Master of Management Studies (M.M.S) Security Analysis and Portfolio Management Syllabus - Mumbai University 2026

Course objectives

• 1 To introduce fundamental concepts of investments and distinguish among investment, speculation, and gambling.
• 2 To equip students with analytical tools to evaluate risk-return profiles of various securities.
• 3 To foster understanding of equity valuation using fundamental analysis, including economic, industry, and company-level assessments.
• 4 To familiarize students with indexing, benchmarking, and decision-making frameworks for portfolio construction.
• 5 To develop practical skills in portfolio management using modern portfolio theories, including asset allocation and performance measurement.

Course outcomes

• CO1: Explain the fundamental concepts of investment, including its objectives, types, and how it differs from speculation and gambling.
• CO2: Analyze risk and return characteristics of different securities, including the use of statistical tools, volatility measures, and capital market theories such as CAPM.
• CO3: Evaluate investment opportunities through fundamental equity research, applying company, industry, and economic analysis, including the Fama-French Three-Factor Model.
• CO4: Apply indexing, benchmarking, and investment decision theories to track indices and make informed asset allocation decisions.
• CO5: Construct and evaluate portfolios using modern and post-modern portfolio theories, including factor models, arbitrage pricing theory, and portfolio performance measurement.

Unit 1 CO1 · 2 hours

Introduction to Investment & Securities- Meaning, Nature, Objectives and Process. Difference Between Investment and Speculation, Investment and Gambling. Various Investment Avenues / Alternatives.

Unit 2 CO2 · 3 hours

Securities- Risk and Return Analysis-Types of Securities, Probability v/s absolute Loss in risk management, volatility in prices, statistical tools for risk calculation, Systematic, unsystematic risk

Unit 3 CO2 · 3 hours

Efficient Market Hypothesis-Random Walk theory, Significance, usage

Unit 4 CO3 · 4 hours

Equity research and Valuation-Sources of Financial Information, Economic Analysis Company analysis, Industry analysis, and valuation of equity shares, Fama- French Three-Factor Model

Unit 5 CO4 · 3 hours

Indexing and Benchmarking-creation of Index, adjusting for corporate adjustments in the Index, tracking an index.

Unit 6 CO2 · 3 hours

Technical Analysis-Dow theory, types of charts. Japanese candle stick pattern, chart patterns, technical indicators.

Unit 7 CO2, CO3 · 3 hours

Capital market theories-Capital asset pricing model, portfolio risk and return

Unit 8 CO5 · 3 hours

Factor models and arbitrage pricing theory-factor based valuation model, risk free arbitrage

Unit 9 CO4 · 2 hours

Investment decision theory-Timing, buy, sell, short, hold, allocation.

Unit 10 CO5 · 2 hours

Portfolio theory-Construction and analysis, portfolio optimization, portfolio management strategies, portfolio performance measurement, Post Modern Portfolio Theory

Unit 11 CO5 · 2 hours

Case Studies and Presentation

Reference Books

• 1 Steven Achelis, Technical Analysis
• 2 John Murphy, Technical Analysis of Financial Markets
• 3 "The Intelligent Investor" by Benjamin Graham