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Portfolio Management【Reading 64】Sample

Which one of the following alternatives correctly outlines the importance of the portfolio perspective?
A)
Market participants should attempt to eliminate the unsystematic risk associated with each security by forming portfolios that will diversify away this risk.
B)
Market participants should focus on the systematic risk of the components of a portfolio not the unsystematic risk of the components of a portfolio.
C)
Market participants should analyze the risk-return trade-off of a portfolio as a whole, not the risk-return trade-off of the individual investments in a portfolio.



The key underlying principle of the portfolio perspective is that market participants should analyze the risk-return trade-off of the portfolio as a whole, not the risk-return trade-off of the individual investments in the portfolio.

Diversification can reduce:
A)
systematic risk.
B)
macroeconomic risks.
C)
unsystematic risk.



Systematic risk reflects factors that have a general effect on the security markets as a whole, and cannot be diversified away. Macroeconomic risk comes in many forms, and it is usually considered systematic risk. Unsystematic risk can be reduced through diversification.

TOP

Which of the following is not a step in the portfolio management process?
A)
Developing an IPS.
B)
Feedback.
C)
Execution.



Developing an IPS is a subset of the planning process.

TOP

In which step of the portfolio management process developing an IPS occur?
A)
Strategic asset allocation.
B)
Feedback
C)
Planning.



Developing an IPS occurs in the planning steps of the process. The purpose of developing an IPS is to govern decision making.

TOP

Which of the following most accurately identifies the three main steps in the portfolio management process?
A)
Objectives, constraints, risk tolerance.
B)
Planning, asset allocation, security selection.
C)
Planning, execution, feedback.


Click for Answer and Explanation
The three main steps in the portfolio management process are planning, execution, and feedback. The other items listed are subcomponents of these steps.

TOP

Which of the following most accurately identifies the three main steps in the portfolio management process?
A)
Objectives, constraints, risk tolerance.
B)
Planning, asset allocation, security selection.
C)
Planning, execution, feedback.



The three main steps in the portfolio management process are planning, execution, and feedback. The other items listed are subcomponents of these steps.

TOP

Which of the following is not considered to be an investment constraint?
A)
Risk tolerance.
B)
Tax concerns.
C)
Time horizon.



An investor’s risk tolerance is included under objectives. Constraints include liquidity needs, time horizon, tax concerns, legal and regulatory factors, and unique circumstances

TOP

Which of the following does not relate to return objectives? Specifying:
A)
security-specific returns.
B)
return requirements.
C)
portfolio real after-tax returns.



Required and desired returns, specified in real after-tax levels, relate directly to the formulation of the investor’s return objective. Security-specific returns are important in analyzing potential additions to the portfolio, but do not come into play when specifying the overall portfolio return objective.

TOP

The objective of achieving a 10% annual rate of return is an example of a(n):
A)
absolute risk objective.
B)
required return objective.
C)
relative return objective.



The objective of earning a 10% return is a required return objective because it represents some level of return that must be acheived by the portfolio.

TOP

Which of the following is not typically included in an investment policy statement?
A)
Names of specific managers or mutual funds that should be used.
B)
Identification of duties.
C)
A client description.



General statements about how funds should be invested are included in the investment policy statements. It would not be wise to include specific manager/mutual funds, as the people involved in managing money change over time. Instead, asset allocation objectives should be used.

TOP

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