If you look at my free lecture notes, you will see that although you are expected to understand what portfolio theory is, you are no longer expected to be able to perform calculations. As is explained, I still do have some calculations in my lectures, but only because I think seeing the numbers makes it clearer what is happening 🙂
In theory all F9 is examinable at P4, however the section on working capital management does not get asked in P4 (and portfolio theory is not examinable in F9).