{"id":34233,"date":"2023-11-05T11:50:47","date_gmt":"2023-11-05T11:50:47","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=34233"},"modified":"2024-03-21T06:51:39","modified_gmt":"2024-03-21T06:51:39","slug":"portfolio-construction-approaches","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/portfolio-construction-approaches\/","title":{"rendered":"Portfolio Construction Approaches"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/pKZNuRH-WFM\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Investment approaches can be categorized as:<\/p>\n<ul>\n<li>Systematic or discretionary.<\/li>\n<li>Bottom-up or top-down.<\/li>\n<\/ul>\n<p>$$ \\textbf{Systematic vs. Discretionary} \\\\ \\small{\\begin{array}{l|l} \\textbf{Systematic} &amp; \\textbf{Discretionary} \\\\ \\hline {\\text{The objective of systematic strategies is} \\\\ \\text{to construct portfolios whose returns are} \\\\ \\text{derived from a balanced exposure to} \\\\ \\text{known, rewarded factors.} } &amp; { \\text{Discretionary strategies search for active} \\\\ \\text{returns by gaining a deeper} \\\\ \\text{understanding of a company&#8217;s} \\\\ \\text{governance, business model, and} \\\\ \\text{competitive landscape, or by developing} \\\\ \\text{better factor proxies or by using clever} \\\\ \\text{timing. }} \\\\ \\\\ { \\text{Research-based rules are usually used} \\\\ \\text{across a wide spectrum of securities in} \\\\ \\text{systematic strategies.}} &amp; {\\text{Factor timing is a challenging task, and} \\\\ \\text{only a few factor-based systematic} \\\\ \\text{strategies incorporate factor timing.} }\\\\ \\\\ {\\text{In systematic strategies, idiosyncratic risk} \\\\ \\text{is minimized through broad} \\\\ \\text{diversification of portfolios to achieve the} \\\\ \\text{desired exposure while minimizing} \\\\ \\text{idiosyncratic risk.}} &amp; {\\text{Discretionary strategies use more} \\\\ \\text{judgment, usually on a smaller number of} \\\\ \\text{securities. While a discretionary value} \\\\ \\text{manager might also rely on financial} \\\\ \\text{metrics, more leeway is assigned to the} \\\\ \\text{manager to weigh the hard data and} \\\\ \\text{interpret its usefulness. The use of} \\\\ \\text{nonfinancial variables such as the quality} \\\\ \\text{of management, the competitive} \\\\ \\text{landscape, and the pricing power of the} \\\\ \\text{firm, is also more common in} \\\\ \\text{discretionary approaches.}}\\\\ \\\\ {\\text{Adaptability into a formal portfolio} \\\\ \\text{optimization process is more important in} \\\\ \\text{systematic processes. The systematic} \\\\ \\text{manager must carefully consider the rules} \\\\ \\text{of the construction. What function is} \\\\ \\text{being used? Will elements be} \\\\ \\text{incorporated into the function or into the} \\\\ \\text{constraints?}} &amp; {\\text{The manager&#8217;s insights about company} \\\\ \\text{characteristics and the competitive} \\\\ \\text{landscape are reflected in discretionary} \\\\ \\text{strategies, which tend to have more} \\\\ \\text{concentrated portfolios.}} \\\\ &amp; { \\text{The portfolios of discretionary managers} \\\\ \\text{are often built on a less formal basis,} \\\\ \\text{using securities that they consider to be} \\\\ \\text{attractive, within the constraints of an} \\\\ \\text{agreed-upon risk profile. }} \\end{array}} $$<\/p>\n<p>$$ \\textbf{Bottom-Up vs. Top-Down} \\\\ \\underline{\\small{\\textbf{Top-down}}} \\\\ \\small{\\begin{array}{l|l|l|l} { \\text{S} \\\\ \\text{y} \\\\ \\text{s} \\\\ \\text{t} \\\\ \\text{e} \\\\ \\text{m} \\\\ \\text{a} \\\\ \\text{t} \\\\ \\text{i} \\\\ \\text{c} } &amp; { { \\bullet \\text{Emphasizes known macro factors}} \\\\ { \\bullet \\text{Factor timing possible} }\\\\ { \\bullet \\text{Diversified}} \\\\ { \\bullet \\text{Formal portfolio optimization used}} \\\\ { \\bullet \\text{Few managers exist} }\\\\ { \\bullet \\text{Emphasizes security-specific factors}} \\\\ { \\bullet \\text{No factor timing}} \\\\ { \\bullet \\text{Diversified}} \\\\ { \\bullet \\text{Formal portfolio optimization used}} } &amp; { { \\bullet \\text{Emphasizes macro rewarded factors}} \\\\ { \\bullet \\text{Factor timing heavily used}} \\\\ { \\bullet \\text{Can be diversified or concentrated}} \\\\ { \\bullet \\text{Less formal construction process}} \\\\ { \\bullet {{ \\text{Emphasizes security-} \\\\ \\text{specific characteristics} \\\\ \\text{or factors} } }} \\\\ { \\bullet { \\text{Potential factor timing.}} } \\\\ { \\bullet { \\text{Diversified across broad} \\\\ \\text{universe or concentrated} \\\\ \\text{on smaller number of} \\\\ \\text{securities} } } \\\\ { \\bullet { \\text{Less formal construction}}} } &amp; { \\text{D} \\\\ \\text{i} \\\\ \\text{s} \\\\ \\text{c} \\\\ \\text{r} \\\\ \\text{e} \\\\ \\text{t} \\\\ \\text{i} \\\\ \\text{o} \\\\ \\text{n} \\\\ \\text{a} \\\\ \\text{r} \\\\ \\text{y}} \\\\ \\end{array} } \\\\ \\overline{\\small{ \\textbf{Bottom-up }}} \\\\ $$<\/p>\n<p>The above diagram compares two investment strategies: Bottom-Up and Top-Down, in the context of <b>Systematic and Discretionary<\/b> approaches. In the <b>Systematic approach,<\/b> Bottom-Up emphasizes known macro factors, allows factor timing, is diversified, uses formal portfolio optimization, has few managers, and emphasizes security-specific factors. In contrast, <b>Top-Down<\/b> in the Discretionary approach emphasizes macro rewarded factors, heavily uses factor timing, can be diversified or concentrated, has a less formal construction process and emphasizes security-specific characteristics or factors.<\/p>\n<p>In summary, the diagram compares two different investment strategies, each with its own set of characteristics. The <b>Bottom-Up<\/b> approach is more focused on security-specific factors, while the <b>Top-Down<\/b> approach emphasizes macro rewarded factors. The <b>Systematic approach<\/b> is more formal and optimized, while the <\/>Discretionary approach<\/b> is less formal and more flexible.<\/p>\n<h3>The Implementation Process: The Objectives and Constraints<\/h3>\n<p>Portfolio construction involves two components: an optimization process and a set of constraints that govern this process. These constraints can be expressed either relatively or absolutely, as demonstrated in the example below:<\/p>\n<p>$$ \\small{\\begin{array}{l|c|c} &amp; \\underline{\\textbf{Absolute Framework}} &amp; \\underline{\\textbf{Relative Framework}} \\\\ &amp; \\textbf{Maximize Sharpe} &amp; \\textbf{Maximize Information} \\\\ &amp; \\textbf{Ratio} &amp; \\textbf{Ratio} \\\\ \\hline \\underline{\\textbf{Constraint}} &amp; &amp; \\\\ \\hline {\\textbf{Individual security} \\\\ \\textbf{weights (w)}} &amp; w \\le 5\\% &amp; \\mid w_p \u2013 w_b \\mid \\le 5\\% \\\\ \\hline \\bf{\\text{Sectors weights (S)}} &amp; S \\le 20\\% &amp; \\mid S_p \u2013 S_b \\mid \\le 10\\% \\\\ \\hline \\bf{\\text{Portfolio volatility } (\\sigma)} &amp; \\sigma_p \\lt 0.8 \\sigma_b &amp; \u2014 \\\\ \\hline \\bf{\\text{Active risk } (A_r)} &amp; \u2014 &amp; A_r \\le 5\\% \\\\ \\hline {\\textbf{Weighted average} \\\\ \\textbf{capitalization (CaP)}} &amp; \\text{CaP} \\ge 30bn &amp; \\text{CaP} \\ge 30bn \\end{array}} $$<\/p>\n<p><em>Where:<\/em><\/p>\n<p>\\(P\\) = Portfolio metric.<\/p>\n<p>\\(B\\) = Benchmark metric.<\/p>\n<ul>\n<li>In the absolute approach, the goal is to maximize the Sharpe ratio, while in the relative approach, the aim is to maximize the information ratio.<\/li>\n<li>In the absolute approach, individual positions are restricted to a maximum of 5%, and no single sector can exceed 20%. In the relative approach, security weights must stay within \\(\\pm 5\\%\\) of their index weight, and sector weights should remain within \\(\\pm 10\\%\\) of the index weights.<\/li>\n<li>The absolute approach uses a portfolio volatility limit set at 80% of the estimated benchmark volatility, whereas the relative approach incorporates a 5% active risk limit and maintains the same capitalization constraint.<\/li>\n<li>Managers can also combine relative and absolute constraints, such as limiting differences from a benchmark while enforcing specific security limits.<\/li>\n<\/ul>\n<h2>Other Approaches to Optimization<\/h2>\n<ul>\n<li>Setting objectives based on risk.<\/li>\n<li>Maximizing exposure to factors that yield positive returns.<\/li>\n<li>Maximizing exposure to securities with specific characteristics a discretionary manager defines.<\/li>\n<li>Utilizing heuristic methods like ranking securities based on desired characteristics, such as a low price-to-book ratio.<\/li>\n<\/ul>\n<blockquote>\n<h2>Question<\/h2>\n<p>Maximizing the <em>information ratio<\/em> is a characteristic of which of the following frameworks for specifying objectives and constraints?<\/p>\n<ol type=\"A\">\n<li>Absolute.<\/li>\n<li>Relative.<\/li>\n<li>A and B.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p><strong>The correct answer is B.<\/strong><\/p>\n<p>The information ratio focuses on comparing portfolio performance to a benchmark. In this context, it aligns more with the relative framework (answer B) for specifying objectives and constraints.<\/p>\n<p>To understand this, consider the information ratio formula:<\/p>\n<p>$$ \\text{Information Ratio} = \\frac { (\\text{Portfolio Return} &#8211; \\text{Benchmark Return}) }{ \\text{Tracking Error} } $$<\/p>\n<p><strong>A and C are incorrect.<\/strong> This formula explicitly measures how a portfolio performs relative to a specific benchmark, emphasizing the relative aspect. In contrast, the absolute framework (answer A) typically evaluates the portfolio independently of external benchmarks, like the Sharpe Ratio, which compares a portfolio&#8217;s excess return to its own volatility. Therefore, the information ratio is more suitable for the relative framework.<\/p>\n<\/blockquote>\n<p>Reading 26: Active Equity Investing: Portfolio Construction<\/p>\n<p>Los 26 (b) Discuss approaches for constructing actively managed equity portfolios<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment approaches can be categorized as: Systematic or discretionary. Bottom-up or top-down. $$ \\textbf{Systematic vs. Discretionary} \\\\ \\small{\\begin{array}{l|l} \\textbf{Systematic} &amp; \\textbf{Discretionary} \\\\ \\hline {\\text{The objective of systematic strategies is} \\\\ \\text{to construct portfolios whose returns are} \\\\ \\text{derived from a&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[571],"tags":[],"class_list":["post-34233","post","type-post","status-publish","format-standard","hentry","category-cfa-level-iii","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Portfolio Construction Approaches - CFA, FRM, and Actuarial Exams Study Notes<\/title>\n<meta name=\"description\" content=\"Portfolio construction involves two components: an optimization process and a set of constraints that govern this process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/portfolio-construction-approaches\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portfolio Construction Approaches - 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