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PORTFOLIO MANAGEMENT PDF

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Security Analysis and Portfolio Management by Donald E. Fischer Ronald J. Jordan, Publisher: Prentice-Hall of India. 2. Security Analysis And. Portfolio Management - the art and science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for. Project portfolio management: a practical guide to selecting projects, managing portfolios, and maximizing benefits / by Harvey A. Levine; foreword by Max.

Closed-end funds are generally actively managed.

Asset Allocation: The key to effective portfolio management is the long-term mix of assets. Asset allocation is based on the understanding that different types of assets do not move in concert, and some are more volatile than others. Investors with a more aggressive profile can weight their portfolio toward more volatile investments. Investors with a more conservative profile can weight their portfolio toward more stable investments.

The only certainty in investing is it is impossible to consistently predict the winners and losers, so the prudent approach is to create a basket of investments that provide broad exposure within an asset class. Diversification is the spreading of risk and reward within an asset class. Because it is difficult to know which particular subset of an asset class or sector is likely to outperform another, diversification seeks to capture the returns of all of the sectors over time but with less volatility at any one time.

Proper diversification takes place across different classes of securities, sectors of the economy and geographical regions. Rebalancing is a method used to return a portfolio to its original target allocation at annual intervals.

Otherwise, the movements of the markets could expose the portfolio to greater risk or reduced return opportunities.

Asset Allocation. Your Money.

Personal Finance. Financial Advice.

ESMA finds shortcomings in national supervision of efficient portfolio management by UCITS

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Office of Portfolio Management & Customer Engagement

Views Total views. Actions Shares. Embeds 0 No embeds. No notes for slide. A project report on overview of portfolio management in india 1. The conclusions and recommendations written in this project arebased onThe data collected by me while preparing this report. Signature 2 3. The most pleasant part of anyproject is to express the gratitude towards all those who have contributedto the success of the project.

I would like to thank …………………….. It was only through her excellence assistance and goodsuggestions that I have been able to complete this project. Library Staff: For giving valuable information about the various books related to thisproject. With all the heartiest thanks; I hope my final project report will be a greatsuccess and a good source of learning and information.

For those who need an expert to help to manage their investments, portfoliomanagement service PMS comes as an answer. The business of portfolio management has never been an easy one. Juggling thelimited choices at hand with the twin requirements of adequate safety and sizeablereturns is a task fraught with complexities.

Given the unpredictable nature of the market it requires solid experience and strongresearch to make the right decision. In the end it boils down to make the right move inthe right direction at the right time.

The term portfolio management in common practice refers to selection of securitiesand their continuous shifting in a way that the holder gets maximum returns at minimumpossible risk. Portfolio management services are merchant banking activities recognizedby SEBI and these activities can be rendered by SEBI authorized portfolio managers ordiscretionary portfolio managers. A portfolio manager by the virtue of his knowledge, background and experience helpshis clients to make investment in profitable avenues.

A portfolio manager has to complywith the provisions of the SEBI portfolio managers rules and regulations, This project also includes the different services rendered by the portfolio manager. Itincludes the functions to be performed by the portfolio manager. What is the difference between the value of time and money? In other words, learn toseparate time from money. We all know that the work done by us is calculated by units of time. Have you everconsidered the difference between an employee who is working on an hourly rate andthe other who is working on salary basis?

The only difference between them is of the unitof time. No matter whether you get your pay by the hour, bi-weekly, or annually; onething common in all is that the amount is paid to you according to amount of time youspent on working. In other words, time is precious and holds much more importance than money. Thatis the reason the time is considered as an important factor in wealth creation.

The project also shows the factors that one considers for making an investmentdecision and briefs about the information related to asset allocation. Furtherdue to volatile nature of the markets, it requires constant reshuffling of portfolios tocapitalize on the growth opportunities.

Even after identifying the growth orientedcompanies and their securities, the trading practices are also complicated, making it adifficult task for investors to trade in all the exchange and follow up on post tradingformalities. Investors choose to hold groups of securities rather than single security that offer thegreater expected returns. They believe that a combination of securities held together willgive a beneficial result if they are grouped in a manner to secure higher return aftertaking into consideration the risk element.

That is why professional investment advicethrough portfolio management service can help the investors to make an intelligent and 8 9. From The Rational Edge: A good way to begin understanding what portfolio management is and is not may be todefine the term portfolio. In a business context, we can look to the mutual fund industryto explain the terms origins.

Morgan Stanleys Dictionary of Financial Terms offers thefollowing explanation: If you own more than one security, you have an investment portfolio. You build theportfolio by buying additional stocks, bonds, mutual funds, or other investments.

Yourgoal is to increase the portfolios value by selecting investments that you believe will goup in priceAccording to modern portfolio theory, you can reduce your investment risk by creating adiversified portfolio that includes enough different types, or classes, of securities so thatat least some of them may produce strong returns in any economic climate.

Note that this explanation contains a number of important ideas: Making such decisions is a form of management. For an investment portfolio, the specific goal is to increase the value. Uday Kotak, Sidney A. Industrialists Harish Mahindra and Mahindra took astake in , and thats when the company changed its name to KotakMahindra Finance Limited.

Since then its been a steady and confident journey togrowth and success. Kotak Securities Ltd. Over the years Kotak Securities has been one ofthe leading investment broking houses catering to the needs of bothinstitutional and non-institutional investor categories with presence all over thecountry through franchisees and co-ordinates. Kotak Securities Limited is t he world of Capital Markets where everythingnewsworthy exists only in the present moment and where knowing theimportance of timing, sentiments and strategic forecasting makes the differencebetween profit and loss.

The Company has a full-fledged Research division involved in macroeconomicstudies, Sectoral research and Company specific equity research combined witha strong and well networked sales force which helps deliver current and up-to-date market information and news.

Kotak Securities has branches servicing more than 1, 70, customer andCoverage of 18 cities. Kotak securities provide portfolio Management Services, catering to the high endof the market. Portfolio Management from Kotak Securities comes as an answerto those who would like to grow exponentially on the crest of the stock market,with the backing of an expert.

Kotak Securities Limited manages assets over Rs. The company has a full-fledged research division involved in Macro Economicstudies, Sectoral research and Company Specific Equity Research combinedwith a strong and well networked sales force which helps deliver current and upto date market information and news. KSL provides both type of research reports.

Intraday calls b. Special Reports c. Market Mornings d. Daily Market Brief e. Sectoral Report f. Stock Ideas g. Derivatives Reports h. KSL bringscustomers from fundamental or basic research and technical research. As aninvestor with Kotak Securities, Customers get access to these research reportsexclusively.

Customers get access to the following reports. Research process isgiven below. Kotak clients include some of the most affluent families and high net worth individuals in the Country and customer assets under management rival some of the larger mutual funds in India. This however requires financial expertise in selecting the right mix of securitiesin changing market conditions to get the best out of the stock market. In India, as wellas in a number of western countries, portfolio management service has assumed therole of a specialized service now a days and a number of professional merchantbankers compete aggressively to provide the best to high net worth clients, who havelittle time to manage their investments.

The idea is catching on with the boom in thecapital market and an increasing number of people are inclined to make profits out oftheir hard-earned savings. The service can be rendered eitherby merchant bankers or portfolio managers or discretionary portfolio manager as definein clause e and f of Rule 2 of Securities and Exchange Board of India PortfolioManagers Rules, and their functioning are guided by the SEBI.

According to the definitions as contained in the above clauses, a portfolio managermeans any person who is pursuant to contract or arrangement with a client, advises ordirects or undertakes on behalf of the client whether as a discretionary portfoliomanager or otherwise the management or administration of a portfolio of securities orthe funds of the client, as the case may be.

A merchant banker acting as a PortfolioManager shall also be bound by the rules and regulations as applicable to the portfoliomanager. As per guidelines only recognized merchant bankers registered with SEBI areauthorized to offer these services. Portfolio management or investment helps investors in effective and efficientmanagement of their investment to achieve this goal. The rapid growth of capitalmarkets in India has opened up new investment avenues for investors.

The stock markets have become attractive investment options for the common man. But the need is to be able to effectively and efficiently manage investments in order tokeep maximum returns with minimum risk. Over time, other industry sectors have adapted and applied these ideas toother types of "investments," including the following: Application portfolio management: This refers to the practice of managing an entiregroup or major subset of software applications within a portfolio.

Organizations regardthese applications as investments because they require development or acquisition costs and incur continuing maintenance costs. Also, organizations must constantlymake financial decisions about new and existing software applications, includingwhether to invest in modifying them, whether to buy additional applications, and when to"sell" -- that is, retire -- an obsolete software application.

Product portfolio management: Businesses group major products that they developand sell into logical portfolios, organized by major line-of-business or businesssegment.

Such portfolios require ongoing management decisions about what newproducts to develop to diversify investments and investment risk and what existingproducts to transform or retire i.

Project or initiative portfoliomanagement, an initiative, in the simplest sense, is a body of work with: Managers can group a number of initiatives into a portfolio that supports a businesssegment, product, or product line. Managers mustcontinually choose among competing initiatives i. They must also manage their investments by providingcontinuing oversight and decision-making about which initiatives to undertake, which tocontinue, and which to reject or discontinue.

Indian Bank is enlarging its activities to deliver value-added services to its customers. The Bank is concentrating on optimizingthe 3 Ps, People, Process and Products to give maximum advantage to its customersand to face the market competition by exploiting the emerging opportunities.

This partnership will also deliverrisk management solutions to Indian Bank customers through the Insurance advisoryroute.

Pnb Principal Financial Planners willprovide support in the area of financial planning, investment advisory, research,systems and business development to Indian Bank. The strategic alliance will enablecustomers of Indian Bank to access a wide range of superior investment solutions.

We are pleased to associateourselves with Indian Bank.

Application Portfolio Management - An Integrated Framework and a Software Tool Evaluation Approach

This partnership with Indian Bank will make a range ofinvestment solutions more accessible to retail investors of Indian Bank. This team, which might be called the Product Committee,meets regularly to manage the product pipeline and make decisions about the productportfolio. Often, this is the same group that conducts the stage-gate reviews in theorganization. A logical starting point is to create a product strategy - markets, customers, products,strategy approach, competitive emphasis, etc.

The second step is to understand thebudget or resources available to balance the portfolio against. Third, each project mustbe assessed for profitability rewards , investment requirements resources , risks, andother appropriate factors.

The weighting of the goals in making decisions about products varies from company. But organizations must balance these goals: Several types of techniques have been used to support the portfolio managementprocess: However, this approach paidlittle attention to balance or aligning the portfolio to the organizations strategy. Scoringtechniques weight and score criteria to take into account investment requirements,profitability, risk and strategic alignment.

The shortcoming with this approach can be anover emphasis on financial measures and an inability to optimize the mix of projects. Mapping techniques use graphical presentation to visualize a portfolios balance. Theseare typically presented in the form of a two-dimensional graph that shows the trade-offsor balance between two factors such as risks vs.

With multiple business units, product lines or typesof development, we recommend a strategic allocation process based on the businessplan. Once this is done, then a portfolio listing can be developed including the relevantportfolio data. We favor use of the development productivity index DPI or scores fromthe scoring method. The development productivity index is calculated as follows: It factors theNPV by the probability of both technical and commercial success.

By dividing this resultby the development cost remaining, it places more weight on projects nearer completionand with lower uncommitted costs. The scoring method uses a set of criteria potentiallydifferent for each stage of the project as a basis for scoring or evaluating each project. Weightingfactors can be set for each criterion. The evaluators on a Product Committee scoreprojects 1 to 10, where 10 are best.

The worksheet computes the average scores andapplies the weighting factors to compute the overall score. The maximum weightedscore for a project is This portfolio list can then be ranked by either thedevelopment priority index or the score. An example of the portfolio list is shown belowand the second illustration shows the category summary for the scoring method.

Once the organization has its prioritized list of projects, it then needs to determinewhere the cutoff is based on the business plan and the planned level of investment ofthe resources available. This subset of the high priority projects then needs to be further 20 The first step is to check that the prioritized list reflects theplanned breakdown of projects based on the strategic allocation of the business plan.

Pie charts such as the one below can be used for this purpose. Other factors can also be checked using bubble charts. For example, the risk-rewardbalance is commonly checked using the bubble chart shown earlier. A final check is toanalyze product and technology roadmaps for project relationships. For example, if alower priority platform project was omitted from the protfolio priority list, the subsequenthigher priority projects that depend on that platform or platform technology would beimpossible to execute unless that platform project were included in the portfolio prioritylist.

In many companies, current year revenues are increasingly based on newproducts developed in the last one to three years. Markowitz - , who won a Nobel Prize in economics in Portfolio theory allows investors to estimate both the expected risks and returns, asmeasured statistically, for their investment portfolios.

Markowitz described how to combine assets into efficiently diversified portfolios. It washis position that a portfolios risk could be reduced and the expected rate of return couldbe improved if investments having dissimilar price movements were combined. In otherwords, Markowitz explained how to best assemble a diversified portfolio and proved thatsuch a portfolio would likely do well.

There are two types of Portfolio Strategies: Passive Portfolio StrategyA strategy that involves minimal expectation input, and instead relies on diversificationto match the performance of some market index. Active Portfolio StrategyA strategy that uses available information and forecasting techniques to seek a betterperformance than a portfolio that is simply diversified broadly 22 The PortfolioFirst, we can now introduce a definition of portfolio that relates more directly to thecontext of our preceding discussion.

In the IBM view, a portfolio is: One of a number ofmechanisms, constructed to actualize significant elements in the Enterprise BusinessStrategy. It contains a selected, approved, and continuously evolving, collection of Initiativeswhich are aligned with the organizing element of the Portfolio, and, which contribute tothe achievement of goals or goal components identified in the Enterprise BusinessStrategy. The basis for constructing a portfolio should reflect the enterprises particularneeds.

For example, you might choose to build a portfolio around initiatives for aspecific product, business segment, or separate business unit within a multinationalorganization. The Portfolio StructureAs we noted earlier, a portfolio structure identifies and contains a number of portfolios. This structure, like the portfolios within it, should align with significant planning and 23 If you have a product-orientedportfolio structure, for example, then you would have a separate portfolio for each majorproduct or product group.

Each portfolio would contain all the initiatives that help thatparticular product or product group contribute to the success of the enterprise business3. The Portfolio ManagerThis is a new role for organizations that embrace a portfolio management approach.

Aportfolio manager is responsible for continuing oversight of the contents within aportfolio. If you have several portfolios within your portfolio structure, then you will likelyneed a portfolio manager for each one.

The exact range of responsibilities andauthority will vary from one organization to another, but the basics are as follows: Portfolio Reviews and Decision MakingAs initiatives are executed, the organization should conduct periodic reviews of actual versus planned performance and conformance to original expectations.

Typically,organization managers specify the frequency and contents for these periodic reviews,and individual portfolio managers oversee their planning and execution. The reviewsshould be multi-dimensional, including both tactical elements e. A significant aspect of oversight is setting multiple decision points for each initiative, sothat managers can periodically evaluate data and decide whether to continue the work.

GovernanceImplementing portfolio management practices in an organization is a transformationeffort that typically involves developing new capabilities to address new work efforts,defining and filling new roles to identify portfolios collections of work to be done , anddelineating boundaries among work efforts and collections. Implementing portfoliomanagement also requires creating a structure to provide planning, continuing direction,and oversight and control for all portfolios and the initiatives they encompass.

That iswhere the notion of governance comes into play. The IBM view of governance is: An abstract, collective term that defines and contains a framework for organization,exercise of control and oversight, and decision-making authority, and within whichactions and activities are legitimately and properly executed; together with the definitionof the functions, the roles, and the responsibilities of those who exercise this oversightand decision-making.Nominal return contains both the real return component and an inflation premium in a transaction involving risk of the above type to compensate for inflation over an investment holding period.

The key factors for any portfolio management strategy involve asset allocation, diversification, and rebalancing rules. Systematic risks affected from the entire market are the problems, raw material availability, tax policy or government policy, inflation risk, interest risk and financial risk.

For example, the risk-rewardbalance is commonly checked using the bubble chart shown earlier. Otherwise, the movements of the markets could expose the portfolio to greater risk or reduced return opportunities. Views Total views. Business risk emanates from sale and purchase of securities affected by business cycles, technological changes etc.

These charts enableus to predict the future movement of the security. There are two types of Portfolio Strategies: Managers mustcontinually choose among competing initiatives i.

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