Assignment Sample on Accounting and Finance
1.0 Investment risk, return objectives and investment strategy
Investment products and saving schemes are associated with different risks and difficulties, making an effective impact on the investment appraisals. Risk is considered as one of the major parts of the investment proposals, along with necessary features of fund management. As opined by Nesticò et al. (2018), it is very difficult to predict the components of the financial decision, as there is uncertainty in the financial components of a programmed. Mitigation of the errors in an investment proposal can be done by diversification of the financial components as investment risks within a firm can be minimised by diversification of the investment obligations. There are various investment risk factors such as currency risks, interest rate risks, market value risks and policy value risks (Offiong et al. 2019). As a result, consideration of the risk factors is very to make an investment in foreign investments.
1.1 Types of Investment Risk
Investment risks are classified under five parts as per the marketing strategy implementation of a company. Purchasing power risks is considered as one of the major deficiencies in the investment appraisal of a firm. As viewed by Jiang et al. (2018), different types of investment risks can make an effective impact in the effective appraisal in the investment policies. Inflation and cash valuation are affected by the purchasing power risks. As a result, it creates several problems in making investment decisions. Reinvestment risks and interest rate risks associated with several aspects of the investment appraisal make a negative impact on the valuation of the financial properties. Political structural policies affected by the political risks of the firms and decrease financial stability in the investment policies.
1.2 Strategic Asset allocation
Important issues and concepts of portfolio management are the most considerable parts of the strategic asset allocation of the investment proposal. As an investment manager of a business, he needs to commence with various courses of the investment proposal (Shusha, 2017). The main perspective of the investment manager will be optimization of the relationship between global marketing standards and investment policies. As stated by Long et al. (2018), strategic asset allocation makes a close impact on the dividend policies. Therefore, top-down strategies, marketing value strategies and blended strategies must be implemented by the investment manager to make strategic assets allocation into the investment proposal.
1.3 Return objective
Risks objectives are interconnected with the risk objectives of the investor appraisal and mobilize the management policies into the organization. Various tools and techniques need to be illustrated to perform sustainable growth in the investment policies. As narrated by Thompson (2018), return objective should be associated with the financial forecasting of the projects and must appropriate with the proper forecasting with this £10000 funds to be invested in the five companies of a stock exchange. Another risk objective in this research work is to give that money to the other stock exchanges in that policy.
1.4 Risk Objective
Portfolio risk objectives in investment decisions are associated with several key components in that firm. As an investment manager should key areas, from which it will be easier for an investor to communicate properly with the stock exchange policies. As narrated by Petryk et al. (2020), risk objectives associated with this investment proposal to collect 14% interest per annum and opportunities with the financial properties of the firms. Various dividend policies need to be generated to accomplish financial stability as well as analyzing necessary policies.
2.0 Investment portfolio construction: theories and methods
2.1 Basic Analysis
Portfolio analysis in this research work is conducted by selecting 15 companies from which the values about the financial ratios can be derived. Variance, standard deviation and covariance have been calculated to ascertain investment potentiality of all customers. As narrated by Alexandrov et al. (2017), standard deviations and covariance are related to the financial properties and can be extended by challenging the required courses of action for all companies.
| Portfolio analysis | |||||||||
| Stock | Equity | Open | Close | Return | Variance | Covariance | SD | ||
| London stock exchange | Lloyd | 43.52 | 43.35 | 1.02763 | 255.862 | -0.189954 | 0.0262758 | ||
| London stock exchange | EVAR Plc | 594.6 | 589.6 | 1.01019 | |||||
| London stock exchange | AVEVA | 3640 | 3630 | 1.00303 | |||||
| London stock exchange | JMAT | 3300 | 3099 | 1.0652 | |||||
| London stock exchange | ITRK | 5862 | 5846 | 1.00291 | |||||
| Australian stock exchange | BHP Group | 70.77 | 69.87 | 1.02759 | 0.00044 | 0.000288 | 0.0216 | ||
| Australian stock exchange | Tio Tinto | 79.9 | 78.78 | 1.02726 | |||||
| Australian stock exchange | Commonwealth Bank | 86.9 | 86.53 | 1.01602 | |||||
| Australian stock exchange | Westpac Banking Corporation | 18.87 | 18.84 | 1.05774 | |||||
| Australian stock exchange | Woolworths group limited | 41.64 | 41.34 | 1.03223 | |||||
| Australian stock exchange | Boeing co | 255.31 | 255.17 | 1.00449 | 255.862 | -0.189954 | 22.6238905 | ||
| New York stock exchange | BP PLC | 25.2 | 25.37 | 1.03406 | |||||
| New York stock exchange | Borr drilling limited | 1.032 | 1.02 | 51.6 | |||||
| New York stock exchange | FedEx corporation | 281.49 | 282.17 | 1.00114 | |||||
| New York stock exchange | Goldfields limited | 14620 | 14532 | 1.00612 | |||||
Table 1: Portfolio analysis
(Source: MS Excel)
Various data of the financial budgets have been considered for preparing the portfolio analysis, as it will facilitate several advantages to form the financial components for the firms. As stated by Kim et al. (2020), investment portfolio analysis of the companies makes an enormous impact on the financial profit analysis of the companies. Thus, creation of standard deviation and financial statements makes an effective impact on the calculation of the financial products of all the companies as the investors want to know the best company to invest his £10000 to five companies and generate 14% per annum from those companies.
Portfolio Theory is effectively important for an organization to improve its financial activities as it plays an important role for processing fundamental developments. Development of open currency involvement during an ongoing trade is essential for delivering proper solutions to a finance management system. The theory is effective for learning different tactics regarding accounting activities which are associated with regular accounting activities of a financial institution. A sudden change in exchange rates is the major reason for creating issues during accounting activities. Implication of this theory is useful for developing a strategic concept regarding developing a strong financial management strategy (Kim et al. 2020). Development of floating exchange rates is influencing individual traders. The theory is helpful for produce accurate results regarding financial risks regarding trading activities. Diversification in financial transaction is guided by this theoretical application which is effective for managing financial and trading activities. Currency related risks are associated with this strategy and it is helpful for real world progress to achieve financial sustainability.
2.1.1 Explanation of Investment portfolio
Marginal efficiency theory is related to the key factors of the company. As a result, it helps in the systematic analysis of the financial components of the companies. As stated by Atherton et al. (2017), marginal efficiency theories help in choosing the right companies at the right time and enhance the abilities of an investor for making an investment. Investment potentiality and marginal cost of fluctuations can be increased by proper allocation of resources. As a result, marginal efficiency theory will facilitate in analyzing the competitors and sustainability performances of the competitors.
2.1.2 Critical factors identification and evident selection
There are various critical factors in selecting the strategic financial growth of the companies. Various critical factors have been considered in preparation of the financial evidence of all the companies. Sudden factors need to be generated to stabilize the financial investment liabilities of all the companies. As opined by Korol and Poltorak (2018), the deficiencies of a company can be enhanced by taking proper measures in the financial prospects and the organic growth of the investment policies. As a result, those portfolio factors decrease the investment policies of the investment proposals.
2.1.3 Analysis of the macro economy
General equity and sudden increments are considered as two most important policies of the macro economy. The valuation of the dividend policies can be increased by maintaining a positive return in the financial policies of the companies and through which effective performances of the organization can be generated. As opined by Kim et al. (2020), strategic implementations of the financial policies are facilitated with the macroeconomic growth of the components by which the proper valuation of the research policies can be facilitated.
| Allocation of the fund | |||
| Stock | Equity | ||
| London stock exchange | Lloyd | $ 2,000.00 | |
| London stock exchange | EVAR Plc | $ 2,000.00 | |
| London stock exchange | AVEVA | $ 2,000.00 | |
| London stock exchange | JMAT | $ 2,000.00 | |
| London stock exchange | ITRK | $ 2,000.00 | |
Table 2: Allocation of funds
(Source: MS Excel)
UK economy is considered as one of the most market portfolio in which the investor can invest its 10000 pounds for securing 14% per annum profit. UK is better than US and AUS as the growth rate of the equities is better than growth rate of other companies. As opined by Gerrard et al. (2017), total and effective market portfolio helps in selecting the right and desired rate of return at the proper time. Funds international market portfolio can be raised with proper and effective management policies. Ratio and technical analysis have been done to figure out which one of the equities will get 14% return per annum.
Market risks are interconnected with the increase and decrease in the rate of return polices of the equities. As mentioned by Selmier (2017), marketable securities can be incremented by the stipulated polices and sustainable profit appraisal in the investment. It has visualised that all stocks in the London stock Exchange have experienced potential growth in the current year, as it will give 14% rate of return. The amount, 10000 pounds will be invested into a specific global market for mitigating of global stock risks. Thus, the investor manager has selected all the equities under the London stock exchange as key investing portfolios.
2.2 Investment portfolio
A profitable proportion of the financial model of the companies can increase investment portfolio models. As standard deviation is one of the key components in the valuation of the financial properties of the organization, the effectiveness of the organization’s policies generated. As narrated by Selmier (2017), an investment portfolio is considered with the several factors of the financial components of the selected companies. Thus, proper allocation of resources is enhanced in selecting the financial stability of the organizations.
2.2.1 Investment portfolio theory
Modern portfolio management theory can be effectively increased in the portfolio management of the companies as sustainable performances will help in choosing the right firms at the right times. The growth in the financial components can be increased by analysing the proper evaluation of the properties of the dividends. As stated by Gerrard et al. (2017), modern portfolio theory is associated with increasing the dividend payout policies as an overall increase in the managerial requirements can be effectively made in this part. The most and vital requirements to choose the additional capital can be focused on the basis of selecting the proper form to which the money can be securely distributed.
2.3.1 Ratio analysis of the selected companies
Ratio analysis of the financial components can be securely formatted by proper evaluation of the financial components of the elements through which effective growth in the financial policies can be made. As viewed by Dixon et al. (2019), the marketable return and dividend values have been considered in visualizing the financial ratio analysis of its all components. Various components in the marketable securities can be compiled in preparation for the financial ratio analysis of all the marketable policies.
| Ratio analysis of fifteen companies | ||||||||||
| Stock Exchange | Company names | PE Ratio | PE <40 | Price to sales | Price to book | Price to cash flow | Dividend yield | Dividend> 7% | Final score | |
| London stock exchange | Lloyd | 2.42 | 2.3 | 2.3 | 3 | 2 | 2 | 2 | 2 | |
| London stock exchange | EVAR Plc | 1.65 | 0.23 | 6.2 | 0.32 | 1 | 3 | 3 | 2 | |
| London stock exchange | AVEVA | 5.21 | 0.12 | 3.2 | 0.23 | 5 | 6 | 2 | 1 | |
| London stock exchange | JMAT | 2.16 | 2 | 6.2 | 0.1 | 4 | 2 | 1 | 2 | |
| London stock exchange | ITRK | 3.21 | 6.3 | 3.2 | 0.2 | 0.2 | 5 | 1 | 2 | |
| Australian stock exchange | BHP Group | 6.25 | 2 | 1.2 | 0.6 | 1 | 1 | 1 | 2 | |
| Australian stock exchange | Tio Tinto | 1.3 | 3.2 | 3.2 | 0.3 | 2 | 0.2 | 1 | 0.2 | |
| Australian stock exchange | Commonwealth Bank | 3.2 | 6.3 | 1 | 0.5 | 2 | 2 | 1 | 0.3 | |
| Australian stock exchange | Westpac Banking corporation | 6.2 | 2.3 | 21.2 | 0.6 | 1 | 2 | 2 | 0.6 | |
| Australian stock exchange | Woolworths group limited | 7.5 | 2.3 | 1.2 | 0.5 | 2 | 1 | 2 | 0.5 | |
| New York stock exchange | Boeing co | 3.2 | 2.3 | 3.2 | 0.2 | 3 | 2 | 2 | 0.2 | |
| New York stock exchange | BP PLC | 0.12 | 2.3 | 1.2 | 0.1 | 3 | 10 | 2 | 0.1 | |
| New York stock exchange | Borr drilling limited | 0.32 | 12.3 | 1.2 | 2 | 1 | 2 | 1 | 0.2 | |
| New York stock exchange | FedEx corporation | 2.1 | 3.2 | 3.2 | 1 | 1 | 2 | 2 | 0.2 | |
| New York stock exchange | Goldfields limited | 2.3 | 0.3 | 0.2 | 1 | 2 | 1 | 2 | 2 | |
Table 3: Ratio analysis of 15 companies
(Source: MS Excel)
2.4 Technical analysis
Technical analysis of 15 companies has been conducted to know about the performances of the companies in the last few years. As narrated by Oláh et al. (2017), technical analysis of the companies can be able to have an effective impact on the sustainable performance analysis. The emergence of technical analysis is to know about the positive return in the financial objects of the companies. Proper classification of the financial reports visualizes the growth rates of all the companies. As a result, technical analysis will enhance positive aspirants in making financial stability as the growth of all the companies.
| Technical analysis | |||
| Stock Exchange | Company names | Growth | |
| London stock exchange | Lloyd | Positive | |
| London stock exchange | EVAR Plc | Positive | |
| London stock exchange | AVEVA | Positive | |
| London stock exchange | JMAT | Positive | |
| London stock exchange | ITRK | Negative | |
| Australian stock exchange | BHP Group | Positive | |
| Australian stock exchange | Tio Tinto | Positive | |
| Australian stock exchange | Commonwealth Bank | Negative | |
| Australian stock exchange | Westpac Banking corporation | Positive | |
| Australian stock exchange | Woolworths group limited | Positive | |
| New York stock exchange | Boeing co | Negative | |
| New York stock exchange | BP PLC | Positive | |
| New York stock exchange | Borr drilling limited | Positive | |
| New York stock exchange | FedEx corporation | Negative | |
| New York stock exchange | Goldfields limited | Positive | |
Table 4: Technical analysis
(Source: MS Excel)
Evaluative trade analysis have been implemented as to proper portfolio analysis of the selected 15 equates form three global stock exchanges. A total of 15 equities have been selected for the three global stock exchanges from UK, US and AUS. As narrated by Oláh et al. (2017), investment is subject to market risk as an investor has to figure out the deficiencies and adversities of a selected portfolio. As a result, the conclusive trade analysis of 15 selected equities visualises that UK has the best market portfolio to make an investment. Comparative PV ratio analysis facilities in selecting appropriate market portfolio for make an investment of £10000. Rate of return is observed as 14% per annum from those five companies selected form the London Stock Exchange.
3. Managing the risk of Investment portfolio Risk Management
3.1 Markowitz portfolio optimization model
Markowitz portfolio optimization model optimizes the theories of dividend associated with the balanced scorecard techniques of the firms. The design of this model can be implemented with proper evaluation and effective allocation of resources within the firms. As viewed by Risk et al. (2018), assets valuation and optimization of resources are the key elements of the forms that can make effective utilization of resources to maintain sustainable performances. Tangency portfolio, individuals assets are the key factors for the assets valuation and should be properly allocated as the basis of financial growth of that property.
| Correlation matrix of the risky portfolio | ||||||||||||||||
| Lloyd | Lloyd | EVAR Plc | AVEVA | JMAT | ITRK | BHP Group | Tio Tinto | Commonwealth Bank | Westpac Banking corporation | Woolworths group limited | Boeing co | Borr drilling | ||||
| EVAR Plc | 1.00 | |||||||||||||||
| AVEVA | 0.37 | 1000 | ||||||||||||||
| JMAT | 0.57 | 0.26 | 1000 | |||||||||||||
| ITRK | 0.23 | 0.35 | 0.26 | 1000 | ||||||||||||
| BHP Group | 0.26 | 0.69 | 0.36 | 0.95 | 1000 | |||||||||||
| Tio Tinto | 0.28 | 0.25 | 0.25 | 0.67 | 0.36 | 1000 | ||||||||||
| commonwealth Bank | 0.69 | 0.36 | 0.36 | 0.65 | 0.57 | 0.95 | 1000 | |||||||||
| Westpac Banking corporation | 0.35 | 0.326 | 0.6 | 0.36 | 0.69 | 0.75 | 0.36 | 1000 | ||||||||
| Woolworths group limited | 0.26 | 0.325 | 9.98 | 0.95 | 0.95 | 0.42 | 0.25 | 0.96 | 1000 | |||||||
| Boeing co | 0.25 | 0.36 | 0.59 | 0.69 | 0.75 | 0.36 | 0.36 | 0.85 | 0.36 | 1000 | ||||||
| BP PLC | 0.36 | 0.59 | 0.95 | 0.57 | 0.42 | 0.25 | 0.25 | 0.45 | 0.692 | 0.36 | 1000 | |||||
| Borr drilling limited | 0.25 | 0.26 | 0.64 | 0.52 | 0.36 | 0.25 | 0.36 | 0.26 | 0.52 | 0.25 | 0.235 | 1000 | ||||
| fedex corporation | 0.26 | 0.26 | 0.53 | 0.36 | 0.62 | 0.66 | 0.35 | 0.35 | 0.36 | 0.63 | 0.62 | 0.25 | 1000 | |||
| Gold fields limited | 0.336 | 0.962 | 0.52 | 0.62 | 0.75 | 0.85 | 0.95 | 0.52 | 0.74 | 0.96 | 0.62 | 62 | 0.465 | 1000 | ||
Table 5: Correlation matrices of risky portfolio
(Source: MS Excel)
Overall sustainability performances of the investment portfolio have been conducted by using proper techniques of investments. Main and utmost is to calculate the financial stability of its business, and it can be achieved by risky portfolio analysis of the companies. As viewed by Katsanos et al. (2018), risky portfolio analysis facilitates financial analysis of the companies and which can be increased up to 14% as per the investment appraisal. Correlation matrices will facilitate in proper and conclusive calculation of the dividend policies of all the companies.
3.2 Managing the risks in an investment portfolio
Covariance analysis
Covariance analysis of the financial properties of the companies is associated with the standard deviation, regression and portfolio management models of the companies. As viewed by Assebe et al. (2020), proper valuation of the standard deviation, growth in the financial components and regression model stabilizes the business growth of the models through which the sustainable projections generated. Various values of the covariance model help in making proper optimization of the investment model by the investor.
| Covariance analysis | |||||||
| London | Aus | Debate | |||||
| 1.02763 | 1.02759 | 1.00449 | 1.02763 | 1.02759 | 1.00449 | ||
| 1.1019 | 1.02726 | 1.03406 | 1.02763 | 0.00179 | |||
| 1.00303 | 1.01602 | 51.6 | 1.02759 | 0.00023 | 0.00023 | ||
| 1.0652 | 1.05774 | 1.00114 | 1.00449 | -0.5085 | -0.2188 | 479.806 | |
| 1.00291 | 1.03223 | 1.00612 | |||||
Table 6: Covariance analysis
(Source: MS Excel)
Diversification
One of the most important features of diversification is that the investor can invest in more than one firm at the firm. As the investor has the option to invest in more than one firm, the sustainability performances of the organization can be implemented. Positive returns from those investments can be generated by diversification, which can remove the deficiencies of the investment. As viewed by Sattar et al. (2019), conclusive growth of the dividend policies of the company can be enhanced by proper measures of diversification. As a result, diversification helps in mobilizing resources in the dividend policies.
Timeline for investment
Timeline for investments helps in motivating the dividend policies of the company. Relative proximity and retirement age are the two vital factors in the timeline model of investment. Sustainable work efficiency to choose an investment policy is an effective part of this model. As viewed by Mack et al. (2019), overall revenue and long-term investment are the collegial part of the investment appraisal of all the companies. As a result, this investment model will help in the allocation of profitable resources to the equity funds.
4. Impact of Exchange rate volatility and market risk
Volatility in exchange rates is one of the significant issues associated with financial activities in a business transaction. The vulnerable process affects the entire supply, domestic and demand supplies regarding a financial transaction. External shock and nominal shocks are reflected based on changes during money supply. As cited by Adeyeye et al. (2017), sudden degree of changes is the primary reason for variable changes over time and makes exchange rates more difficult for trading and investments options. Potential loss of money can occur due to higher value changes in exchange rates in currency.
4.1 Current risk
Interest Rate Risk
The generated profit and loss during currency fluctuation is a fundamental reason for developing this risk, which is responsible for creating maturity gaps in transactions. Present associated risks are engaged with forwarding options regarding currency swaps and economic mismatches. As guided by Bahrami et al. (2017), transactions that are not calculated in a computerized system are damaging due to high potential of occurrence of this risk.
Credit Risk
Sudden changes in currency position are referred to as Credit Risk, which can severely damage an ongoing transaction by not agreeing to repay. Different financial institutions such as banks are affected due to high Credit Risks, as it is a significant concern for an individual trader. As argued by Evans (2020), the Financial Authority of the UK has developed this perspective, which is beneficial for mitigating this risk associated with financial activities.
Liquidity Risk
Future currency trade applications are affected due to high volatility of exposure in exchange rates as periods of liquidity could occur in current trading policies of the UK. Higher exchange values in an ongoing trade could create significant challenges for an individual trader to impose reasonable restrictions. As stated by Guzman et al. (2018), development of such regulations is harmful to preventing a trader from liquidating unfavourable positions during the trading period.
Marginal Risk
Low margin deposits could be harmful to an individual trader as collateral trades are necessary for exchange rates. A high degree of advantage value is the main reason for conducting this risk in the modern world, which results in an immediate loss regarding the invested amount. As cited by Hofmann et al. (2020), a sudden decrease in the exchange rates are closed out and resulted in a gross loss of entire margin deposits.
Transactional Risk
Communication errors and conformation of a trader’s order creates this issue, which vastly affects exchange rates in present circumstances. As guided by Kohlscheen et al. (2017), delaying of payments in a counterparty institution is the primary reason behind this risk that could result in unforeseen losses for an individual trader. Resourcing processes between traders will be helpful to for recovering losses in a specific account.
Risks of Ruin
An adequately longer term of view is the main reason for creating this exchange rate risk, and in this case, an individual trader may not be able to identify short-time unrealized losses during a transaction. As cited by Mueller et al. (2017), closing a marketing position during a trade has become less profitable and may lead to sufficient capital losses. A sudden turn in currency positions are less fortunate, and it may negatively affect the sustainable function of trade.
Volatility in the exchange rates is the primary cause of creating market risks and is making trade decisions adequately difficult due to exchange rates increase. A sudden loss of money in the stock market provided high-ended chances, which is responsible for expanding market-associated risks. As per the opinion of Verdelhan (2018), traders and investors are affected negatively due to sudden fluctuation in currency or volatility in exchange rates. Investment decisions are developed by the trading system as it is creating many difficulties for individual traders to increase exchange rate-related risks.
4.2 Summary
Central aim of this study is to prepare a portfolio for an individual trader to overcome the negative impacts of volatility in exchange rates. Volatility in exchange rates could be impactful for occurring changes in the expected rates of return on particular investments. Import and export profitability is changed due to a sudden drop in currency value, which creates significant fluctuations in currency (Evans, 2020). The fixed exchange rates are adequately less volatile as the volatility in exchange rates are similar to floating rates.
Currency exchange rates have changed according to the global context by which an investor is likely to influence the market changes. Personal assets will lead to currency exposure, and significant target for creating this portfolio is to provide proper guidance to the client for avoiding volatility in exchange rates (Guzman et al. 2018). Frequent changes in the exchange rates negatively affect a trader, which is the main reason for decreasing currency values. Risks associated with financial obligations could lead to measuring domestic currencies and fluctuation rates during currency exchange.
5. Conclusion
Based on the above discussion, it can be concluded that the investment portfolio theory generates knowledge about the investment proposals of the companies. Standard deviations of the equities help in generating the effective performances of the investors. As a result, investors will get effective results in the valuation of the financial surroundings of the company. Various tools and strategies have been evaluated in choosing the most effective investment policies to form the investment scenarios of all the companies. Fifteen companies have been chosen to identify the best company for making an investment as it will be able to make a return of 14% within the stipulated time. Thus, it can be concluded that the investors can earn 14% per annum for meeting the necessary requirements. It can be concluded that proper financial management is necessary to overcome potential losses, which could be financially harmful to a trader over an ongoing business transaction. Volatile exchange rates are the main reason for decreasing performance of financial activities in an organization which causes significant imbalances in financial transactions (Hofmann et al. 2020). Risks are associated with economic activities, and it has the potential for losing money and creates substantial fluctuations in exchange rates.
Determination of currency prices are necessary and it can be conducted by determining floating rates and fixed rates. Ongoing trade activities are not defined by exchange rates as they can be changed according to the present stock exchange conditions of the UK. Trade, inflation, rate of interest and employment rates are effective for maintaining exchange rates as these factors are dependable upon geopolitical conditions of the UK (Kohlscheen et al. 2017). Economic activities are involved in this process, which is influencing higher demands and is effective for value appreciation. Relatively more minor order in currency is intended to be decline prices, which could lead to value loss.
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