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Summary Investment_Manager_Selection
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Investment_Manager_Selection
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Level III – Trading, Performance Evaluation, and Manager SelectionInvestment Manager Selection
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, Contents and Introduction
1. Introduction
2. A Framework for Investment Does a manager display skill?
Manager Search and Selection
What is the likelihood that the manager
3. Quantitative Elements of Manager will continue to display skill in the future?
Search and Selection
4. Qualitative Elements of Manager
Due Diligence
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, 2. A Framework for Investment Manager Search and Selection
Universe Qualitative Analysis
What is the feasible set of managers that fit the
portfolio need? Investment due diligence
• Suitability Which manager “best” fits the portfolio need?
• Style Is the manager expected to continue to generate this return
• Active vs. passive distribution?
• Philosophy
• Process
• People
• Portfolio
Quantitative Analysis Operational due diligence
What has been the manager’s return distribution? Is the manager’s track record accurate, and does it fully reflect risks?
• Attribution and Appraisal • Process and procedure
• Capture ratio • Firm
• Drawdown • Investment vehicle
• Terms
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• Monitoring
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