NISM 21B Portfolio Managers Exam Notes

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  • Active Strategies: Stock selection, market timing.
  • Fundamental Law of Active Management: Performance depends on skill, breadth.
  • Information Ratio: Excess return per active risk.
  • Active vs. Passive: Active seeks alpha, passive minimizes costs.
  • Smart Beta: Combines passive indexing, factor strategies.

NISM 21B Portfolio Managers

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