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Portfolio Representations by Jem Tugwell

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CHAPTER 7. Cross Asset-Type Issues

In 1 we looked in detail at the difference between value and exposure in a total portfolio. The asset specific sections looked in detail at the pricing, risk factors and representation of each asset type. We now need to look again at factors that are independent of asset type.

7.1 The Impact of Strategies

More and more, active portfolio management needs to demonstrate that the out-performance of the portfolio relative to the benchmark was due to deliberate actions of the firm. This means that the management firm needs to separate each investment decision and its reasoning. This approach uses strategies to keep the trades with their rationale, rather than aggregating holdings as is traditionally done. This ...

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