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AF-031

Managing Equity Portfolios

Intensive 5-day course · English, Arabic & European languages

Asset managers, equity traders and fund professionals will learn to construct and manage equity portfolios across this five-day, 22-module course. Sessions cover corporate valuation methods, asset allocation strategies, risk budgeting and the use of derivatives for hedging. Exchange-traded funds, smart beta approaches, ESG considerations and emerging market risk factors are all examined.

Classroom

Public courses in our cities

  • 26–30 Oct 2026Jeddah£4,200 + VAT
  • 9–13 Nov 2026Istanbul£2,280 + VAT
  • 23–27 Nov 2026Muscat£3,080 + VAT
  • 14–18 Dec 2026Vienna£3,400 + VAT
  • 28 Dec – 1 Jan 2026Manama£3,080 + VAT
  • 4–8 Jan 2027Munich£3,400 + VAT
Show 23 more dates
  • 18–22 Jan 2027Casablanca£2,280 + VAT
  • 1–5 Feb 2027Amsterdam£3,400 + VAT
  • 15–19 Feb 2027Manama£3,080 + VAT
  • 8–12 Mar 2027London£3,360 + VAT
  • 22–26 Mar 2027Amman£3,400 + VAT
  • 12–16 Apr 2027Istanbul£2,280 + VAT
  • 26–30 Apr 2027Madrid£3,400 + VAT
  • 10–14 May 2027Vienna£3,400 + VAT
  • 24–28 May 2027Berlin£3,400 + VAT
  • 7–11 Jun 2027Munich£3,400 + VAT
  • 21–25 Jun 2027Milan£3,400 + VAT
  • 5–9 Jul 2027Amsterdam£3,400 + VAT
  • 19–23 Jul 2027Malaga£3,080 + VAT
  • 9–13 Aug 2027London£3,360 + VAT
  • 23–27 Aug 2027Sarajevo£3,400 + VAT
  • 13–17 Sep 2027Istanbul£2,280 + VAT
  • 27 Sep – 1 Oct 2027Dubai£4,200 + VAT
  • 11–15 Oct 2027Vienna£3,400 + VAT
  • 25–29 Oct 2027Riyadh£4,200 + VAT
  • 1–5 Nov 2027Munich£3,400 + VAT
  • 15–19 Nov 2027Doha£4,200 + VAT
  • 6–10 Dec 2027Amsterdam£3,400 + VAT
  • 20–24 Dec 2027Geneva£4,200 + VAT

Group discount: 2 delegates 20% · 3 delegates 35% · 5 or more delegates 50%

Can't make these dates? We can run this course for your team on dates that suit you. Ask for custom dates · In-house options

Online (live)

With a trainer, on dates to suit your team

This course can be taught live online by a trainer, in English, Arabic or any European language, for one person or a whole team.

£1,850 + VAT

Group discount: 2 delegates 20% · 3 delegates 35% · 5 or more delegates 50%

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Managing Equity Portfolios

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Course overview

Equity investors need a structured approach to valuing companies, allocating capital and managing risk. Whether investing in developed markets or emerging economies, fund managers must weigh expected returns against the volatility inherent in the asset class. Poor portfolio construction or a failure to hedge exposures can lead to significant drawdowns during market corrections, and the 2007/8 financial crisis exposed the limits of approaches that had seemed well established.

The 22 modules cover the mechanics of equity markets from the ground up. Primary issuance processes, trading platforms, corporate actions and the regulatory framework for listing securities are all examined early in the programme. Valuation is a central concern: delegates work through fundamental discounted cash flow (DCF) techniques, present value models and the factors that affect discount rates, including the weighted average cost of capital (WACC). Modern portfolio theory (MPT) and the capital asset pricing model (CAPM) follow, alongside risk-adjusted return metrics such as the Sharpe, Sortino and Treynor ratios.

Risk budgeting and derivatives occupy a substantial section of the programme. Equity index futures, options, total return swaps and the lessons from the Archegos collapse are all addressed. Exchange-traded funds, smart beta strategies and environmental, social and governance (ESG) factors are examined in later modules. The course closes on concluding themes that draw together different allocation approaches, from top-down macroeconomic perspectives to bottom-up stock selection.

Course objectives

By the end of the course, delegates will be able to:

  1. Analyse the different types of equity instruments and their role in capital structures
  2. Calculate corporate valuations using discounted cash flow models and present value techniques
  3. Assess company performance using financial statements and investor ratios
  4. Apply modern portfolio theory to construct diversified equity portfolios
  5. Use equity-based derivatives to hedge market risks and manage drawdowns

Target competencies

  • Analytical skills
  • Portfolio management
  • Asset allocation
  • Portfolio construction

Who should attend

This course suits:

  • Buy-side and sell-side asset managers
  • Equity traders
  • Fund managers with exposure to emerging markets
  • Professionals involved in portfolio construction and management

Training methodology

  • Instructor presentations
  • Collective exercises and discussions
  • Excel modelling tools
  • Case studies and research materials

Course modules

  1. Module 1

    Equities as an asset class

    • Comparing equity ownership to other financial claims
    • Equity capital in the corporate structure
    • An accounting perspective on equity
  2. Module 2

    Types of shares

    • Ordinary, bearer and registered shares
    • Participating, convertible and cumulative preference shares
    • Dividend rankings and liquidation rules
    • Issuing new equity securities
  3. Module 3

    Markets and execution

    • Quote-driven and order-driven platforms
    • Covered warrants and standard warrants
    • Contracts for difference (CFDs)
    • Equity-based collective investment vehicles
  4. Module 4

    Primary issuance and trading

    • The regulatory framework for listing securities and investor disclosures
    • Structuring an initial public offering (IPO)
  5. Module 5

    Going public and secondary markets

    • Direct listings and special purpose acquisition companies (SPACs)
    • Book building, pricing and the role of intermediaries
    • Best efforts versus underwritten issues
    • Greenshoe options and oversubscribed issues
    • Secondary market platforms and exchanges
    • Dark pools and multilateral trading facilities
    • Dividend terminology and ex-rights rules
    • High-frequency trading (HFT) objectives
    • Free delivery and delivery versus payment (DVP)
    • International central securities depositories (ICSD)
    • Nominees and custodians
    • Securities lending and borrowing (SBLIs)
    • Collateral management and short selling
  6. Module 6

    Global markets and indices

    • The main global exchanges and indices
    • Frontier and emerging markets
    • FTSE and MSCI classification systems
  7. Module 7

    Historical performance and financial analysis

    • Historic price-to-earnings (P/E) ratios
    • Supervisory environments and shareholder protections
    • Market volumes, sizes and structures
    • Transparency and liquidity
    • Off-exchange trading characteristics
    • Analysing financial statements
    • Balance sheets, income statements and cash flow statements
    • Profitability, liquidity, asset turnover and gearing ratios
    • Key ratios for investors
    • Earnings per share (EPS), P/E and price/earnings-to-growth (PEG) ratios
    • Dividend yield and dividend cover
    • Advantages and challenges of financial statement analysis
    • Comparing companies within and across sectors
    • The regulatory environment and off-exchange activity prevalence
  8. Module 8

    Corporate actions and valuations

    • Cash and stock dividends
    • Offers for sale, open offers and rights issues
    • The effect of bonus issues and consolidations on share prices
    • Methods for corporate valuation
    • Fundamental discounted cash flow (DCF) techniques
  9. Module 9

    Present value models

    • Simple dividend flow models
    • Multi-stage models
    • Comparing valuations across sectors
    • Choosing a discount rate for DCF models
    • The weighted average cost of capital (WACC)
    • Multiples for markets and individual companies
    • Valuing high-growth companies with no dividends
    • Commercial disruptions and profit sustainability
    • How interest rates affect corporate valuations
    • Return on equity (ROE) and risk-adjusted return on capital (RAROC)
    • Factoring beta into valuations
    • The impact of regulations on forecasting
  10. Module 10

    Allocation and attribution

    • Allocating across equities, fixed income and alternative assets
    • Measuring contribution to portfolio return
    • Tactical versus strategic allocation
    • Satellite versus core holdings
    • Stock selection versus passive investment
    • Benchmarking active managers
    • Performance attribution and benchmark exposure
    • Value versus growth investing
    • The investment philosophy of Warren Buffet
    • The risk-return trade-off and portfolio theory
  11. Module 11

    The capital asset pricing model (CAPM)

    • Alpha, beta, risk-free rates and the securities market line (SML)
    • Understanding the efficient frontier
    • Specific risk versus systematic risk
    • Diversification and modern portfolio theory (MPT)
    • Covariance matrix analysis and the Markowitz model
  12. Module 12

    Risk-adjusted returns

    • Sharpe, Sortino, Treynor and Calmar ratios
    • Total expense ratios (TER)
    • Risk-adjusted return on capital (RAROC)
    • Arbitrage pricing theory (APT) versus CAPM
    • Transaction costs in active and passive strategies
    • Hedging risks with derivatives
    • The survivorship bias phenomenon
  13. Module 13

    Risk budgeting

    • Risk premia and excess returns
    • Allocating exposures based on expected returns
    • Modelling probability with statistical distributions
    • Tracking errors and active risk
    • Holding periods, drawdowns and liquidity
    • Expected returns from a risk-budgeting perspective
    • Basel III approaches for the trading book
    • Calculating standard deviation, tracking error and beta
    • Value at Risk (VaR), expected shortfall and extreme value theory
  14. Module 14

    Exchange-traded funds (ETFs)

    • ETFs traded on European and US platforms
    • Assets under management and fund growth trajectories
    • Comparing ETFs to other collective investment vehicles
    • Trust architectures, sponsors and creation units
    • Actively managed funds versus passive trackers
    • Tracking MSCI geographical indices
    • Leveraged and inverse ETFs
    • Physical funds versus synthetic funds holding swaps and futures
    • Full replication versus stratified sampling
    • Tracking errors in exchange-traded products
    • Liquidity risks and synthetic ETF risks
  15. Module 15

    Emerging market equities

    • Central bank policies and capital flows into emerging markets
    • Globalisation and traditional macro-economic theory
    • Differentiating emerging economies by trade surpluses and deficits
    • Negative feedback loops when advanced economies tighten monetary policy
    • Using ETFs to access emerging market debt and equity
    • Correlations between commodities and emerging market equities
    • Managing risk when hedging exotic currencies
  16. Module 16

    Forecasting expected returns

    • Risk factor asset allocation strategies
    • Identifying key drivers of asset prices
    • Behavioural finance insights and risk aversion
    • Mean reversion and long-term correlations across asset classes
    • Contrarian indicators, hedge fund positioning and sentiment
    • Evidence of cyclical behaviour in asset returns
    • An overview of equity-based derivatives
  17. Module 17

    Derivative terminology

    • Spot markets, futures, swaps and options
    • Basis risk, cost of carry and variation margin
    • Equity index futures contracts
    • Options on equity indices and individual stocks
    • Asian, European and American style options
    • Writing and buying puts and calls
  18. Module 18

    Derivative risks

    • Liquidity, market and counterparty risks
    • Risks for buyers of futures and options
    • Risks for writers and sellers of futures and options
    • Over-the-counter (OTC) derivatives versus exchange-traded contracts
    • Counterparty risk versus central clearing
    • Hedging equity portfolios with futures and options
    • Total return swaps, collateral and lessons from the Archegos case
    • Managing risks for equity portfolios
  19. Module 19

    Portfolio risks

    • Asset price, currency and interest rate volatility
    • Holding periods and investment horizons
    • Tail risk and systemic risk
    • Seeking uncorrelated assets to mitigate risk
    • The limits of diversification
    • Managing risk with derivatives
    • Stress testing, Monte Carlo simulations and back-testing
    • Tail risk protection strategies
  20. Module 20

    Smart beta strategies

    • The logic behind risk factor allocation and smart beta
    • Performance of widely used smart beta ETFs
    • Herding and crowding issues with smart beta strategies
    • Evaluating smart beta sponsor promises
  21. Module 21

    Environmental, social and governance (ESG) strategies

    • Arguments for and against ESG in relation to investment performance
    • How ESG creates risks and opportunities for investors
    • Case studies on ESG decision-making
  22. Module 22

    Concluding themes

    • Strategic investment versus short-term trading
    • Emotion-driven behaviour versus calculated long-term horizons
    • Sources of bias in asset allocation judgements
    • Setting quantifiable and achievable investment objectives
    • Periodic re-balancing and refreshment of portfolios
    • Synthesising different asset allocation approaches
    • Top-down macroeconomic allocation
    • Bottom-up microeconomic allocation

Certificate

Every delegate who completes the course receives an ARUK Training Certificate of Attendance.

Frequently asked questions

How do I register?

Choose a date and city in the schedule and press Register, or send us an enquiry. Our team confirms your place and sends an invoice.

Are fees shown with VAT?

Fees are shown per delegate and exclude VAT, which is added to the invoice where applicable.

Can this course be delivered for our team only?

Yes. Any ARUK course can be delivered in-house at your premises, in a meeting room we book for you, or 1-to-1.

Is this course available online?

Yes. We run it live online with a trainer, on dates that suit your team, for £1,850 + VAT per delegate.

Is there a group discount?

Yes. 20% for 2 delegates, 35% for 3 delegates and 50% for 5 or more delegates on the same course.

Can the course be delivered in Arabic or another language?

Yes. Our courses can be delivered in English, Arabic or any European language, by a trainer who teaches in that language. Mention your preferred language when you register or enquire.

What certificate will I receive?

An ARUK Training Certificate of Attendance.

Related courses

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Managing Equity Portfolios

Key booking terms (read before you register)
  • The full fee is paid in advance, before the course starts.
  • Cancel in writing 30 or more days before the start date (45 for in-house) for a refund. Later than that, the full fee is payable.
  • No refund for non-attendance or partial attendance.
  • Places are for the named delegate only; another person cannot attend instead.
  • Moving to another date or city is only possible if ARUK agrees in writing.
  • Travel, accommodation and visas are your responsibility. A refused visa does not change the cancellation terms.

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Managing Equity Portfolios