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1、高顿教育旗下品牌：高顿网校高顿教育旗下品牌：高顿网校高顿网校CFAFight for CFAFight for CFAFight for CFAFight for CFA- - - - Management of fixed income portfoliosManagement of fixed income portfoliosManagement of fixed income portfoliosManagement of fixed income portfolios第第第第 2 2 2 2 页页页页高顿网校： 021-608966601.考情分析2.考试内容3.学习重点4.如何备考
2、内容内容内容内容1.考情分析2.考试内容3.学习重点4.如何备考第第第第 3 3 3 3 页页页页高顿网校： 021-608966601 1 1 1：考情分析考情分析 SS9 和SS10 一道占考试比重 10%-20% 18个LOS（考点） 与与与与2012201220122012相比相比相比相比，考点没有任何变化，考点没有任何变化，考点没有任何变化，考点没有任何变化 经常出现在item set 部分 尤其要关注在机构投资组合中的运用（人寿保险，退休金，等等）第第第第 4 4 4 4 页页页页高顿网校： 021-60896660Study Session Study Session Study
3、 Session Study Session 9 9 9 923.23.23.23. Fixed-Income Portfolio Fixed-Income Portfolio Fixed-Income Portfolio Fixed-Income Portfolio ManagementManagementManagementManagementPart IPart IPart IPart I24. Relative-Value Methodologies for Global Credit Bond Portfolio Management2 2 2 2：考试：考试内容内容第第第第 5 5
4、 5 5 页页页页高顿网校： 021-6089666023.23.23.23.Fixed-Income Portfolio ManagementFixed-Income Portfolio ManagementFixed-Income Portfolio ManagementFixed-Income Portfolio ManagementPart Part Part Part I I I I2 2 2 2：考试内容：考试内容 - - - - LOSLOSLOSLOSacompare, with respect to investment objectives, the use of liab
5、ilities as a benchmark and the use of a bond index as a benchmarkbcompare pure bond indexing, enhanced indexing, and active investing with respect to the objectives, advantages, disadvantages, and management of eachcdiscuss the criteria for selecting a benchmark bond index and justify the selection
6、of a specific index when given a description of an investors risk aversion, income needs, and liabilitiesddescribe and evaluate techniques, such as duration matching and the use of key rate durations, by which an enhanced indexer may seek to align the risk exposures of the portfolio with those of th
7、e benchmark bond index第第第第 6 6 6 6 页页页页高顿网校： 021-608966602 2 2 2：考试内容：考试内容 - - - - LOSLOSLOSLOS econtrast and demonstrate the use of total return analysis and scenario analysis to assess the risk and return characteristics of a proposed tradefformulate a bond immunization strategy to ensure funding
8、of a predetermined liability and evaluate the strategy under various interest rate scenarios gdemonstrate the process of rebalancing a portfolio to reestablish a desired dollar durationhexplain the importance of spread durationidiscuss the extensions that have been made to classical immunization the
9、ory, including the introduction of contingent immunization第第第第 7 7 7 7 页页页页高顿网校： 021-608966602 2 2 2：考试内容：考试内容 - - - - LOSLOSLOSLOSjexplain the risks associated with managing a portfolio against a liability structure, including interest rate risk, contingent claim risk, and cap riskkcompare immuniza
10、tion strategies for a single liability, multiple liabilities, and general cash flowslcompare risk minimization with return maximization in immunized portfoliosmdemonstrate the use of cash flow matching to fund a fixed set of future liabilities and compare the advantages and disadvantages of cash flo
11、w matching to those of immunization strategies第第第第 8 8 8 8 页页页页高顿网校： 021-608966602 2 2 2：考试内容：考试内容：考试内容：考试内容 - - - - LOSLOSLOSLOSaexplain classic relative-value analysis, based on top-down and bottom- up approaches to credit bond portfolio management;bdiscuss the implications of cyclical supply and
12、demand changes in the primary corporate bond market and the impact of secular changes in the markets dominant product structures;cexplain the influence of investors short- and long-term liquidity needs on portfolio management decisions;ddiscuss common rationales for secondary market trading;ediscuss
13、 corporate bond portfolio strategies that are based on relative value.24. Relative-Value 24. Relative-Value 24. Relative-Value 24. Relative-Value Methodologies for Global Credit Bond Portfolio Methodologies for Global Credit Bond Portfolio Methodologies for Global Credit Bond Portfolio Methodologies
14、 for Global Credit Bond Portfolio ManagementManagementManagementManagement第第第第 9 9 9 9 页页页页高顿网校： 021-60896660 重点包括：Duration (effective duration, key rate duration)Spread (nominal, zero-volatility, option-adjusted)Bond portfolio management strategies: pure bond indexing, enhanced indexing by small ri
15、sk factors mismatches, active management by larger risk factor mismatches, full-blown active managementimmunization and its variations3 3 3 3：学习重点：学习重点第第第第 10101010 页页页页高顿网校： 021-60896660怎样备考？ 科学计划时间（精度+复习+冲刺） 围绕考点进行学习，理解并掌握考点相关的 基本知识和概念 Fixed Income计算题和概念题都较多，注意 benchmarks, active和passive management相 关知识点4 4 4 4：如何备考：如何备考第第第第 11111111 页页页页高顿网校： 021-60896660更多精彩内容请登录高顿网校官方网站学习 谢谢大家， 我们下次再见！
