Portfolio Construction Analyst (Fixed Income & Portfolio Risk Analysis)

About the role

We are seeking a highly analytical and intellectually curious Portfolio Construction Analyst to advance our fixed income portfolio construction and research capabilities. This role will partner closely with portfolio management, portfolio implementation, performance/risk, and client service teams to enhance the existing portfolio construction framework aligned with our investment philosophy and style.

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: Which risk measures matter most in different environments? When are tracking error metrics informative or unstable? How should historical versus forward-looking risk measures be balanced? What implicit assumptions in the investment process should be challenged?
• 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.
• Cook up cross-functional coordination 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.

Requirements

Requires 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; advanced degree and/or CFA preferred.

Strong understanding of portfolio theory, risk modeling, factor analysis, volatility, and optimization techniques.

Experience working with portfolio analytics, attribution, and risk systems.

Familiarity with options markets and derivatives analytics preferred.

Strong programming and data analysis skills (Python, R, MATLAB, SQL, or similar).

Experience with AI or machine learning tools applied to investment research is a plus.

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.

Qualifications

Strong quantitative skills with a deep interest in markets, portfolio construction, and behavioral aspects of investing.

Skills

Portfolio Construction & Risk Framework

Volatility Research & Portfolio Optimization

Risk Research & Investment Insights

Portfolio Customization

Options & Cross-Asset Research

Trade Review & Performance Attribution

Leadership & Collaboration

Innovation & Technology

Benefits

Compensation Range: $120,000 to $160,000, plus an annual discretionary bonus, depending on location and level of relevant experience.

Highlights Of Our Benefits Include:

• Paid Time Off
• Health Coverage
• Retirement Savings
• Employee Stock Investment Plan (ESIP)
• Learning Education Assistance Program (LEAP)
• Opportunity to purchase company funds with no sales charge

Franklin Templeton is an Equal Opportunity Employer. We are committed to providing equal employment opportunities to all applicants and employees, and we evaluate qualified applicants without regard to ancestry, age, color, disability, genetic information, gender, gender identity, or gender expression, marital status, medical condition, military or veteran status, national origin, race, religion, sex, sexual orientation, and any other basis protected by federal, state, or local law, ordinance, or regulation.