Portfolio Management & Trading

Source investment ideas through fundamental analysis, quantitative screens, expert networks, industry conferences, and reading everything — 10-Ks, earnings transcripts, sell-side research, trade publications, and the macro outlook that changes weekly. For equities, it's valuation models, channel checks, and management meetings. For credit, it's covenant analysis, recovery modeling, and relative value. For PE, it's deal sourcing, sector theses, and proprietary databases of targets. The volume of information is overwhelming and the signal-to-noise ratio is declining.

Monitor portfolio risk — factor exposures, concentration limits, liquidity risk, VaR/CVaR, stress tests, and the correlation matrix that blows up in a crisis. Construct portfolios balancing return objectives against risk budgets. Manage the tension between the PM who wants to add to a winning position and the risk framework that says the position is already at limit. For multi-asset, it's SAA/TAA, rebalancing, and the overlay hedge program.

Build portfolios that balance return expectations against risk budgets, tracking error constraints, liquidity requirements, and client-specific restrictions. The optimizer says one thing; the PM's view says another; and the compliance system vetoes half the trades.