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156 - Investment Planning (4) Because this is a relative measure, the Sharpe index must be used to compare alternative investments Note: In comparing, bigger is better (5) If the portfolio is fully diversi ed (all nonsystematic risk has been eliminated), then the Sharpe index should yield similar results for a comparison of several investments as the Treynor index (6) The Sharpe ratio is calculated as rp rf Si s where rp is the portfolio rate of return, rf is the risk-free rate of return, and is the standard deviation of the portfolio B Treynor ratio (1) Relative measure of the risk-adjusted performance of a portfolio based on the market risk (ie, the systematic risk); therefore, use with diversi ed portfolios (2) Risk is measured by the beta coef cient ( ) (3) If the portfolio is fully diversi ed (all nonsystematic risk has been eliminated), then both indices (Sharpe and Treynor) should yield the same results, because diversi cation will eliminate all unsystematic risk from the portfolio (4) Because this is a relative measure, the Treynor index must be used to compare alternative investments In comparing, if the Ti 0, that is good; if < 0, that is no good (5) The Treynor index should be computed for the market to determine whether a particular portfolio has outperformed the market The results do not indicate by how much each portfolio outperformed the market (6) The Treynor ratio is calculated as beta where rp is the realized return of the portfolio and rf is the risk-free rate of return C Jensen ratio (1) Alpha, , is an absolute measure of performance and measures how well a managed portfolio performed relative to an unmanaged portfolio of equal risk (2) It determines how much the realized return differs from the required return The following formula is used to nd alpha: = rp [rf + (rm rf) beta] (3) In the equation, the (referred to as alpha) value indicates whether a portfolio manager is superior or inferior in market timing and stock selection A positive alpha indicates a superior manager, and a negative alpha indicates an inferior manager (4) Example: Assume a return of 15 percent with a beta of 12 for manager X when the market return is 143 percent and the risk-free rate is 7 percent The alpha is expressed as (a) = 015 [007 + (0143 007)12] = 00076 (b) This indicates inferior performance because it is negative If portfolio manager Y earns a return of 125 percent with a beta of 07, then the alpha is expressed as = 0125 [007 + (0143 007)07] = 00039 (c) This indicates superior performance because it is positive The absolute return for manager X is higher, but the risk-adjusted return for manager Y is greater, denoting Ti rp rf.

Incidentally, the issue of not allowing non-constant global data in DLLs highlights another difference between the behavior of Windows emulator builds and builds for target hardware The emulator can use underlying Windows DLL mechanisms to provide per-process DLL data If you do inadvertently use non-constant global data in your code, it will go undetected on emulator builds and will only fail when building for target hardware Symbian OS DLLs must not contain writable global or static data The only global data which may be used are constants, either of the built-in types or of classes with no constructor

In many ways, Sarbanes-Oxley matters are no different from IT as usual ; all the things that IT will do to become Sarbanes-Oxley compliant are really things the department should have been doing anyway The Sarbanes-Oxley compliance effort is an opportunity to get systems in place to streamline organizational processes, as well as to simplify and streamline reporting mechanisms Of US companies, 80 percent already have 80 percent of the technology they need to achieve Sarbanes-Oxley compliance

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he impact of the Sarbanes-Oxley Act on IT can be arrived at logically through the process of ripple-effect reasoning: Sarbanes-Oxley affects the CEO and CFO directly, as they must certify the authenticity and accuracy of certain documents, both financial and other This certification responsibility, in turn, affects the corporate finance, governance, and knowledge management systems that support the CEO and the CFO in generating those documents This, in turn, affects the technology infrastructure that, to a large extent, encapsulates and automates the finance, governance, and knowledge management systems The design and operation of a technology infrastructure are the responsibility of the IT department, which is headed up by a CIO and/or CTO

Topic 46: Portfolio Management and Measurement Concepts - 157 superior performance Manager Y not only outperformed manager X but also outperformed the market return on a risk-adjusted basis In the example, portfolio X performed 076 percent less than the market, whereas portfolio Y performed 039 percent better than the market 4 Investment policy statement A An investment policy statement (IPS) creates a structure for making investment decisions and managing the investor s portfolio (1) Establishes risk and return objectives (2) Determines constraints time horizon, tax consequences, liquidity needs, regulations, and unique client needs (3) Establishes a standard of agreed-upon goals and other criteria against which investment performance can be measured (4) Reduces professional liability exposure by documenting that prudent procedures were followed in making investment decisions B An IPS should be created for each individual client 5 Appropriate benchmarks Performance measurements of a portfolio are from the perspective of the entire portfolio s composition or from security classes and segments of the portfolio It is appropriate to compare a large cap growth fund against the Standard & Poor s (S&P) 500 Index It would not be appropriate to compare a small cap fund against the S&P 500 Index Planners should make a careful analysis to determine the appropriate benchmark(s) when tracking the return for a portfolio 6 Dollar- versus time-weighted rate of return A Dollar-weighted rate of return It applies the concept of internal rate of return (IRR) to investment portfolios The dollar-weighted rate of return is de ned as the internal rate of return of a portfolio, taking into account all cash in ows and out ows (1) Example: Assume an investor buys one share of stock for $50 at the beginning of the rst year, and buys another share for $55 at the end of the rst year The investor earns $1 in dividends in the rst year and $2 in the second year What is the dollar-weighted rate of return if the shares are sold at the end of the second year for $65 each (2) Step 1 There are two cash out ows: $50 at time period t = 0 and $55 at time period t = 1 There are also two cash in ows: $1 at time period t = 1 and $132 ($2 dividends plus $130 proceeds) at time period t = 2 (3) Step 2 Group net cash ow by time The t = 0 net cash ow is 50, the t = 1 net cash ow is 54 ( $55 + 1), and the t = 2 net cash ow is $132 ($130 + $2) The net cash ows can be entered on the calculator to solve the IRR (4) 50[CF0]; 54[CFj]; 132 [CFj] [IRR] = 1721% B Time-weighted rate of return This method does not weigh the amount of all dollar ows during each time period It computes the return for each period and takes the average of the results It nds the holding period for each period and averages them If the investment is for more than one year, take the geometric mean of the annual returns to nd the timeweighted rate of return for the measurement period Looking back at the previous example: Holding period 1 Holding period 2 The geometric return ($55 $50 + $1) $50 = 12% ($130 $110 + $2) $110 = 20% [(112)(120)]1/2 1 = 159%.