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خذ اختبارات أخرى عبر الإنترنت
السؤال #1
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.
B.
C. 1
عرض الإجابة
اجابة صحيحة: C
السؤال #2
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 compensation
A. o
B. es, because "a Chartered Financial Analyst" should not be written in bold
C. es, because "a Chartered Financial Analyst" should not be written in bold and should not include "a
عرض الإجابة
اجابة صحيحة: C
السؤال #3
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. iscussion of clients' individual needs at the weekly meetings of account managers
B. iscussion of clients' holdings and investment strategy at the weekly meetings of account managers
C. dentification of clients being discussed at the weekly meetings of account managers
عرض الإجابة
اجابة صحيحة: C
السؤال #4
Gabrielle Reneau, CFA, and Jack Belanger specialize in options strategies at the brokerage firm of Damon and Damon. They employ fairly sophisticated strategies to construct positions with limited risk, to profit from future volatility estimates, and to exploit arbitrage opportunities. Damon and Damon also provide advice to outside portfolio managers on the appropriate use of options strategies. Damon and Damon prefer to use, and recommend, options written on widely traded indices such as the S&P 500 due to
A. 3
B. 5
C. 0
عرض الإجابة
اجابة صحيحة: C
السؤال #5
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. ixed-income analysts are recommending debt securities that are below an investment grade credit rating
B. ortfolio managers have failed to consider the investment policy statement of each portfolio before adding the fixed-income securities to the portfolios
C. ixed-income analysts have failed to provide a detailed description of the investment characteristics of the corporate fixed-income securities to the portfolio managers
عرض الإجابة
اجابة صحيحة: B
السؤال #6
Ellen Truxel is the principal at Truxel Investment Management. Her firm uses bonds for income enhancement as well as capital gains. She occasionally uses sector quality bets and yield curve positioning to exploit her beliefs on the relative changes in sector credit quality and the direction of interest rates. She has recently hired John Timberlake to assist her in preparing data for the analysis of bond portfolios. Timberlake is a recent graduate of an outstanding undergraduate program in finance.Truxel is
A.
B.
C.
عرض الإجابة
اجابة صحيحة: A
السؤال #7
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. es, because they breached their fiduciary duty and were disloyal to the clients of the Quaker Fund
B. es, because they did not maintain the confidentiality of the information they overheard in the compliance officer's office
C. es, because they knowingly traded on information that, if it had been publicly known, would have affected the price of Swift stock
عرض الإجابة
اجابة صحيحة: C
السؤال #8
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. o, because the information regarding the Stiles Corporation was not acquired in a breach of confidence
B. o, since he performed his own research and is allowed to trade based on the mosaic theory
C. es, since he possesses insider information he is not allowed to trade based on this information
عرض الإجابة
اجابة صحيحة: C
السؤال #9
Harold Chang, CFA, has been the lead portfolio manager for the Woodlock Management Group (WMG) for the last five years. WMG runs several equity and fixed income portfolios, all of which are authorized to use derivatives as long as such positions are consistent with the portfolio's strategy. The WMG Equity Opportunities Fund takes advantage of long and short profit opportunities in equity securities. The fund's positions are often a relatively large percentage of the issuer's outstanding shares and fund trad
A. oes not violate any Standards
B. iolates the Standards because he has not obtained written consent from WMG to enter into the agreement
C. iolates the Standards because he has misrepresented his ability to provide professional advice to Cherry Creek
عرض الإجابة
اجابة صحيحة: B
السؤال #10
Ellen Truxel is the principal at Truxel Investment Management. Her firm uses bonds for income enhancement as well as capital gains. She occasionally uses sector quality bets and yield curve positioning to exploit her beliefs on the relative changes in sector credit quality and the direction of interest rates. She has recently hired John Timberlake to assist her in preparing data for the analysis of bond portfolios. Timberlake is a recent graduate of an outstanding undergraduate program in finance.Truxel is
A. ash flow reinvestment
B. ew issue swaps
C. easonality
عرض الإجابة
اجابة صحيحة: C
السؤال #11
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. ettlement risk
B. perations risk
C. iquidity risk
عرض الإجابة
اجابة صحيحة: C
السؤال #12
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. ell 2 yen put options
B. ell 27 euro put options
C. uy 29 yen put options
عرض الإجابة
اجابة صحيحة: A
السؤال #13
Powerful Performance Presenters (PPP) is a performance attribution and evaluation firm for pension consulting firms and has recently been hired by Stober and Robertson to conduct a performance attribution analysis for TopTech. Tom Harrison and Wendy Powell are the principals for PPP. Although performance attribution has come under fire lately because of its shortcomings, Stober believes PPP provides a needed service to its clients. Robertson shares Stober's view of performance attribution analysis.Stober an
A. enchmark
B. enchmark
C. enchmark
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. sychological traps and risk specification error
B. elective bias syndrome and risk specification error
C. sychological traps and model and input uncertainty
عرض الإجابة
اجابة صحيحة: C
السؤال #15
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.
B.
C.
عرض الإجابة
اجابة صحيحة: C
السؤال #16
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. 15 million
B. 18 million
C. 20 million
عرض الإجابة
اجابة صحيحة: B
السؤال #17
Powerful Performance Presenters (PPP) is a performance attribution and evaluation firm for pension consulting firms and has recently been hired by Stober and Robertson to conduct a performance attribution analysis for TopTech. Tom Harrison and Wendy Powell are the principals for PPP. Although performance attribution has come under fire lately because of its shortcomings, Stober believes PPP provides a needed service to its clients. Robertson shares Stober's view of performance attribution analysis.Stober an
A. nly Harrison is correct
B. nly Powell is correct
C. oth are incorrect
عرض الإجابة
اجابة صحيحة: A
السؤال #18
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 $1 million in net assets before she will accept them as clients.Many of Mackley’s clients are referred to her by Kern & Associates, an accounting and consulting firm. DWM does not provide any direct compensation
A. es Yes
B. o Yes
C. es No
عرض الإجابة
اجابة صحيحة: C
السؤال #19
Mark Rolle, CFA, is the manager of the international bond fund for the Ryder Investment Advisory. He is responsible for bond selection as well as currency hedging decisions. His assistant is Joanne Chen, a candidate for the Level 1 CFA exam.Rolle is interested in the relationship between interest rates and exchange rates for Canada and Great Britain. He observes that the spot exchange rate between the Canadian dollar (C$) and the British pound is C$1.75/£. Also, the 1-year interest rate in Canada is 4.0% an
A.
B.
C.
عرض الإجابة
اجابة صحيحة: B
السؤال #20
Jack Rose and Ryan Boatman are analysts with Quincy Consultants. Quincy provides advice on risk management and performance presentation to pension plans, insurance firms, and other institutional portfolio managers throughout the United States and Canada.Rose and Boatman are preparing an analysis of the defined benefit pension plans for four mature corporations in the United States. In an effort to ascertain the risk to the firm's shareholders from the plans. Rose and Boatman gather the information in Figure
A. cenario
B. cenario
C. cenario
عرض الإجابة
اجابة صحيحة: B
السؤال #21
Gabrielle Reneau, CFA, and Jack Belanger specialize in options strategies at the brokerage firm of Damon and Damon. They employ fairly sophisticated strategies to construct positions with limited risk, to profit from future volatility estimates, and to exploit arbitrage opportunities. Damon and Damon also provide advice to outside portfolio managers on the appropriate use of options strategies. Damon and Damon prefer to use, and recommend, options written on widely traded indices such as the S&P 500 due to
A. nly Belanger is correct
B. nly Reneau is correct
C. oth are correct -OR- both are incorrect
عرض الإجابة
اجابة صحيحة: B
السؤال #22
Mark Rolle, CFA, is the manager of the international bond fund for the Ryder Investment Advisory. He is responsible for bond selection as well as currency hedging decisions. His assistant is Joanne Chen, a candidate for the Level 1 CFA exam.Rolle is interested in the relationship between interest rates and exchange rates for Canada and Great Britain. He observes that the spot exchange rate between the Canadian dollar (C$) and the British pound is C$1.75/£. Also, the 1-year interest rate in Canada is 4.0% an
A. he Knauff bond because its return is 8
B. he Tatehiki bond because its excess return is 4
C. he Knauff bond because its excess currency return is 3
عرض الإجابة
اجابة صحيحة: B
السؤال #23
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. oth are correct
B. either is correct
C. ne is correct
عرض الإجابة
اجابة صحيحة: A
السؤال #24
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. tatus Quo trap
B. ccallability trap
C. onfirming Evidence trap
عرض الإجابة
اجابة صحيحة: C
السؤال #25
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. ontagion, and non-normality of returns precludes the use of non-parametric models to estimate risk
B. ontagion, and non-normality of returns makes it more difficult to estimate risk using parametric models
C. acro transmission, and non-normality of returns makes it more difficult to estimate risk using parametric models
عرض الإجابة
اجابة صحيحة: B
السؤال #26
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. ortfolio
B. ortfolio
C. ortfolio
عرض الإجابة
اجابة صحيحة: C
السؤال #27
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. uy and hold
B. onstant mix
C. onstant proportion portfolio insurance
عرض الإجابة
اجابة صحيحة: C
السؤال #28
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. onstitutes a violation
B. s not a violation because he does not have access to Reuters at MontBlanc Securities
C. onstitutes a violation because, by trading on the information, Lepage would have traded on information that was already incorporated into the stock price and, thus, would have constituted an unwarranted trade
عرض الإجابة
اجابة صحيحة: A
السؤال #29
Ellen Truxel is the principal at Truxel Investment Management. Her firm uses bonds for income enhancement as well as capital gains. She occasionally uses sector quality bets and yield curve positioning to exploit her beliefs on the relative changes in sector credit quality and the direction of interest rates. She has recently hired John Timberlake to assist her in preparing data for the analysis of bond portfolios. Timberlake is a recent graduate of an outstanding undergraduate program in finance.Truxel is
A.
B.
C.
عرض الإجابة
اجابة صحيحة: A
السؤال #30
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. enial accounting
B. epresentativeness
C. indsight bias
عرض الإجابة
اجابة صحيحة: B
السؤال #31
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. es
B. o, both statements are incorrect
C. o, only statement 1 is correct
عرض الإجابة
اجابة صحيحة: C
السؤال #32
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. oth statements are correct
B. nly Statement 1 is correct
C. nly Statement 2 is correct
عرض الإجابة
اجابة صحيحة: A
السؤال #33
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's Board position issue need not be disclosed, but the inherited put options must be disclosed to Green's employer, clients and prospects
B. oth of Green's items must be fully disclosed to his employer, clients and prospects
C. ince Green is not a current Board member, no disclosure is needed and the put options need not be disclosed, since the buy recommendation has already been completed and is in place
عرض الإجابة
اجابة صحيحة: B
السؤال #34
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. he VWAP for the day is 22
B. he VWAP for the day is 22
C. he VWAP for the day is 22
عرض الإجابة
اجابة صحيحة: C
السؤال #35
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. hen the 90-day futures contract expires, Bauer should enter into another 90-day contract to further hedge against any changes in the dollar relative to the euro
B. nstead of the 90-day contract, Bauer should enter into a 180-day contract to cover the full 125-day period, which would eliminate additional transactions costs brought on by short-term contracts
C. espite the large amount of transaction costs, Bauer should continually adjust the hedge until the futures maturity equals the desired holding period
عرض الإجابة
اجابة صحيحة: C
السؤال #36
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. o, since Bauer is only concerned with unfavorable currency movements, natures would be cheaper
B. o, despite being less liquid, futures are less expensive to use
C. es, given that Bauer can choose to exercise the options or let them expire, options are cheaper since the payoff is only to one side
عرض الإجابة
اجابة صحيحة: A
السؤال #37
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. es Yes
B. o No
C. o Yes
عرض الإجابة
اجابة صحيحة: C
السؤال #38
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. ot appropriate because private equity offers good diversification, but the returns are comparatively low
B. ppropriate because private equity offers a high return but relatively low diversification
C. ppropriate because private equity offers both a high return and good diversification
عرض الإجابة
اجابة صحيحة: B
السؤال #39
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. 2
B. 25
C. 27
عرض الإجابة
اجابة صحيحة: A
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. lient
B. lient
C. lient
عرض الإجابة
اجابة صحيحة: C
السؤال #41
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. nformation-motivated
B. alue-motivated
C. iquidity-motivated
عرض الإجابة
اجابة صحيحة: A
السؤال #42
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. ould be appropriate for Client C
B. s an example of a concave strategy
C. s a constant proportion strategy with a floor greater than zero and a multiplier equal to 1
عرض الإجابة
اجابة صحيحة: A
السؤال #43
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. he Lunar portfolio is better diversified and, from a downside risk perspective, has superior performance
B. he Bison portfolio is better diversified, but from a downside risk perspective, the Lunar portfolio has superior performance
C. he Lunar portfolio is better diversified, but from a downside risk perspective, the Bison portfolio has superior performance
عرض الإجابة
اجابة صحيحة: A
السؤال #44
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. ortino ratio
B. oMAD ratio
C. nformation ratio
عرض الإجابة
اجابة صحيحة: C
السؤال #45
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. he IPS review policy is adequate, but the policy on communicating changes in style / strategy is inadequate
B. oth policies are inadequate
C. oth policies are consistent with the Asset Manager Code of Professional Conduct
عرض الإجابة
اجابة صحيحة: B
السؤال #46
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. orrect only with respect to historical VAR
B. orrect only with respect to analytical VAR
C. orrect with respect to both historical and analytical VAR
عرض الإجابة
اجابة صحيحة: A
السؤال #47
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 compensation
A. es
B. o, because the referral agreement is fully disclosed to all clients and prospects before they employ Mackley's services
C. o, because Mackley only accepts clients with net assets above $1 million who are likely to know that the arrangement is common in the industry
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اجابة صحيحة: A
السؤال #48
Matrix Corporation is a multidivisional company with operations in energy, telecommunications, and shipping. Matrix sponsors a traditional defined benefit pension plan. Plan assets are valued at $5.5 billion, while recent declines in interest rates have caused plan liabilities to balloon to $8.3 billion. Average employee age at Matrix is 57.5, which is considerably higher than the industry average, and the ratio of active to retired lives is 1.1. Joe Elliot, Matrix's CFO, has made the following statement ab
A. ritique Elliot's statement with respect to investing Matrix's plan assets by addressing the following three points:
B. ehavioral characteristic exhibited
C. ased on the information provided, formulate a return objective and a risk objective for the Matrix Corporation pension plan
D. ased on the information provided, formulate an appropriate constraints section for the investment policy statement for the pension fund
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اجابة صحيحة: A
السؤال #49
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. igher return potential
B. arlier cash flows
C. ess error in the measurement of the returns
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اجابة صحيحة: A
السؤال #50
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. o
B. es, because the suggestions are intended to manipulate market data in order to attract investors for the fund
C. es, because the compliance officer should be responsible for knowing applicable laws and regulations, not Bair
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اجابة صحيحة: B
السؤال #51
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
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اجابة صحيحة: A
السؤال #52
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. ariance-covariance method
B. istorical simulation method
C. onte Carlo simulation method
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اجابة صحيحة: A
السؤال #53
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. ncreasing quality of emerging market sovereign debt coupled with the ability of emerging market governments to access global capital
B. he Emerging Markets Bond Index Pius (EMBI+) index is dominated by Latin American debt securities
C. merging market debt can be highly volatile with negatively skewed returns distributions
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اجابة صحيحة: B
السؤال #54
Harold Chang, CFA, has been the lead portfolio manager for the Woodlock Management Group (WMG) for the last five years. WMG runs several equity and fixed income portfolios, all of which are authorized to use derivatives as long as such positions are consistent with the portfolio's strategy. The WMG Equity Opportunities Fund takes advantage of long and short profit opportunities in equity securities. The fund's positions are often a relatively large percentage of the issuer's outstanding shares and fund trad
A. oth Transactions 2 and 3 violate CFA Institute Standards
B. either transaction is a violation of CFA Institute Standards
C. ransaction 2 is a violation of CFA Institute, while Transaction 3 is not
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اجابة صحيحة: C
السؤال #55
Powerful Performance Presenters (PPP) is a performance attribution and evaluation firm for pension consulting firms and has recently been hired by Stober and Robertson to conduct a performance attribution analysis for TopTech. Tom Harrison and Wendy Powell are the principals for PPP. Although performance attribution has come under fire lately because of its shortcomings, Stober believes PPP provides a needed service to its clients. Robertson shares Stober's view of performance attribution analysis.Stober an
A. nly Harrison is correct
B. nly Powell is correct
C. oth Harrison and Powell are incorrect
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اجابة صحيحة: C
السؤال #56
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. ero, since all risks have been hedged
B. he domestic risk-free rate
C. he foreign risk-free rate
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اجابة صحيحة: B
السؤال #57
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. lzano
B. ergamo
C. ombardo
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اجابة صحيحة: B
السؤال #58
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. onservatism (anchoring-and-adjustment)
B. egret minimization
C. ambler's fallacy
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اجابة صحيحة: B

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