Module Outline

Programme : THE NUS MBA

Module Code : BMA 5309
Module Title : Fund Management
Class Date : From 22/6/2020 To 1/8/2020
Semester : Special Term 2, Academic Year 2019/2020
Faculty : Professor Aaron Low, PhD
Department : Finance
Email : bizlowa@nus.edu.sg, aaron.low@lumenadvisors.com
URL : https://bschool.nus.edu.sg/Portals/0/images/mba/docs/CV_AaronLow.pdf
Telephone : 91088555

Overview
This course is an extension of the introductory Investment Analysis module. Our primary focus will be on real
world investment concepts and practices used in the industry and will leverage on theory and concepts that
have been taught in prior Finance courses. There is no substitute for experience in investing and we will
discuss issues that are commonplace in the investment industry and current issues. In particular we will
emphasize equity type investing, bond type investing and hedge fund type strategies. While there is no one
identical or universal style of management across all investment firms, we will engage in mainstream
similarities and fundamentals that are applied in most asset managers today, whether they are stocks,
bonds, hedge funds, or institutional or retail managers.

The primary mode of engagement is through class lectures but we will be dealing with a varied number of
case studies. You are strongly encouraged to read the text chapters in advance and have meaningful
discussions in class. While the text is a reference point, we will not be relying too much on it. Supplementary
readings are a must and will be provided on the IVLE. Case discussions will be led by students on a group
basis.

You are expected to keep yourself updated on market developments. We will be able to spend a bit of time
discussing key market issues as they arise over the weeks or major events prior to the class. There will be a
class investment project where you should work in teams and build and construct your portfolios. You
should immediately start to get familiar with the StockTrak system which will be used for this class
investment project.

Module Objectives
The overall objective is to gain an insight into the operations and concepts of investment management
beyond the nuts and bolts. We will seek to understand how money managers function in the investment of
funds from the inception of money inflow to the final performance of returns. Our main focus will be on the
following topics.
1. Understanding the Investment Process and Investment Objectives of Investors
2. Formulating Asset Allocation based on Macroeconomics and Business Cycles
3. Asset Allocation Strategies; Smart Betas & Factor Investing;
4. Equity Portfolio Management
5. Bond Portfolio Management
6. Hedge Fund Management
7. Behavioural patterns in Investment and Fund Management

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Assessment
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Assessment Components Weightage

1. StockTrak Project: 40%
2. Class Participation: 10%
3. Mid Term Quiz 10%
4. Final Quiz 40%

Schedule and Outline

Lesson/ Date Session

Week (lesson summary or outline / learning objectives / preparation / cases & assignments /
follow-up readings & resources)
1 27 Jun 2020 Session 1-2: Modern Portfolio Theory & APT Factor Models
2 4 Jul 2020 Session 3-4: Asset Allocation
3 11 Jul 2020 Session 5-6: Equity Portfolio Management / Mid Term Quiz
4 18 Jul 2020 Session 7-8: Fixed Income Portfolio Management
5 25 Jul 2020 Session 9-10: Hedge Fund Portfolio Management
6 1 Aug 2020 Session 11-12: Behavioral Investing / Final Quiz / ST Presentation

General Guide & Reading

Lecture Notes
Readings will be uploaded on Luminus.

Academic Honesty & Plagiarism

Academic integrity and honesty is essential for the pursuit and acquisition of knowledge. The University and
School expect every student to uphold academic integrity & honesty at all times. Academic dishonesty is any
misrepresentation with the intent to deceive, or failure to acknowledge the source, or falsification of
information, or inaccuracy of statements, or cheating at examinations/tests, or inappropriate use of
resources.

Plagiarism is ‘the practice of taking someone else's work or ideas and passing them off as one's own' (The
New Oxford Dictionary of English). The University and School will not condone plagiarism. Students should
adopt this rule - You have the obligation to make clear to the assessor which is your own work, and which is
the work of others. Otherwise, your assessor is entitled to assume that everything being presented for
assessment is being presented as entirely your own work. This is a minimum standard. In case of any doubts,
you should consult your instructor.

Additional guidance is available at:

1. http://www.nus.edu.sg/registrar/adminpolicy/acceptance.html#NUSCodeofStudentConduct
2. Online Module on Plagiarism: http://emodule.nus.edu.sg/ac/

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