Portfolio Construction Analyst (Fixed Income & Portfolio Risk Analysis)

Franklin Templeton•Philadelphia, PA

2d•$120,000 - $160,000•Hybrid

About The Position

Franklin Templeton's FTFI Brandywine Fixed Income team is seeking a Portfolio Construction Analyst to enhance their fixed income portfolio construction and research capabilities. This role involves partnering with various teams to refine the portfolio construction framework, focusing on risk measurement, portfolio optimization, market regime evaluation, and communication of investment insights. The ideal candidate will possess strong quantitative skills, a keen interest in markets and portfolio construction, and an understanding of the behavioral aspects of investing.

Requirements

3–7 years of experience in fixed income, portfolio construction, risk management, quantitative research, multi-asset investing, and derivatives (options).
Bachelor’s degree in Finance, Economics, Mathematics, Statistics, Engineering, Computer Science, or related quantitative field.
Strong understanding of portfolio theory, risk modeling, factor analysis, volatility, and optimization techniques.
Experience working with portfolio analytics, attribution, and risk systems.
Strong programming and data analysis skills (Python, R, MATLAB, SQL, or similar).
Excellent communication skills with the ability to present complex ideas clearly to investment and non-investment audiences.
Demonstrated intellectual curiosity, independent thinking, and a research-oriented mindset.

Nice To Haves

Advanced degree and/or CFA preferred.
Familiarity with options markets and derivatives analytics preferred.
Experience with AI or machine learning tools applied to investment research is a plus.

Responsibilities

Develop and enhance portfolio construction and risk management frameworks consistent with the fixed income team’s investment philosophy.
Develop and maintain market and macroeconomic risk factor frameworks used to assess portfolio exposures.
Analyze position risk on both standalone and portfolio-context settings.
Conduct ongoing research on volatility forecasting and correlation dynamics.
Develop optimization tools to better express portfolio managers’ key market views.
Identify and analyze market and risk regimes, including periods where strategies historically outperform or underperform.
Evaluate how different risk measures behave across varying market environments.
Research and improve downside risk management approaches, including position sizing and loss mitigation frameworks.
Investigate key portfolio construction questions, including the relevance of different risk measures, the informativeness of tracking error metrics, the balance between historical and forward-looking risk measures, and challenging implicit assumptions in the investment process.
Develop research-driven insights that improve decision-making and portfolio resilience.
Build scalable frameworks to implement flagship investment ideas within more constrained or customized client portfolios.
Partner with client service and implementation teams to improve portfolio guidelines and support client-specific solutions through rigorous analysis.
Analyze what options markets are implying across asset classes and macro environments.
Identify derivative strategies to better express investment views and manage risk.
Track and evaluate entry and exit points of key trades to assess performance and risk outcomes.
Reconcile portfolio results with third-party performance attribution systems.
Develop reporting and analytical materials for investment team and firm-wide presentations.
Lead periodic portfolio and risk reviews for the investment team.
Present risk research and market insights during investment meetings.
Coordinate cross-functionally with portfolio implementation, performance, and client service teams.
Contribute to investment reporting materials and strategic discussions.
Evaluate and implement AI-driven tools and techniques to enhance the investment research and risk analysis framework.
Identify opportunities to improve efficiency, scalability, and analytical depth through technology.

Benefits

Annual discretionary bonus
401(k) plan with a generous match
Recognition rewards
Comprehensive benefits package
Competitive healthcare options
Insurance
Disability benefits
Employee stock investment program
Learning resources
Career development programs
Reimbursement for certain education expenses
Paid time off (vacation / holidays / sick / leave / parental & caregiving leave / bereavement / volunteering / floating holidays)
Motivational well-being program
Three weeks of PTO in your first year
Competitive medical, dental, and vision insurance
401(k) plan with an 85% company match on pre-tax and/or Roth contributions, up to IRS limits
Employee Stock Investment Plan (ESIP) with discounted share purchase opportunities
Learning Education Assistance Program (LEAP)
Opportunity to purchase company funds with no sales charge