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CFA LEVEL 3 EBOOK - 2
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CFA LEVEL 3 EBOOK - 2
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,Contents1. Learning Outcome Statements (LOS)
2. Reading 10: Capital Market Expectations, Part 1: Framework and Macro
Considerations
1. Exam Focus
2. Module 10.1: Formulating Capital Market Expectations
3. Module 10.2: The Trend Rate of Growth
4. Module 10.3: The Business Cycle
5. Module 10.4: Monetary and Fiscal Policy
6. Key Concepts
7. Answer Key for Module Quizzes
3. Reading 11: Capital Market Expectations, Part 2: Forecasting Asset Class Returns
1. Exam Focus
2. Module 11.1: Forecasting Fixed Income Returns
3. Module 11.2: Emerging Market Bond Risk
4. Module 11.3: Forecasting Equity Returns
5. Module 11.4: The Risk Premium Approach
6. Module 11.5: Forecasting Real Estate Returns
7. Module 11.6: Exchange Rate Forecasting
8. Module 11.7: Volatility Forecasting
9. Module 11.8: Global Portfolio Adjustments
10. Key Concepts
11. Answer Key for Module Quizzes
4. Topic Assessment: Capital Market Expectations
5. Topic Assessment Answers: Capital Market Expectations
6. Reading 12: Overview of Asset Allocation
1. Exam Focus
2. Module 12.1: Investment Governance
3. Module 12.2: Economic Balance Sheet
4. Module 12.3: Approaches to Asset Allocation
5. Module 12.4: Allocation by Asset Class or Risk Factor
6. Module 12.5: Example: Strategic Asset Allocation
7. Module 12.6: Other Approaches and Issues
8. Key Concepts
9. Answer Key for Module Quizzes
7. Reading 13: Principles of Asset Allocation
1. Exam Focus
2. Module 13.1: Basic Mean-Variance Optimization
3. Module 13.2: Reverse Optimization, Black Litterman, Resampling, and Other
Approaches
4. Module 13.3: Example
5. Module 13.4: Issues for Individuals
6. Module 13.5: A Risk Budgeting Approach
7. Module 13.6: An ALM Approach
8. Module 13.7: Goals-Based and Miscellaneous Approaches
9. Module 13.8: Rebalancing Policy
10. Key Concepts
11. Answer Key for Module Quizzes
, 8. Reading 14: Asset Allocation With Real-World Constraints
1. Exam Focus
2. Module 14.1: Real World Issues
3. Module 14.2: Adjusting the Strategic Asset Allocation
4. Module 14.3: Behavioral Issues
5. Key Concepts
6. Answer Key for Module Quizzes
9. Topic Assessment: Asset Allocation
10. Topic Assessment Answers: Asset Allocation
11. Reading 15: Option Strategies
1. Exam Focus
2. Module 15.1: Options Basics—Value at Expiration and Profit at Expiration
3. Module 15.2: Synthetic Positions Using Options
4. Module 15.3: Covered Calls
5. Module 15.4: Protective Puts
6. Module 15.5: Options as a Hedge of a Short Position
7. Module 15.6: Collars
8. Module 15.7: Straddles
9. Module 15.8: Spreads
10. Module 15.9: Delta and Gamma
11. Module 15.10: Theta and Vega
12. Module 15.11: Volatility Skew and Smile
13. Module 15.12: Applications
14. Key Concepts
15. Answer Key for Module Quizzes
12. Reading 16: Swaps, Forwards, and Futures Strategies
1. Exam Focus
2. Module 16.1: Managing Interest Rate Risk—Interest Rate Swaps, Forward Rate
Agreement, and Interest Rate Futures
3. Module 16.2: Managing Currency Exposure
4. Module 16.3: Managing Equity Risk
5. Module 16.4: Derivatives on Volatility
6. Module 16.5: Uses of Derivatives in Portfolio Management
7. Key Concepts
8. Answer Key for Module Quizzes
13. Reading 17: Currency Management: An Introduction
1. Exam Focus
2. Module 17.1: Managing Currency Exposure
3. Module 17.2: Active Strategies: Fundamentals and Technical Analysis
4. Module 17.3: Active Strategies: Carry and Volatility Trading
5. Module 17.4: Implementation and Forwards
6. Module 17.5: Implementation and Options
7. Module 17.6: More Advanced Implementation Issues
8. Key Concepts
9. Answer Key for Module Quizzes
14. Topic Assessment: Derivatives and Currency Management
15. Topic Assessment Answers: Derivatives and Currency Management
16. Formulas
17. Copyright
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