Chapter 20 Bond Portfolio Management Strategies(投资分析与投资组合管理)概要1.ppt

Lecture Presentation Software to accompanyInvestment Analysis and Portfolio ManagementSeventh Editionby Frank K. Reilly Keith C. Brown Chapter 20 - Bond Portfolio Management Strategies Questions to be answered: What are the four major bond portfolio management strategies? What are the two specific passive portfolio management strategies available? Chapter 20 - Bond Portfolio Management Strategies What are the five alternative strategies available within the active management category? What is meant by care-plus bond management and what are some plus strategies? What is meant by matched-funding techniques, and what are the four specific strategies available in this category? Chapter 20 - Bond Portfolio Management Strategies What are the major contingent procedure strategies that are also referred to as structured active management strategies? What are the implications of capital market theory for those involved in bond portfolio management? Chapter 20 - Bond Portfolio Management Strategies What is the evidence on the efficient market hypothesis as it relates to bond markets? What are the implications of efficient market studies for bond portfolio managers? Alternative Bond Portfolio Strategies 1. Passive portfolio strategies 2. Active management strategies 3. Matched-funding techniques 4. Contingent procedure (structured active management) Passive Portfolio Strategies Buy and hold A manager selects a portfolio of bonds based on the objectives and constraints of the client with the intent of holding these bonds to maturity Indexing The objective is to construct a portfolio of bonds that will equal the performance of a specified bond index Active Management Strategies Interest-rate anticipation Risky strategy relying on uncertain forecasts Ladder strategy staggers maturities Barbell strategy splits funds between short duration and long duration securities Valuation analysis The portfolio manager attempts to select bonds based on their intrinsic value Credi