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Winter School

Investments and Financial Markets

Application form
  • Home
  • Investments and Financial Markets

  • Learning

    Face-to-face

  • Language

    English

  • Start

    18 to 29 January 2027

  • Credits

    6 ECTS

Investments and Financial Markets Programme

Student Profile

University students from any year of study and professionals with an interest in financial markets, investing, and portfolio management.

Objectives

1

Understand the main types of financial assets and distinguish between active and passive management strategies (ETFs, mutual funds, etc.).

2

Analyze and construct traditional portfolios such as the 60/40 model, as well as alternative approaches like risk parity.

3

Apply portfolio theory principles to perform tactical asset allocation.

4

Understand key equity investment factors and their use in stock selection strategies.

5

Use performance and risk metrics (Sharpe Ratio, Treynor Ratio, Information Ratio, Value-at-Risk, etc.) to evaluate portfolios.

6

Apply risk and return attribution methodologies.

7

Work with practical tools for portfolio simulation and analysis (Python, Portfolio123, Portfolio Visualizer).

8

Work on practical case studies to design and assess investment strategies.

Course program

Day 1. Financial Assets and Investment Vehicles

  • Equity, fixed income, commodities, real estate.
  • Active vs. passive investing: mutual funds, ETFs, index funds.
  • Workshop: Building a Passive Portfolio with ETFs. 

Day 2. Building Diversified Portfolios

  • Mean-variance optimization and portfolio theory.
  • The 60/40 portfolio: intuition, strengths and limitations.
  • Workshop: Constructing a 60/40 Portfolio with Bloomberg.

Day 3. Beyond the 60/40 Portfolio

  • Alternative allocation strategies: risk parity portfolios
  • Workshop: Comparing 60/40 vs. Risk Parity Portfolios with Portfolio Visualizer

Day 4. Tactical Asset Allocation

  • Using ETFs for tactical tilts.
  • Macro indicators and timing considerations.
  • Workshop: Designing Tactical Asset Allocation Strategies with Portfolio123.

Day 5. Investment Lab – Part I

  • Teamwork: Portfolio simulation challenge. Objective: evaluate macro signals to rebalance the portfolio across asset classes, timing opportunities and pitfalls in tactical shifts. Task: design and stress-test tactical allocation strategies in Portfolio 123 under changing macroeconomic scenarios.
  • Mentoring session with faculty and guest practitioners.

Day 6. Equity Factor Models and Stock Selection

  • CAPM and multifactor asset pricing models.
  • Multifactor strategies and implementation challenges.
  • Workshop: Factor Investing in Practice: Designing a Multifactor Portfolio with Portfolio123.

Day 7. Risk and Performance Measures

  • Sharpe, Treynor, and Information Ratio.
  • Tracking error, alpha, and beta decomposition.
  • Workshop: Python Lab on Performance Analytics.

Day 8. Risk Attribution and Portfolio Diagnostics

  • Factor attribution and performance decomposition.
  • Machine learning in portfolio management.
  • AI for factor analysis.
  • Workshop: Attribution Analysis of a Multifactor Equity Portfolio with Python.

Day 9. Investor Behavior and Market Anomalies 

  • Behavioral biases: overconfidence, loss aversion, herding, and disposition effects.
  • Trading strategies with market anomalies and investor bias.
  • Case Study: Behavioral Biases in Action, GameStop/AMC meme stock surge and cryptocurrency bubble.

Day 10. Investment Lab – Part II

  • Teamwork: Designing an equity strategy using factors and tactical allocation. Objective: integrate factors, tactical allocation, AI tools and behavioral insights into a final portfolio strategy. Task: pitch strategies in a simulated investment committee meeting
  • Mentoring session with faculty and guest practitioners.



Life at CUNEF Universidad

At CUNEF Universidad, you will find an environment that supports and encourages learning and professional development, with the sole purpose of enhancing your talent.

For more than 50 years, CUNEF’s guiding principles have been the specialisation of its academic offering, the excellence of its students, professors and researchers, and its international vision. In the next 50 years, CUNEF Universidad intends to follow these same principles, combined with: academic rigour, to be a benchmark in teaching and research; dedication, to become a driving force for research and innovation; plurality, to integrate different points of view, and encourage transversality and collaboration in decision-making; and equity, to guarantee equal opportunities through a scholarship and financial aid system that enables the institution to shape leaders capable of transferring these values to their environment.

Una vista de una calle con edificios históricos y tráfico en una ciudad.
Una vista panorámica de Madrid al atardecer con edificios emblemáticos y una atmósfera tranquila.

Why come to Madrid?

Madrid is a vibrant city with a vast cultural heritage and many sights and activities to explore:

  • Landscape of Light (Prado, Reina Sofia, Thyssen-Bornemisza, Retiro Park).
  • Wide range of cultural activities (Opera, Theatre, Ballet).
  • Unique monuments and buildings (Royal Palace, Cibeles, Puerta de Alcalá).
  • Culinary venues.