返回列表 发帖

Reading Reading 9: Changing Investment Objectives LOS a-Q 1~2

1Adequate investment policy disclosure typically means clearly identifying the policy in:

A)   a tombstone advertisement in the Wall Street Journal or Financial Times.

B)   the annual report.

C)   the prospectus.

D)   an annual letter to all fund shareholders.

2BlueRock Fund uses a proprietary asset selection model that it believes gives the firm a competitive advantage. The model is applied to a universe of all small-cap domestic equities and all publicly-traded corporate bonds. The asset allocations generated by this model range from +200 percent in small-cap equities/-100 percent in bonds to +200 percent in bonds/-100 percent in small-cap equities. Since the fund can invest in both equities and bonds, it is classified as a balanced fund. In the prospectus BlueRock describes the fund’s investment policy as “a balanced fund, with 50 percent of the assets invested in bonds and 50 percent in equities, on average.” On this basis, BlueRock is:

A)   not in violation of any CFA Institute Standard.

B)   in violation of CFA Institute Standards since it has failed to distinguish between facts and opinions.

C)   in violation of CFA Institute Standards concerning the disclosure of security selection and portfolio construction processes.

D)   in violation of the CFA Institute Standard concerning Fiduciary Duty.

[此贴子已经被作者于2008-5-20 10:01:53编辑过]

答案和详解如下:

1Adequate investment policy disclosure typically means clearly identifying the policy in:

A)   a tombstone advertisement in the Wall Street Journal or Financial Times.

B)   the annual report.

C)   the prospectus.

D)   an annual letter to all fund shareholders.

The correct answer was C)

Adequate disclosure is typically accomplished by clearly stating the policy in the prospectus.

2BlueRock Fund uses a proprietary asset selection model that it believes gives the firm a competitive advantage. The model is applied to a universe of all small-cap domestic equities and all publicly-traded corporate bonds. The asset allocations generated by this model range from +200 percent in small-cap equities/-100 percent in bonds to +200 percent in bonds/-100 percent in small-cap equities. Since the fund can invest in both equities and bonds, it is classified as a balanced fund. In the prospectus BlueRock describes the fund’s investment policy as “a balanced fund, with 50 percent of the assets invested in bonds and 50 percent in equities, on average.” On this basis, BlueRock is:

A)   not in violation of any CFA Institute Standard.

B)   in violation of CFA Institute Standards since it has failed to distinguish between facts and opinions.

C)   in violation of CFA Institute Standards concerning the disclosure of security selection and portfolio construction processes.

D)   in violation of the CFA Institute Standard concerning Fiduciary Duty.

The correct answer was C)

Clearly, the risk profile of this fund is much different from a typical balanced fund. In fact, it could be effectively described as a hedge fund if +200/-100 allocations are typical. BlueRock is in violation of the Standard concerning disclosure of security selection and portfolio construction processes.

TOP

回复:(spaceedu)[2008] Session 1 -Reading 9: Ch...

3x

TOP

timberland pas cher

Bonjour il j'aime votre billet.Cuire au four pendant optimale, experts tn requin dit pieds très souple et rapide développement de l'enfant, si air max les orteils flexion ou souffre d'extrusion, très facile de se produire dans la, sélectionnez nike air max et acheter, donc attention particulière aux chaussures à porter nike tn des chaussures : acheter des chaussures co?teuses, le meilleur prix d'achat est moins chers chaussures timberland de chaussures, inappropriés peuvent changer dès que possible. Parce timberland pas cher que les enfants bipède augmentent plus rapidement, plus de 2 à 3 mois dans une paire de chaussures. Parce bottes timberland que l'enfant est au cours de la période, donc les pieds de sélectionnez et acheter doit être adapté pour enfants fantaisie pieds, talon ne doit pas dépasser deux centimètres. Chaussures, non seulement affecte les activités normales et les enfants entravera les enfants à pied positionner correctement. Chaussures est trop petites, peut affecter les muscles de la fièvre du développement de l'enfant et ligaments, les orteils, aussi faciles à se produire par extrusion ankylose. Merci beaucoup! thankyou!

TOP

返回列表