2021 CFA Level I Exam: Study Session 18. Portfolio Management (1) - Reading 52. Portfolio Risk and Return: Part I

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	1. Major Return Measures a. calculate and interpret major return measures and describe their appropriate uses;
	2. Variance and Covariance of Returns c. calculate and interpret the mean, variance, and covariance (or correlation) of asset returns based on historical data;
	3. Historical Return and Risk b. describe characteristics of the major asset classes that investors consider in forming portfolios;
	4. Risk Aversion and Portfolio Selection d. explain risk aversion and its implications for portfolio selection;
	5. Portfolio Risk e. calculate and interpret portfolio standard deviation; f. describe the effect on a portfolio's risk of investing in assets that are less than perfectly correlated;
	6. Efficient Frontier g. describe and interpret the minimum-variance and efficient frontiers of risky assets and the global minimum-variance portfolio;
	7. Optimal Portfolio h. discuss the selection of an optimal portfolio, given an investor's utility (or risk aversion) and the capital allocation line.

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