Assignment Requirements
At the end of the module, you have to write an essay of 3000 – 5000 words, critically assessing the case for and against trading and active management. The essay should reflect on your trading experience, the theoretical arguments and the empirical evidence on active or passive portfolio management.
Essay
Topic: Investment and Portfolio Management
This Essay will relate to the following learning outcomes:
Analyse the role of active strategies in investment funds.
Evaluate the role of fundamental analysis in fund management
Appreciate the role of derivatives in active fund management and price discovery.
Discuss the role of active management in an efficient/inefficient markets
Undertake a fundamental analysis of equities and bonds
Generate sound trading ideas using relevant analysis
Produce written account for an investment decision
Analyse portfolio performance
Required Tasks
You are required to manage actively a portfolio by continuously generating trading ideas and implementing them. Your transactions should be executed using Stock-Trak trading platform.
At the end of the module, you have to write an essay of 3000 – 5000 words, critically assessing the case for and against trading and active management. The essay should reflect on your trading experience, the theoretical arguments and the empirical evidence on active or passive portfolio management
Essay Guidance
Passive funds have grown significantly in recent years as investors have become less satisfied with the performance of active managers. This has renewed interest in the debate over passive versus active asset management. More than three decades of research has not yet resolved the issue. Understandably, the main reason is complexity. The basic principle underlying both views relate to whether markets are efficient. Some research claim that markets exhibit gross inefficiencies and that some (active) managers are able to exploit these inefficiencies. Other researchers argue that the markets are efficient and no one can produce risk adjusted abnormal returns.
A nice summary of the debate is given by Arnott and Darnell (2003),[1] who argue that one can make a case for either active or passive management because it depends on how one views the following assumptions (or beliefs):
1) Are markets efficient or inefficient?
2) Are some managers able to identify inefficiencies in advance?
3) Can investors identify the successful managers in advance?
Trading Guidance
Suppose that you were the Portfolio Manager of Global Invest, an offshore fund that is located in the Island of Hope. The objective of the fund is to outperform the S&P500 index through the implementation of niche strategies and the continuous generation of sound trading ideas.
You have an initial balance of £1000, 000 and margin is available. As a manager of the fund you are responsible for investing according to the policy statement, and the prudent investor rule applies. This means that you need to manage with diligence and care, and it also means that you should be able to provide a reasonable ground and justification for all of your investment decisions.
The set of trading strategies available to you are enormous, and may include among many others momentum strategies, contrarian strategies, investing in low multiple stocks, buying growth stocks at reasonable prices, diversifying into international equity, using option strategies, implement some pair trading strategies, investing in niche industries, purchasing technology stocks, buying companies in high growth economies, using the signals of technical analysis, trading based on fundamental analysis or based on analyst reports, concentrating on small stocks or on alternative investments, or even trading on news (see CNBC news). You may also trade across all assets and markets and using any style. The upshot is that you need to show whether your strategy is working and generating excess returns or not in the current market environment.
This may include showing performance or explaining why you think that these styles will continue to perform well in the future. Articulate your strategy and justification as you may need when you write up your essay.
You have complete freedom on how to invest the funds of the portfolio. The assessment criteria and some further help will be provided in class.
The assessment criteria for grading your reports will be agreed upon in class.
Suggested assessment criteria:
Issue
Distinction
Merit +
Merit
Pass
Fail
Trading Activity
A large number of diversified trading strategies
A medium number of various trading strategies are implemented.
A good number of trading strategies are implemented.
An adequate number of undiversified trading strategies are implemented.
The number of trading strategies is meagre.
Extent of trading analysis and evaluation
A detailed grounds and performance analysis of strategies were provided.
The grounds are provided. However, further minor investigation is still needed.
The grounds are provided. However, further investigations are still needed.
The grounds and is occasionally not provided
Weak or no grounds were provided.
Flow and synthesis of ideas
Near publishable quality
Excellent quality
Good quality
Poor to average quality
No discernable flow or synthesis
Extent of evaluation
Evaluation within assignment rigorous and appropriate.
Good clear evidence of evaluation carried out within assignment.
Evaluation reasonably well carried out
Some attempt at evaluation within assignment.
No attempt at evaluation within assignment
Quality of reasoning
Analytical and clear conclusions that are well grounded in theory and literature, showing development of new concepts.
Good development as shown in summary of arguments based on theory/literature and beginnings of synthesis.
Evidence of findings and conclusions grounded in theory/literature.
Limited evidence of findings and conclusions supported by the literature and theory.
Unsubstantiated/invalid conclusion, based on anecdotes and generalisations only.
Application of criticism and theory
Assignment consistently demonstrates application of theory/critical analysis integrated.
Clear evidence of application of theory/ critical analysis.
Demonstrate applications of theory/ critical analysis to the topic area.
Some evidence of critical thought and rationale for work.
Lack of critical thought/ analysis/reference to theory.
Skill at facilitating discussion
Excellent enabling pacing and summarising of discussion.
Clear evidence of ability to stimulate, facilitate and summarise discussion.
Some ability to stimulate and facilitate discussion or be directive.
Some ability to facilitate discussion but tendency to miss opportunities.
Inability to stimulate/ facilitate discussion.
Clarity and quality of written expression
Clarity of expression excellent. Consistently accurate use of grammar and spelling professional/academic writing style.
Thoughts and ideas clearly expressed. Grammar and spelling accurate with fluent language.
Language mainly fluent. Grammar and spelling mainly accurate and language fluent
Meaning apparent but…. language not always fluent, grammar and spelling still poor.
Purpose and meaning of assignment unclear. Language, grammar and spelling poor.
Understanding of subject
Work shows a well-co-ordinated, grounded and reasoned understanding of topic and its relevance to practice
Consistent understanding demonstrated in a logical, coherent and lucid manner.
Demonstrates understanding in a style which is logical, coherent and flowing.
Attempts a logical and coherent understanding of the subject area.
Fails to demonstrate understanding of the subject/topic area.
Referencing
Referencing clear, relevant and consistently accurate using the Harvard system.
Referencing relevant and mostly accurate using the Harvard system.
Minor inconsistencies and inaccuracies in referencing using the Harvard system.
Referencing present but had inconsistencies and inaccuracies.
Referencing inaccurate or absent.
Choice and use of content and theory
Assignment demonstrates considerable innovation in the handling of content/theory.
Insightful and appropriate selection of content/theory in key areas.
Most key theories included in work in an appropriate manner.
Appropriate selection of content/theory but some key aspects missed/misconstrued.
Inaccurate or inappropriate content/theory.
Use of literature
Has developed own ideas and justified using a wide range of sources of theories and literature which has been thoroughly analysed, applied and tested.
Ability to appraise critically the theory and literature from a variety of courses, developing own ideas in the process.
Clear evidence and application of readings relevant to the subject within the text.
Little or no evidence of reading around the subject.
Evidence of some limited reading around the subject
A note on Plagiarism
The academic community treats plagiarism as a very serious matter. Please be very sure that you are familiar with the University regulations on academic cheating and plagiarism. In particular beware of copying other people’s work and copying out of books and articles. If you do want to reproduce a quotation from a text or article, make absolutely sure that you have clearly attributed the work.
Additional considerations apply to group work. Occasionally, an individual student will find material and inadvertently use it without proper or sufficient acknowledgement of the source. This is plagiarism, which is detailed clearly as an academic offence under the University Assessment Regulations. Where plagiarism occurs in group work, the whole group will suffer a penalty (which is often a zero score for the work in question). It is, therefore, in the interest of each and every member of a group to check each other’s work as carefully as their own, in order to avoid any possibility of plagiarism. The group, therefore, has a ‘corporate responsibility’ to ensure that all work is thoroughly and adequately acknowledged and referenced.
[1]Robert D Arnott and Max Darnell (2003), Active versus Passive Management: Framing the Decision, The Journal of Investing, Vol. 12, pp. 31-36.
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