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The economics of active management

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巴黎高等商业研究学院（HEC Paris ）和安盛（AXA）的投资经理们讲授的课程：如何在不断变化的世界中进行投资管理

巴黎高等商学院

4.5（373 個評分） | 24K 名學生已註冊

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Have you ever wanted to invest in financial markets, but were always afraid that you didn’t have the proper tools or knowledge to make informed decisions? Have you ever wondered how investment management companies operate and what fund managers do? AXA Investment Managers, in partnership with HEC Paris, will introduce you to the most important ideas and concepts in investment management, to help you better understand your financial future. This course will enable you to: • Define what type of investor you are, your investment objectives, and potential constraints. • Identify the main investable assets and important players in financial markets. • Understand basic portfolio management techniques. • Apply these techniques in real case studies from the outset, through practical assessments. Finally, we will provide a comprehensive overview of today's asset management industry: the product cycles, professionals, and regulations. For those who want to identify a talented fund manager to invest for you, we offer important criteria for selecting one. For those who are interested in learning more about this fascinating industry, we lay the foundation for your ongoing financial journey. Join us now to explore the world of investment management! Course Specialists The course has been developed in collaboration between HEC Paris, with Hugues Langlois managing the academic aspect, and AXA Investment Managers specialists, sharing their experiences and expertise and coordinated by Marion Le Morhedec. AXA Investment Managers participants include Maxime Alimi, Stephanie Condra, Nicholas Jeans, Elodie Laugel, Pierre-François de Mont-Serrat, Jean-Gabriel Pierre (AXA Group), Dorothée Sauloup, Irina Topa-Serry, Fiona Southall, Patrice Viot Coster, Susanna Warner, and Joachim Weitgasser. Recommended Background We expect most participants to have a basic level of knowledge in mathematics and economics. However this is not essential, and we believe that people from any background can succeed with commitment and a strong interest. Be aware that in the case study, you will have to use Excel. Course Format This course will run for 4 weeks and consists of 4 modules, each with a series of lecture videos between 5 to 8 minutes long. Each module contains a set of practice and graded quiz questions. A complete portfolio management exercise covers concepts learned in all modules Language The course is in English, with Spanish, Italian, German, French, and Chinese (Simplified) subtitles. The Project The preparation of this MOOC has been an exciting adventure for many professionals at AXA Investment Managers and HEC, both for the speakers and a wealth of contributors. Thank you to all of them. We hope you enjoy this course as much as we enjoyed creating it!

您將學習的技能

Investment Management, Portfolio Theories, Financial Markets, Asset Management

審閱

4.5（373 個評分）

5 stars
265 ratings
4 stars
72 ratings
3 stars
21 ratings
2 stars
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1 star
8 ratings

TH

Mar 19, 2018

Great course that explain the fundementals of Investment Management, teaches you how to analyze. It is necessary to understand the world of Asset management.

DA

May 29, 2016

Nice brief lectures with good market applications.\n\nThe lectures were relevant to real market places examples.\n\nKeep it up HEC Paris.\n\nShaban

從本節課中

Exploring Specific Portfolio Management Techniques

We take in this module a closer look at investment strategies. We start by examining both quantitative active and qualitative strategies, and understanding their respective benefits. In the second lesson, we will learn how to apply these strategies in real life, including how to translate a strategies into transactions. We finish by examining extreme events in financial markets during which investment strategies were challenged.

Introduction to Module 30:52

The economics of active management8:11

Active management: quantitative approach8:28

Active management: discretionary approach10:43

Investment management decisions8:40

教學方

Hugues Langlois
Assistant Professor of Finance
Marion Le Morhedec
Senior Fund manager

[MUSIC]

Welcome to the third module of this course.

The first lesson examines different methods in active management.

Then we will discuss other issues that impact the way we can implement investment

strategies and practice, namely the impact of trading costs and

the impact of extreme events.

We begin our discussion by comparing passive management to active management

and understanding what it takes to be a successful active investor.

In the second module,

we saw that the simplest asset pricing model was the capital asset pricing model,

in which the only risk factor is the market portfolio that contains all assets.

While we now know that there are other risk factors that matter and

that some temporary mispricings may exist,

the market factor has a special place in finance and in investment management.

Here's why.

The aggregate portfolio of all investors is the market factor,

the central piece of the capital asset pricing model.

We collectively own the market and our collective

performance is therefore equal to the performance of the market portfolio.

The market is divided into two types of investors, passive and active.

Passive investors hold a portfolio that mimics the market portfolio.

That is, they place the same proportion in each asset

as their proportion in the market portfolio.

Passive investing does not cost much.

You do not have to do any research on different companies

to make a decision on your allocation.

All you have to do is to replicate the market's allocation.

Plenty of low cost index funds and exchange traded funds do exactly this.

By construction, the aggregate performance of passive investors

will be that of the market portfolio.

The second type of investors are active.

Being an active investor means that you adopt a portfolio allocation that is

different from the market portfolio.

A different allocation can be adopted by overweighting or

underweighting a stock because you believe it is mispriced, by buying a risk factor

other than the market portfolio because you believe it will perform well, or both.

If all investor's collective portfolio is the market portfolio and

passive investors as a group hold the same allocation as the market, then

necessarily active investors as a group hold the same allocation as the market.

If you overweight the stock in your portfolio relative to its weight in

the market, then at least one other active investor underweights it in his portfolio.

That brings us to our first important fact about active management.

Active investors cannot collectively outperform the market.

If the aggregate performance of all investors is equal to the market

portfolio, and the aggregate performance of all passive investors

is equal to the market portfolio, then necessarily the aggregate performance of

all active investors is equal to the market portfolio.

If you outperform the market by overweighting a stock in your portfolio,

then necessarily another investor underperforms the market.

For every winner there is a loser.

If we put all fees aside for

a moment, active management is what economists call a zero-sum game.

In reality, things are a bit more complex.

There are costs involved in acquiring information about different companies,

predicting the economic landscape, or even selecting and

hiring a talented fund manager.

Therefore, when you consider costs and fees,

active management becomes a negative sum game.

When you take a specific bet on one or many stocks,

outperforming the market means that another active investor underperforms.

But it also means that both of your performances are reduced by costs.

To be a successful investor, it is not enough to add expertise,

a good understanding of investments and of financial markets, and good information.

Your expertise, understanding and

information need to be good enough to consistently beat other investors and

cover the cost of acquiring this expertise and information.

Similarly, if you hire an active professional fund manager to do it on your

behalf, then he needs to be good enough to consistently beat the market and

cover his fees.

Bottom line, if you want to be active and successful in the long run,

then you need to have a special expertise and competitive edge.

But let's be clear on one point though.

The negative sum game argument does not say that

active investors don't create value, it's quite the opposite.

Active investors, by gathering information about different investments in order to

make proper allocation decisions, choose how capital is allocated in a society.

Efficient capital allocation is crucial to economic development

because it determines which projects get funded and at what cost.

And that contributes to improving our standards of living.

The economics of active management only says that active managers as a group

cannot outperform the market, and that once costs are taken into account,

active management is a negative-sum game.

The goal here is to understand the difficulties faced

when you decide to be an active investor.

We need some investors to be active, do research,

work hard to find information, and form opinions about different companies

such that asset prices can form in the market.

But the poor performance of the average active individual investor and

of the average professional active fund manager

points to the fact that it is hard for many to outperform on a consistent basis.

You may well decide that you are better off investing in passively managed

index funds, given the low fees that they charge.

Otherwise, you need to clearly identify your expertise and

competitive edge to become a successful active investor.

In all cases you need to carefully consider the costs and

benefits of your investment style.

So let's wrap up with one question.

Which of the following is true?

A, passive investments are necessarily better because they have lower fees.

B, actively managed funds are necessarily better because they use more information.

C, active managers that outperform the market are better

at using their expertise and lowering costs.

Or D, passive investments are necessarily worse because you end up

buying good as well as bad investments.

The answer is C.

Good active investors have special skills and

expertise given the amount of cost in their strategies.

If you are interested by active management strategies,

then I invite you to continue with us.

The next video describes a quantitative active management approach,

sometimes also referred to as a systematic approach.

Then we examine discretionary active management.

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