The goal of investment management is to achieve the investor’s required rate of return by putting assets to their most productive use. The return should compensate the investor for the time during which the funds are committed, the expected rate of inflation and the uncertainty of the anticipated future financial benefits from the investment. Investment management is a concise yet comprehensive introduction to investment analysis and portfolio management, specifically in the South African context.

Investment management provides a broad framework and a thorough network of guidelines for the investment management student. It focuses on investment in financial assets such as shares and bonds, and explains both fundamental and technical analysis. It investigates portfolio management and how derivative instruments such as futures, options and swaps may be used for this purpose. A chapter is devoted to the foreign exchange market and its management, and cryptocurrencies are introduced. A chapter dealing with aspects of governance for the protection of investors is included. For the seventh edition a chapter on investment behaviour has been added. By means of selfassessment questions at the end of each chapter, it prepares undergraduates for postgraduate study and is written with the Chartered Financial Analyst (CFA®) Level I learning outcomes in mind.

Johan Marx (editor) is an emeritus professor at the University of South Africa (Unisa). He is the author of several financial management publications, and has presented and published numerous articles. He has a keen interest in financial markets and Futures Studies.

Johan de Beer lectures financial risk management at Unisa. He is a CFA® charter holder and earned his PhD at Unisa, with research focusing on quantitative equity investing strategies and momentum in equity markets. His particular field of interest is quantitative momentum investing.

Raphael Mpofu is a professor in the Department of Finance, Risk Management and Banking at Unisa.
His research interests include financing small businesses and personal investments in emerging
market economies.