This is one complex assignment, need finance major writer.
This is a team project, I only need to do the analysis data part, this is the easiest part, write at least 1000 words count.
Data numbers are come from the excel chart, need only use the excel numbers for this assignment.
(Portfolio Management) You are a fund manager in an investment company that operates a US equity fund. The fund aims to approximately track the market portfolio but to add value through active management applied to a small selection of stocks. You have decided to focus on the following stocks: Pfizer (PFE), Verizon (VZ), General Electric (GE), Walt Disney (DIS) and Microsoft (MSFT). Construct an optimal active portfolio of these five stocks using information that was available to you one year ago. Your views about the future performance of the five stocks should be based on recent past stock price performance up to the portfolio construction date (you might, for example, take a ‘momentum’ view that stocks that have done well in the recent past are likely to continue to do well, and vice versa). Evaluate the performance of the active portfolio over the subsequent year and compare it to the performance of (a) the tangency portfolio of the five stocks, and (b) the market value weighted portfolio of the five stocks. (Note that the relative performance of the active portfolio will not affect your mark for the assignment).
Notes on Completing the Assignment • You should write your results up into a report of no more than 4,000 words, excluding tables, figures, references and equations. • You should use the following structure for your report: Title page; Introduction; Data; Method; Results; Conclusion; References. You should NOT include appendices. • You should aim to add value over what we did during the practical classes. This can be achieved by, for example, (a) applying other relevant techniques that we might have covered in the lecture, or are covered by the course textbook, but not used during the practical class, (b) critically interpreting your results, (c) discussing the limitations of your approach (the model, the data and/or the theory) and how it could be improved, (d) discussing the rationale for the assumptions you have made about key parameters of the model, (e) sensible application of sensitivity analyses with well thought out (and justified) parameter ranges. Ultimately, your results are used as an input into a decision making process. You have to be able to convince someone why they should base their decision (perhaps the decision to invest millions of dollars) on your results. • You should supply enough information in your report so that it can be replicated exactly. This means that you should precisely define your data, sample period, methodology etc. • Your report should be professionally presented. You could assume that it will be read by the senior management of the company, and so it needs to be neat, properly structured, and clearly and concisely written. This is an important skill in practice. Many investment banks and fund management companies offer sample research reports on their websites, and you can use one or more of these to help you decide how to present your own assignment. You should make creative use of properly annotated tables and charts. Look at any Journal of Finance paper to see how to properly present a table of results. Do not include Excel screen prints. Also, you do not need to describe the specific steps you took in Excel or the functions used. • Your report should also follow the School’s guidelines on referencing, citation and avoidingplagiarism, which can be found at http://intranet.exeter.ac.uk/businessschool/studen… • You do not need to submit the Excel workbook with your calculations, only the report itself • The course lecturers are unable to offer further advice about how to complete the assignment or how to present it.
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