Instead, the testimony proposed that the gas and electric utilities undertake integrated planning that would prioritize electric infrastructure over gas infrastructure investment to ensure that DTE Gas does not over-invest in gas infrastructure that will be rendered obsolete in the coming decades. The Clinic also worked with one expert witness to develop an analysis of DTE Gas’s unaffordable bills and inequitable shutoff, deposit, and collections practices. Lastly, the Clinic offered testimony on behalf of and from community members who would be directly impacted by the Company’s rate hike and lack of affordable and quality service. Clinic students have spent the summer drafting an approximately one-hundred-page brief making these arguments formally. We expect the Commission’s decision this fall.

Finally, both DTE Electric and Consumers Energy have filed additional requests for rate increases after the conclusion of their respective rate cases filed in 2023. On behalf of our Clients, the Clinic has intervened in these cases, and clinic students have already reviewed thousands of pages of documents and started to develop arguments and strategies to protect low-income and BIPOC communities from the utility’s ceaseless efforts to increase the cost of energy.

Corporate Climate Greenwashing

The Abrams Environmental Law Clinic worked with a leading international nonprofit dedicated to using the law to protect the environment to research corporate climate greenwashing, focusing on consumer protection, green financing, and securities liability. Clinic students spent the year examining an innovative state law, drafted a fifty-page guide to the statute and relevant cases, and examined how the law would apply to a variety of potential cases. Students then presented their findings in a case study and oral presentation to members of ClientEarth, including the organization’s North American head and members of its European team. The project helped identify the strengths and weaknesses of potential new strategies for increasing corporate accountability in the fight against climate change.

Land Contamination, Lead, and Hazardous Waste

The Abrams Clinic continues to represent East Chicago, Indiana, residents who live or lived on or adjacent to the USS Lead Superfund site. This year, the Clinic worked closely with the East Chicago/Calumet Coalition Community Advisory Group (CAG) to advance the CAG’s advocacy beyond the Superfund site and the adjacent Dupont RCRA site. Through multiple forms of advocacy, the clinics challenged the poor performance and permit modification and renewal attempts of Tradebe Treatment and Recycling, LLC (Tradebe), a hazardous waste storage and recycling facility in the community. Clinic students sent letters to US EPA and Indiana Department of Environmental Management officials about how IDEM has failed to assess meaningful penalties against Tradebe for repeated violations of the law and how IDEM has allowed Tradebe to continue to threaten public and worker health and safety by not improving its operations. Students also drafted substantial comments for the CAG on the US EPA’s Lead and Copper Rule improvements, the Suppliers’ Park proposed cleanup, and Sims Metal’s proposed air permit revisions. The Clinic has also continued working with the CAG, environmental experts, and regulators since US EPA awarded $200,000 to the CAG for community air monitoring. The Clinic and its clients also joined comments drafted by other environmental organizations about poor operations and loose regulatory oversight of several industrial facilities in the area.

Endangered Species

The Abrams Clinic represented the Center for Biological Diversity (CBD) and the Hoosier Environmental Council (HEC) in litigation regarding the US Fish and Wildlife Service’s (Service) failure to list the Kirtland’s snake as threatened or endangered under the Endangered Species Act. The Kirtland’s snake is a small, secretive, non-venomous snake historically located across the Midwest and the Ohio River Valley. Development and climate change have undermined large portions of the snake’s habitat, and populations are declining. Accordingly, the Clinic sued the Service in the US District Court for the District of Columbia last summer over the Service’s denial of CBD’s request to have the Kirtland’s snake protected. This spring, the Clinic was able to reach a settlement with the Service that requires the Service to reconsider its listing decision for the Kirtland’s snake and to pay attorney fees.

The Clinic also represented CBD in preparation for litigation regarding the Service’s failure to list another species as threatened or endangered. Threats from land development and climate change have devastated this species as well, and the species has already been extirpated from two of the sixteen US states in its range. As such, the Clinic worked this winter and spring to prepare a notice of intent (NOI) to sue the Service. The Team poured over hundreds of FOIA documents and dug into the Service’s supporting documentation to create strong arguments against the Service in the imminent litigation. The Clinic will send the NOI and file a complaint in the next few months.

Students and Faculty

Twenty-four law school students from the classes of 2024 and 2025 participated in the Clinic, performing complex legal research, reviewing documents obtained through discovery, drafting legal research memos and briefs, conferring with clients, conducting cross-examination, participating in settlement conferences, and arguing motions. Students secured nine clerkships, five were heading to private practice after graduation, and two are pursuing public interest work. Sam Heppell joined the Clinic from civil rights private practice, bringing the Clinic to its full complement of three attorneys.

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