From to , Yoram was Head of Multi-Asset Funds at Aviva Investors, leading the multi-asset team and managing a range of multi-billion, multi-asset portfolios. From to he was head of portfolio construction at Merrill Lynch, responsible for managing multi-asset discretionary portfolios. Yoram began his career in as a lawyer, specialising in corporate, financial and commercial law. He had studied Electrical Engineering for two years in the Technion - Israel Institute of Technology prior to his military service.
Yoram is the author of the book Multi-Asset Investing: A practical guide to modern portfolio management Harriman House, More Details. Multi-asset investing has gained popularity in recent years and some have questioned whether it is here to stay or just a passing fad. Multi-asset portfolios are everywhere, they always have been and they are here to stay.
Multi-asset portfolios are the past, present and future of investment management and they are certainly not a passing fad, as much as investing itself is not. Multi-asset investing is managing portfolios that include investments in more than a single asset class. There is no definitive definition of an asset class, but broadly it is a group of investments that share similar risk and return characteristics, perform similarly in certain market environments, respond similarly to financial events, and are subject to similar legal and regulatory definitions.
Equities, bonds and cash are examples of traditional asset classes. A relatively simple multi-asset portfolio may invest in equities and bonds in a fixed target allocation; for example, 60 per cent domestic equities and 40 per cent government bonds.
Such portfolios are commonly referred to as a balanced fund. A complex multi-asset portfolio may invest in a range of globally diversified asset classes, use multiple investment vehicles, managed by different portfolio managers, include strategic and tactical asset allocations, and utilise derivatives, with all activities dynamically managed.
This is commonly called a multi-asset fund. A proper multi-asset portfolio is truly diversified across a range of asset classes, asset allocation is dynamically managed to position the portfolio to current market conditions and investment selection covers the full spectrum of investment choices. Multi-asset investing has moved a long way from the traditional, equity-bond mix. Beating an index is not part of any investor? Multi-asset investing should be linked to the real investment needs or objectives.
The activities of managing multi-asset portfolios include top-down asset allocation, bottom-up investment selection, portfolio construction to put everything together, and implementation, as well as risk management and performance reporting.
These activities are typically more complicated for a multi-asset portfolio than they are for a single asset class, long-only portfolio. Multi-asset portfolios tend to invest globally rather than solely domestically. Multi-asset portfolios typically invest across multiple countries and multiple currencies, while they normally have a single base currency. This introduces additional complexities of cross-border investing, across different timezones and currencies.
Multi-asset investing covers many investment disciplines. It is markedly different to managing an active, single asset class portfolio, the objective of which is outperforming an index or a peer group sector. When an equity portfolio manager aims to outperform an index, the main activities are selecting favourable securities, ensuring that the portfolio is different from the benchmark and trying to outperform it within the risk parameters and investment constraints.
A multi-asset portfolio manager, however, often focuses on asset allocation and selecting the managers who select securities, rather than the securities themselves. The risk objectives can combine various parameters and the return objective can be more than outperforming a benchmark.
Multi-asset investing is clarifying and stipulating the investment objectives and combining different activities with the aim of meeting these objectives.
CGMINER ETHEREUM WINDOWS 10
Implementing a solution: Turning the investment strategy into a portfolio using short-term tactical asset allocation, investment selection and risk management. This section includes examples of investment strategies. Reviewing: Evaluating the performance of a portfolio by examining results, risk, portfolio positioning and the economic environment.
By dividing the multi-asset investment process into these well-defined stages, Yoram Lustig guides the reader through the various decisions that have to be made and actions that have to be taken. He builds carefully from defining investment objectives, formulating an investment strategy and the steps of selecting investments, leading to constructing and managing multi-asset portfolios.
At each stage the considerations and strategies to be undertaken are detailed, and the description of the process is supported with relevant financial theory as well as practical, real-life examples. From to , Yoram was Head of Multi-Asset Funds at Aviva Investors, leading the multi-asset team and managing a range of multi-billion, multi-asset portfolios. From to he was head of portfolio construction at Merrill Lynch, responsible for managing multi-asset discretionary portfolios.
This section includes examples of investment strategies. Reviewing: Evaluating the performance of a portfolio by examining results, risk, portfolio positioning and the economic environment. By dividing the multi-asset investment process into these well-defined stages, Yoram Lustig guides the reader through the various decisions that have to be made and actions that have to be taken.
He builds carefully from defining investment objectives, formulating an investment strategy and the steps of selecting investments, leading to constructing and managing multi-asset portfolios. At each stage the considerations and strategies to be undertaken are detailed, and the description of the process is supported with relevant financial theory as well as practical, real-life examples.
