Portfolio management add value in efficient markets

Portfolio managers can still add value by implementing the portfolio management process.
1. Determine investor’s risk and return objectives.
2. Specify policies and strategies required to meet objectives.
3. Allocate funds according to investment policy.
4. Diversify investments to eliminate unsystematic risk.
5. Monitor capital markets and client’s needs to rebalance if necessary.
6. Minimize taxes, turnover of assets and liquidity costs.