APMA case studies
APMA · Put your knowledge to work in context.
The Accredited Portfolio Management Advisor℠ – APMA® is a professional designation offered by the College for Financial Planning®, a Kaplan Company, which describes itself as a provider of graduate-level financial planning education and lists the APMA® among its professional certification programs. The credential is aimed at financial professionals who build and manage client portfolios and want structured, practitioner-oriented training in portfolio management rather than a broad financial planning curriculum. The APMA case studies are 5 cases and about 3,267 words.
1The Pension Fund's De-Risking Trigger
A $900M defined-benefit plan has a funded ratio of 96%. The board adopted a glidepath: at 100% funded, shift from 65/35 equities/bonds to 50/50; at 105%, shift to 35/65.
648 words, about 3 min2The Concentrated Stock and the Charitable Remainder Trust
A client holds 8M in a single stock (cost basis 600K) that represents 62% of her 12.9M portfolio. She is 58, plans to retire at 65, and has a moderate risk tolerance.
641 words, about 3 min3The Growth Manager Who Beat the Benchmark by Taking More Risk
A large-cap growth manager returned 18.2% over three years versus a benchmark return of 15.1%. The plan sponsor's consultant reports: beta 1.18, standard deviation of excess returns (tracking error) 6.4%, information ratio 0.48, and a Sharpe ratio of 0.71 versus the benchmark's 0.68.
637 words, about 3 min4Rebalancing in a Volatile Quarter
A 250M balanced portfolio has a target of 60% equities / 40% bonds with a rebalancing band of ±5% absolute. Equities have fallen sharply; the portfolio is now 53% equities / 47% bonds.
608 words, about 3 min5The Endowment's Spending Rule and the Illiquidity Trap
A 400M university endowment has a spending rule of 4.5% of a 3-year moving average of market value. Its policy portfolio is 35% public equities, 20% bonds, 25% private equity, 15% real assets, and 5% cash.
733 words, about 4 min