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Investments (MGMT 471 & 571)

Learning objectives for this course are:

This course surveys the financial instruments used for investments, and discusses the financial theories and empirical evidence useful for making investment decisions. At the end of the course, you must be able to:

  • Demonstrate a working knowledge of the different asset classes and financial instruments and how these are traded in the financial markets
  • Demonstrate a working knowledge of the portfolio management process

Securities Analysis (MGMT 472 & 594)

This class forms part of a 4-course sequence of the Student-Managed Investments Program. Specifically, the UNM Regents’ Endowment Fund Portfolio was set up in 2006 to be managed by students at the Anderson School of Management. This is a $2 million all equity portfolio. The New Mexico State Investment Office also recently made available $5 million for students to manage. This portfolio is invested in equities and fixed income securities. Both portfolios are managed by finance students under the supervision of faculty. An Investment Advisory Committee, consisting of 9 investment professionals, acts as the oversight body to the program and approves any purchase and sale recommendations made by the students.

You will serve as the program’s equity research analyst. Your primary responsibility will be updating the research valuation reports and giving recommendations on the stocks held in the Regents’ portfolio. In the course of your analysis, you may also propose new stocks to be added to the portfolio.

Learning Objectives:

  • Business strategy analysis
  • Industry analysis
  • Financial statement analysis
  • Valuation for different types of firms (and know which valuation methodology would be appropriate)

Course Syllabus
MGMT 472 Sample Syllabus
MGMT 572 Sample Syllabus

Applied Investments Management (MGMT 479 & 579)

This course is a critical part of the ASM Student-Managed Funds Program. The Applied Investments Management course (BBA 479/MBA 579) is the final course in the program’s 4-course sequence and provides the hands-on management of the Regents’ and State Investment Office (SIO) portfolios. You are the “portfolio managers” for the program. Your responsibilities include making recommendations for how to allocate the equity portfolios among sector exchange-traded funds and individual stocks as well as how to allocate the State portfolio weights among equities, fixed-incomes, and cash. You also have the overall responsibility for monitoring, reporting, and risk management.

Before buying or selling any securities, we must have the approval of our Investment Advisory Committee. We are scheduled to meet with them 3 times during the semester to present portfolio analyses and recommendations. The meetings are typically held from 6:00 p.m. to 8:00 p.m. in the Jackson Center. In addition to these meetings, our clients expect us to continuously monitor the portfolios and advise them if we believe there is a need for any emergency interim actions.

Your first task will be to understand our clients’ objectives and policies as well as the professional and ethical standards of conduct required of portfolio managers. Next, you will analyze portfolio past performance and risk, develop an economic outlook, and develop an analysis of expected future performance and risk. You will develop recommendations for sector allocations for the equity portfolios. You will also develop recommendations for the asset allocation for the State portfolio.

Learning Objectives:

  1. Understand the principles and tools of investment and portfolio theory.
  2. Understand the importance of portfolio objectives and investment policy.
  3. Understand how to analyze risk and measure investment performance.
  4. Understand the importance of and gain experience developing an economic outlook and recommendations for asset and sector allocations.
  5. Understand how to implement a variety of equity investment strategies.
  6. Understand the ethics and the standards of professional conduct of portfolio management.
  7. Understand the basics of investor behavior and managing client relations.
  8. Gain familiarity with the day-to-day responsibilities of a portfolio manager.
  9. Understand indexing and performance measurement.
  10. Practice analytical, problem solving, communication, and formal presentation skills.
  11. Expand and apply Excel programming skills.
  12. Use the above knowledge to actively manage a portfolio of equity securities.

This course builds on the foundations laid in Investments (BBA 471/MBA 571). Therefore, you need to have completed 471, 571, or the equivalent at another university prior to taking this course.

Course Syllabus
MGMT 479/579 Sample Syllabus

Fixed-Income Securities (MGMT 490 & 578)

Originally, the term “fixed-income” was used to describe securities such as Treasury or corporate-issued bonds that promised to pay periodic payments of a fixed amount. More recently, the class of securities referred to as fixed-income securities has grown dramatically to include mortgage-backed securities, collateralized debt obligations, and credit default swaps. Periodic payments may be fixed, floating, or contingent upon market conditions or other benchmarks. Valuation of fixed-income securities has become extremely complex and challenging. Almost any set of cash flows can be turned into a fixed-income security. In this course, you will learn about many of these securities, their markets, and methods for valuing them and their risks, such as their exposure to changes in interest rates.

In addition, your class is a critical part of the ASM Student-Managed Funds Program. Your class serves as the program’s fixed-income analysts. You are responsible for recommending the strategy and securities for the $2 million fixed-income allocation of the State portfolio. You are also responsible for fixed-income monitoring and reinvestment recommendations as well as interest rate forecasts.

Learning Objectives:

  1. Understand the pricing and risk of fixed-income securities.
  2. Understand the markets in which they trade.
  3. Understand what drives changes in yield curves and the term structure of interest rates.
  4. Understand indexing, benchmarking, and performance measurement and analysis.
  5. Practice analytical, problem solving, communication, and formal presentation skills.
  6. Use the above knowledge to actively manage a portfolio of fixed-income securities