Level III pathway hub for portfolio-management-specific applications beyond the common core.
The Portfolio Management Pathway extends the Level III common core into deeper portfolio-design, implementation, and evaluation work. It is the pathway most candidates expect intuitively, but it is still distinct from the shared common-core structure.
The public lesson path below now covers the official Portfolio Management pathway at first-pass depth. It starts with equity implementation, moves into fixed-income liability, yield curve, and credit strategy, and finishes with execution plus the institutional endowment case.
| Lesson | Official pathway boundary | What to focus on |
|---|---|---|
| Index-Based Equity Strategies | Index-Based Equity Strategies | Factor-based versus capitalization-weighted indexing, replication method choice, tracking error, and index-portfolio risk sources. |
| Active Equity Strategy Selection | Active Equity Investing: Strategies | Fundamental, quantitative, top-down, bottom-up, factor-based, activist, statistical-arbitrage, and market-microstructure approaches. |
| Active Equity Portfolio Construction | Active Equity Investing: Portfolio Construction | Active Share, active risk, risk budgets, capacity, turnover, liquidity, and whether the structure supports the mandate. |
| LDI and Index-Based Fixed-Income Strategies | Liability Driven and Index Based Fixed Income Strategies | Liability-driven investing, passive bond exposure, benchmark selection, bond-index construction, and implementation risk. |
| Yield Curve Strategies | Fixed-Income Active Management: Yield Curve Strategies | Rate-level, slope, shape, volatility, key-rate duration, currency, and expected-return logic. |
| Credit Strategies | Fixed-Income Active Management: Credit Strategies | Spread measures, OAS, bottom-up and top-down credit, liquidity, tail risk, CDS, international credit, and structured instruments. |
| Trade Strategy and Execution | Trade Strategy and Execution | Trade motivation, strategy selection, execution benchmarks, algorithms, market-type differences, cost measurement, and governance. |
| Institutional Endowment Case | Case Study in Portfolio Management: Institutional (Endowment) | Liquidity risk, illiquidity premium, allocation, manager-selection ethics, derivatives overlays, and ESG in a long-horizon portfolio case. |