Unit convenor and teaching staff |
Unit convenor and teaching staff
Lecturer
Bev Durston
Contact via Email
Unit Convenor
David Bell
Contact via Email
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Credit points |
Credit points
2
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Prerequisites |
Prerequisites
(Admission to MAppFin or PGCertAppFin or GradDipAppFin) and (AFCP801 or ECFS865) and ECFS867
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This unit provides a broad coverage of the hedge fund industry, with an emphasis on investment management. This unit builds an overview of the industry, beginning with a definition. A portion of the unit is dedicated to developing an understanding of the background knowledge required before spending a considerable amount of time analysing the different hedge fund strategies. Within each strategy, concepts such as risk/return, qualitative risks and business models are discussed. Fund of hedge funds and the role of hedge funds within a diversified portfolio is discussed. Controversies and characters of the industry add some flair to the unit as well as providing good examples of the industry in practice.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
To pass this unit (requires a Standardised Numerical Grade of 50 or better) the student must pass the final examination.
Name | Weighting | Due |
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Pre-Unit Assignment | 5% | First class |
Class Participation | 5% | Ongoing |
Case Study / Assignment | 30% | Refer to iLearn |
Final Exam | 60% | Refer to Timetable |
Due: First class
Weighting: 5%
Summary of Assessment Task
Individual / Group: Individual
Due Date: At the end of the first night lecture
Grading Method: Refer to 'Standards Required to Complete the Unit Satisfactorily' section
Submission Method: In class
Duration: 1 to 2 standard pages
Extension Requests:
Other Information:
Due: Ongoing
Weighting: 5%
Summary of Assessment Task
Individual / Group: Individual and Group
Due Date: Ongoing and final Sunday afternoon group discussion
Grading Method: Refer to 'Standards Required to Complete the Unit Satisfactorily' section
Submission Method: In class
Duration: Discussion on case studies
Extension Requests:
Other Information:
Due: Refer to iLearn
Weighting: 30%
Summary of Assessment Task
Individual / Group: Individual
Due Date: Refer to the Unit's iLearn site
Grading Method: Refer to 'Standards Required to Complete the Unit Satisfactorily' section
Submission Method: Online via Turnitin on the Unit's iLearn site
Duration: Maximum 4 standard pages
Extension Requests:
Other Information:
Due: Refer to Timetable
Weighting: 60%
Summary of Assessment Task
Individual / Group: Individual
Due Date: Refer to Timetable. Assessments: Different Class Groups have different deadlines. Students should find the timetable and dates relevant to their group at www.mafc.mq.edu.au
Grading Method: Refer to 'Standards Required to Complete the Unit Satisfactorily' section
Submission Method: As per MAFC Program Rules & Procedures at www.mafc.mq.edu.au
Duration: 2 hours plus 10 minutes reading time
Examination Conditions:
Extension Requests:
Other Information:
Face-to-Face Teaching: Generally 20 hours
Timetable: Detailed timetable for classes are on the Centre’s web site www.mafc.mq.edu.au
Consultation Times:
Students who wish to contact any of the teaching staff may do so through:
Text: Nil
Additional Readings:
Lecture Notes: Available in printed form and electronically via iLearn.
Study Problems: Students are required to work systematically through suggested technical examples. These examples will not be collected but they will help you prepare for the exams.
Pre-Unit Materials: Information papers on statistics, regression, accounting and other material may be found at http://www.mafc.mq.edu.au/applications/minimum-knowledge-requirement/pre-course-materials1/. Students should work through this material prior to commencing the degree. The material will remain a useful reference as students progress through the program.
Useful Article References:
Calculators: Only non-programmable calculators (no text/storage retrieval) are permitted to be used in the exam.
Assumed Knowledge: Mathematical content
Solve for Z5: $1,000 = $681.20(1+Z5/2)10
D = - ((1+y) / P) (ΔP/Δy)
Assumed Access: Access to a computer with word processing and spreadsheet capability is assumed, as is general student computer literacy.
Unit iLearn Site:
Important Notice:
Session | Topic |
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Session 1 |
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Session 2 |
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Session 3 |
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Session 4 |
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Session 5 |
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Session 6 |
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Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Students should also consult the MAFC Program Rules & Procedures found at http://www.mafc.mq.edu.au
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
For all student enquires, please contact studentsupport@mafc.mq.edu.au
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Learning Skills (http://www.students.mq.edu.au/support/learning_skills/) provides academic writing resources and study strategies to improve your marks and take control of your study.
For all student enquiries, visit Student Connect at ask.mq.edu.au
For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/.
When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.
Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.
This graduate capability is supported by:
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.
This graduate capability is supported by:
Our postgraduates will be ethically aware and capable of confident transformative action in relation to their professional responsibilities and the wider community. They will have a sense of connectedness with others and country and have a sense of mutual obligation. They will be able to appreciate the impact of their professional roles for social justice and inclusion related to national and global issues
This graduate capability is supported by:
Bev Durston is an award winning and energetic seasoned investment professional with over 25 years’ experience. She has implemented investment solutions for Superannuation Funds, Sovereign Wealth Funds and Commercial Fund managers in Australia, Singapore and the UK.
She now manages an advisory business for institutional clients, Edgehaven Pty Limited which advises on investing, manager selection, scheme design, portfolio construction and risk management. Her clients include Australian and UK Superannuation funds, Not for Profit bodies and a Retirement Incomes Solution Provider. She is also an Honourary Fellow of Macquarie University and teaches the Hedge Fund elective for their Masters of Applied Finance Program.
Her previous roles have encompassed the entire spectrum of asset classes including traditional and Alternative Assets and Strategic Asset Allocation. Prior employers include Commonwealth Super Corporation, Sunsuper, the Government of Singapore Investment Corporation (GIC), BT Funds Management and British Airways Pensions.
Bev has a first class Banking and International Finance degree from CASS in London, a Masters of Applied Finance from Macquarie University, Sydney and professional Trustee qualifications.
She was selected by aiCIO for the top 100 CIO Global Power listing and is a contributor to Cuffelinks newsletter on investing. Bev has spoken at industry conferences both in Australia and overseas on Alternative assets, the obsession with liquidity in Australian Superannuation funds and the DB versus DC retirement experience for members.
Research interests include:
David is currently the Chief Investment Officer of Auscoal, a large industry Superannuation Fund. There he is responsible for asset allocation and manager selection across all of the funds under management as well as advising on the investment options offered to members in accumulation and retirement. Prior to this he was the founder of St Davids Rd Advisory, an independent advisory firm specialising in the areas of finance and investments. His firm consulted primarily to wholesale investors, asset managers and corporate organisations across a range of different areas including hedge funds, portfolio and risk management, strategy and governance.
Prior to establishing St Davids Rd Advisory David spent 12 years at Colonial First State Global Asset Management . The last 8 years of that time was spent establishing, managing and winding up their Fund of Hedge Fund business. At its peak this business managed $540m and had 10 investment staff across Sydney and London. David ran this division for the last 6 years. He also spent 6 months in Zurich working with Harcourt Investment Consulting, who provided investment consulting services to CFS.
David has a Bachelor’s degree in Mathematics, from the University of Newcastle, with majors in applied mathematics and statistics. He also holds a Master of Applied Finance degree and is an Honorary Fellow of Macquarie University, where he coordinates and lectures the Hedge Fund elective for the Masters of Applied Finance course. David is a part-time PhD candidate at UNSW where his research is focused on multi-period portfolio construction.
In 2010 David was awarded a Lifetime Achievement Award for Contribution to the Hedge Funds Industry at the Australian Hedge Fund Awards.
This Unit Guide may be subject to change. The latest version is on the Centre’s web site www.mafc.mq.edu.au.
Students should read the Unit Guide carefully at the start of semester. It contains important information about the Unit. If anything is unclear, please consult one of the unit lecturers.
Welcome to this Unit. We hope you find it exciting and informative. We believe that hedge funds are one of the most interesting areas in finance. Consider the following:
As a result this Unit should provide plenty of colour, conversation and hopefully debate. We encourage class participation and some of your assessment is based on this.
The Unit is not intended to make the Student a specialist in all aspects of hedge funds, but rather to give an overview of the wide range of strategies employed and key industry concepts.
Enjoy!
Bev Durston & David Bell
University Policy on Grading:
Specific Unit Grading:
Grade | Expectation |
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High Distinction | Provides consistent evidence of deep and critical understanding in relation to the learning outcomes. There is substantial originality and insight in identifying, generating and communicating competing arguments, perspectives or problem solving approaches; critical evaluation of problems, their solutions and their implications; creativity in application as appropriate to the discipline. |
Distinction | Provides evidence of integration and evaluation of critical ideas, principles and theories, distinctive insight and ability in applying relevant skills and concepts in relation to learning outcomes. There is demonstration of frequent originality in defining and analysing issues or problems and providing solutions; and the use of means of communication appropriate to the discipline and the audience. |
Credit | Provides evidence of learning that goes beyond replication of content knowledge or skills relevant to the learning outcomes. There is demonstration of substantial understanding of fundamental concepts in the field of study and the ability to apply these concepts in a variety of contexts; convincing argumentation with appropriate coherent justification; communication of ideas fluently and clearly in terms of the conventions of the discipline. |
Pass | Provides sufficient evidence of the achievement of learning outcomes. There is demonstration of understanding and application of fundamental concepts of the field of study; routine argumentation with acceptable justification; communication of information and ideas adequately in terms of the conventions of the discipline. The learning attainment is considered satisfactory or adequate or competent or capable in relation to the specified outcomes. |
Fail | Does not provide evidence of attainment of learning outcomes. There is missing or partial or superficial or faulty understanding and application of the fundamental concepts in the field of study; missing, undeveloped, inappropriate or confusing argumentation; incomplete, confusing or lacking communication of ideas in ways that give little attention to the conventions of the discipline. |
Review of Grade and final examination Script viewing:
Date | Description |
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10/09/2015 | Assignment update |