CFA level3, 레벨3 [공통과정] 1 Asset Allocation (전과목 보유)

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• 1. Capital Market Expectations (CME)

  포트폴리오 관리 프로세스에서 자본 시장 기대의 역할과 프레임워크에 대해 논의합니다. 자산 클래스 수익률에 대한 예측 오류가 존재하지만 포트폴리오는 내부적으로 일관성이 있어야 합니다. 이를 위해 횡단면 일관성과 시간에 따른 일관성이 필요합니다. CME 수립 단계에는 필요한 CME와 시간 horizon 결정, 과거 성과에 영향을 준 요인 파악, 평가 모델 식별, 최선의 데이터/정보 수집, 현재 투자 여건 해석 및 입력값 결정, CME 수립, 성과 모니터링 및 피드백 등이 포함됩니다.

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• 1. Capital Market Expectations (CME)

  Capital Market Expectations (CME) refer to the anticipated returns, risks, and other characteristics of various asset classes and investment opportunities within the capital markets. These expectations play a crucial role in investment decision-making, portfolio construction, and asset allocation strategies. CME encompasses a wide range of factors, including economic growth projections, inflation forecasts, interest rate outlooks, and the anticipated performance of different asset classes such as stocks, bonds, real estate, and alternative investments. Accurately forecasting CME is a complex and challenging task, as it requires a deep understanding of macroeconomic trends, market dynamics, and the interplay of various financial and economic variables. Factors such as geopolitical events, monetary policy decisions, technological advancements, and changing consumer preferences can all influence capital market expectations and the subsequent investment landscape. Investors, financial advisors, and institutional asset managers rely on CME to make informed decisions about their investment strategies, risk management, and asset allocation. By aligning their expectations with the anticipated performance of different asset classes, they can optimize their portfolios to achieve their financial goals, whether it's generating consistent returns, preserving capital, or diversifying risk. However, it's important to note that CME are not infallible, and actual market performance may deviate from expectations due to unforeseen events or the inherent unpredictability of financial markets. Investors should approach CME with a critical eye, continuously monitor market conditions, and be prepared to adapt their strategies as necessary to navigate the ever-changing investment landscape.