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Portfolio Management
book

Portfolio Management

by Scott D. Stewart, Christopher D. Piros, Jeffrey C. Heisler
March 2019
Beginner content levelBeginner
720 pages
24h 22m
English
Wiley
Content preview from Portfolio Management

The Fairbanks Fund

FUND CASE: THE FAIRBANKS SMALL-CAP U.S. EQUITY FUND

Background

Whittier Wealth Management, a Boston-based fundamental equity shop, specializes in running small-cap portfolios. Its specialty is a concentrated style with fewer than 50 stocks. It has one core portfolio with an eight-year record with a goal to outperform a small-cap index and other small-cap managers.

Key characteristics of the fund include these:

  • Russell 2000 is the index benchmark.
  • Fully invested U.S. equity fund, with the ability to maintain short positions.
  • Selection universe includes small-cap companies, plus stocks in the Russell 2000 small-cap index.
  • Analyst teams are organized into five sectors.

The Problem

The CIO is interested in promoting the fund with the goal of increasing assets from $10 million to $250 million. Assets are currently in a partnership structure, much like a long-biased hedge fund, but the CIO is open to new fund structures.

The Assignment

To promote the fund, a document needs to be prepared explaining the objective of the fund, operation of the fund, its current portfolio structure, and performance analysis. In addition, a review of the current operation should be conducted, including realistic suggestions for improving performance. Finally, a review of analyst performance, both individual stock recommendations and actual sector performance, must be conducted. A comparison of the live portfolio performance and paper stock recommendations needs to be completed ...

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Publisher Resources

ISBN: 9781119397410Purchase book