CORPFIN 7019 - Advanced Funds Management (M)
North Terrace Campus - Semester 1 - 2021
General Course Information
Course Code CORPFIN 7019 Course Advanced Funds Management (M) Coordinating Unit Adelaide Business School Term Semester 1 Level Postgraduate Coursework Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange Y Prerequisites CORPFIN 7039 and CORPFIN 7040 Course Description This course is an in-depth study of Mutual Funds: the theory behind them, construction techniques, asset classes employed and its management. Asset classes examined will primarily be Equities and Fixed Income Securities. However non-core asset classes (Commodities, Real Estate), and Equities and Fixed Income Securities from the Developed and Developing markets, and Alternative Investments will also be examined. Course participants will revisit and enhance their knowledge of the theoretical foundations of asset pricing, market efficiency and the Modern Portfolio Theory (MPT). Students will then be exposed to the managed funds industry and be required to apply their theoretical knowledge to understand the process of developing, managing and evaluating these investment vehicles. Students will learn various strategies to evaluate a selection of Australian/US Mutual Funds, and understand issues that impact Funds' performance in achieving investment objectives.
Course Coordinator: Dr Syed Zamin Ali
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesOn successful completion of this course, students will be able to:
1. Demonstrate understanding of the Modern Portfolio Theory and the Mean-Variance Framework.
2. Analyse Core Asset classes (Australian Equities and Fixed Income Securities) based on their characteristics and performance over economic and business cycles.
3. Compare and evaluate Active and Passive investment strategies, and associated issues, benefits and costs.
4. Evaluate both quantitatively and qualitatively a selection of US Equity and Fixed Income Securities Mutual Funds
University Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Deep discipline knowledge
- informed and infused by cutting edge research, scaffolded throughout their program of studies
- acquired from personal interaction with research active educators, from year 1
- accredited or validated against national or international standards (for relevant programs)
1 Critical thinking and problem solving
- steeped in research methods and rigor
- based on empirical evidence and the scientific approach to knowledge development
- demonstrated through appropriate and relevant assessment
2, 3 and 4 Teamwork and communication skills
- developed from, with, and via the SGDE
- honed through assessment and practice throughout the program of studies
- encouraged and valued in all aspects of learning
3 and 4 Career and leadership readiness
- technology savvy
- professional and, where relevant, fully accredited
- forward thinking and well informed
- tested and validated by work based experiences
3 and 4 Intercultural and ethical competency
- adept at operating in other cultures
- comfortable with different nationalities and social contexts
- able to determine and contribute to desirable social outcomes
- demonstrated by study abroad or with an understanding of indigenous knowledges
4 Self-awareness and emotional intelligence
- a capacity for self-reflection and a willingness to engage in self-appraisal
- open to objective and constructive feedback from supervisors and peers
- able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
The course will use Mutual Funds:Portfolio Structures, Analysis, Management and Stewardship by John A. Haslem as the main textbook for the course. Students are not required to buy this textbook as this textbook is available from the library in e format.
The course will also use sections from:
Multi-Asset Investing : A Practical Guide to Modern Portfolio Management by Yoram Lustig, Publisher by Harriman House. Students are not required to buy this textbook as this textbook is available from the library in e format.
Other reference material will be provided.
Recommended ResourcesStudents are encouraged to stay abreast of global financial issues. The Australian Financial Review and finance commentary on the ABC Australia, Bloomberg and CNBC networks are excellent sources of current financial news and should be referred to on a regular basis. The internet is also abundantly populated with all aspects of this course, and should be used as well.Refinitive (previously Thomson Reuters) Eikon database and Morningstar (US version) will be used to access capital market data, including mutual funds' data.
Online LearningThis course will utilize the online learning environment in a variety of ways.
All lectures will be made available at the begining of the week. Tutorial refordings will be provided at the end of the week. Fortnightly online tutorial quizzes (starting in week 4) will help students check their undersatnding of the course material. Two tests will also be held online.
Please feel free to use emails for personal issues and they will be answered in 2 working days. You will be asked to post course related questions on the discussion board and everyone is encouraged to join the discussion. These discussions are extremely useful and will help everyone in the course. For any urgent matter, please contact the lecturer-in-charge (firstname.lastname@example.org) and a zoom meeting can be arranged to discuss.
Learning & Teaching Activities
Learning & Teaching ModesThe approach in this course is to first establish the theoretical foundations and then to build upon these to understand real-world issues. This will be done through lectures, tutorials, assignment, test, and examination.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This means that you are expected to commit approximately 9 hours for a three-unit course of private study outside of your regular classes.
Students in this course are expected to attend all lectures throughout the semester plus one tutorial class each week. If a student is unable to attend a lecture, it is the student's responsibility to watch the lecture recording prior to attending the tutorial. The student must allocate at least 2 hours for this activity on a weekly basis.
Learning Activities SummaryWeek 1: Introduction + How Financial Markets Work (Haslem Chapter 5)
Week 2: Active vs Passive Investing (Haslem Chapter 6)
Week 3: Efficient Markets and Mutual Fund Investing: The Advantage of Index Funds (Haslem Chapter 7)
Week 4: Asset Allocation (Haslem Chapters 8) + Modern Portfolio Theory (TBA)
Week 5: The Morningstar Approach to Mutual Fund Analysis - Part 1 (Haslem Chapter 9)
Week 6: The Morningstar Approach to Mutual Fund Analysis - Part 2 (Haslem Chapter 10)
Week 7: Portfolio Attribution Analaysis (Lustig Chapters 30 and 31)
Week 8: Building a Portfolio of Mutual Funds (Haslem Chapter 11)
Week 9:Alternative Investments (TBA)
Week 10: Mutual Funds: Nature, Regulations and Costs – Part 1 (Haslem Chapters 1 and 2
Week 11: Mutual Funds: Nature, Regulations and Costs – Part 2 (Haslem Chapters 3 and 4)
Week 12: Review
Specific Course RequirementsThis course draws upon previous knowledge from three courses: Equity Valuation Analysis (M), Fixed Income Securities (M) and Quantitative Methods (M). Students may need to review these courses if they have scored only a "Pass" in any one of these courses.
This course has also a specific Embedded Research component. The postgraduate Finance coursework program requires the inclusion of an Embedded Research component, a piece of research that the student works on over 4 courses. Equity Valuation (M) and Fixed Income Securities (M) research will lead to a research project for this course. Embedded reseach will be part of a group assignments that will be completed in groups of 4 students (fewer than 4 students can form a group but there will be no concessions in the scope of the assignment), and no groups can have more than 4 students. Group assignments allow students to be able to create a solution to an assigned problem and test their solution using quantitative and qualitative methodologies. It is expected that each member of a group will be able to leverage of their own particular expertise as well as that of the other members in the group. Groups will be created by the students themselves and groups may discuss their assignment by making appointment with the lecturer-in-charge.
This course is a single pass course. Successful completion of this course will require students to keep up to date with the assigned material. This means that students should have had browsed the assigned chapter and the PowerPoint presentation for that topic (details of each topic are avilable in MyUni) prior to attending the lecture. Students should review the lecture recordings and get better understanding by reading the assigned chapter after the lecture to prepare for the tutorial. It is expected that students would have prepared the tutorial questions prior to attending their assigned tutorial class. This will allow students to have a deeper understanding of the topic and have a healthy discussion in the tutorial class.
Finally, this course will include students to be able to access historical capital market data using Refinitive (previously Thomson Reuters) Eikon database for their assignment.
Small Group Discovery ExperienceThis course does not have SGDE
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment Task Weighting Due Date Course Learning Outcome 5 x Quizzes 2% each = 10% weeks 4-12 1-4 2 x Online Test 15% each = 30% week 5 and 10 1-4 Group Assignment 30% week 9 2-4 Online Final Examination 30% Exam period 3 and 4 Total 100%
Assessment Related RequirementsThe approach in this course is to first establish the theoretical foundations and then to build upon these to understand portfolio construction, implementation and management for a group of investors. This will be done through lectures, tutorials, a test, a group assignment, and a final examination. Tests and Final/Replacement examination will be closed book (no reference material allowed). Assessments from previous semester(s) cannot be redeemed.
This course will feature a group assignment based on the Embedded Research, and will require the ability to access the Refinitive (previously Thomson Reuters) Eikon Databse.
Assessment DetailThe assessment components are as follows:
• (30%) Test 1 and Test 2: 1 hour MCQ (Multiple Choice Question) test.
• (30%) Assignment: Group assignment.
• (10%) Quizzes [weeks 4, 6, 8, 10 and12]
• (30%) Online Final/Replacement Exam:
SubmissionFurther details will be provided on MyUni.
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending
Further details of the grades/results can be obtained from Examinations.
Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.
Final results for this course will be made available through Access Adelaide.
The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.
SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
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