In this course, you will gain an understanding of the theory underlying optimal portfolio construction, the different ways portfolios are actually built in practice and how to measure and manage the risk of such portfolios.
You will start by studying how imperfect correlation between assets leads to diversified and optimal portfolios as well as the consequences in terms of asset pricing. Then, you will learn how to shape an investor's profile and build an adequate portfolio by combining strategic and tactical asset allocations. Finally, you will have a more in-depth look at risk: its different facets and the appropriate tools and techniques to measure it, manage it and hedge it.
Key speakers from UBS, our corporate partner, will regularly add a practical perspective on these different topics as you progress through the course.
Dieser Kurs ist Teil der Spezialisierung Spezialisierung Investmentmanagement
Portfolio and Risk Management
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Portfolio TheoriesRisk ManagementValue At Risk (VAR)Portfolio Optimization
Lehrplan - Was Sie in diesem Kurs lernen werden
Woche
11 Stunde zum Abschließen
General Introduction and Key Concepts
In this introductory week, you will first be presented with a few mistakes you will no longer make after following this course. In order to avoid making these mistakes, you will start by gaining a foundation and understanding of the three main types of information we need in order to build optimal portfolios: expected returns, risk and dependence.
6 Videos (Gesamt 39 min), 2 Lektüren, 1 Quiz
6 Videos
Some common mistakes you will no longer make after this course – Portfolio risk6m
Some common mistakes you will no longer make after this course – Free lunch9m
Distribution of returns - Graphical representation8m
Distribution of returns - Numbers5m
The risk-return trade-off - UBS guest speaker5m
2 Lektüren
Course syllabus5m
Glossary10m
1 praktische Übung
Graded quiz on the content of Week 110m
Woche
22 Stunden zum Abschließen
Modern Portfolio Theory and Beyond
The focus of this second week is on Modern Portfolio Theory. By understanding how imperfect correlations between asset returns can lead to superior risk-adjusted portfolio returns, we will soon be looking for ways to maximize the effect of diversification, which is at the heart of Modern Portfolio Theory. But we won’t stop there: we will also explore the implications of Modern Portfolio Theory on real-world investment decisions and whether or not these implications are followed by investors. Finally, we will see how Modern Portfolio Theory can be built upon to derive the most popular asset pricing model: the Capital Asset Pricing Model.
14 Videos (Gesamt 89 min), 1 Quiz
14 Videos
The impact of correlation - Maximizing diversification6m
Reaching the efficient frontier - UBS guest speaker4m
The efficient frontier with a risk-free asset4m
Expanding the asset universe - International diversification5m
Expanding the asset universe - Country versus industry diversification4m
Do investors diversify internationally? - UBS guest speaker3m
The impact of constraints on optimal portfolios8m
The pitfalls of Modern Portfolio Theory - Assumptions8m
The pitfalls of Modern Portfolio Theory - Investors9m
Two-fund separation - Individual decision4m
Two-fund separation - Market level7m
Capital market equilibrium - The Capital Market Line5m
Capital market equilibrium - The Capital Asset Pricing Model9m
1 praktische Übung
Graded quiz on the content of Week 215m
Woche
32 Stunden zum Abschließen
Asset Allocation
This third week is dedicated to asset allocation. After a short introduction to investor profiling, we will delve into Strategic Asset Allocation (SAA). You will see how it relates to Modern Portfolio Theory and how it differs from Tactical Asset Allocation (TAA). We will look at how both asset allocations can be implemented separately but also in conjunction in order to build portfolios that fulfill investors’ needs and constraints while taking advantage of market opportunities.
14 Videos (Gesamt 96 min), 1 Lektüre, 1 Quiz
14 Videos
How our age and wealth affect our investment profile - Robo-advisors8m
The path from an investor's profile to his/her optimal investment strategy - UBS guest speaker2m
Strategic asset allocation: MPT in practice - Definitions6m
Strategic asset allocation: MPT in practice - Implementation8m
Asset allocation versus stock picking: what matters more? - UBS guest speaker4m
Rebalancing a portfolio to maintain the SAA - SAA versus TAA6m
Rebalancing a portfolio to maintain the SAA - Weights and bounds9m
Key drivers of tactical asset allocation - Goals8m
Key drivers of tactical asset allocation - Implementation4m
Timing the market with tactical asset allocation - Shiller's CAPE7m
Timing the market with tactical asset allocation - Macroeconomic tools10m
How tactical asset allocation depends on macroeconomic fundamentals - UBS guest speaker6m
How to combine strategic and tactical asset allocations - UBS guest speaker4m
1 Lektüre
The importance of asset allocation20m
1 praktische Übung
Graded quiz on the content of Week 315m
Woche
42 Stunden zum Abschließen
Risk Management
This fourth and final week is dedicated to risk. We will start by looking in more depth at different sources of risk such as illiquidity and currency risk but also at the different tools available to investors to perform risk management. But how should we measure risk? We will see that it may be valuable to go a step beyond standard deviation, the risk measure we used so far, and look at the Value-at-Risk and Expected Shortfall which focus on potential large losses. Finally, we will use the financial instruments at our disposal to hedge market and currency risk.
14 Videos (Gesamt 95 min), 1 Quiz
14 Videos
Defining forwards and options - Options11m
Risk as volatility?4m
What about illiquidity? - UBS guest speaker2m
Currency risk - Return7m
Currency risk - Risk6m
Defining the Value-at-Risk4m
Computing the Value-at-Risk5m
Defining the Expected Shortfall6m
Computing the Expected Shortfall3m
Risk management applied to portfolio allocation6m
Banking regulation & Basel recommendations: How did we get there?7m
Hedging against market falls (using options)8m
Hedging against currency risk (using forwards)9m
1 praktische Übung
Graded quiz on the content of Week 415m
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Top-Bewertungen
Great! This course will help you learn how to make a proper portfolio which optimally matched to your risk&return preference and how to manage your portfolio's risk level with financial instruments.
Thoroughly engaging presentation of a topic that was very much esoteric to me previously. I would highly recommend this course to anyone looking for insight into portfolio and risk management.
Dozenten
University of Geneva- Tony Berrada
SFI Associate Professor of FinanceGeneva Finance Research Institute
University of Geneva- Ines Chaieb
SFI Associate Professor of FinanceGeneva Finance Research Institute
University of Geneva- Jonas Demaurex
Teaching AssistantGeneva Finance Research Institute
University of Geneva- Rajna Gibson Brandon
SFI Senior Chaired Professor of Finance and Managing Director of the GFRIGeneva Finance Research Institute
University of Geneva- Michel Girardin
Lecturer in Macro-Finance - Project Leader for the "Investment Management" specializationGeneva Finance Research Institute
University of Geneva- Philipp Krueger
SFI Assistant Professor of FinanceGeneva Finance Research Institute
University of Geneva- Kerstin Preuschoff
Associate Professor of Neurofinance and NeuroeconomicsGeneva Finance Research Institute
University of Geneva- Olivier Scaillet
SFI Senior Chaired Professor of Finance and Vice-dean (research) at GSEMGeneva Finance Research Institute
Über Universität von Genf
Founded in 1559, the University of Geneva (UNIGE) is one of Europe's leading universities. Devoted to research, education and dialogue, the UNIGE shares the international calling of its host city, Geneva, a centre of international and multicultural activities with a venerable cosmopolitan tradition.
Über die Spezialisierung Investmentmanagement
In this Specialization, you will understand how investment strategies are designed to reach financial goals in a global context. You will learn the theory that underlies strong investment decisions, as well as practical, real-world skills that you can apply when discussing investment proposals with your advisor, managing your personal assets or your client’s investment portfolio. You will start by developing a global understanding of financial markets and what impacts rational and irrational behaviors have in finance at the micro and macro levels. You will then learn how to adequately build and manage a portfolio with a long-term view while gaining an appreciation for novel research advances in finance and related areas as well as future trends that are shaping the investment management industry. In the final Capstone Project, you will create a sensible 5-year investment plan that accounts for an investor's goals and constraints in a dynamic economic landscape. Key speakers from UBS, our corporate partner, will contribute to this specialization by providing you with practical insights they have gathered through years of experience working for the world’s largest wealth manager.
Director of this Specialization and main teaching contributor: Dr. Michel Girardin, Lecturer in Macro-Finance, University of Geneva
Häufig gestellte Fragen
Wann erhalte ich Zugang zu den Vorträgen und Aufgaben?
Sobald Sie sich für ein Zertifikat angemeldet haben, haben Sie Zugriff auf alle Videos, Quizspiele und Programmieraufgaben (falls zutreffend). Aufgaben, die von anderen Kursteilnehmern bewertet werden, können erst dann eingereicht und überprüft werden, wenn Ihr Unterricht begonnen hat. Wenn Sie sich den Kurs anschauen möchten, ohne ihn zu kaufen, können Sie womöglich auf bestimmte Aufgaben nicht zugreifen.
Was bekomme ich, wenn ich diese Spezialisierung abonniere?
Wenn Sie sich für den Kurs anmelden, erhalten Sie Zugriff auf alle Kurse der Spezialisierung und Sie erhalten nach Abschluss aller Arbeiten ein Zertifikat. Ihr elektronisches Zertifikat wird zu Ihrer Seite „Errungenschaften“ hinzugefügt – von dort können Sie Ihr Zertifikat ausdrucken oder es zu Ihrem LinkedIn Profil hinzufügen. Wenn Sie nur lesen und den Inhalt des Kurses anzeigen möchten, können Sie kostenlos als Gast an dem Kurs teilnehmen.
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