詞彙表的角色#

本書末附的 Glossary 收錄全書出現的關鍵術語定義，是學習與快速查閱的重要工具。

涵蓋範圍#

詞彙橫跨投資組合管理的各個面向：

投資組合構建與配置#

• Asset-only、Liability-relative、Goals-based asset allocation
• Strategic / Tactical asset allocation
• Risk budgeting、Active risk budgeting、Risk parity
• Rebalancing range、Percent-range rebalancing
• Surplus optimization、Hedging/return-seeking portfolio

固定收益#

• Cash flow matching、Duration matching、Contingent immunization
• Liability glide path、Horizon matching
• Yield to maturity、Yield curve trades、Roll yield、Yield income
• Matrix pricing、Spread duration、Effective duration、Key rate duration
• Bond indexes、Total return swap

股權#

• Active share、Active return、Active risk
• Best-in-class、Negative / Positive screening
• Pure indexing、Passive management
• Statistical arbitrage（pairs trading、multi-class trading）

替代投資#

• Alternative data、Alpha decay
• Activist short selling、Distressed securities
• Multi-strategy fund、Multi-manager fund
• Life settlement、Mortality table

風險與績效#

• Active risk、Tracking error
• Maximum drawdown、Drawdown duration
• Implementation shortfall（IS）、Arrival price、Opportunity cost
• Macro / Micro attribution、Interaction effect
• Performance attribution

財富管理與稅務#

• Asset Location、After-Tax Excess Return、Post-Liquidation Return
• Potential Capital Gain Exposure（PCGE）
• Inheritance Tax、Qualified Dividends、Worldwide tax systems
• Bequest、Probate、Intestate
• Irrevocable Trust、Limited-life foundations
• Norway / Yale / Canada model、Mission-related investing

貨幣與全球投資#

• Home-country bias、Investment currencies
• Non-deliverable forwards、Minimum-variance hedge ratio
• Intrinsic value（of options）

Fintech 與資料#

• Big Data、Internet of Things、Machine learning
• Natural language processing、Neural networks
• Permissioned / Permissionless networks
• Initial coin offering

退休金與機構#

• Liability driven investing（LDI）model
• Accumulation phase、Multi-class trading
• Manager universe / peer group

對於初次接觸 CFA 課程或投資組合管理體系的讀者，建議搭配各章節閱讀時對照原書詞彙表，以建立一致的術語理解。