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1、CHAPTERFORTY-NINEINTERNATIONALBONDPORTFOLIOMANAGEMENTCHRISTOPHERB.STEWARD,CFAVicePresidentWellingtonManagementCompany,LLPJ.HANKLYNCH,CFAManagingDirectorGlobalHeadofCurrencyOptionsStateStreetGlobalMarketsFRANKJ.FABOZZI,PH.D.,CFA,CPAFrederickFrankAdjunctProfessorofF
2、inanceSchoolofManagementYaleUniversityManagementofaninternationalbondportfolioposesmorevariedchallengesthanmanagementofadomesticbondportfolio.Differingtimezones,localmarketstructures,settlementandcustodialissues,andcurrencymanagementallcompli-catethefundamentaldec
3、isionsfacingeveryfixedincomemanagerindetermin-inghowtheportfolioshouldbepositionedwithrespecttoduration,sector,andyieldcurve.Thefundamentalactivitiesinanyinvestmentmanagementprocessareset-tinginvestmentobjectives,developingandimplementingaportfoliostrategy,monitori
4、ngtheportfolio,andadjustingtheportfolio.Theaddedcomplexitiesofcross-borderinvestingmagnifytheimportanceofawell-defined,disciplinedinvestmentprocess.Thischapterisorganizedtoaddressthesechallengesfortheinvestmentmanagementprocess.Toprovideabroadoverviewofthemanyaspec
5、tsofinternationalfixedincomeinvestinginonechapterimpliesthatmanytopicsdonotreceivethedepthofdiscussiontheydeserve.Forexample,thetopicofcurrencymanagementisextensive,andweprovideonlythefundamentalprincipleshere.However,theThischapterisadaptedfromChristopherB.Steward
6、,J.HankLynch,andFrankJ.Fabozzi,“InternationalBondPortfolioManagement,”Chapter6inFrankJ.Fabozzi(ed.),FixedIncomeReadingsfortheCharteredFinancialAnalystProgram(NewHope,PA:FrankJ.FabozziAssociates,2004).1119Copyright©2005,2001,1997,1995,1991,1987,1983byTheMcGraw-Hill
7、Companies,Inc.Clickherefortermsofuse.1120PART6BondPortfolioManagementsameprinciplesinvolvedwithcurrencymanagementalsoapplytointernationalequity-portfoliomanagement.Whilemanyoftheexamplesandillustrationsinthischapterapplytointer-nationalinvestingfromtheperspectiveo
8、faU.S.managerinvestinginbondmar-ketsoutsidetheUnitedStates,itisimportanttokeepinmindthattheprinciplesapplytoanycross-bordermanagerinvestingoutsideherdom
