Multi-Asset Investing: A practical guide to modern portfolio management by Yoram

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Deals with planning, constructing and managing a multi-asset portfolio. This book is divided into four parts that follow four stages of the multi-asset investment management process: establishing objectives; setting an investment strategy; implementing a solution; and, reviewing.

FORMATPaperback LANGUAGEEnglish CONDITIONBrand New Publisher Description

This title features planning, constructing and managing a multi-asset portfolio. A multi-asset investment management approach provides diversification benefits, enhances risk-adjusted returns and enables a portfolio to be tailored to a wide range of investing objectives, whether these are generating returns or income, or matching liabilities. This book is divided into four parts that follow the four stages of the multi-asset investment management process: establishing objectives: defining the return objectives, risk objectives and investment constraints of a portfolio; setting an investment strategy: setting a plan to achieve investment objectives by thinking about long-term strategic asset allocation, combining asset classes and optimisation to derive the most efficient asset allocation; implementing a solution: turning the investment strategy into a portfolio using short-term tactical asset allocation, investment selection and risk management. This section includes examples of investment strategies; and, reviewing: evaluating the performance of a portfolio by examining results, risk, portfolio positioning and the economic environment.By dividing the multi-asset investment process into these well-defined stages, Yoram Lustig guides the reader through the various decisions that have to be made and actions that have to be taken.He builds carefully from defining investment objectives, formulating an investment strategy and the steps of selecting investments, leading to constructing and managing multi-asset portfolios. At each stage the considerations and strategies to be undertaken are detailed, and the description of the process is supported with relevant financial theory as well as practical, real-life examples. "Multi-asset Investing" is an essential handbook for the modern approach to investment portfolio management.

Author Biography

Yoram joined AXA Investment Managers in 2013 as Head of Multi-Asset Investments UK and Deputy Global Head of Multi-Asset Investments. From 2009 to 2012, Yoram was Head of Multi-Asset Funds at Aviva Investors, leading the multi-asset team and managing a range of multi-billion, multi-asset portfolios. From 2002 to 2009 he was head of portfolio construction at Merrill Lynch, responsible for managing multi-asset discretionary portfolios.Yoram began his career in 1998 as a lawyer, specialising in corporate, financial and commercial law. Yoram was awarded the Chartered Advisor in Philanthropy (CAP) designation in 2007; the Professional Risk Manager (PRM) certification in 2005; the Charted Financial Analyst (CFA) designation in 2004; an MBA from London Business School in 2002; and a law degree from Tel Aviv University in 1997. He is admitted to both the Israel and New York State Bars. He had studied Electrical Engineering for two years in the Technion – Israel Institute of Technology prior to his military service. Yoram is the author of the book Multi-Asset Investing: A practical guide to modern portfolio management (Harriman House, 2013).

Table of Contents

About the Author Acknowledgements Preface Introduction Part 1: Establishing Objectives Introduction 1. Return Objectives 2. Benchmarks 3. Risk Objectives 4. Rational or Irrational Markets 5. The Relationship Between Reward and Risk 6. Investment Constraints Part 2: Setting an Investment Strategy Introduction 7. Strategic Asset Allocation 8. Historical Performance of Asset Classes 9. Combining Asset Classes 10. Diversification 11. Capital Market Assumptions 12. Optimisation Part 3: Implementing a Solution Introduction 13. Tactical Asset Allocation 14. Forecasting 15. Economic Cycle 16. Investment Selection 17. Investment Selection Process 18. Active Versus Passive Investments 19. Investment Vehicles 20. Single-Manager Versus Multi-Manager 21. Single Asset Classes 22. Investment Management Process 23. Portfolio Construction 24. Implementation 25. Derivatives 26. Currency 27. Risk Budgeting 28. Risk Management 29. Investment Strategies Part 4: Reviewing 30. Portfolio Review 31. Performance Attribution Conclusion Bibliography Endnotes Index

Review

This authoritative book uses economic and financial theories as its basis, but takes a practical approach to investment. -- Pensions World

Long Description

Multi-asset investing has gained rapid popularity over recent years. Investors seek investment solutions, combining diversification, dynamic asset allocation, investment selection and risk management. The number of multi-asset solutions and products becoming available is increasing. What is multi-asset investing? How should investors choose the right multi-asset strategies to address their investment objectives? How should asset managers manage multi-asset portfolios? "Multi-Asset Investing: A Practical Approach" is an encompassing guide combining financial theory with a practical approach, providing clear, detailed, step-by-step explanations on how to implement the principles it presents on a range of day-to-day multi-asset investment scenarios. By breaking the multi-asset investment process into well-defined stages, the book guides the reader through the multiple decision crossroads, presenting various strategies and supporting each stage in the process with relevant financial theory as well as practical, real-life examples. The book is divided into four parts covering all aspects relating to the investment process: establishing investment objectives; setting an investment strategy; implementing a solution; and reviewing. This book is a one-stop guide to multi-asset investing and a reference book in which readers will be able to easily find answers to all their questions while expanding their knowledge and understanding of the matter. Its extent, robust structure, clarity, abundant references and numerous examples set the book on the path to becoming a 'bible' to anyone engaged in multi-asset investing.

Review Quote

"This authoritative book uses economic and financial theories as its basis, but takes a practical approach to investment." --Pensions World

Details ISBN0857192515 Author Yoram Lustig Short Title MULTI-ASSET INVESTING Language English ISBN-10 0857192515 ISBN-13 9780857192516 Media Book Format Paperback Imprint Harriman House Publishing Place of Publication Petersfield Country of Publication United Kingdom DEWEY 332.6 Pages 536 Subtitle A practical guide to modern portfolio management Year 2013 Publication Date 2013-01-07 Series Harriman House UK Release Date 2013-01-07 AU Release Date 2013-01-07 NZ Release Date 2013-01-07 Illustrations black & white illustrations Publisher Harriman House Publishing Audience General Audience Age 18 Translated from English We've got this

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