{"id":39716,"date":"2024-08-12T13:47:18","date_gmt":"2024-08-12T13:47:18","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=39716"},"modified":"2025-02-11T06:09:01","modified_gmt":"2025-02-11T06:09:01","slug":"study-notes-for-cfa-level-iii-2025-portfolio-construction-offered-by-analystprep","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/study-notes-for-cfa-level-iii-2025-portfolio-construction-offered-by-analystprep\/","title":{"rendered":"Study Notes for CFA\u00ae Level III 2025 \u2013 Portfolio Construction \u2013 offered by AnalystPrep"},"content":{"rendered":"<h3>Learning Module 1: Overview of Equity Portfolio Management<\/h3>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/introduction-and-the-significance-of-equities-in-a-portfolio-2\/\" rel=\"noopener\" target=\"_blank\">Los 1(a): Describe the roles of equities in the overall portfolio<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/segmentation-of-equity-investment-universe-2\/\" rel=\"noopener\" target=\"_blank\">Los 1(b): Describe how an equity manager\u2019s investment universe can be segmented<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/earnings-linked-to-ownership-and-management-of-an-equity-portfolio-2\/\" rel=\"noopener\" target=\"_blank\">Los 1(c): Describe the types of income and costs associated with owning and managing an equity portfolio and their potential effects on portfolio performance<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/shareholder-engagement-2\/\" rel=\"noopener\" target=\"_blank\">Los 1(d): Describe the potential benefits of shareholder engagement and the role an equity manager might play in shareholder engagement<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/equity-investment-spectrum\/\" rel=\"noopener\" target=\"_blank\">Los 1(e): Describe rationales for equity investment across the active management spectrum<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/benchmark-selection-2\/\" rel=\"noopener\" target=\"_blank\">LOS 1(f): Discuss considerations in choosing a benchmark for an equity portfolio<\/a><\/p>\n<h3>Learning Module 2: Overview of Fixed-Income Portfolio Management<\/h3>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/role-of-fixed-income-in-a-portfolio-2\/\" rel=\"noopener\" target=\"_blank\">Los 2(a): Discuss roles of fixed-income securities in portfolios and how fixed-income mandates may be classified<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/fixed-income-portfolio-measures-of-risk-return-and-correlation-2\/\" rel=\"noopener\" target=\"_blank\">Los 2(b): Describe fixed-income portfolio measures of risk and return as well as correlation characteristics<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/bond-market-liquidity-2\/\" rel=\"noopener\" target=\"_blank\">Los 2(c): Describe bond market liquidity, including the differences among market sub-sectors, and discuss the effect of liquidity on fixed-income portfolio management<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/models-for-fixed-income-returns-3\/\" rel=\"noopener\" target=\"_blank\">Los 2(d): Describe and interpret a model for fixed-income returns<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/leverage-in-fixed-income-portfolios-2\/\" rel=\"noopener\" target=\"_blank\">Los 2(e): Discuss the use of leverage, alternative methods for leveraging, and risks that leverage creates in fixed-income portfolios<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/fixed-income-portfolios-for-taxable-and-tax-exempt-investors-2\/\" rel=\"noopener\" target=\"_blank\">Los 2(f): Discuss differences in managing fixed-income portfolios for taxable and tax-exempt investors<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/liability-driven-investing-ldi\/\" rel=\"noopener\" target=\"_blank\">Los 2(g): Describe liability-driven investing<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/cash-flow-matching-strategies\/\" rel=\"noopener\" target=\"_blank\">Los 2(h): Describe the strategy of cash flow matching<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/laddered-bond-portfolio-2\/\" rel=\"noopener\" target=\"_blank\">Los 2(i): Describe construction, benefits, limitations, and risk\u2013return characteristics of a laddered bond portfolio<\/a><\/p>\n<h3>Learning Module 3: Asset Allocation to Alternative Investments<\/h3>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/the-role-of-alternative-investments-in-a-multi-asset-portfolio-2\/\" rel=\"noopener\" target=\"_blank\">Los 3(a): Explain the roles that alternative investments play in multi-asset portfolios<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/diversifying-equity-risk-2\/\" rel=\"noopener\" target=\"_blank\">Los 3(b): Compare alternative investments and bonds as risk mitigators in relation to a long equity position<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/traditional-and-risk-based-approaches-to-asset-classification-2\/\" rel=\"noopener\" target=\"_blank\">Los 3(c): Compare traditional and risk-based approaches to defining the investment opportunity set, including alternative investments<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/risk-factors-expected-returns-and-investment-instruments-2\/\" rel=\"noopener\" target=\"_blank\">Los 3(d): Discuss investment considerations that are important in allocating to different types of alternative investments<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/suitability-considerations-2\/\" rel=\"noopener\" target=\"_blank\">Los 3(e): Discuss suitability considerations in allocating to alternative investments<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/approaches-to-asset-allocation-and-statistical-characteristics-and-challenges-2\/\" rel=\"noopener\" target=\"_blank\">Los 3(f): Discuss approaches to asset allocation to alternative investments<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/liquidity-planning-2\/\" rel=\"noopener\" target=\"_blank\">Los 3(g): Discuss the importance of liquidity planning in allocating to alternative investments<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/monitoring-alternative-investment-programs-2\/\" rel=\"noopener\" target=\"_blank\">Los 3(h): Discuss considerations in monitoring alternative investment programs<\/a><\/p>\n<h3>Learning Module 4: An Overview of Private Wealth Management<\/h3>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/understanding-wealth\/\" rel=\"noopener\" target=\"_blank\">Los 4(a): Discuss the different types of individual wealth and how wealth is created and distributed globally<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/institutional-and-individual-investors\/\" rel=\"noopener\" target=\"_blank\">Los 4(b): Evaluate how changes in human capital, financial capital, and economic net worth across the financial stages of an individual\u2019s life influence their financial decision making<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/impact-on-individual-capital-allocation\/\" rel=\"noopener\" target=\"_blank\">Los 4(c): Justify how returns, risks, objectives, and constraints for individuals relate to their human and financial capital<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/inflation-and-tax-on-investments\/\" rel=\"noopener\" target=\"_blank\">Los 4(d): Evaluate how various types of taxes imposed on individual investors and the impact of inflation influence investment decisions<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/crafting-ips-for-diverse-clients\/\" rel=\"noopener\" target=\"_blank\">Los 4(e): Discuss the differences between private and institutional clients and formulate an appropriate Investment Policy Statement for private clients<\/a><\/p>\n<h3>Learning Module 5: Portfolio Management for Institutional Investors<\/h3>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/institutional-investors-varieties-and-typical-traits-2\/\" rel=\"noopener\" target=\"_blank\">Los 5(a): Discuss common characteristics of institutional investors as a group<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/investment-policy-of-institutional-investors-3\/\" rel=\"noopener\" target=\"_blank\">Los 5(b): Discuss investment policy of institutional investors<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/pension-funds-2\/\" rel=\"noopener\" target=\"_blank\">Los 5(c): Discuss the stakeholders in the portfolio, the liabilities, the investment time horizons, and the liquidity needs of different types of institutional investors<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/legal-regulatory-and-tax-constraints-2\/\" rel=\"noopener\" target=\"_blank\">Los 5(d): Describe the focus of legal, regulatory, and tax constraints affecting different types of institutional investors<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/pension-funds-and-risk-considerations-2\/\" rel=\"noopener\" target=\"_blank\">Los 5(e): Evaluate risk considerations of private defined benefit (DB) pension plans in relation to 1) plan funded status, 2) sponsor financial strength, 3) interactions between the sponsor&#8217;s business and the fund&#8217;s investments, 4) plan design, and 5) workforce characteristics<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/investment-policy-of-institutional-investors-4\/\" rel=\"noopener\" target=\"_blank\">Los 5(f): Evaluate the investment policy statement of an institutional investor<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/investment-policy-statement-4\/\" rel=\"noopener\" target=\"_blank\">Los 5(g): Prepare the investment objectives section of an institutional investor&#8217;s investment policy statement<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/investment-portfolio-of-a-private-db-plan-2\/\" rel=\"noopener\" target=\"_blank\">Los 5(h): Evaluate the investment portfolio of a private DB plan, sovereign wealth fund, university endowment, and private foundation<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/balance-sheet-management-of-banks-and-insurers-2\/\" rel=\"noopener\" target=\"_blank\">Los 5(i): Describe considerations affecting the balance sheet management of banks and insurers<\/a><\/p>\n<h3>Learning Module 6: Trading Costs and Electronic Markets<\/h3>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/execution-costs\/\" rel=\"noopener\" target=\"_blank\">Los 6(a): Explain the components of execution costs, including explicit and implicit costs<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/implicit-costs-estimates\/\" rel=\"noopener\" target=\"_blank\">Los 6(b): Calculate and interpret effective spreads and VWAP transaction cost estimates<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/implementation-shortfall\/\" rel=\"noopener\" target=\"_blank\">Los 6(c): Describe the implementation shortfall approach to transaction cost measurement<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/electronic-trading-systems\/\" rel=\"noopener\" target=\"_blank\">Los 6(d): Describe factors driving the development of electronic trading systems<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/market-fragmentation\/\" rel=\"noopener\" target=\"_blank\">Los 6(e): Describe market fragmentation<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/types-of-electronic-traders\/\" rel=\"noopener\" target=\"_blank\">Los 6(f): Distinguish among types of electronic traders<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/electronic-trading-system-facilities\/\" rel=\"noopener\" target=\"_blank\">Los 6(g): Describe characteristics and uses of electronic trading systems<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/latency\/\" rel=\"noopener\" target=\"_blank\">Los 6(h): Describes the comparative advantages of low-latency traders<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/electronic-trading-risks\/\" rel=\"noopener\" target=\"_blank\">Los 6(i): Describe the risks associated with electronic trading and how regulators mitigate them<\/a><\/p>\n<p><a href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/real-time-surveillance-of-markets\/\" rel=\"noopener\" target=\"_blank\">Los 6(j): Describes abusive trading practices that real-time surveillance of markets may detect<\/p>\n<p><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learning Module 1: Overview of Equity Portfolio Management Los 1(a): Describe the roles of equities in the overall portfolio Los 1(b): Describe how an equity manager\u2019s investment universe can be segmented Los 1(c): Describe the types of income and costs&#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-39716","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 v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Study Notes for CFA\u00ae Level III 2025 \u2013 Portfolio Construction \u2013 offered by AnalystPrep - CFA, FRM, and Actuarial Exams Study Notes<\/title>\n<meta name=\"description\" content=\"Explore comprehensive insights into equity portfolio management, fixed-income portfolio management, asset allocation to alternative investments, private wealth management, and institutional investor portfolio management.\" \/>\n<meta name=\"robots\" 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