CORPFIN 7019 - Advanced Funds Management (M)

North Terrace Campus - Semester 2 - 2020

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.

  • General Course Information
    Course Details
    Course Code CORPFIN 7019
    Course Advanced Funds Management (M)
    Coordinating Unit Adelaide Business School
    Term Semester 2
    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
    Assessment Exam/assignments/test/tutorial work as prescribed at first lecture
    Course Staff

    Course Coordinator: Dr Syed Zamin Ali

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes
    On successful completion of this course, students will be able to:

    1. Explain 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)
    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
    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
  • Learning Resources
    Required Resources

    The course will require 2 textbooks.

    The first is:
    Running Money: Professional Portfolio Management
    by Stewart, S. D., Prios, C. D., and J. C. Heisler, 1st Edition, published by McGraw-Hill

    The publisher has provided the following links if you wish to purchase a copy:
    You can also obtain this textbook through second hand re-sellers.

    The second textbook is:
    Mutual Funds:Portfolio Structures, Analysis, Management and Stewardship
    by John A. Haslem.

    This textbook is available from the library in e format.

    Recommended Resources
    Students 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.

    Usage of Refinitive (previously Thomson Reuters) Eikon database to access capital market data, icluding mutual funds' data.
    Online Learning
    This course will utilize the online learning environment in a variety of ways.

    All lectures and tutorial recordings will be made available at the begining of the week. Students can clarify any issues during the tutroials as well as by posting their questions on the Discussion Board. Discussion Board will be the primary source of online interface between students and the academic staff. All questions will be answered within 2 working days. We had tremendous success in using the Discussion Board last semester and students felt that it helped them in their assignments, test and examination preparation.

    Fortnightly online tutorial quizzes (starting in week 4) will help students check their undersatnding of the course material. Two tests and the final/replacement examinations 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 ( and a zoom meeting can be arranged to discuss.

    Lecture material such as presentation, articles, tutorial questions and lecture/tutorial recording will be available on MyUni. Brief tutorial answers will also be made available in the week following the tutorial.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    The 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 or 13 hours for a four-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.
    Learning Activities Summary
    Week 1: Introduction - The Investment Management Process (Stewart et. al. Chapter 6)

    Week 2: Core Asset Class 1 - Equities (Stewart et. al. Chapter 7)

    Week 3: Core Asset Class 2 – Fixed Income Securities (Stewart et., al. Chapter 9)

    Week 4: Core Asset Classes in more detail - Sectors, Styles and Capitalisation (Stewart et. al. Chapters 7 and 9)

    Week 5: The Morningstar Approach to Mutual Fund Analysis (Haslem Chapters 9 and 10) and (Stewart et. al. Chapter 13)

    Week 6: The Modern Portfolio Theory (MPT) and Asset Allocation methodologies (Haslem Chapters 7 and 8) and (Stewart et. al. Chapter 3)

    Week 7: Building a Portfolio of Mutual Funds (Haslem Chapter 11)

    Week 8: Portfolio Management through Time (Stewart et. al. Chapters 6 and 12)

    Week 9: Non-Core Asset Classes and Alternative Investments (Stewart et. al. Chapter 11)

    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 Requirements
    This 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 a group assignments that will be completed in groups of 3 students (fewer than 3 students can form a group but there will be no concessions in the scope of the  assignment), and no groups can have more than 3 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 with tutors during assignment consultation by making appointments.

    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 power point presentation for that topic (Details of each topic is 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 tuitorial class. This will allow students to have a deeper understanding of the topic and have a healthy discussion in the tutorial class. Brief tutorial answers will also be made available in the week following the tutorial week.This course includes a group assignment.

    Finally, this course will include students to be able to access historical capital market data using Thomson Reuters Eikon database for their
    Small Group Discovery Experience
    This course does not have SGDE
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    Assessment Due Weighting Weeks covered Learning Outcomes
    Tutorial Quiz 1(Online MCQ) Week 4 2% 1 and 2 2
    Tutorial Quiz 2(Online MCQ) Week 6 2% 3 and 4 2
    Tutorial Quiz 3(Online MCQ) Week 8 2% 5 and 6 1, 3 and 4
    Tutorial Quiz 4(Online MCQ) Week 10 2% 7 and 8 1 and 3
    Tutorial Quiz 5(Online MCQ) Week 12 2% 9 and 10 3 and 4
    Test 1 (Online MCQ) Week 6 (Lecture Time) 15% 1 to 3 2
    Test 2 (Online MCQ) Week 11 (Lecture Time) 15% 6 to 8 1 and 3
    Group Assignment  Week 8  30% 1 to 5 2, 3 and 4
    Final Examination During Examination period 30% All 1, 2, 3 and 4
    Assessment Related Requirements
    The 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 Thomson Reuters Eikon Databse.
    Assessment Detail
    The assessment components are as follows:

    · (15%) Test 1: 1 hour MCQ (Multiple Choice Questions) online test (as per schedule). 

    · (15%) Test 2: 1 hour MCQ (Multiple Choice Questions) online test (as per schedule).

    · (10%) 5 x Tutorial Quizzes (as per schedule).

    - (30%) Group Assignment (as per schedule).

    · (30%) Final/Replacement Exam: as per examination schedule.
    Further details will be provided on MyUni.
    Course Grading

    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.

  • Student Feedback

    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 ( 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.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.