Global Warming and Its Effect on Marine Populations

Global warming, an increase in the Earths average atmospheric temperature that causes corresponding changes in climate, is a growing environmental concern caused by industry and agriculture in the mid-20th century to the present. As greenhouse gasses such as carbon dioxide and methane are released into the atmosphere, a shield forms around the Earth, trapping heat  and, therefore, creating a general warming effect. Oceans are one of the areas most affected by this warming. Rising air temperatures affect the physical nature of the oceans. As air temperatures rise, water becomes less dense and separates from a nutrient-filled cold layer below. This is the basis for a chain effect that impacts all marine life that counts on these nutrients for survival. There are two general physical effects of ocean warming on marine populations that are crucial to consider: Changes in natural habitats and food supplyChanging ocean chemistry/acidification Changes in Natural Habitats and Food Supply Phytoplankton, one-celled plants that live at the oceans surface and algae use photosynthesis for nutrients. Photosynthesis is a process that removes carbon dioxide from the atmosphere and converts it into organic carbon and oxygen, which feed  almost every ecosystem.   According to a NASA study, phytoplankton is more likely to thrive in cooler oceans. Similarly, algae, a plant that produces food for other marine life through photosynthesis, is vanishing due to ocean warming. Since oceans are warmer, nutrients cant travel upward to these suppliers, which survive only in oceans small surface layer. Without those nutrients, phytoplankton and algae cannot supplement marine life with necessary organic carbon and oxygen. Yearly Growth Cycles Various plants and animals in the oceans need both a temperature and light balance in order to thrive. Temperature-driven creatures, such as phytoplankton, have started their yearly growth cycle earlier in the season due to warming oceans. Light-driven creatures start their yearly growth cycle around the same time. Since phytoplankton thrive in earlier seasons, the entire food chain is affected. Animals that once traveled to the surface for food are now finding an area void of nutrients, and light-driven creatures are starting their growth cycles at different times. This creates a non-synchronous natural environment. Migration The warming of oceans may also lead to migration of organisms along the coasts. Heat-tolerant species, such as shrimp, expand northward, while heat-intolerant species, such as clams and flounder, retreat northward. This migration leads to a new mix of organisms in an entirely new environment, ultimately causing changes in predatory habits. If some organisms cannot adapt to their new marine environment, they will not flourish and will die off. Changing Ocean Chemistry/Acidification As carbon dioxide is released into the oceans, the ocean chemistry drastically changes. Greater carbon dioxide concentrations released into the oceans create increased ocean acidity. As ocean acidity increases, phytoplankton is  reduced. This results in fewer ocean plants able to convert greenhouse gasses. Increased ocean acidity also threatens marine life, such as corals and shellfish, which may become extinct later this century from the chemical effects of carbon dioxide. Acidifications Effect on Coral Reefs Coral, one of the leading sources for the oceans food and livelihood, is also changing with global warming. Naturally, coral secretes tiny shells of calcium carbonate in order to form its skeleton. Yet, as carbon dioxide from global warming is released into the atmosphere, acidification increases and the carbonate ions vanish. This results in lower extension rates or weaker skeletons in most corals. Coral Bleaching Coral bleaching, the breakdown in the symbiotic relationship between coral and algae, is also occurring with warmer ocean temperatures. Since zooxanthellae, or algae, give coral its particular coloration, increased carbon dioxide in the planets oceans causes coral stress and a release of this algae. This leads to a lighter appearance. When this relationship that is so important for our ecosystem to survive vanishes, corals begin to weaken. Consequently, food and habitats for a great number of marine life are also destroyed. Holocene Climatic Optimum The  drastic climate change known as Holocene Climatic Optimum (HCO) and its effect on surrounding wildlife is not new. The HCO, a general warming period displayed in fossil records from 9,000 to 5,000 BP, proves that climate change can directly impact natures inhabitants. In 10,500 BP, younger dryas, a plant that once spread throughout the world in various cold climates, became nearly extinct due to this warming period. Toward the end of the warming period, this plant that so much of nature had depended on was only found in the few areas that remained cold. Just as younger dryas became scarce in the past, phytoplankton, coral reefs, and the marine life that depend on them are becoming scarce today. Earths environment is continuing on a circular path that may soon lead to chaos within a once naturally balanced environment. Future Outlook and Human Effects The warming of the oceans and its effect on marine life has a direct impact on human life. As coral reefs die, the world loses an entire ecological habitat of fish. According to the World Wildlife Fund, a small increase of 2 degrees Celsius would destroy almost all existing coral reefs. Additionally, ocean circulation changes due to warming would have a disastrous effect on marine fisheries. This drastic outlook is often hard to imagine. It can only be related to a similar historical event. Fifty-five million years ago, ocean acidification led to a mass extinction of ocean creatures. According to fossil records, it took more than 100,000 years for the oceans to recover. Eliminating the use of greenhouse gases and protecting the oceans can prevent this from occurring again. Nicole Lindell writes about global warming for ThoughtCo.

Common Incentives Assignment David Wolfe - 1074 Words

Common Incentives Assignment Joshua Wolfe Mid-America Christian University As a college student, there are many different incentives that we strive for. These incentives are usually described as â€Å"some goal object that motivates us† (Petri and Govern, 2013). These different goal objects drive us to behave in certain ways. However, where these incentives come from is up for debate. Some of these are genetically engrained, while others come from external sources. This paper will attempt to take some of my own personal incentives, along with students in general, and categorize them as to where they originated from Biological As a student, one of the greatest impulses is to eat a good meal. Students line up in the cafeteria†¦show more content†¦Emotionally this goal is met through eating comfort foods, spending time with those that make us feel better, and watching â€Å"feel good† movies. These things reduce the amount of stress we feel, and in turn make us emotionally comfortable. Social An incentive may be to be respected by your peers. This is localized to those contemporaneous to yourself, within your own class of fellow students. You are being judged in academic honors, the amount of effort you are seen putting into your academics, and the car you park on campus. There is the drive to take extravagant trips for Spring Break to Cancun and rack up massive debt on a credit card; all of this to live up to the Joneses. Some of the other goals that students have include â€Å"to be socially respected†. This goal is above and beyond the acceptance of one’s peers, and speaks to the level of hubris that one exhibits. This is seen in dressing well, driving a nice car, having an attractive mate, being seen at the right events, and rubbing elbows with the rich and powerful. There are many extremes to this, which may be diagnosed as a Narcissistic Personality Disorder, in which the person begins to believe the faà §ade that is given, even to the point that they believe there is no faà §ade (McNeal, 2003). We seek the praise of professors. This is unique to students in that any other scrutiny of our work and lives at this level would

Passage to India Free Essays

string(107) " is disgusted and threatened by the vile naked pad which slaps her and then turns out to simply be a baby\." An exploration of these possibilities hopefully shall veal which meaning, If not all of them, Forester Intended the Marimba Caves to possess. On a metaphysical level, the Caves can be seen as a representation of the subconscious. By entering the caves one penetrates the dark, cavernous realm of one’s own psyche. We will write a custom essay sample on Passage to India or any similar topic only for you Order Now Several characters experience a revelation within their walls. Mrs.. Moor’s revelation is that of immense hopelessness. Her experience in the cave creates a sense of chaos and the sense that despite what is said or known in the world, It Is all essentially meaningless. The echo she hears reinforces this revelation to her. The scary resounding â€Å"boom† reduces every individual sound or voice to a continuous and indistinct noise (Forester 163). She meditates that the sound, â€Å"had managed to murmur ‘Pathos, piety, courage-they exist, but are identical, and so is filth. Everything exists, nothing has value. ‘ If one had spoken vileness in that place, or quoted lofty poetry, the comment would have been the same-‘oh-boom† (165). It is here she realizes the whole of human history has sounded Just Like this and that her existence makes no Impression upon it at all. That no matter what Is done and said It s all in the end meaningless. For her, the caves symbolize the antiquity of existence and she has been reduced to being another nonsensical blurb in the annals of time. When she emerges from the cave, Adele asks Mrs.. Moore if she saw the reflection of a match, calling it pretty. Mrs.. Moore claims to have forgotten, but ultimately the only thing she saw In the cave was a reflection of her fears. For the young Adele, the caves Invoke a different revelation. Perhaps their enormity and sense of removal from the world make her meditate on the decision she Is going to make to marry Irony. Looking upon the rock formations as if ripples in her own mind, she is reminded of her relationship with Irony and asks, â€Å"What about love? † (168). Within these walls, she realizes that she is about to marry a man she does not love and ultimately by traversing the corridors of her own mind, she reaches a sense of inner awareness. Adele has a sudden epiphany In the caves and â€Å"vexed, rather than appalled, she stood still, her eyes on the sparkling rock† (168). Perhaps this sparkling rock that Adele focuses on represents a light that has been turned on inside of her. However, unlike Mrs.. Moore who is reduced to an irritable depression, Adele has what appears be a mental breakdown. She has made a decision to escape the confines of societal pressures and not marry Irony. This knowledge provokes such a state in her that she seems to be in a trance, unaware of the hysteria surrounding her until her Inner echo stops during the trial. After renouncing all charges against Aziza; Adele confides Tanat parlor to near cave explosion, sense experienced â€Å"a sort AT sadness. . Tanat I could not detect at the time†¦ No, nothing as solid as sadness: living at half pressure expresses it best. Half pressure† (266). Inside the caves is where she recognizes that so far she was not living her life â€Å"full steam†. Perhaps this revelation at a life led devoid of true experiences and satisfaction caused her possible â€Å"hallucinationà ¢â‚¬ . Up until this point in her life, she had seen life in only one direction; now there were many. In court, she conjures up this multi-directional view; describing it as a â€Å"double relation† (253). She tries to recount the day at the caves and questions herself as to why she did not enjoy what was around her initially. Looking back she realizes that it was â€Å"all dutiful and significant, though she had been blind to it at the time† (253). For both women the entrance into the caves is like an entrance into their own mind. They derive a new sense of knowledge within the hollowed walls and emerge with an echo- a â€Å"boom† that haunts them; an echo that may be the resounding hum of their own subconscious (168). This haunting echo for Mrs.. Moore serves as a reminder of her own insignificance and mortality; while for Adele the echo chips away at her, revealing that perhaps she is uncomfortable with her new self-awareness until she can properly interpret it. However, she will need time to do this, remarking that â€Å"the vision disappeared whenever she wished to interpret it† (267). One can only speculate on Dale’s revelation and her supposed â€Å"insult†. In the end she loses interest in who could have insulted her in the cave; because ultimately she encountered someone much more important in those walls, herself. Essentially, Adele grapples with three different issues: the â€Å"concept of her own Brutishness crumbles, as the very essence of her identity alters, [and] her disenfranchisement in Anglo-India 56). Her first step of assertion is by renouncing her accusations against Aziza. By disentangling herself from the British and their need to scapegoat him she has effectively removed herself from the Anglo-Indian system and become her own woman. In a more literal fashion the caves can be seen as momentary freedom from the constraints of each individual’s society; Moslem, Hindu, and Anglo-Indian all converge here. The Marimba Cave setting is a less formal affair then the â€Å"bridge party’ and serves as a removal from the country club and mosques that separate them. However, this confluence of cultures has disastrous results for the main characters. The initial entrance into the caves is described as absolute chaos by Mrs.. Moore. Inside there is no light and no distinctions can be made between people. She describes the caves as being, â€Å"Crammed with villagers and servants†¦ She lost Adele and Aziza in the dark, didn’t know who touched her, couldn’t breathe, and some vile naked thing struck her face and settled on her like a pad† (Forester 162). Here she suffers a panic attack at what is essentially a removal of the rigid hierarchies she is accustomed to. She is disgusted and threatened by the vile naked pad which slaps her and then turns out to simply be a baby. You read "Passage to India" in category "Papers" It is because she cannot see and categorize what is around her that she â€Å"went mad, hitting and gasping like a fanatic† (162). It is too much chaos for her and the scene unleashes her instinctual, primitive reaction; far from the decorum she may have though herself to possess. Despite her kindness and â€Å"orientation†, Mrs.. Moore is as reliant on a structured system as any AT near countrymen . I Nils scans AT Matrimonial TTY amongst cultures continues when Adele and Aziza enter the next cave. The reader is never informed of what really happens within the cave due to the narrative being from Jazz’s respective. However, Dale’s supposed insult resulting from Jazz’s advances creates outrageous turmoil. It is rooted in the problem that they- a Moslem Indian and a British woman- are alone in such an environment. The insinuation here is that by lowering their guards both parties have suffered. If Adele was in fact insulted, then it was a result of being so familiar with an Indian man. However, if Aziza was innocent the problem was essentially still a result of taking the chance of having too much freedom around a British woman. This reprieve from town and cultural boundaries as shown that distrust and miscommunication are embedded within these groups. Essentially, by showing the havoc that ensues from being at the caves far away from societal restrictions, Forester is showing that perhaps there is a necessity for a separation of cultures when such misunderstanding and distrust exists. There will never entirely be hope for a healthy convergence of cultures if such elements of suspicion linger. The ideas of freedom and the subconscious that the caves inspire may only help to compound the element of mystery they possess. Monk notes that, The Marimba Caves have a corrosive, annihilating effect on those who are susceptible to their power, and they become the central mystery of â€Å"mysterious India† in Forester’s Passage thereto†. The caves are both a representation of mystery and the source of it. It is within their confines that Adele is â€Å"insulted†; yet the reader never really knows what happened if anything did happen at all. The mystic trance they seem to infuse their visitors with can be seen as reflective of the mystery of Eastern spirituality to western eyes. The east possesses a culture so different from the English; that it is resented as an enigma to them that can never be solved. McCauley remarks that, â€Å"Everything Indian is haloed in mystery; the caves, the landscape, even the bird that the English see in a tree and cannot identify, for â€Å"nothing in India is identifiable, the mere asking of a question causes it to disappear and to merge in something else† (201). The Marimba caves carry an enigmatic power. Forester comments that this power lies in their defiance of time and meaning, stating that â€Å"Nothing is inside them, they were sealed up before the creation of pestilence or treasure; if mankind grew Uris’s and excavated, nothing, nothing would be added to the sum of good or evil† (Forester 119). Marimba caves may also serve as another example of the need to determine mystery from muddle. Earlier in the novel, a conversation is posed concerning the difference between the terms. Adele generally admits to abhorring mysteries, while Fielding chimes in agreement that â€Å"We English do† (73). However, it is Mrs.. Moore who makes the distinction between liking a mystery and disliking a muddle. The conversation ends with the question as to if India is a muddle. If India is a muddle, or not; what then would the caves be? Perhaps if the definition of the caves can be determined, then one could unlock the answer to whether India is a muddle or mystery. The difference between the terms mystery and muddle are never clearly defined in the novel. However, a mystery by definition generally has an answer at the end. The implication of the word muddle is that there is no answer and randomness exists. If one examines the caves and the events within them, perhaps muddle could be the more appropriate description. Mrs.. Moore certainly described chaos, and the mystery AT Dale’s Insult Is never solved. In ten caves scans ensues Ana no solutions are offered. This would indicate muddle. If the caves are muddle and reflect the real India; is India, therefore, a muddle or a mystery? Fielding seems to think â€Å"Indian’s a muddle† (73). However, if India is a muddle than the implications of this could be boundless. For if this one country and culture is summed up as a muddle, could not the same opinion be made about most other places and people? Is mankind’s existence random, chaotic, and essentially devoid of any real answers? These questions sound undoubtedly like what Mrs.. Moore was asking herself outside of the Marimba caves. She drew a linear relationship between the nothingness of the caves and her own existence; indicating the same connection between these elements. Perhaps Forester’s caves serve the purpose of showing that everything is essentially muddled. This muddle or mystery, subconscious, and freedom are all to be found with the Forester’s Marimba Caves. Each character upon entering them emerges with their own definition of their meaning. Mrs.. Moore and Adele both approached the caves as if taking a walk within the confines of their own psyches, each discovering their worries and their fears. Aziza found himself victim to the caves and the mystery that happened within them. In addition, all of these characters experienced the ramifications and revelations that arise when one is free from societal observation. The question was posed of whether the caves represented freedom, the subconscious, or the mystery of India. After careful exploration, it is obvious that the caves represent all of these different elements. Perhaps the Marimba caves even represent what is seemingly impossible- both meaning and muddle. Their contradictory coexistence might be the real mystery of India, and of existence. , Works Cited Forester, E. M. A Passage to India. How to cite Passage to India, Papers Passage to India Free Essays The Indian vs. the European Religion and Way of Thinking Religion is probably the most definitive factor in the way Indians lead their lives, particularly if they practice Hinduism and this is why the clash between Hinduism and Christanity in A Passage to India parallels the conflict between the Indians and the British. Hinduism is best represented in the novel by professor Godbole, and Christianity is epitomized in Mrs. We will write a custom essay sample on Passage to India or any similar topic only for you Order Now Moore who comes to India with the kindness and understanding heart of a devout Christian but leaves morose and peevish. Perhaps she is haunted into this state by professor Godbole’s strange song. It is this song that forces Mrs. Moore and Adela Quested into emotional cocoons from which they only escape to meet horrible circumstances: Mrs. Moore is terrorized to the point of apathy and Mrs. Quested meets horror in caves. Another significant aspect is the enormous difference between the English colonial elite and the native population of India. One can see that the English treat the Indians with lack of respect and the Indians seem to expect it. Cultural misunderstanding is turned into a major theme in the novel. Differing cultural ideas and expectations regarding hospitality, social properties and the role of religion in daily life are responsible for misunderstandings between the English and the Muslim Indians, the English and the Hindu Indians, and between the Muslims and the Hindus. Aziz tells Fielding at the end of the novel: ‘It is useless discussing Hindus with me. Living with them teaches me no more. When I think I annoy them, I do not. When I think I don’t annoy them, I do’. Forster demonstrates how these repeated misunderstandings become hardened into cultural stereotypes and are often used to justify the uselessness of attempts to bridge the cultural gulfs How to cite Passage to India, Essay examples

Investment Portfolio Construction Finance †Myassignmenthelp.Com

Question: Discuss About The Investment Portfolio Construction Finance? Answer: Introduction The selection of appropriate investment approach or strategy is crucial for the investment manager because it sets the overall direction of the investments. Basically, there are two types of investment strategy such as active investment strategy and passive investment strategy. The selection of investment strategy is influenced by risk taking capacity and willingness of the investor. Thus, before finalizing the investment strategy, it is crucial to look into the risk and return preferences of the investor (Fabozzi and Markowitz, 2011). In this context, an investment proposal has been prepared in this document that seeks to provide investment advice to the client. The proposal covers a discussion on the selection of investment strategy and construction of a portfolio. The proposal gives description of the reasons for selection of investment alternative and establishes an alignment between the selected investment strategy and the constructed portfolio. Investment Philosophy and Strategy The most commonly applied investment strategies are active investment strategy and passive investment strategy. Under the active investment strategy, the focus of the fund manager is on value creation by exploiting inefficiencies of the market. Under this investment strategy, the fund manager seeks to find out the undervalued stocks and invests money in these stocks to earn profits (Rutterford and Davison, 2007). The investments under this strategy are made with short term objective. Since, the fund manager has to track the market inefficiencies; therefore, this strategy requires extensive research and analysis. The other strategy i.e. passive investment strategy stresses on investing in the stocks which perform in line with market. Under this investment strategy, the fund manager focuses on the long term investments. Further, the trading transactions under passive investment strategy also tend to be low because the funds are tied in for long term. Both the investment strategies are correct at their place, it is the risk and return preferences of the investors which influences the selection of investment strategy. The investors willing to take high risk for higher returns prefer adoption of active investment strategy while the risk-averse investors prefer passive investment strategy (Wermers and Yao, 2010). In the current case, the investor wants to invest $200,000 to accumulate funds for his retirement. The investor is willing to take high risk to earn high returns. Further, he does not specify the particular types of investment options. The investor is comfortable with direct investment in individual securities as well as indirect investment through managed funds or investment companies. Further, the investor does not any problems whatsoever with the investment in foreign securities. He is quite willing to get the exposure of the international market. Further, the client makes it clear that he wants portfolio aiming at capital growth rather than the one which earns periodic returns in the form of dividends. Thus, considering the investors prescriptions, the active investment strategy is selected. A portfolio with capital growth motive will be constructed under the active investment strategy. The fund manager will be responsible to carry out extensive research to find out undervalued securities. The fund manager will be targeted to earn profits by exploiting the inefficiencies of the market (Wermers and Yao, 2010). Recommended Portfolio Components The portfolio is constructed with a combination of securities. However, the selection of securities depends upon the return and risk preferences of the investor. It is the objective of every investor to earn return as high as possible and keep the risk as low as possible. However, the return and risk runs in parallel, which means that if the return increases, the risk will automatically increase. Thus, the objective of portfolio construction becomes optimization of the return and risk (Prigent, 2007). In the current case, the portfolio for the investor has been constructed as show in the table presented below: Individual Equity Max Price on 07/10/2017 Share/ units purchased Amount Cochlear Ltd Health Care Equipment 10% Max 153.14 130.00 19,908.20 CSL Ltd Biotechnology 10% Max 133.32 135.00 17,998.20 Flight Centre Travel Group Ltd Hotels, Resorts Cruise Lines 10% Max 51.45 389.00 20,014.05 Domino's Pizza Enterprises Ltd Restaurants 10% Max 44.93 400.00 17,972.00 REA Group Ltd Advertising 10% Max 63.35 284.00 17,991.40 93,883.85 Aberdeen Leaders Ltd Large, leading companies 10% 1.15 8,694.00 9,998.10 WAM Capital Limited Smaller companies 18% 2.43 14,908.00 36,226.44 46,224.54 US Equity 10% Min iShares SP 500 US SP 500 10% 320.83 62.00 19,891.46 Cash 20% Max 40,000.00 Total 199,999.85 Future sell contract Rate 5,663, Exposure 50% of $93,884= $46,942 The investor has total funds amounting to $200,000 which he wants to be invested in the individual equities, managed funds, and international equities. The investor has provided specifications regarding maximum and minimum amounts to be invested in the particular type of investment avenues. Considering the investors specifications, the portfolio has been constructed by allocating the total available funds of $200,000 in different asset classes. The investor has specified to invest not more than 50% of the funds in the individual equity securities in aggregate. Further, there is a restriction on investment of amount in the individual securities taken singly. It is stipulated that not more than 10% of the total funds are to be invested in a single company. Five stocks namely Cochlear Ltd, CSL Ltd, Flight Centre Travel Group Ltd, Domino's Pizza Enterprises Ltd, and REA Group Ltd have been selected from the top 100 companies listed on the Australian Stock Exchange. The companies have been selected in such a manner so that perfect diversification is achieved and the risk is reduced to the optimal level. All the companies belong to different sectors or industries as could be observed from the table given above. The data of risk and return of the companies for previous 7 years has been analyzed to assess the suitability of the stocks for investment. Along with the analysis of stocks, ASX market data has also been analyzed. The data analysis has been presented in the appendix. It could be observed that Cochlear Ltd has provided a monthly average return of 1.30% with standard deviation of 7.55% over the period of 7 years (Appendix). Further, CSL Ltd earned a monthly return of 1.66% with volatility of 5.07%. Flight Centre Travel Group Ltd has earned a return of 3.01% with volatility of 8.30% and Domino's Pizza Enterprises Ltd has provided a return of 1.40% with volatility of 9.16%. REA Group Ltd has been observed to be earning a return of 2.33% with volatility of 8.01%. The monthly average return on ASX index has been 0.30% with the volatility of 3.59%. This implies that all the five stocks selected in the portfolio are earning returns higher than the overall market return. Apart from this, approximately 28% of the total funds have been invested in the investment companies that further invest the funds in the different avenues. The investment in the investment companies provides larger diversification and reduces the risk further. Besides this, 10% of the total funds have been invested in US equities through 'iShares SP 500. Further, funds amounting to $40,000 have been kept in cash management account. This cash balance has been kept in account to meet the requirements of marginal pay for short selling of future contracts. The future contract at the rate of 5,663 has been taken to hedge 50% of exposure in individual Australian equities. Alignment of Portfolio Recommendations with the Investment Strategy The investment strategy selected for the client is active investment strategy. The active investment strategy requires selection of stocks that have potential to make higher returns. As it is known that higher stock returns would be coupled with higher risk; therefore the stocks having higher volatility in the prices have been selected from the list of top 100 companies. All the stocks provide returns higher than the market return. The primary aim of the active strategy is to beat the market by exploiting the market inefficiencies. The selection of stocks in the current portfolio aligns with this strategy because all the stocks comprised in the portfolio have the potential to beat the market (Haight, Ross, and Morrell, 2008).; Conclusion This document presents an investment proposal for a client who seeks to invest a sum of $200,000. From the discussion, it could be inferred that the assessment of risk and return preferences of the investor is the first and primary set in investment planning and portfolio construction. Based on the investors willingness to take risk, active investment strategy has been proposed to the client. Further, a well diversified investment portfolio has been constructed for the client. The portfolio involves individual stocks from Australian equities, investing companies, and exposure to US equity market. Further, since, the active investment strategy is considered risky, therefore, the risk exposure in Australian equities has been hedged with the use of future contracts derivatives. The client is recommended to review the portfolio on a regular basis and switch the positions from time to time as per market trend.; References Fabozzi, F.J. and Markowitz, H.M. 2011. Equity Valuation and Portfolio Management. John Wiley Sons. Haight, G.T., Ross, G., and Morrell, S.O. 2008. How to Select Investment Managers and Evaluate Performance: A Guide for Pension Funds, Endowments, Foundations, and Trusts. John Wiley Sons. Prigent, J. 2007. Portfolio Optimization and Performance Analysis. CRC Press. Rutterford, J. and Davison, M. 2007. An Introduction to Stock Exchange Investment. Palgrave Macmillan. Wermers, R. and Yao, T. 2010. Active vs. Passive Investing and the Efficiency of Individual Stock Prices. [Online]. Available at: https://finance.uni-mannheim.de/fileadmin/files/areafinance/files/Paper_Finance_Seminar/Wermers.pdf [Accessed on: 08 August 2017].