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Intrinsic Relative Valuation Models - Assumption Template


									Dynamique                                              Knowledge Systems for the Global Investment Industry
Australasia and Europe

DKSAM12005                       GROUP                 FRONT OFFICE                INTRODUCTION TO FUND MANAGEMENT- ASSET MANAGEMENT LEVEL 1
  No             Module Title   Main File Ref              KS Content                Sub-file Ref               Sub-File Content
   1      Business & Process    AM1Mod0101      What we must achieve.               AM1Mod010101    Match Pension Fund Liabilities then achieve Benchmark Plus++
          Fund Management                                                           AM1Mod010102    Complete Investment Process Model
                                                                                    AM1Mod010103    Portfolio Construction
                                                                                    AM1Mod010104    Performance Measurement – Testing the Investment Process
                                AM1Mod0102      Investment Setting                  AM1Mod010201    Time
                                                                                    AM1Mod010202    Investment Differentials
                                                                                    AM1Mod010203    Liquidity
                                                                                    AM1Mod010204    Minimal Decision Making
                                                                                    AM1Mod010205    Use of Risk
                                                                                    AM1Mod010206    Defining Risk
                                                                                    AM1Mod010207    Efficient Markets
                                                                                    AM1Mod010208    Defined Contribution V Defined Benefit
                                                                                    AM1Mod010209    Success is down to Client Relationships
                                                                                    AM1Mod010210    Measuring Results
                                                                                    AM1Mod010211    Implementing Policy
                                AM1Mod0103      Business of Fund Management                         Front and Back Office Functionalities
   2      Client &              AM1Mod0201      Risk and client needs               AM1Mod020101    3 Critical Areas
          Fund Manager                                                              AM1Mod020102    Funds Future Value
          Relationship                                                              AM1Mod020103    Normal Distribution
                                                                                    AM1Mod020104    Identifying Optimal Portfolio
                                                                                    AM1Mod020105    Utility & Wealth
                                                                                    AM1Mod020106    Time & Diversification
                                                                                    AM1Mod020107    Investment Horizons
                                AM1Mod0202      Models of Risk                      AM1Mod020201    Components of a good Risk/Return Model
                                                                                    AM1Mod020202    Measuring Risk
                                                                                    AM1Mod020203    Components of Corporate Risk
                                                                                    AM1Mod020204    Measuring Market Risk
                                                                                    AM1Mod020205    CAPM
                                                                                    AM1Mod020206    APM
                                                                                    AM1Mod020207    Models of Default Risk
                                                                                    AM1Mod020208    Bond Ratings
                                AM1Mod0203      Tax                                 AM1Mod020301    Tax Considerations for Investors
                                                An Additional Cost For Investors    AM1Mod020302    Assumptions Template
                                                                                    AM1Mod020303    Capital Gains the Big Challenge
                                                                                    AM1Mod020304    Taxes have to be paid sometime!
   3      Asset Allocation      AM1Mod0301      Active Asset Allocation             AM1Mod030101    Policy Asset Allocation
          Decision                                                                  AM1Mod030102    Understanding Risk
                                                                                    AM1Mod030103    Careless Cash
                                                                                    AM1Mod030104    TAA -Tactical Asset Allocation

   3      Asset Allocation      AM1Mod0302      Hedge/Absolute Return Funds         AM1Mod030201    Not a gardening activity!
          Decision                                                                  AM1Mod030202    American- Antipodean Responsible
Dynamique                                    Knowledge Systems for the Global Investment Industry
Australasia and Europe

                                                                           AM1Mod030203          Commonalities to all Hedge Funds
                                                                           AM1Mod030204          Simple Hedge Fund Strategy
                                                                           AM1Mod030205          Latest Hedge Fund Performance Indices
                         AM1Mod0303   Trade Execution, Transparency        AM1Mod030301          Portfolio Execution
                                      & Trading Risk                       AM1Mod030302          Untangling Transaction Costs
                                                                           AM1Mod030303          Components of Trading Costs
                                                                           AM1Mod030304          Management of Trading Costs
                                                                           AM1Mod030305          Broker's Perspective
                                                                           AM1Mod030306          Risk analysis for Traders
                         AM1Mod0304   SRI                                  AM1Mod030401          Rising importance of in UK & global markets
                                      Socially Responsible Investing       AM1Mod030402          Performance Costs of Ethical Investing
                                                                           AM1Mod030403          FTSE 4GOOD GLOBAL Index
                                                                           AM1Mod030403 Insert   Index Constituents
                                                                           AM1Mod030404          Most popular companies for eithical funds
                                                                           AM1Mod030405          SRI in and around Europe
   4   Institutional     AM1Mod0401   Actuaries &                                                Strategic Asset Allocation
       Investment                     Investment Consultants                                     Fund Manager Selection
                                                                                                 Leading Actuaries and Investment Consultants
                                                                                                 Competitive Market and Bundling of Services
                                                                                                 Who is taking what “out of the pie?”
                         AM1Mod0402   Fund Managers                                              Business economics of the Fund Management Industry
                                                                                                 Buying Process by Pension Funds
                                                                                                 Role played by Investment Consultants
                                                                                                 Strength of Branding
                                                                                                 Passive Investing
                                                                                                 Competition and Optimal Decisions
                                                                                                 Risk Budgeting and Investment Objectives
                                                                                                 Performance still a Problem
                         AM1Mod0403   SIPS - Statement of Investment Principles                  Decision making
                                                                                                 Clear objectives
                                                                                                 Focusing on Asset Allocation
                                                                                                 Expert Advice
                                                                                                 Explicit Mandates
                                                                                                 Performance Measurement
                                                                                                 Regular Reporting
                         AM1Mod0404   DC, Stakeholder & Pension                                  Important investor implications for DC Schemes
                                      Fund Valuations                                            Move from final salary to DC Schemes
                                                                                                 Impact of FRS17 on company valuations
                                                                                                 Stakeholder pensions – not a great success!
                                                                                                 Pension Fund Valuations
                                                                                                 Projections for Total Pension Assets

   4   Institutional     AM1Mod0405   Pooled Investment Vehicles           AM1Mod040501          Unit Trusts/Mutual Funds
       Investment                                                          AM1Mod040502          OEICS- Open -Ended Investment Companies
Dynamique                                         Knowledge Systems for the Global Investment Industry
Australasia and Europe

                                                                                   AM1Mod040503   Split Level Trusts
                              AM1Mod0406   Private Equity                                         Venture Capital – Returns and Exit Plans
                                                                                                  Start-Up & Other Early Stage Funding
                                                                                                  Expansion:Refinancing Bank Debt:Secondary Purchase
                                                                                                  Trade Organisations : EC Venture Capital by Country
                                                                                                  Disclosure–Giving away a Competitive Advantage
                                                                                                  Non-Venture Private Equity- MBO/ MBI/Public to Private
                                                                                                  Private Equity’s Data Drawback+Institutional Résistance
                                                                                                  Infrastructure Funds
   5   Attribution Analysis   AM1Mod0501   Pre-amble Attribution Analysis                         Selectivity: Risk: Timing
                                                                                                  Basic AA Model
                              AM1Mod0502   Application of Attribution              AM1Mod0502     Clarifying the esoteric - AA
                                           Analysis (AA)                            Insert s/s    Value Fund Managers/ Rainbow Pension Fd
                                                                                                  High Life Investment Consultants
                              AM1Mod0503   Total Contribution &                    AM1Mod050301   Total Market Contribution
                                           Return Attribution                      AM1Mod050302   Currency,Market & Stock Selection Contribution
                                                                                   AM1Mod050303   Return Attribution:SIPEM:4 Simple Strategies
                                                                                                  GAT Bond Model
                              AM1Mod0504   Bond Attribution                                       Accurate, Informative, Simple
                                                                                                  Bond Benchmarks
   6   Risk Management &      AM1Mod0601   Money weighted returns (MWR)                           Dietz Method
                                                                                                  Two Variations of MWR
                              AM1Mod0602   Time weighted returns (TWR)                            Total Return
                                                                                                  Internal Rate of Return
       Corporate              AM1Mod0603   Corporate governance                    AM1Mod060301   Driving Shareholder Power
       Governance                                                                  AM1Mod060302   The when and how to 77 global market proxy voting
                                                                                   AM1Mod060303   Changes to Shareholder Voting Process
                                                                                   AM1Mod060304   US style - Sarbanes-Oxley Act & Creative Accounting
   7   Performance            AM1Mod0701   Why a global standard (GIPS)?                          GIPS - Global Investment Performance Standards
       Standards &                                                                                Vision Statement
                              AM1Mod0702   Key characteristics GIPS                               8 Key GIPS characteristics
                                                                                                  Guidelines and Effective Timetable
   8   Investment Styles      AM1Mod0801   Active funds                                           Markets and Costs
                                                                                                  Beat the Market
                                                                                                  “3” kinds of Bets
                              AM1Mod0802   Intrinsic & Relative Valuation Models                  Basics of Intrinsic Valuation
                                                                                                  Relative Valuation Models
                                                                                                  Standardised Values and Multiples
                                                                                                  Earnings Multiples
                                                                                                  Book Value or Replacement Value Multiples “TobinsQ”
                                                                                                  Revenue Multiples

                              AM1Mod0803   Technical analysis                                     Basis for Approach
                                                                                                  Types of Technical Indicators
                                                                                                  Limitations of Technical Analysis
Dynamique                                            Knowledge Systems for the Global Investment Industry
Australasia and Europe

                                                                                         Private Information
                                 AM1Mod0804   Passive Funds               AM1Mod080401   Building a tracker fund and cost advantages
                                                                          AM1Mod080402   Methods of indexation - optimisation, full replication,
                                                                                         stratified sampling, synthetic
                                                                          AM1Mod080403   Tracking error - controlling the investment process
   9   Identifying Shareholder   AM1Mod09     Measures for identifying    AM1Mod0901     CFROI- Cash Flow Return on Investment
       Value                                  value creation              AM1Mod0902     EVA- Economic Value Added
                                                                          AM1Mod0903     EVA- Delivering Superior Returns to Shareholders
                                                                          AM1Mod0904     MVA- Market Value Added
                                  AM1 JG      Jargon Busting

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