7) Beleggingsleer - meten van portefeuilleperformantie
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Course
Beleggingsleer
Institution
Katholieke Universiteit Leuven (KU Leuven)
Book
Investments
Dit document bevat samengevoegde notities van 2 studenten bij de 7e powerpoint van het gedeelte 'Vastrentende instrumenten, derivaten en actief portefeuillebeheer' van het vak Beleggingsleer aan de KU Leuven, dat gegeven wordt door Prof. dr. Nico Dewaelheyns.
,Actief portefeuillebeheer
Xenophon, De Economist, (4de eeuw v. Chr.):
dialoog tussen Socrates en Critobulus
Soc.: Tell me, Critobulus, is "economy," like the words "medicine," "carpentry,"
"building," "smithying," "metal-working," and so forth, the name of a particular kind of
knowledge or science?
Crit.: Yes, I think so.
Soc.: And as, in the case of the arts just named, we can state the proper work or
function of each, can we (similarly) state the proper work and function of economy?
Crit.: It must, I should think, be the business of the good economist at any rate to
manage his own house or estate well.
Soc.: And supposing another man's house to be entrusted to him, he would be able, if
he chose, to manage it as skilfully as his own, would he not? Since a man who is skilled
in carpentry can work as well for another as for himself: and this ought to be equally true
of the good economist?
Beleggingsleer
Meten van portefeuilleperformantie 2
,Actief portefeuillebeheer
Crit. Yes, I think so, Socrates.
Soc. Then there is no reason why a proficient in this art, even if he does not happen to
possess wealth of his own, should not be paid a salary for managing a house, just as he
might be paid for building one?
Crit. None at all: and a large salary he would be entitled to earn if, after paying the
necessary expenses of the estate entrusted to him, he can create a surplus and improve
the property.
Soc. Well! and this word "house," what are we to understand by it? The domicile merely?
Or are we to include all a man's possessions outside the actual dwelling-place?
Crit. Certainly, in my opinion at any rate, everything which a man has got, even though
some portion of it may lie in another part of the world from that in which he lives, forms
part of his estate.
Beleggingsleer
Meten van portefeuilleperformantie 3
, Meten van performantie
• Actief portefeuillebeheer resulteert per definitie in portefeuilles
die afwijken van de marktportefeuille
→ andere returns, ander risico
→ meten van performance
• Vanuit standpunt beleggers:
o evalueren of fondsen het goed of slecht hebben gedaan
o is geleverde performance de betaalde vergoeding waard?
• Vanuit standpunt asset management instellingen:
o Wat is de performantie van individuele managers geweest (bonussen)?
o Hoe is de return van onze portefeuilles gerealiseerd?
Beleggingsleer
Meten van portefeuilleperformantie 4
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