Module P4.4 Risks | CFAVID

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2025 CFA Level 3 Class

Asset Allocation

Module 1.1 Formulating Capital Market Expectations (30:08)
Module 1.2 The Trend Rate of Growth (23:44)
Module 1.3 The Business Cycle (23:57)
Module 1.4 Monetary and Fiscal Policy (27:53)
Module 2.1 Forecasting Fixed Income Returns (23:48)
Module 2.2 Emerging Market Bond Risk (11:38)
Module 2.3 Forecasting Equity Returns (9:10)
Module 2.4 The Risk Premium Approach (21:21)
Module 2.5 Forecasting Real Estate Returns (21:03)
Module 2.6 Exchange Rate Forecasting (21:48)
Module 2.7 Volatility Forecasting (26:23)
Module 2.8 Global Portfolio Adjustments (11:02)
Module 3.1 Investment Governance (7:06)
Module 3.2 Economic Balance Sheet (4:59)
Module 3.3 Approaches to Asset Allocation (12:50)
Module 3.4 Allocation by Asset Class or Risk Factor (16:56)
Module 3.5 Example- Strategic Asset Allocation (9:52)
Module 3.6 Other Approaches and Issues (10:17)
Module 4.1 Basic Mean-Variance Optimization (24:26)
Module 4.2 Reverse Optimization, Black-Litterman, Resampling, and Other Approaches (12:11)
Module 4.3 Example (11:31)
Module 4.4 Issues for Individuals (12:23)
Module 4.5 A Risk Budgeting Approach (21:43)
Module 4.6 An ALM Approach (16:50)
Module 4.7 Goals-Based and Miscellaneous Approaches (22:34)
Module 4.8 Rebalancing Policy (22:00)
Module 5.1 Real World Issues (24:55)
Module 5.2 Adjusting the Strategic Asset Allocation (20:14)
Module 5.3 Behavioral Issues (15:31)

Porfolio Construction

Module 6.1 Equity Investment Roles (20:35)
Module 6.2 Portfolio Income and Costs, Shareholder Engagement, Passive-Active Management (17:43)
Module 6.3 Benchmark Selection (14:37)
Module 7.1 Role of Fixed Income (42:36)
Module 7.2 Modeling Return (11:01)
Module 7.3 Leverage and Tax Issues (20:18)
Module 7.4 LDI and Managing Interest Rate Risk (24:07)
Module 8.1 Role of Alternative Investments and Defining the Investment Opportunity Set (12:29)
Module 8.2 Considerations in Allocating to Alternative Investments (13:30)
Module 8.3 Suitability, Approaches, Liquidity, and Monitoring in Allocating to Alternative Investments (15:15)
Module 9.1 Wealth Across the World (24:55)
Module 9.2 Life-Cycle View of Human Capital (13:52)
Module 9.3 Individual Investor Considerations (17:13)
Module 9.5 Individual Investors and Investment Policy Statements (17:21)
Module 10.1 Overview of Institutional Investors (29:10)
Module 10.2 Pension Funds (32:02)
Module 10.3 Sovereign Wealth Funds (21:03)
Module 10.4 University Endowments and Private Foundations (31:33)
Module 10.5 Banks and Insurers (37:28)
Module 10.6 Banks and Insurers_ Balance Sheet Management and Investment Considerations (13:57)
Module 11.1 Explicit and Implicit Trading Costs (24:00)
Module 11.2 Electronic Trading Systems (12:01)
Module 11.3 Characteristics and Uses of Electronic Trading Systems (15:41)
Module 11.4 Risks and Surveillance of Electronic Trading Systems (11:19)
Module 12.1 Financial Risks Faced by Institutional Investors (56:46)
Module 12.2 Enterprise Risk Management (37:00)
Module 12.3 Environmental and Social Risks Faced by Institutional Investors (35:31)
Module 12.4 Case Study (63:35)

Performance Measurement

Module 13.1 Performance Evaluation (22:00)
Module 13.2 Return Attribution (85:10)
Module 13.3 Benchmarking Investments and Managers (19:54)
Module 13.4 Performance Appraisal (19:42)
Module 14.1 Manager Selection Process (31:12)
Module 14.2 Approaches to Manager Analysis (20:46)
Module 14.3 Evaluating Managers (48:04)
Module 14.4 Manager Contracts and Fees (20:23)
Module 15.1 GIPS Overview (32:47)
Module 15.2 Compliance Fundamentals (19:33)
Module 15.3 Return Calculations (37:01)
Module 15.4 Composites (48:18)
Module 15.5 GIPS Presentation and Reporting (29:18)
Module 15.6 The Valuation Hierarchy (9:40)
Module 15.7 GIPS Verification (22:42)

Derivatives and Risk Management

Module 16.1 Options Basics—Value at Expiration and Profit at Expiration (36:43)
Module 16.2 Synthetic Positions Using Options (17:40)
Module 16.3 Covered Calls (16:36)
Module 16.4 Protective Puts (6:10)
Module 16.5 Options as a Hedge of a Short Position (6:33)
Module 16.6 Collars (5:04)
Module 16.7 Straddles (7:07)
Module 16.8 Spreads (27:04)
Module 16.9 Delta and Gamma (32:24)
Module 16.10 Theta and Vega (12:35)
Module 16.11 Volatility Skew and Smile (11:32)
Module 16.12 Applications (24:01)
Module 17.1 Managing Interest Rate Risk—Interest Rate Swaps, Forward Rate Agreement, and Interest Rate Futures (98:56)
Module 17.2 Managing Currency Exposure (33:25)
Module 17.3 Managing Equity Risk (33:18)
Module 17.4 Derivatives on Volatility (46:43)
Module 17.5 Uses of Derivatives in Portfolio Management (65:50)
Module 18.1 Managing Currency Exposure (38:07)
Module 18.2 Active Strategies- Fundamentals and Technical Analysis (8:48)
Module 18.3 Active Strategies - Carry and Volatility Trading (23:35)
Module 18.4 Implementation and Forwards (15:01)
Module 18.5 Implementation and Options (33:07)
Module 18.6 More Advanced Implementation Issues (27:18)

Ethical and Professional Standards

Module 19.1 Code and Standards (23:14)
Module 20.1 Guidance for Standards I(A) and I(B) (14:34)
Module 20.2 Guidance for Standards I(C), I(D), and I(E) (9:58)
Module 20.3 Guidance for Standard II (9:35)
Module 20.5 Guidance for Standards III(C), III(D), and III(E) (15:40)
Module 20.4 Guidance for Standards III(A) and III(B) (12:37)
Module 20.6 Guidance for Standard IV (13:11)
Module 20.7 Guidance for Standard V (13:06)
Module 20.8 Guidance for Standard VI (9:51)
Module 20.9 Guidance for Standard VII (8:45)
Module 21.1 Cases (75:12)
Module 22.1 The Asset Manager Code (11:30)

Porfolio Management

Module P1.1 Factor-Based Strategies (13:32)
Module P1.2 Approaches to Index-Based Investing (12:05)
Module P1.3 Tracking Error, Return, and Risk (7:48)
Module P2.1 Fundamental vs. Quantitative Approaches (11:02)
Module P2.2 Types of Active Management Strategies (10:50)
Module P2.3 Other Strategies (13:08)
Module P2.4 Equity Investment Style Classification (7:32)
Module P3.1 Building Blocks of Active Equity Portfolio Construction (12:35)
Module P3.2 Active Share and Active Risk (6:08)
Module P3.3 Allocating the Risk Budget (15:26)
Module P3.4 Implicit Cost-Related Considerations in Portfolio Construction (6:01)
Module P3.5 The Well-Constructed Portfolio (12:56)
Module P4.1 Strategies for Managing Liabilities (32:54)
Module P4.2 Managing a Duration Gap (24:09)
Module P4.3 Advanced Strategies (25:03)
Module P4.4 Risks (5:47)
Module P4.5 Index-Based Investing (17:08)
Module P5.1 Yield Curve Dynamics, Trades for a Static Yield Curve (51:09)
Module P5.2 Trades for a Dynamic Yield Curve (33:12)
Module P5.3 Yield Curve Volatility Strategies, Key Rate Duration (32:57)
Module P5.4 Active Management Across Currencies, Evaluating Yield Curve Strategies (54:06)
Module P6.1 Credit Risk and Credit Spread (24:08)
Module P6.2 Credit Spread Measures (65:40)
Module P6.3 Bottom-Up and Top-Down Credit Strategies (32:23)
Module P6.4 Liquidity and Tail Risk (18:43)
Module P6.5 Credit Default Swaps and Synthetic Strategies (58:21)
Module P6.6 Global Credit Strategies, Structured Credit, and Fixed-Income Analytics (15:02)
Module P7.1 Trade Motivations (31:38)
Module P7.2 Reference Price Benchmarks for Trade Execution (14:21)
Module P7.3 Trade Execution and Strategy Implementation (34:29)
Module P7.4 Trade Cost Measurement (42:08)
Module P7.5 Evaluating Trade Execution (27:20)
Module P8.1 Managing Liquidity Risk (28:12)
Module P8.2 Addressing Liquidity Needs (80:35)
Module P8.3 Modifying Asset Allocation (24:59)

Private Wealth

Module W1.1 Business Models of Private Wealth Management Service Providers (20:04)
Module W1.2 Fee, Revenue, and Compensation Structures (21:15)
Module W1.3 Support for Private Wealth Managers and Clients, and Regulatory Issues (16:30)
Module W2.1 Family and Human Dynamics (33:38)
Module W2.2 Client Profiling and Segmentation (22:18)
Module W2.3 Ultra-High-Net-Worth Clients (24:58)
Module W2.4 Family Governance (12:40)
Module W3.1 Goals-Based Planning (34:41)
Module W3.2 Comprehensive Wealth Planning for Private Clients (16:02)
Module W3.3 Taxation (32:57)
Module W3.4 Liquidity and Cash Flow Planning (29:04)
Module W4.1 Asset Allocation
Module W4.2 Tax Management (21:03)
Module W4.3 Retirement (21:27)
Module W4.4 Performance Evaluation and Attribution (25:11)
Module W5.1 Risks Affecting Human Capital (30:46)
Module W5.2 Risk Management Strategies (39:14)
Module W5.3 Managing Inflation (20:05)
Module W5.4 Exchange Rate Risk and Mitigation Strategies (5:37)
Module W6.1 Multijurisdictional Families (18:50)
Module W6.2 Complex Families (22:33)
Module W6.3 Entrepreneurs and Businessowners (37:50)
Module W6.4 Professionals, Executives, and Others (39:55)
Module W7.1 Transferring Wealth via Gifts (38:44)
Module W7.2 Transferring Wealth- Bequests and Inheritances (23:27)
Module W7.3 Philanthropy and Charities (19:30)

Private Market

Module M1.2 Private Investments- Methods, Structures, and Uses (9:12)
Module M1.1 Comparing Private vs. Public Investments and Markets (16:47)
Module M1.3 Investment Performance and Return Metrics (23:58)
Module M1.4 Risk and Return for Private and Public Markets (7:24)
Module M2.1 General Partner Roles and Responsibilities (20:25)
Module M2.2 Investor (LP) Perspectives, Fees, and Performance Measurement (74:24)
Module M2.3 Private Investment Selection and Value Creation (32:49)
Module M2.4 Due Diligence and Strategy Execution (9:36)
Module M2.5 Private Investment Exit Strategies (12:22)
Module M3.1 Private Equity Strategies (7:56)
Module M3.2 Venture Capital and Growth Equity (15:50)
Module M3.3 Buyout Equity (7:19)
Module M3.4 Private Equity Valuation, Risk, and Return (64:38)
Module M4.1 Private Debt Strategies (15:08)
Module M4.2 Leveraged Loans, High-Yield Bonds, and Convertible Bonds (38:08)
Module M4.3 Mezzanine and Unitranche Debt (8:38)
Module M4.4 Private Debt Profiles, Valuation, Risk, and Return (12:34)
Module M5.1 Special Investment Situations and General Features of Financial Distress (65:44)
Module M5.2 Special Investment Situations Risks and Due Diligence (17:25)
Module M6.1 Real Estate Investment Features (31:21)
Module M6.2 Value Drivers and Due Diligence (39:49)
Module M6.3 Other Real Estate and Risk-Return Drivers of Real Estate (24:39)
Module M7.1 Infrastructure Investment Features (24:58)
Module M7.2 Infrastructure Investment Structures (4:53)
Module M7.3 Infrastructure Investment Process (38:54)
Module M7.4 Infrastructure Investment Due Diligence and Valuation (18:21)
Module M7.5 Infrastructure Risk and Return (5:31)

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Module P4.4 Risks

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