学习笔记 - CFA 权益

本节主要简介权益相关的概念：分类，return，risk，cost

协会是认可Passive investing越来越流行：

Active equity portfolio managers who focus on individual security selection have long been unsuccessful at beating benchmarks and have charged high management fees to their end investors

一些零散的小知识：

inflation is typically a lagging indicator of the business cycle, while equity prices are often a leading indicator

a risk-averse and conservative investor may prefer some exposure to well-established companies with strong and stable cash flow that pay meaningful dividends

a growth-oriented investor with an aggressive risk tolerance may prefer small or large growth-oriented companies

为满足投资者的 Unique circumstances（如 ESG），有几种approach：

negative screening (or exclusionary screening)：excluding certain sectors or companies that deviate from accepted standards in such areas as human rights or environmental concerns

positive screening or best-in-class approaches：attempt to identify companies or sectors that score most favorably with regard to ESG-related risks and/or opportunities

Thematic investing：focuses on investing in companies within a specific sector or following a specific theme, such as energy efficiency or climate change

Impact investing：is a related approach that seeks to achieve targeted social or environmental objectives along with measurable financial returns through engagement with a company or by direct investment in projects or companies

equity的分类：

（1）按style分

value, growth, or a " combination of value and growth (typically termed “blend” or “core”) "

（2）按经济活动分

market-oriented approach

the Global Industry Classification Standard (GICS)

production-oriented approach

the Industrial Classification Benchmark (ICB)

the Thomson Reuters Business Classification (TRBC)

the Russell Global Sectors Classification (RGS)

明确了融券是有抵押贷款的一种

securities lending—a form of collateralized lending

the transaction is generally known as stock lending and the securities are generally known as stock loans

fees charged to the client in addition to management fees：

Custody fees，Depository fees，Registration fees

trading cost包括：

Bid–offer spread

Market impact (also called price impact)

Delay costs (also called slippage)

对于融券业务，borrowers must pay fees on shares borrowed

deep value strategies 是一种 active investing approaches are more likely to “provide liquidity” to the market（后面章节会细讲）

Activist Investing：

Hedge funds are among the most common activists

include meetings with management as well as shareholder resolutions, letters to management, presentations to other investors, and media campaigns

stock lending：会导致 voting rights are transferred to the borrower

empty voting：borrow shares explicitly to exercise the voting rights attached, whereby no capital is invested in the voted shares

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