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Lesson 41

Portfolio Risk Management

Portfolio risk begins with goals, liabilities, time horizon and the ability to meet near-term cash needs. Stress scenarios vary prices, liquidity, currency and income together where economically related.
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Sahmino editorial· 23 August· 2 min read· General

Portfolio risk begins with goals, liabilities, time horizon and the ability to meet near-term cash needs. Stress scenarios vary prices, liquidity, currency and income together where economically related. Portfolio return uses position weights; a few large positions can dominate despite many tickers. Rebalancing restores chosen weights but creates costs and can conflict with liquidity constraints. Sahmino’s ledger distinguishes purchases, sales, cash and returns. A displayed performance result does not establish that a goal is funded or that a model’s future path is certain.

Worked example (hypothetical)

A 100-unit portfolio has 60 in equities and 40 in cash. Equities lose 25%, leaving 45 plus 40 cash, or 85 total. Equity weight is now 52.9%. Restoring 60% would require 51 equity units, a six-unit transfer before costs.

Check your understanding

Why does a cash deposit complicate performance? It changes portfolio value without being an investment gain. Use the stated money-weighted or time-weighted method.

Sahmino AcademyPortfolio Risk Management

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