sec文档教材tion 9股票投资管理跟问题.pdf

SS11-Equity Portfolio Management SJTU 赵启欣 CFA zqx729@ CELL 1 Study Session 11 – Equity Portfolio Management 32. Equity Portfolio Management. 2 32.a Equities in a Portfolio • Equities are a substantial portion of the investment universe, and U.S. equity typically constitutes about half of the world’s equity. • The amount of equity in an investor’s portfolio varies by locale. In the U.S., institutional investors hold about 60% of their portfolio in equities. • In Europe, the percentage is closer to 20%. Investing internationally provides diversification as well as the opportunity to invest in companies not available in the investor’s home market. 3 32.a Equities in a Portfolio (con’t) • An inflation hedge is an asset whose nominal returns are positively correlated with inflation. • Bonds have been a poor inflation hedge because their future cash flows are fixed, which makes their value decrease with increased inflation. • This drop in price reduces or eliminates returns for current bondholders. • The historical evidence in the U.S. and in other countries indicates that equities have been a good inflation hedge. 4 32.a Equities in a Portfolio (con’t)