{"level":{"id":4,"slug":"portfolio-management","title":"Level 4 · Portfolio Management","learningObjectives":"Design an asset allocation consistent with your risk profile and time horizon; diversify a portfolio; manage concentration risk; rebalance with sound judgment; understand basic investor taxation; build a real portfolio, step by step.","recommendedPriorKnowledge":null,"expectedOutcomes":"By the end of this level, you can build and maintain a coherent investment portfolio -- not just analyze one asset or company at a time, but combine several positions according to your own risk profile, time horizon, and liquidity needs.","sortOrder":4,"icon":null},"modules":[{"id":25,"levelId":4,"slug":"asset-allocation","title":"Asset allocation","learningObjectives":"Understand what asset allocation is, how an investor's risk profile influences that allocation, and how it should be adjusted based on time horizon and liquidity needs.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can explain what asset allocation is, distinguish an investor's risk profile from an investment's risk, and adjust an allocation based on time horizon and liquidity needed.","sortOrder":1},{"id":26,"levelId":4,"slug":"diversification","title":"Diversification","learningObjectives":"Understand why diversifying a portfolio reduces its risk without proportionally reducing expected return, how to diversify geographically and by sector, and what criterion guides how much diversification is enough.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can explain why diversifying reduces a portfolio's risk without eliminating it, apply geographic and sector diversification, and judge with sound judgment how much diversification makes sense in a real portfolio.","sortOrder":2},{"id":27,"levelId":4,"slug":"risk-management","title":"Risk management","learningObjectives":"Understand what concentration risk is, what correlation between assets is and why it drives the benefit of diversifying, and what criterion guides how much weight a position should have in a portfolio.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can identify concentration risk in a portfolio, explain why correlation between assets is the real mechanism behind diversification, and apply a risk criterion -- not a universal formula -- to size a position.","sortOrder":3},{"id":28,"levelId":4,"slug":"rebalancing","title":"Rebalancing","learningObjectives":"Understand why a portfolio is rebalanced, what frequency and criteria guide when to do it, and what tax and transaction cost it involves.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can explain why a portfolio drifts from its target allocation over time, apply a criterion -- not a rigid time-based rule -- for deciding when to rebalance, and weigh the transaction and tax cost against the benefit of correcting that drift.","sortOrder":4},{"id":29,"levelId":4,"slug":"investor-taxation","title":"Investor taxation","learningObjectives":"Understand how dividends and capital gains are taxed for an individual investor in Spain, what loss offsetting is, and what the most common tax mistakes are when investing.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module, you can explain what a dividend is and what a capital gain is and why they're taxed differently, apply the principle of loss offsetting, and avoid the most common tax mistakes -- without this content replacing personalized tax advice.","sortOrder":5},{"id":30,"levelId":4,"slug":"building-a-portfolio","title":"Building a portfolio","learningObjectives":"Apply the asset allocation, diversification, risk management, rebalancing, and taxation already covered in this level to build a real investment portfolio, step by step, and understand how to review it periodically.","recommendedPriorModuleId":null,"expectedOutcomes":"By the end of this module -- and Level 4 as a whole -- you can apply, in sequence, the criteria for allocation, diversification, sizing, and risk management to build a real portfolio, and review it periodically, distinguishing that review from a simple rebalancing.","sortOrder":6}]}