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Portfolio Management: A Market-Class guide to Investment Management by John Bonner, Marcus Rees

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Chapter 5. Investible Universe

OBJECTIVES

1. Introduce the most common asset types in an investment fund’s portfolio.

2. Learn how the asset types vary based on risk.

3. Consider which assets might best fit your portfolio.

INVESTIBLE UNIVERSE

Definition: The investible universe is the entire scope of assets a portfolio manager will analyse to determine which specific assets will be included in his fund.

This universe is stated within the fund’s prospectus and can be limited by many factors or none at all. Funds often limit their investment universe to an asset class, geography or industry; the choice is generally based on the expertise of the portfolio manager.

Importance: It is important for a portfolio manager to define his investible universe ...

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