d describe the steps in the portfolio management process;

Question 1

Planning

Answer 1

Understanding the client (Risk, Return, Time, Tax, Liquidity, Income) , IPS (objectives and constraints - compare against an index [to measure managements performance])

Question 2

Execution

Answer 2

Allocate assets
Analyse Securities(model valuations; bottom up;undervalued)
Construct Portfolios (top down)

Question 3

Feedback

Answer 3

Monitor and rebalance

Measure performance and report

Question 4

Open-end fund

Answer 4

Buy and Sell shares at NAV

No-load: No upfront fees
Load: Upfront fees

Question 5

Closed-end fund

Answer 5

No new investors, no investor share redemptions

Trade ETF or OTC