分类： （三区）注册金融分析师（CFA）资格认证证书考试资料试题

CFALevel3讲义上册：2010年CFA三级培训项目：SS1&2 Code of Ethics and Professional Standards

国际金融专修学院为大型商业银行定制的最新CFA培训项目，内容丰富，PDF 188页

CFA-吴轶手写笔记（PDF版）下载

包括：
Economics 1-10.pdf
Corporate Finance 11-17.pdf
Portfolio Management 18-20.pdf
Financial Statement 21-49.pdf
Equity Valuation 50-62.pdf
Debt Valuation 63-72.pdf
Derivative Investment 73-82.pdf
Quantitative Methods 83-84.pdf

CFA三级写作班讲义-Morning Session写作技巧讲座下载

Essay writing in level 3
Essay writing in CFA level 3
Introduction to essay writing
Individual IPS writing
Institution IPS writing
Beyond the IPS writing
Part 1
Part 2
Part 3
Part 4
Conclusions

Introduction to essay writing
Topic Area Weights for
the CFA Exam for
Level Ⅲ
Asset
Classes
(23%-35%)
Part 3
Ethical and Professional Standards
GIPS
Part 2
Fixed Income Analysis
Equity Investments
Alternative Investments
Derivative Investments
Risk Management
Part 1
Behavioral Finance
Individual Portfolio IPS
Institutional Portfolio IPS
Asset Allocation
Execution
Monitoring & rebalancing
Evaluation & attribution
Portfolio
Management and
Wealth Planning
(55%-65%)
Ethical and
Professional
Standards (total)

Investor 2’s IPS – 8
3. Tax
They held a large portion of low basis stock…
Rebalancing the portfolio will create a tax liability
Their tax treatments of income and capital are different, so they prefer …to …
4. Regulations
The …need a legal counsel to create a trust to …
Post retirement, they are still firm’s insider, they need follow the disclosure requirement
5. Unique
As the property will be donated, so it is not included in the total asset base
The … say they do not want to invest in …
The …want to donate … to local charity
Investment constraints …

CFA三级原版书（非划线版）（共6本教材扫描PDF）

CFA 3级 第1本.pdf
CFA 3级 第2本.pdf
CFA 3级 第3本.pdf
CFA 3级 第4本.pdf
CFA 第三级 第五本.pdf
CFA 3级 第6本.pdf

CFA二级原版教材（共六本，原书扫描）

2010 CFA level 2 study notes book（共5本，原书扫描）

CFA三级Notes–2010 cfa level 3 study notes book

book0~book5，共6本书，影印版！

CFA三级全景班讲义Fixed Income Analysis–pdf下载

Benchmark & Bond Index

Bond Portfolio Benchmark
1.Using Bond Index as benchmark
Agree with the market forecast
Passive management
A superior ability to forecast or identify the under-value securities
Active management
2.Using Liabilities as benchmark
Against a single liability
Against a set of liabilities

Bond Indexing Strategy 1
1.Increasing active management
2.Increasing expected return
3.Increasing tracking error
Pure Indexing Full-blown active management
Active managing
Tracking error
Expected return

Bond Indexing Strategy 2
1.Pure bond indexing
Difficult and costly
2.Enhanced indexing by matching primary risk factors
Sampling
3.Enhanced indexing by small risk factors mismatches
Tilting
4.Active management by larger risk factors mismatches
5.Full-blown active management
Advantages:
Related to the index
Tracking and Restrictions
Fees and returns
Disadvantages:
Risk
Cost
Tracking error

Early Retirement Structures 1 – Callable Bond
Negative convexity
Under-perform when the rates fall
Early Retirement Structures 2 – Sinking Funds
Just like a kind of call
Sell in discount
In discount, when the rates fall, the price has the potential to increase
Not fall as much when the rates rise, due to repurchase each year
Early Retirement Structures 3 – Put-able Bond
When there is a strong belief that rates will rise, the put-able bond can be
considered

CFA三级基础班讲义SS11-12 Equity Investments & SS13 Alternative Investments–pdf下载

1. The role of the equity portfolio
Equities are a substantial portion of the investment universe, and US
equity typically constitutes about half of the world equities.
In the US, institutional investors hold about 60 % of their portfolio in
equities. In Europe, the percentage is closer to 20%.
US and in other countries indicates that equities have been a good inflation
hedge.
There are some important qualifiers, however.
First, because corporate income and capital gains tax rates are not
indexed to inflation, inflation can reduce the stock investor’s return,
unless this effect was priced into the stock when the investor bought it.
Second, the ability of an individual stock to hedge inflation will depend
on its industry and competitive position. The greater the competition,
the less likely the firm will be able to pass inflation on to its consumers,
and its stock will be a less effective hedge·
Examined the historical record in 17 countries from 1900—2005, equities
have had consistently positive real returns. Equities have also had higher
real returns than bonds in all 17 countries.

3. Passive equity investing
Index vs. weighting
There are 3 weighting choices:
Price weighted;
Value weighted; and
Equal weighted.
Price weighted
Each stock in the index is weighted according to its absolute share
price;
The performance of index represents the performance of a portfolio
that simply bought and held one share of each index component.
It is biased towards the highest-priced share.

3. Passive equity investing
Value weighted
Each stock is weighted according to its market cap;
the performance of a portfolio that owns all the outstanding shares of
each index component.
Float-weighted
Involves adjustment of market cap weights for each issue’s
floating supply of shares – the shares outstanding that are
actually available to investors;
The performance of portfolio that busy and holds all the shares of
index component available for trading;
It’s the gold benchmark;
It is biased towards the shares with the largest market capitalizations,
large and mature companies or overvalued companies.
A value weighted index may be:
Concentrated on relatively few issues and;
Less diversified

CFA三级基础班Asset Allocation–pdf下载

Framework of Reading 26 Asset
Allocation
1. 资产分配种类
2. 资产分配的重要性
3. 资产分配的分类
4. 资产分配过程—确定投资目标
5. 资产分配的具体方法–均值-方差法
6. Selected extensions to MV Approach
7. 资产分配的具体方法–重新抽样有效边界法
8. 资产分配的具体方法– Black-Litterman法
9. Strategic allocation
10.Tactical asset allocation

资产分配种类
战略性资产分配（Strategic Asset Allocation）
战略性资产分配是从资本市场预期出发，在综合投资者投资目标、投资偏好和
投资限制后，根据投资者负债特性，依据收益/风险最大化原则（Efficient
Frontier）所产生的投资资产在不同投资品种上的分配。战略性资产分配所制
定的是长期资产分配目标，是静态的管理分配
其次是战术性资产分配（Tactic Asset Allocation）
战术性资产分配是指在战略性资产分配的范围内，根据现实市场收益/风险情
况以及负债现金流所作出的中短期资金分配。战术性资产分配是基于短期资本
市场预期所作出的不同于战略性资产的分配，是动态的分配管理
其三则是证券选择（Security Selection）
战略性资产分配层面包括资产负债匹配管理、制定公司中长期投资策略、资产
分配策略和风险控制策略；战术性资产分配层面具体涉及到每个帐户的投资组
合管理；证券选择层面包括对具体投资品种的研究和操作，涉及到银行存款、
债券、基金和回购。阶段性的战略性资产审阅、持续的战术性资产分配和相应
的证券选择就组成了资产组合分配完整而动态的循环

资产分配的重要性
1. To provide discipline, that is, to maintain focus on objectives
and constraints.
2. Well established empirically.
One study shows that 94 % of the variability of total portfolio
returns is explained by the strategic asset allocation .
Another study shows that more than 100% of the long-term
performance of a portfolio is explained by its strategic asset
allocation .
These results suggest that the returns to market timing and
security selection ( tactical allocation ) are minimal at best
and at worst insufficient to cover the associated operating
expenses and trading costs .