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السؤال #1
Maurice Taylor, CFA, FRM, is responsible for managing risk in his firm's commodity portfolios. Taylor has extensive experience in the risk management field and as a result has been appointed the task of mentoring entry-level employees. Steven Jacobs is a newly hired Financial Analyst who has been assigned to research the company's risk management process. To verify the accuracy of his findings he consults Taylor. Taylor agrees to thoroughly review Jacobs* findings and volunteers to contribute his knowledge
A. ortfolio VAR
B. ncremental VAR
C. orrelation VAR
عرض الإجابة
اجابة صحيحة: B
السؤال #2
Dan Draper, CFA is a portfolio manager at Madison Securities. Draper is analyzing several portfolios which have just been assigned to him. In each case, there is a clear statement of portfolio objectives and constraints, as welt as an initial strategic asset allocation. However, Draper has found that all of the portfolios have experienced changes in asset values. As a result, the current allocations have drifted away from the initial allocation. Draper is considering various rebalancing strategies that woul
A. he risk tolerance for tracking error is high and the volatility of other asset classes is low
B. he risk tolerance for tracking error is high and the volatility of other asset classes is high
C. he risk tolerance for tracking error is low and the volatility of other asset classes is high
عرض الإجابة
اجابة صحيحة: A
السؤال #3
Cynthia Farmington, CFA, manages the Lewis family's $600 million securities portfolio. Farmington and the Lewis family have agreed that they should hire a manager of alternative investments to manage a portion of the portfolio containing those assets. As part of the hiring process, they attempted to do the necessary due diligence. They assessed each manager's organization, the relative efficiency of the markets each manager has invested in, the character of each manager, and the service providers, such as l
A. ax issues
B. ther closely held investments
C. ecision risk
عرض الإجابة
اجابة صحيحة: C
السؤال #4
Rowan Brothers is a full service investment firm offering portfolio management and investment banking services. For the last ten years, Aaron King, CFA, has managed individual client portfolios for Rowan Brothers, most of which are trust accounts over which King has full discretion. One of King's clients, Shelby Pavlica, is a widow in her late 50s whose husband died and left assets of over $7 million in a trust, for which she is the only beneficiary.Pavlica's three children are appalled at their mother's sp
A. o Yes
B. es No
C. o No
عرض الإجابة
اجابة صحيحة: A
السؤال #5
Shirley Riley, CFA, has just been promoted, from vice president of trading to chief investment officer (CIO) at Crane & Associates, LLC (CA), a large investment management firm. Riley has been with CA for eight years, but she has much to learn as she assumes her new duties as CIO. Riley has decided to hire Denny Simpson, CFA, as the new compliance officer for CA, Riley and Simpson have been reviewing procedures and policies throughout the firm and have discovered several potential issues.Communications with
A. oes not violate the Asset Manager Code of Professional Conduct
B. s acceptable so long as the trade is not material relative to the overall CA position in the security
C. s not consistent with the Asset Manager Code of Professional Conduct
عرض الإجابة
اجابة صحيحة: C
السؤال #6
Somerset Investment Limited is a Singapore-based money management firm that is conducting an appraisal of its investment performance. Cameron Li, CFA, has been charged with conducting the appraisal, and is to report back to upper management with his findings.Li is convinced that trade executions play a substantial role in overall portfolio performance, particularly for funds that have a relatively high level of turnover during the year. As a result, he is seeking methods that will allow him to evaluate the
A. mplementation shortfall is greater than zero if any portion of the original order goes unfilled and is cancelled
B. WAP is more appropriate for small trades in non-trending markets
C. mplementation shortfall must be adjusted to accurately account for movements in the general market
عرض الإجابة
اجابة صحيحة: A
السؤال #7
Dynamic Investment Services (DIS) is a global, full-service investment advisory firm based in the United States. Although the firm provides numerous investment services, DIS specializes in portfolio management for individual and institutional clients and only deals in publicly traded debt, equity, and derivative instruments.Walter Fried, CFA, is a portfolio manager and the director of DIS's offices in Austria. For several years, Fried has maintained a relationship with a local tax consultant. The consultant
A. es
B. o, because she developed a detailed investment policy to ensure the suitability of investment choices for the client's account
C. o, because she ensured that all conflicts of interest were disclosed to the client before the investment policy statement was created
عرض الإجابة
اجابة صحيحة: A
السؤال #8
Sue Gano and Tony Cismesia are performance analysts for the Barth Group. Barth provides consulting and compliance verification for investment firms wishing to adhere to the Global Investment Performance Standards (GIPS ®). The firm also provides global performance evaluation and attribution services for portfolio managers. Barth recommends the use of GIPS to its clients due to its prominence as the standard for investment performance presentation.One of the Barth Group's clients, Nigel Investment Advisors,
A. he calculations for both the excess return and attribution analysis are correct
B. he calculations for both the excess return and attribution analysis are incorrect
C. he calculations for the excess return are correct but the calculations for the attribution analysis are incorrect
عرض الإجابة
اجابة صحيحة: B
السؤال #9
Maurice Taylor, CFA, FRM, is responsible for managing risk in his firm's commodity portfolios. Taylor has extensive experience in the risk management field and as a result has been appointed the task of mentoring entry-level employees. Steven Jacobs is a newly hired Financial Analyst who has been assigned to research the company's risk management process. To verify the accuracy of his findings he consults Taylor. Taylor agrees to thoroughly review Jacobs* findings and volunteers to contribute his knowledge
A. nly the statement about the Monte Carlo method is correct
B. nly the statement about Historical VAR is correct
C. oth are correct
عرض الإجابة
اجابة صحيحة: A
السؤال #10
Johnny Bracco, CFA, is a portfolio manager in the trust department of Canada National (CNL) in Toronto. CNL is a financial conglomerate with many divisions. In addition to the trust department, the firm sells financial products and has a research department, a trading desk, and an investment banking division.Part of the company's operating procedures manual contains detailed information on how the firm allocates shares in oversubscribed stock offerings. Allocation is effected on a pro rata basis based upon
A. es Yes
B. o Yes
C. es No
عرض الإجابة
اجابة صحيحة: A
السؤال #11
Mark Stober, William Robertson, and James McGuire are consultants for a regional pension consultancy. One of their clients, Richard Smitherspoon, chief investment officer of Quality Car Part Manufacturing, recently attended a conference on risk management topics for pension plans. Smitherspoon is a conservative manager who prefers to follow a long-term investment strategy with little portfolio turnover. Smitherspoon has substantial experience in managing a defined benefit plan but has little experience with
A. 5 million
B. 25 million
C. 300 million
عرض الإجابة
اجابة صحيحة: C
السؤال #12
Stephanie Mackley is a portfolio manager for Durango Wealth Management (DWM), a regional money manager catering to wealthy investors in the southwestern portion of the United States. Mackley's clients vary widely in terms of their age, net worth, and investment objectives, but all must have at least $1 million in net assets before she will accept them as clients. Many of Mackley’s clients are referred to her by Kern & Associates, an accounting and consulting firm. DWM does not provide any direct compensatio
A. ccept the flowers and chocolates and the use of the condo without disclosing the gifts to her employer
B. ot accept the flowers and chocolates or the use of the condo without disclosing the gifts to her employer
C. ccept the flowers and chocolates but may not accept the use of the condo without first receiving written approval from her employer
عرض الإجابة
اجابة صحيحة: C
السؤال #13
Shirley Riley, CFA, has just been promoted, from vice president of trading to chief investment officer (CIO) at Crane & Associates, LLC (CA), a large investment management firm. Riley has been with CA for eight years, but she has much to learn as she assumes her new duties as CIO. Riley has decided to hire Denny Simpson, CFA, as the new compliance officer for CA, Riley and Simpson have been reviewing procedures and policies throughout the firm and have discovered several potential issues.Communications with
A. oth Riley's comment and Simpson's response are correct
B. iley's comment is not correct; however Simpson's response is correct
C. iley is correct, while Simpson is not correct
عرض الإجابة
اجابة صحيحة: B
السؤال #14
Security analysts Andrew Tian, CFA, and Cameron Wong, CFA, are attending an investment symposium at the Singapore Investment Analyst Society. The focus of the symposium is capital market expectations and relative asset valuations across markets. Many highly-respected practitioners and academics from across the Asia- Pacific region are on hand to make presentations and participate in panel discussions.The first presenter, Lillian So, President of the Society, speaks on market expectations and tools for estim
A. nly the statement regarding PPP is correct
B. nly the statement regarding IRSP is correct
C. oth statements are correct -OR- both statements are incorrect
عرض الإجابة
اجابة صحيحة: C
السؤال #15
Cindy Hatcher, CFA, has spent the last ten years as a portfolio manager with Bernhardt Capital. While working for Bernhardt, Hatcher was responsible for maintaining and improving the company's code of ethics and guidelines for ethical money management. As a result of Hatcher's efforts, Bernhardt saw a dramatic decline in the number of complaints received from their individual and institutional customers.One of Bernhardt's direct competitors, Smith Investments, is keenly aware of Hatcher's reputation for eth
A. nly Prince's statement on terminated portfolios is correct
B. nly Prince's statement regarding hedging strategies is correct
C. oth of Prince's statements are correct and in full compliance with GIPS
عرض الإجابة
اجابة صحيحة: A
السؤال #16
Jacques Lepage, CFA, is a portfolio manager for MontBlanc Securities and holds 4 million shares of AirCon in client portfolios. Lepage issues periodic research reports on AirCon to both discretionary and nondiscretionary accounts. In his October investment report, Lepage stated, "In my opinion, AirCon is entering a phase, which could put it 'in play' as a takeover target. Nonetheless, this possibility appears to be fully reflected in the market value of the stock."One month has passed since Lepage's October
A. ermissible
B. ot permissible since it blurs the distinction between opinion and fact
C. ermissible if he is aware that a client of MontBlanc's M&A division is secretly preparing a tender offer for AirCon
عرض الإجابة
اجابة صحيحة: A
السؤال #17
Sue Gano and Tony Cismesia are performance analysts for the Barth Group. Barth provides consulting and compliance verification for investment firms wishing to adhere to the Global Investment Performance Standards (GIPS ®). The firm also provides global performance evaluation and attribution services for portfolio managers. Barth recommends the use of GIPS to its clients due to its prominence as the standard for investment performance presentation.One of the Barth Group's clients, Nigel Investment Advisors,
A. he treatment is consistent with GIPS requirements
B. he treatment is inconsistent with GIPS requirements because the benchmark should not be changed
C. he treatment is inconsistent with GIPS requirements because of the manner in which the composite is formed
عرض الإجابة
اجابة صحيحة: C
السؤال #18
Paul Dennon is senior manager at Apple Markets Associates, an investment advisory firm. Dennon has been examining portfolio risk using traditional methods such as the portfolio variance and beta. He has ranked portfolios from least risky to most risky using traditional methods.Recently, Dennon has become more interested in employing value at risk (VAR) to determine the amount of money clients could potentially lose under various scenarios. To examine VAR, Paul selects a fund run solely for Apple's largest c
A. aximum drawdown that an investor must accept for a given return has decreased
B. mount of capital at risk relative to the return earned on the plan assets has decreased
C. robability that the plan will experience a return less than the risk-free return has increased
عرض الإجابة
اجابة صحيحة: C
السؤال #19
Hilda Olson covers the chemical industry for Bern Securities. Based on conversations with two executives of InterChem, a major producer of synthetic fabrics, she issues a generalized sector report claiming that "according to a survey of industry executives, rayon feedstocks will be in short supply for at least the next 12 months." In addition, Olson recommends Han Chemical, a major producer of rayon, which has routinely reported higher profits than its competitors and should be well positioned to gain furth
A. ot divulge such information in her client research since she now lacks independence and objectivity
B. ivulge the information to her employer because, even though received in confidence, it involves an illegal act
C. ivulge the information in her client's research department in order to demonstrate due diligence in performing her research
عرض الإجابة
اجابة صحيحة: B
السؤال #20
Arthur Campbell, CFA, is the founder of Campbell Capital Management (CCM), a money management firm focused solely on high net worth individuals. Campbell started CCM two years ago after a 25-year career with a large bank trust department. CCM provides portfolios tailored to match the unique situation of each individual client. All of CCM's clientele have balanced portfolios. CCM does not use derivatives or exotic instruments to manage any of its portfolios. CCM's equity style is defined as growth at a reaso
A. es
B. o, the historical performance must remain with the aggressive composite
C. o, the historical performance must be excluded from both the aggressive and conservative composites
عرض الإجابة
اجابة صحيحة: B
السؤال #21
Robert Keith, CFA, has begun a new job at CMT Investments as Head of Compliance. Keith has just completed a review of all of CMT's operations, and has interviewed all the firm's portfolio managers. Many are CFA charterholders, but some are not. Keith intends to use the CFA Institute Code and Standards, as well as the Asset Manager Code of Professional Conduct, as ethical guidelines for CMT to follow.In the course of Keith's review of the firm's overall practices, he has noted a few situations which potentia
A. tatements 1 and 2 are both correct
B. nly Statement 1 is correct
C. nly Statement 2 is correct
عرض الإجابة
اجابة صحيحة: C
السؤال #22
Jack Rose and Ryan Boatman are analysts with Quincy Consultants. Quincy provides advice on risk management and performance presentation to pension plans, insurance firms, and other institutional portfolio managers throughout the United States and Canada.Rose and Boatman are preparing an analysis of the defined benefit pension plans for four mature corporations in the United States. In an effort to ascertain the risk to the firm's shareholders from the plans. Rose and Boatman gather the information in Figure
A. nly comment 1 is correct
B. nly comment 2 is correct
C. oth are correct
عرض الإجابة
اجابة صحيحة: A
السؤال #23
SIMULATIONThe local bank trust department also custodies the Finnegans' taxable $1.5 million inheritance account, but for this account Sara Finnegan directs all the trades. Ms. Finnegan expresses her social priorities through her financial investments. She deliberately excludes tobacco, defense, oil and gas, and chemical companies from her universe of potential investments and she is obsessed with tax minimization. The Finnegans do not want to pay the government one dollar more than is required. Ms. Finnega
A. ee explanation below
عرض الإجابة
اجابة صحيحة: A
السؤال #24
Johnny Bracco, CFA, is a portfolio manager in the trust department of Canada National (CNL) in Toronto. CNL is a financial conglomerate with many divisions. In addition to the trust department, the firm sells financial products and has a research department, a trading desk, and an investment banking division.Part of the company's operating procedures manual contains detailed information on how the firm allocates shares in oversubscribed stock offerings. Allocation is effected on a pro rata basis based upon
A. oes not violate effective corporate governance policies because she provides relevant expertise to the board
B. oes not violate effective corporate governance policies since boards are allowed to hire outside consultants when making decisions
C. iolates effective corporate governance policies because she is paid by the company as a consultant and is therefore not independent
عرض الإجابة
اجابة صحيحة: A
السؤال #25
Kim Simpson, CFA, manages a $75 million multi-cap growth portfolio. Simpson utilizes a growth at a reasonable price (GARP) investment strategy and her investment universe consists of small, medium and large capitalization stocks. She turns the entire portfolio over once each year. Simpson is concerned about the amount of trading costs she has generated through the implementation of her investment strategy. Simpson decides to conduct a trade cost analysis with the cooperation of her trader, Janet Long, CFA.
A.
B.
C.
عرض الإجابة
اجابة صحيحة: A
السؤال #26
John Green, CFA, is a sell-side technology analyst at Federal Securities, a large global investment banking and advisory firm. In many of his recent conversations with executives at the firms he researches, Green has heard disturbing news. Most of these firms are lowering sales estimates for the coming year. However, the stock prices have been stable despite management's widely disseminated sales warnings. Green is preparing his quarterly industry analysis and decides to seek further input. He calls Alan Vo
A. reen violated the Standards by making a material misrepresentation in his report to Federal Securities' clients
B. reen violated the Standards by failing to preserve the confidentiality of Federal Securities' investment banking clients
C. reen did not violate the Standards since he made a suitable recommendation in the best interest of Federal Securities' clients
عرض الإجابة
اجابة صحيحة: A
السؤال #27
Cindy Hatcher, CFA, has spent the last ten years as a portfolio manager with Bernhardt Capital. While working for Bernhardt, Hatcher was responsible for maintaining and improving the company's code of ethics and guidelines for ethical money management. As a result of Hatcher's efforts, Bernhardt saw a dramatic decline in the number of complaints received from their individual and institutional customers.One of Bernhardt's direct competitors, Smith Investments, is keenly aware of Hatcher's reputation for eth
A. atcher violated Standard III(E) Responsibilities of Supervisors by accepting the position with the knowledge that violations were occurring at Smith
B. atcher violated Standard 111(E) Responsibilities of Supervisors by failing to make an adequate effort to uncover potential violations at Smith Investments
C. atcher has not violated the Code or Standards
عرض الإجابة
اجابة صحيحة: C
السؤال #28
Somerset Investment Limited is a Singapore-based money management firm that is conducting an appraisal of its investment performance. Cameron Li, CFA, has been charged with conducting the appraisal, and is to report back to upper management with his findings.Li is convinced that trade executions play a substantial role in overall portfolio performance, particularly for funds that have a relatively high level of turnover during the year. As a result, he is seeking methods that will allow him to evaluate the
A. e is correct concerning the nature of uncertainty; he is correct concerning when the order types should be used
B. e is correct concerning the nature of uncertainty; he is incorrect concerning when the order types should be used
C. e is incorrect concerning the nature of uncertainty; he is correct concerning when the order types should be used
عرض الإجابة
اجابة صحيحة: B
السؤال #29
Hilda Olson covers the chemical industry for Bern Securities. Based on conversations with two executives of InterChem, a major producer of synthetic fabrics, she issues a generalized sector report claiming that "according to a survey of industry executives, rayon feedstocks will be in short supply for at least the next 12 months." In addition, Olson recommends Han Chemical, a major producer of rayon, which has routinely reported higher profits than its competitors and should be well positioned to gain furth
A. llowed to use the text and charts, but must acknowledge the sources
B. llowed to use the text and charts, and need not acknowledge the sources
C. ot allowed to use the text and charts from other reports
عرض الإجابة
اجابة صحيحة: A
السؤال #30
Albert Wulf, CFA, is a portfolio manager with Upsala Asset Management, a regional financial services firm that handles investments for small businesses in Northern Germany. For the most part, Wulf has been handling locally concentrated investments in European securities. Due to a lack of expertise in currency management he works closely with James Bauer, a foreign exchange expert who manages international exposure in some of Upsala's portfolios. Both individuals are committed to managing portfolio assets wi
A. alanced mandate
B. urrency overlay
C. eparate asset allocation
عرض الإجابة
اجابة صحيحة: B
السؤال #31
Lucy Sakata, CFA and Gary Lowenstein, CFA are portfolio managers for the Murray Funds, a provider of investment funds to institutional and wealthy individual investors. Murray frequently indexes in developed markets, but uses full blown active management in less efficient markets and when they think their analysts have a particular expertise. The vast majority of Murray's clients attempt to minimize tracking error.One of the Murray's funds invests in a Hong Kong index and is marketed as a way for investors
A. ptimization
B. ull replication
C. tratified sampling
عرض الإجابة
اجابة صحيحة: B
السؤال #32
John Green, CFA, is a sell-side technology analyst at Federal Securities, a large global investment banking and advisory firm. In many of his recent conversations with executives at the firms he researches, Green has heard disturbing news. Most of these firms are lowering sales estimates for the coming year. However, the stock prices have been stable despite management's widely disseminated sales warnings. Green is preparing his quarterly industry analysis and decides to seek further input. He calls Alan Vo
A. haracteristic 1
B. haracteristic 2
C. haracteristic 3
عرض الإجابة
اجابة صحيحة: C
السؤال #33
Jack Mercer and June Seagram are investment advisors for Northern Advisors. Mercer graduated from a prestigious university in London eight years ago, whereas Seagram is newly graduated from a mid-western university in the United States. Northern provides investment advice for pension funds, foundations, endowments, and trusts. As part of their services, they evaluate the performance of outside portfolio managers. They are currently scrutinizing the performance of several portfolio managers who work for the
A. redit risk
B. erstatt risk
C. perations risk
عرض الإجابة
اجابة صحيحة: C
السؤال #34
Jack Rose and Ryan Boatman are analysts with Quincy Consultants. Quincy provides advice on risk management and performance presentation to pension plans, insurance firms, and other institutional portfolio managers throughout the United States and Canada.Rose and Boatman are preparing an analysis of the defined benefit pension plans for four mature corporations in the United States. In an effort to ascertain the risk to the firm's shareholders from the plans. Rose and Boatman gather the information in Figure
A. nly statement 1 is correct
B. nly statement 2 is correct
C. oth statements are correct
عرض الإجابة
اجابة صحيحة: A
السؤال #35
Maurice Taylor, CFA, FRM, is responsible for managing risk in his firm's commodity portfolios. Taylor has extensive experience in the risk management field and as a result has been appointed the task of mentoring entry-level employees. Steven Jacobs is a newly hired Financial Analyst who has been assigned to research the company's risk management process. To verify the accuracy of his findings he consults Taylor. Taylor agrees to thoroughly review Jacobs* findings and volunteers to contribute his knowledge
A. nly Taylor's third statement is correct
B. aylor is correct regarding both statements
C. nly Taylor's second statement is correct
عرض الإجابة
اجابة صحيحة: C
السؤال #36
Mark Stober, William Robertson, and James McGuire are consultants for a regional pension consultancy. One of their clients, Richard Smitherspoon, chief investment officer of Quality Car Part Manufacturing, recently attended a conference on risk management topics for pension plans. Smitherspoon is a conservative manager who prefers to follow a long-term investment strategy with little portfolio turnover. Smitherspoon has substantial experience in managing a defined benefit plan but has little experience with
A. VAR is a universally accepted risk measure because it can be applied to practically any investment and is interpreted effectively the same way in each case; it is either the minimum or maximum loss at a given level of significance or confidence
B. We can calculate VAR using the delta-normal method, which is also known as the mean variance approach, the historical method, or the Monte Carlo method
C. Because of the way it is calculated, individual mean-variance VARs can probably be calculated for each of our portfolio managers, regardless of their style or assets under management
عرض الإجابة
اجابة صحيحة: C
السؤال #37
Arthur Campbell, CFA, is the founder of Campbell Capital Management (CCM), a money management firm focused solely on high net worth individuals. Campbell started CCM two years ago after a 25-year career with a large bank trust department. CCM provides portfolios tailored to match the unique situation of each individual client. All of CCM's clientele have balanced portfolios. CCM does not use derivatives or exotic instruments to manage any of its portfolios. CCM's equity style is defined as growth at a reaso
A. o, CCM must define an equity and fixed-income benchmark
B. o, CCM must quantify risk parameters
C. es, if CCM establishes a tight allowable range
عرض الإجابة
اجابة صحيحة: C
السؤال #38
Jimena Mora, CFA and Jack Wieters, CFA are economists for Otterbein Forecasting. Otterbein provides economic consulting and forecasting services for institutional investors, medium-sized investment banks, and corporations. In order to forecast the performance of asset classes and formulate strategic asset allocations, Mora and Wieters are currently examining the capital market expectations for four developed countries: Alzano, Lombardo, Bergamo, and Linden. Wieters was hired in 2009 and Mora is his supervis
A. nchoring trap
B. tatus Quo trap
C. ecallability trap
عرض الإجابة
اجابة صحيحة: C
السؤال #39
Hilda Olson covers the chemical industry for Bern Securities. Based on conversations with two executives of InterChem, a major producer of synthetic fabrics, she issues a generalized sector report claiming that "according to a survey of industry executives, rayon feedstocks will be in short supply for at least the next 12 months." In addition, Olson recommends Han Chemical, a major producer of rayon, which has routinely reported higher profits than its competitors and should be well positioned to gain furth
A. ot violated CFA Institute Standards
B. iolated CFA Institute Standards since she has failed to use reasonable judgment in gathering her information
C. iolated CFA Institute Standards since she is not permitted to project supply and demand conditions in the industry
عرض الإجابة
اجابة صحيحة: B
السؤال #40
Dan Draper, CFA is a portfolio manager at Madison Securities. Draper is analyzing several portfolios which have just been assigned to him. In each case, there is a clear statement of portfolio objectives and constraints, as welt as an initial strategic asset allocation. However, Draper has found that all of the portfolios have experienced changes in asset values. As a result, the current allocations have drifted away from the initial allocation. Draper is considering various rebalancing strategies that woul
A. nly comment 1 is correct
B. nly comment 2 is correct
C. oth comments are correct
عرض الإجابة
اجابة صحيحة: A
السؤال #41
SIMULATIONIn 1955, David Peebles, founder of the successful California-based Peebles Winery, set up the Tokay Endowment. The Tokay Endowment was established to attract talented individuals to the wine industry and to encourage research designed to produce California grapes that would be competitive with those produced in France. The initial $1 million contribution has grown to S75 million. Peebles* grandson was recently given responsibility for management of the endowment. He believes the endowment's asset
A. ee explanation below
عرض الإجابة
اجابة صحيحة: A
السؤال #42
Theresa Bair, CFA, a portfolio manager for Brinton Investment Company (BIC), has recently been promoted to lead portfolio manager for her firm's new small capitalization closed-end equity fund, the Quaker Fund. BIC is an asset management firm headquartered in Holland with regional offices in several other European countries. After accepting the position, Bair received a letter from the three principals of BIC. The letter congratulated Bair on her accomplishment and new position with the firm and also provid
A. ncluded the information in a research report to make it public before selling the holdings from the Quaker Fund
B. ttempted to have Swift publicly disclose the earnings restatement before informing the compliance officer of the information
C. nformed the compliance officer and then publicly disclosed the information in a research report before selling the Swift stock
عرض الإجابة
اجابة صحيحة: B
السؤال #43
Mark Stober, William Robertson, and James McGuire are consultants for a regional pension consultancy. One of their clients, Richard Smitherspoon, chief investment officer of Quality Car Part Manufacturing, recently attended a conference on risk management topics for pension plans. Smitherspoon is a conservative manager who prefers to follow a long-term investment strategy with little portfolio turnover. Smitherspoon has substantial experience in managing a defined benefit plan but has little experience with
A. uality, because of its industry type
B. opTech, because of its industry type
C. uality, because of its measurement process
عرض الإجابة
اجابة صحيحة: C
السؤال #44
Pace Insurance is a large, multi-line insurance company that also owns several proprietary mutual funds. The funds are managed individually, but Pace has an investment committee that oversees all of the funds. This committee is responsible for evaluating the performance of the funds relative to appropriate benchmarks and relative to the stated investment objectives of each individual fund. During a recent investment committee meeting, the poor performance of Pace's equity mutual funds was discussed. In part
A. he high turnover of the Mid-Cap Fund relative to similar style mutual funds
B. he reliance of the manager on staff input before selling an existing holding
C. onsideration only of stocks with 15 years of financial data and three independent research reports
عرض الإجابة
اجابة صحيحة: B
السؤال #45
Sue Gano and Tony Cismesia are performance analysts for the Barth Group. Barth provides consulting and compliance verification for investment firms wishing to adhere to the Global Investment Performance Standards (GIPS ®). The firm also provides global performance evaluation and attribution services for portfolio managers. Barth recommends the use of GIPS to its clients due to its prominence as the standard for investment performance presentation.One of the Barth Group's clients, Nigel Investment Advisors,
A. oth managers are using active currency management
B. oth managers are using passive currency management
C. he manager of the Global Equity Growth composite is using active currency management and the manager of the Emerging Markets Equity composite is using passive currency management
عرض الإجابة
اجابة صحيحة: C
السؤال #46
Mark Rolle, CFA, is the manager of the international bond fund for the Ryder Investment Advisory. He is responsible for bond selection as well as currency hedging decisions. His assistant is Joanne Chen, a candidate for the Level 1 CFA exam.Rolle is interested in the relationship between interest rates and exchange rates for Canada and Great Britain. He observes that the spot exchange rate between the Canadian dollar (C$) and the British pound is C$1.75/£. Also, the 1-year interest rate in Canada is 4.0% an
A. roxy hedge
B. ross hedge
C. orward hedge
عرض الإجابة
اجابة صحيحة: A
السؤال #47
Wealth Management's top economist, Frederick Milton, is an economic cycle forecaster- Milton's economic forecasts indicate an economic upswing that will impact all goods and services sectors. Milton presents his economic findings to the rest of Wealth Management's professionals at their monthly meeting. All are excited about Milton's forecast of an improving economic condition that should translate into a steadily rising stock market.Nathaniel Norton and Timothy Tucker have confidence in Milton's capabiliti
A. ssets in the portfolio tend to be illiquid
B. ighly volatile assets
C. orrelated portfolio assets
عرض الإجابة
اجابة صحيحة: B
السؤال #48
Jack Mercer and June Seagram are investment advisors for Northern Advisors. Mercer graduated from a prestigious university in London eight years ago, whereas Seagram is newly graduated from a mid-western university in the United States. Northern provides investment advice for pension funds, foundations, endowments, and trusts. As part of their services, they evaluate the performance of outside portfolio managers. They are currently scrutinizing the performance of several portfolio managers who work for the
A. nly Mercer is correct
B. oth are correct
C. either is correct
عرض الإجابة
اجابة صحيحة: C
السؤال #49
Arthur Campbell, CFA, is the founder of Campbell Capital Management (CCM), a money management firm focused solely on high net worth individuals. Campbell started CCM two years ago after a 25-year career with a large bank trust department. CCM provides portfolios tailored to match the unique situation of each individual client. All of CCM's clientele have balanced portfolios. CCM does not use derivatives or exotic instruments to manage any of its portfolios. CCM's equity style is defined as growth at a reaso
A.
B.
C.
عرض الإجابة
اجابة صحيحة: C
السؤال #50
Paul Dennon is senior manager at Apple Markets Associates, an investment advisory firm. Dennon has been examining portfolio risk using traditional methods such as the portfolio variance and beta. He has ranked portfolios from least risky to most risky using traditional methods.Recently, Dennon has become more interested in employing value at risk (VAR) to determine the amount of money clients could potentially lose under various scenarios. To examine VAR, Paul selects a fund run solely for Apple's largest c
A. 10 million
B. 20 million
C. 90 million
عرض الإجابة
اجابة صحيحة: A

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