标题: Completion Portfolio vs. Completion Fund [打印本页] 作者: DoubleDip 时间: 2011-7-11 19:20 标题: Completion Portfolio vs. Completion Fund
Distinguish between a Completion Portfolio and a Completion fund and specify when it is appropriate to use each method (6 points):作者: Roflnadal 时间: 2011-7-11 19:20
"Completeness" Fund vs Completion Portfolio?
COMPLETENESS - has to do with getting a Fund back to the risk level if you have a bunch of wild active managers throwing off all kinds of alphas.
COMPLETION - unrelated to COMPLETENESS - its a way to diversify concentrated holdings for individual (start with HIGH concentration stock and add more stocks incrementally - requires access to additional wealth beyond concentration.作者: thommo77 时间: 2011-7-11 19:20
So how many out of the 6 points do I get?作者: lcw77 时间: 2011-7-11 19:20
Completion portfolio
You have concentrated position (undiversified, high level of unsystematic risk) you select target portfolio and purchase it with cash or borrow against concentrated position.
Offset losses on portfolio with gains on concentrated position (generate tax alpha) and use proceeds to buy more of target portfolio
Disadvantage: diversification might take long作者: Unforseen 时间: 2011-7-11 19:20
2-3 points
Mr.Good.Guy Wrote:
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> So how many out of the 6 points do I get?作者: bodhisattva 时间: 2011-7-11 19:20
Completeness Fund is in SS10 (equity)作者: infinitybenzo 时间: 2011-7-11 19:20
so it is called Completion portfolio or Completion fund (for diversification purposes)作者: Chuckrox 时间: 2011-7-11 19:20
COMPLETENESS vs. COMPLETION - NOT BOTH COMPLETION!!!!作者: mik82 时间: 2011-7-11 19:20
so COMPLETNESS FUND AND COMPLETION PORTFOLIO.
rgr that.作者: dyga 时间: 2011-7-11 19:20
"Completeness" Fund (V4 p 145) vs Completion Portfolio (V2 - p262-263)作者: strikethree 时间: 2011-7-11 19:20
completion portfolios and exchange funds are 2 different things.作者: liangfeng 时间: 2011-7-11 19:20
So, we can have:
Completion Portfolio(for low basis stocks: take long time),
Completeness Fund(to reduce misfit risk: lower active return)
Pooled Account(for equity indexing: lower cost)
Pooled Fund (including mutual fund, shown in Ethics)
?作者: Darien 时间: 2011-7-11 19:20
V1,P266:
pooled funds (including collective investment schemes, mutual funds, and fund of funds).
