### 金融代写|利率理论代写portfolio theory代考|FNCE463

statistics-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|利率理论代写portfolio theory代考|Asset Allocation and Asset Class Portfolio Responsibilities

The job of a portfolio manager is to help clients meet their wealth accumulation and spending needs. Many clients expect to preserve the real value of the original principal and spend only the real return. Some have well-defined cash inflows and outflows. Virtually all clients want their portfolio managers to maximize the value of their savings and protect from falling short of their needs.

The asset allocation problem requires portfolio managers to select the weights of asset classes, such as equities, bonds, and cash, through time to meet their clients’ monetary needs. Asset allocation determines a large portion of the level and pattern of investment performance. The remainder is determined by the individual asset class vehicle(s) and their underlying holdings. The goals of asset allocation are to manage variability, provide for cash flow needs, and generate asset growth-in other words, risk and return, either absolute or relative to a target or benchmark. Clients are diversified in most situations by holding investments in several reasonably uncorrelated assets. Derivative instruments may help with this process. Asset allocation may also be a source of excess performance, with the portfolio manager actively adjusting weights to take advantage of perceived under- and overvaluations in the market.
Many portfolio managers do not make asset allocation decisions. Instead, they are hired to run a pool of money in a single asset class, or style within an asset class. They may have a narrowly defined benchmark and limited latitude to select securities outside of a prespecified universe-such as a small-cap value manager or distressed-high-yield-bond manager. In most cases, the strategy or style is independent of clients-the portfolio manager follows his or her investment process regardless of clients’ broader wealth and spending needs. In fewer cases, portfolios are customized to clients’ needs. For example, immunized fixed income portfolios involve customized duration matching and equity completeness funds are customized to provide dynamic, specialized sector and style characteristics.

## 金融代写|利率理论代写portfolio theory代考|Representative Investment Problems

Client relationships are typically defined by formal documents with stated investment objectives that include return goals, income needs, and risk parameters. Objectives and related guidelines are determined by the client type and individual situation and preferences.

More and more individual investors are seeking the support of professional portfolio managers. Retail mutual funds began growing rapidly in the bull market of the 1980s. There are now more mutual funds than stocks on the New York Stock Exchange, and hundreds of Exchange-Traded Funds (ETFs), all directed by portfolio managers. In many cases these managers are charged with individual asset class management, although the number of hybrid funds, requiring management of asset class weights, has grown rapidly since 2009. Currently popular horizon-based funds, which ended 2017 with $\$ 1.1$trillion in assets, are made up of multiple asset classes whose weights change through time in a prespecified fashion. Such funds require two levels of allocation-one determining the asset class weights and the other the fund or security weights within the individual asset classes. The high-net-worth business has grown rapidly, with the level of service tied to client asset levels. Clients with more than$\$5$ million in assets typically receive face-toface advice on asset allocation and manager selection that is supplemented by other money-related services. Smaller clients receive a lower level of service through online questionnaires and phone conversations.

A defined benefit (DB) pension plan represents a pool of money set aside by a company, government institution, or union to pay workers a stipend in retirement determined by prespecified wage-based formulas. A DB plan is characterized by a schedule of forecast future cash flows whose shape is determined by the sponsor’s employee demographics. The present value of this stream of payments, or liability, varies with interest rates. A portfolio manager’s goal is to set both asset allocation and funding policies to meet these cash flow needs at the lowest possible cost and lowest risk of falling short of the required outflows. Plans frequently hire pension consultants ${ }^{6}$ to help them with in-house asset allocation, or in some cases hire external DB asset allocation managers. Accounting standards require U.S. corporations to include on their financial statements the effect of changes in liability present values relative to changes in the market values of the assets held to offset them. This requires close management of the relationship between assets and liabilities, and many companies are replacing their DB plans with alternative forms of employee retirement programs to avoid the inherent risk.

## 有限元方法代写

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。