Checking date: 28/04/2020

Course: 2019/2020

Advanced portfolio management
Study: Master in Finance (261)

Coordinating teacher: MARIN VIGUERAS, JOSE MARIA

Department assigned to the subject: Department of Business Administration

Type: Electives
ECTS Credits: 3.0 ECTS


Students are expected to have completed
Target Audience: This course is adequated for any student in the MSc in Finance. Course Language: This course is totally taught in English. The courses of Financial Markets (First Term) and Investment (Second Term) should have been completed previously. The empirical exercises will be done using Excel. Professors: - Bruno Bodega (MBA, CFA, Credit Investor) - Francisco Silvela (Managing Director, Acquisitions & Strategy at Drago Capital)
Competences and skills that will be acquired and learning results.
This course is included in the "materia or area": INVESTMENT GENERAL COMPETENCES associated to INVESTMENT: Students will achieve the ability to answer new problems, using a large amount of information. They will learn how work in unstable situations, being part of a team or individually. They will also promote their ability of leadership. Class participation is highly encouraged. SPECIFIC COMPETENCES and LEARNING RESULTS: Students will get familiar with an array of asset classes and strategies in Alternative Investments from practitioners. The aim of the program is to critically think about investments, assessing the risk-return profile and pricing credit and real estate assets from a practical perspective. - Course Description The first part of the course focuses in Hedge Funds and their investment strategies. The second part focuses on investment process inefficiencies derived from behavioural finance. The third part is devoted to Real Estate, and introduction to its different asset classes and valuation techniques.
Description of contents: programme
PART 1: HEDGE FUNDS 1- Liquid strategies - Macro Hedge Funds 2- Liquid strategies - Event Driven Hedge Funds 3- Illiquid strategies - Private Debt (performing) 4- Illiquid strategies - Distressed & Special Situations (non-performing) PART II: BEHAVIORAL FINANCE PART III: REAL STATE 1- Introduction to Real Estate 2- Main players in the Real Estate industry -Corporates/REITs -Private Equity -Financing -Appraisers -Agents 3- Real Estate. Asset Classes -Residential -Office -Logistic -Retail 4- Real Estate Investment Strategies -Core -Value Add -Opportunistic -Development 5- Real Estate Financial Reporting -P&L Items -Key BS items 6- Real Estate: An approach to valuation -Key drivers -Key investment criteria 7- Real Estate Investment in Public Markets -Whats a REIT- Introduction to SOCIMIs -Listed market references (Dividend Yield/NAV Growth)
Learning activities and methodology
The first half of a given session will be lecture driven. The second half will be either a case discussion or a financial modelling workshop. They will work with CAIA Questions. Students will get familiar and produce financial models. They will work on selected empirical cases with real data. Students will work in teams on take hope assigments, learning to collaborate and organize the different roles in the team.
Assessment System
  • % end-of-term-examination 60
  • % of continuous assessment (assigments, laboratory, practicals...) 40
Basic Bibliography
  • CAIA Association, Hossein Kazemi, Keith H. Black, Donald R. Chambers. Alternative Investments: CAIA Level II. Wiley. 2016
  • Bodie, Kane and Marcus. Investment. McGraw Hill. 2009
  • Donald R. Chambers, Mark J. P. Anson, , Keith H. Black, Hossein Kazemi. Alternative Investments: CAIA Level I. Wiley. 2015
  • Lo, A,W. Hedge Funds: An Analytic Perspective. Princeton University Press, . 2009

The course syllabus and the academic weekly planning may change due academic events or other reasons.