FINS5568 Capstone - Portfolio Management Process - 2020

Term 3
6 Units of Credit
Banking & Finance
The course outline is not available for current semester. To view outlines from other years and/or semesters, visit the archives .

1. Course Details

Summary of Course

The course presents a continuous and systematic approach to the process of portfolio management. The process begins with the development of a policy statement to suit the needs, constraints and preferences of an investor. A thorough examination of past, current and projected conditions of the economy, markets, industries and companies is then conducted to form the basis for portfolio construction and implementation of investment strategy. The last stage of the process focuses on the continual evaluation of portfolio performance and monitoring of investor-related factors and economy and market input factors. The feedback obtained from this stage will serve as an impetus for portfolio rebalancing, revision of the investment policy statement and changes to asset allocation and investment strategy.

Teaching Times and Locations

Please note that teaching times and locations are subject to change. Students are strongly advised to refer to the Class Timetable website for the most up-to-date teaching times and locations.

View course timetable

Course Policies & Support

Course Aims and Relationship to Other Courses

FINS5568 is an elective course for Program 9273 and a capstone course for Programs 8404, 8417 and 8428. To enrol in this course, students must have completed FINS5513 and 30 units of credit.

2. Staff Contact Details

Position Title Name Email Location Phone Consultation Times
Lecturer-in-chargeDrHenry YipRoom 347, Business School building - Ref E12+61 2 9385 5870Thurs 10:00 to 12:00
LecturerDrPeng WangRoom 345B, Business School building - Ref E12TBATBA

Communication with staff

Henry is more than happy to greet and meet his students online during his consultation times. To make an appointment, log into the course Moodle page. Then go to the 'Consultation' section to locate and click on the Moodle Scheduler tool to book a time slot. After that, join the Zoom meeting at the scheduled time via the link provided in the 'Consultation' section.

Apart from consultation times, staff will add discussion forums to the course Moodle page for students to post enquiries any time for staff or fellow classmates to attend to. We use these discussion forums in lieu of emails as depositories of Q&A to benefit the entire class.

Please DO NOT
  • reply to messages sent to you via Moodle announcements. These emails are from a "no-reply" address.
  • use the email facility within Moodle to send messages to staff. Moodle email is pretty rudimentary.
If you have a question outside the classroom, please post it to the corresponding discussion forums or contact staff during their consultation times.

3. Learning and Teaching Activities

Approach to Learning and Teaching in the Course

The philosophy underpinning this course is summarised by the following list of guidelines extracted from Guidelines on Learning that inform teaching at UNSW:

Effective learning is supported when students are actively engaged in the learning process.
  • Students become more engaged in the learning process if they can see the relevance of their studies to professional, disciplinary and/or personal contexts.
  • Clearly articulated expectations, goals, learning outcomes, and course requirements increase student motivation and improve learning.
  • Effective learning is facilitated by assessment practices and other student learning activities that are designed to support the achievement of desired learning outcomes.
  • Meaningful and timely feedback to students improves learning.

Learning Activities and Teaching Strategies

In lectures, staff discuss and illustrate disciplinary knowledge and engage students in learning activities to help students

  • Integrate and apply disciplinary knowledge in finance, accounting and economics to business situations.
  • Develop critical thinking, problem solving and communication skills that are highly valued by the employers.
  • Consider ethical, social and environmental implications of business practices in portfolio management.
  • Collect timely feedback to reflect on their learning and development of program learning outcomes.

5. Course Resources

The website for this course is on Moodle . We refer students to the textbooks below for reference and private study

  • Pinto, J.E., E. Henry, T.R. Robinson and J.D. Stowe, Equity Asset Valuation, CFA Investment Institute Series, 3rd edition, John Wiley & Sons
  • Maginn, John L., Donald L. Tuttle, Dennis W. McLeavey, and Jerald E. Pinto, 2007, Managing Investment Portfolios - A dynamic process, 3rd edition, John Wiley & Sons
  • Reilly, Frank K., Keith C. Brown, and Sanford J. Leeds 2018, Investment Analysis and Portfolio Management, 11th edition, Cengage Learning

We have added a link in the course Moodle page for students to access textbooks via UNSW Library. Alternatively, below are the links provided by UNSW Bookshop for purchase.


  • Print –
  • Digital -


  • Print –
  • Digital –


  • Print –

6. Course Evaluation & Development

Feedback is regularly sought from students and continual improvements are made based on this feedback. At the end of this course, you will be asked to complete the myExperience survey, which provides a key source of student evaluative feedback. Your input into this quality enhancement process is extremely valuable in assisting us to meet the needs of our students and provide an effective and enriching learning experience. The results of all surveys are carefully considered and do lead to action towards enhancing educational quality.

Feedback from past students in s2, 2013 when the course was delivered for the first time indicated that this course was relatively heavy on the number of assessment items. As a result of this feedback, we have progressively streamlined and reduced the number of assessment items.

Over time, we have developed a suite of self-paced and peer-assisted resources for students to learn oral communication skills and build confidence in public speaking. These resources are the outcome of a 2018 Scientia Education Investment Fund grant awarded to Henry Yip by the Office of the PVCE. Students may access the resources via using enrolment key: "oral presentation-STUD".

Lastly, the course has undergone a digital uplift to improve the student experience and learning outcomes during Term 2 2019. The welcoming video and pre-tests on assumed knowledge are two examples of the outputs of this digital uplift project.

7. Course Schedule

Note: for more information on the UNSW academic calendar and key dates including study period, exam, supplementary exam and result release, please visit:
Week Activity Topic Assessment/Other
Week 1: 14 SeptemberLecture
  • Introduction
  • Social impact bonds
  • Reference: Readings posted on Moodle

Class activity 1: Evaluate the classification of social impact bonds

Complete and submit the class activity to Moodle Turnitin BEFORE 10:00 AM Mon Week 2

Self-paced learning
  1. Pre-test 1: Features of a bond and a stock
  2. Oral presentation skills
  • Go to https:// moodle.telt.unsw view.php? id=39376
  • Use enrolment key "oral presentationSTUD" to sign in
  1. Complete the pre-test via Moodle BEFORE lecture
  2. Complete the quiz and survey of Module 1 during the O-Week, and Activities Sets 1 and 2 of Module 2 before the end of Week 4
Week 2: 21 SeptemberLecture
  • Investment policy statement
  • Capital market expectations
  • Reference: Maginn Ch 2 and Reilly Ch 2
Self-paced learning

Pre-test 2: Investment risk and return


Complete the pre-test via Moodle BEFORE lecture

Week 3: 28 September Lecture
  • Asset allocation
  • Reference: Reilly Ch 2 and 3

Class activity 2: Evaluate asset allocation strategy of BlackRock

Complete and submit the class activity to Moodle Turnitin BEFORE 10:00 AM Mon Week 4

Self-paced learning

Presentation preparation exercise

Complete the exercise by the end of this week

Week 4: 05 OctoberLecture
  • Economic analysis and industry analysis
  • Factor analysis
  • Reference: Reilly Ch 8 and 9 and Maginn Ch 4
  • Research paper

Class activity 3: Discuss factor timing strategy

Complete and submit the class activity to Moodle Turnitin BEFORE 10:00 AM Mon Week 5

Week 5: 12 OctoberLecture
  • Company analysis and stock valuation
  • Reference: Pinto Ch 5

Class activity 4: Build a simple DCF model

Complete and submit the class activity to Moodle Turnitin 10:00 AM Mon Week 6

Week 6: 19 OctoberLecture
  • Equity portfolio management strategies
  • Reference: Reilly Ch 11

Class activity 5: Discuss ESG portfolio strategy

Complete and submit the class activity to Moodle Turnitin 10:00 AM Mon Week 8

Self-paced learning

Pre-test 3: Efficient market hypothesis

Complete the pre-test via Moodle BEFORE lecture

Week 7: 26 OctoberPresentation

Mock presentation

  • Submit the prerecorded video to Moodle Turnitin BEFORE 10:00 AM Mon this week
  • Watch the video with the LIC as per the mock presentation schedule
Week 8: 02 November Lecture
  • Portfolio reporting & management
  • Reference: Reilly Ch 18, Maginn Chs 11 - 13 and readings posted on Moodle
Self-paced learning

Pre-test 4: Bid-ask spreads, economic significance and statistical significance

Complete the pre-test via Moodle BEFORE lecture

Week 9: 09 November Lecture
  • Ethics in asset management and summary of course
  • Final presentation
  • Reference: Reilly Ch 17 and readings posted on Moodle
  • Submit the prerecorded video and slide deck to Moodle Turnitin BEFORE 10 AM Monday this week irrespective of the week of your final presentation
  • Watch the video with the LIC as per the final presentation schedule
Self-paced learning

Pre-test 5: Securities trading and fiduciary duty

Complete the pre-test via Moodle BEFORE lecture

Week 10: 16 NovemberPresentation

Final presentation

  • Watch your own video with the LIC as per final presentation schedule

8. Policies and Support

Information about UNSW Business School protocols, University policies, student responsibilities and education quality and support.

Program Learning Outcomes

The Business School places knowledge and capabilities at the core of its curriculum via seven Program Learning Outcomes (PLOs). These PLOs are systematically embedded and developed across the duration of all coursework programs in the Business School.

PLOs embody the knowledge, skills and capabilities that are taught, practised and assessed within each Business School program. They articulate what you should know and be able to do upon successful completion of your degree.

Upon graduation, you should have a high level of specialised business knowledge and capacity for responsible business thinking, underpinned by ethical professional practice. You should be able to harness, manage and communicate business information effectively and work collaboratively with others. You should be an experienced problem-solver and critical thinker, with a global perspective, cultural competence and the potential for innovative leadership.

All UNSW programs and courses are designed to assess the attainment of program and/or course level learning outcomes, as required by the UNSW Assessment Design Procedure. It is important that you become familiar with the Business School PLOs, as they constitute the framework which informs and shapes the components and assessments of the courses within your program of study.

PLO 1: Business knowledge

Students will make informed and effective selection and application of knowledge in a discipline or profession, in the contexts of local and global business.

PLO 2: Problem solving

Students will define and address business problems, and propose effective evidence-based solutions, through the application of rigorous analysis and critical thinking.

PLO 3: Business communication

Students will harness, manage and communicate business information effectively using multiple forms of communication across different channels.

PLO 4: Teamwork

Students will interact and collaborate effectively with others to achieve a common business purpose or fulfil a common business project, and reflect critically on the process and the outcomes.

PLO 5: Responsible business practice

Students will develop and be committed to responsible business thinking and approaches, which are underpinned by ethical professional practice and sustainability considerations.

PLO 6: Global and cultural competence

Students will be aware of business systems in the wider world and actively committed to recognise and respect the cultural norms, beliefs and values of others, and will apply this knowledge to interact, communicate and work effectively in diverse environments.

PLO 7: Leadership development

Students will develop the capacity to take initiative, encourage forward thinking and bring about innovation, while effectively influencing others to achieve desired results.

These PLOs relate to undergraduate and postgraduate coursework programs.  Separate PLOs for honours and postgraduate research programs are included under 'Related Documents'.

Business School course outlines provide detailed information for students on how the course learning outcomes, learning activities, and assessment/s contribute to the development of Program Learning Outcomes.



UNSW Graduate Capabilities

The Business School PLOs also incorporate UNSW graduate capabilities, a set of generic abilities and skills that all students are expected to achieve by graduation. These capabilities articulate the University’s institutional values, as well as future employer expectations.

UNSW Graduate CapabilitiesBusiness School PLOs
Scholars capable of independent and collaborative enquiry, rigorous in their analysis, critique and reflection, and able to innovate by applying their knowledge and skills to the solution of novel as well as routine problems.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 7: Leadership development

Entrepreneurial leaders capable of initiating and embracing innovation and change, as well as engaging and enabling others to contribute to change
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 6: Global and cultural competence
  • PLO 7: Leadership development

Professionals capable of ethical, self-directed practice and independent lifelong learning
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 5: Responsible business practice

Global citizens who are culturally adept and capable of respecting diversity and acting in a socially just and responsible way.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 5: Responsible business practice
  • PLO 6: Global and cultural competence

While our programs are designed to provide coverage of all PLOs and graduate capabilities, they also provide you with a great deal of choice and flexibility.  The Business School strongly advises you to choose a range of courses that assist your development against the seven PLOs and four graduate capabilities, and to keep a record of your achievements as part of your portfolio. You can use a portfolio as evidence in employment applications as well as a reference for work or further study. For support with selecting your courses contact the UNSW Business School Student Centre.

Academic Integrity and Plagiarism

Academic Integrity is honest and responsible scholarship. This form of ethical scholarship is highly valued at UNSW. Terms like Academic Integrity, misconduct, referencing, conventions, plagiarism, academic practices, citations and evidence based learning are all considered basic concepts that successful university students understand. Learning how to communicate original ideas, refer sources, work independently, and report results accurately and honestly are skills that you will be able to carry beyond your studies.

The definition of academic misconduct is broad. It covers practices such as cheating, copying and using another person’s work without appropriate acknowledgement. Incidents of academic misconduct may have serious consequences for students.


UNSW regards plagiarism as a form of academic misconduct. UNSW has very strict rules regarding plagiarism. Plagiarism at UNSW is using the words or ideas of others and passing them off as your own. All Schools in the Business School have a Student Ethics Officer who will investigate incidents of plagiarism and may result in a student’s name being placed on the Plagiarism and Student Misconduct Registers.

Below are examples of plagiarism including self-plagiarism:

Copying: Using the same or very similar words to the original text or idea without acknowledging the source or using quotation marks. This includes copying materials, ideas or concepts from a book, article, report or other written document, presentation, composition, artwork, design, drawing, circuitry, computer program or software, website, internet, other electronic resource, or another person's assignment, without appropriate acknowledgement of authorship.

Inappropriate Paraphrasing: Changing a few words and phrases while mostly retaining the original structure and/or progression of ideas of the original, and information without acknowledgement. This also applies in presentations where someone paraphrases another’s ideas or words without credit and to piecing together quotes and paraphrases into a new whole, without appropriate referencing.

Collusion: Presenting work as independent work when it has been produced in whole or part in collusion with other people. Collusion includes:

  • Students providing their work to another student before the due date, or for the purpose of them plagiarising at any time
  • Paying another person to perform an academic task and passing it off as your own
  • Stealing or acquiring another person’s academic work and copying it
  • Offering to complete another person’s work or seeking payment for completing academic work

Collusion should not be confused with academic collaboration (i.e., shared contribution towards a group task).

Inappropriate Citation: Citing sources which have not been read, without acknowledging the 'secondary' source from which knowledge of them has been obtained.

Self-Plagiarism: ‘Self-plagiarism’ occurs where an author republishes their own previously written work and presents it as new findings without referencing the earlier work, either in its entirety or partially. Self-plagiarism is also referred to as 'recycling', 'duplication', or 'multiple submissions of research findings' without disclosure. In the student context, self-plagiarism includes re-using parts of, or all of, a body of work that has already been submitted for assessment without proper citation.

To see if you understand plagiarism, do this short quiz:


The University also regards cheating as a form of academic misconduct. Cheating is knowingly submitting the work of others as their own and includes contract cheating (work produced by an external agent or third party that is submitted under the pretences of being a student’s original piece of work). Cheating is not acceptable at UNSW.

If you need to revise or clarify any terms associated with academic integrity you should explore the 'Working with Academic Integrity' self-paced lessons available at:

For UNSW policies, penalties, and information to help you avoid plagiarism see: as well as the guidelines in the online ELISE tutorials for all new UNSW students: For information on student conduct see:

For information on how to acknowledge your sources and reference correctly, see: If you are unsure what referencing style to use in this course, you should ask the lecturer in charge.

Student Responsibilities and Conduct

​Students are expected to be familiar with and adhere to university policies in relation to class attendance and general conduct and behaviour, including maintaining a safe, respectful environment; and to understand their obligations in relation to workload, assessment and keeping informed.

Information and policies on these topics can be found on the 'Managing your Program' website.


It is expected that you will spend at least ten to twelve hours per week studying for a course except for Summer Term courses which have a minimum weekly workload of twenty to twenty four hours. This time should be made up of reading, research, working on exercises and problems, online activities and attending classes. In periods where you need to complete assignments or prepare for examinations, the workload may be greater. Over-commitment has been a cause of failure for many students. You should take the required workload into account when planning how to balance study with employment and other activities.

We strongly encourage you to connect with your Moodle course websites in the first week of semester. Local and international research indicates that students who engage early and often with their course website are more likely to pass their course.

View more information on expected workload


Your regular and punctual attendance at lectures and seminars or in online learning activities is expected in this course. The Business School reserves the right to refuse final assessment to those students who attend less than 80% of scheduled classes where attendance and participation is required as part of the learning process (e.g., tutorials, flipped classroom sessions, seminars, labs, etc.).

View more information on attendance

General Conduct and Behaviour

You are expected to conduct yourself with consideration and respect for the needs of your fellow students and teaching staff. Conduct which unduly disrupts or interferes with a class, such as ringing or talking on mobile phones, is not acceptable and students may be asked to leave the class.

View more information on student conduct

Health and Safety

UNSW Policy requires each person to work safely and responsibly, in order to avoid personal injury and to protect the safety of others.

View more information on Health and Safety

Keeping Informed

You should take note of all announcements made in lectures, tutorials or on the course web site. From time to time, the University will send important announcements to your university e-mail address without providing you with a paper copy. You will be deemed to have received this information. It is also your responsibility to keep the University informed of all changes to your contact details.

Student Support and Resources

​The University and the Business School provide a wide range of support services and resources for students, including:

Business School EQS Consultation Program
The Consultation Program offers academic writing, literacy and numeracy consultations, study skills, exam preparation for Business students. Services include workshops, online resources, individual and group consultations. 
Level 1, Room 1035, Quadrangle Building.
02 9385 4508

Communication Resources
The Business School Communication and Academic Support programs provide online modules, communication workshops and additional online resources to assist you in developing your academic writing.

Business School Student Centre
The Business School Student Centre provides advice and direction on all aspects of admission, enrolment and graduation.
Level 1, Room 1028 in the Quadrangle Building
02 9385 3189

UNSW Learning & Careers Hub
The UNSW Learning & Careers Hub provides academic skills and careers support services—including workshops, individual consultations and a range of online resources—for all UNSW students. See their website for details.
Lower Ground Floor, North Wing Chancellery Building.
02 9385 2060

Student Support Advisors
Student Support Advisors work with all students to promote the development of skills needed to succeed at university, whilst also providing personal support throughout the process.
John Goodsell Building, Ground Floor.
02 9385 4734

International Student Support
The International Student Experience Unit (ISEU) is the first point of contact for international students. ISEU staff are always here to help with personalised advice and information about all aspects of university life and life in Australia.
Advisors can support you with your student visa, health and wellbeing, making friends, accommodation and academic performance.
02 9385 4734

Equitable Learning Services
Equitable Learning Services (formerly Disability Support Services) is a free and confidential service that provides practical support to ensure that your health condition doesn't adversely affect your studies. Register with the service to receive educational adjustments.
Ground Floor, John Goodsell Building.
02 9385 4734

UNSW Counselling and Psychological Services
Provides support and services if you need help with your personal life, getting your academic life back on track or just want to know how to stay safe, including free, confidential counselling.
Level 2, East Wing, Quadrangle Building.
02 9385 5418

Library services and facilities for students
The UNSW Library offers a range of collections, services and facilities both on-campus and online.
Main Library, F21.
02 9385 2650

Moodle eLearning Support
Moodle is the University’s learning management system. You should ensure that you log into Moodle regularly.
02 9385 3331

UNSW IT provides support and services for students such as password access, email services, wireless services and technical support.
UNSW Library Annexe (Ground floor).
02 9385 1333