2020年CFA考试《CFA三级》考试共240题，分为单选题。小编为您整理Portfolio Management for Institutional Investors5道练习题，附答案解析，供您备考练习。

1、Regarding the comparison of the CYE and MF portfolios, which of Kuzmych conclusions is most likely?:【单选题】

A.Conclusion II

B.Conclusion I

C.Conclusion III

正确答案:C

答案解析:The only correct conclusion is that both the foundation and endowment portfolios have long time horizons. The foundation has no obligation to balance the needs of current and future beneficiaries. CYE has a high tolerance for risk with its long time horizon and ability to replenish itself through donations.

2、Is Zubov's response to Zola regarding the return objective most likely correct?【单选题】

A.No, he is incorrect with regard to future pension contributions.

B.No, he is incorrect with regard to future pension income.

C.Yes

正确答案:C

答案解析:The plan is fully funded, with a surplus of $25 million, and has minimal liquidity needs. Earning a return in excess of the liability discount rate of 5% by up to 100 bps will likely help meet such objectives as minimizing future pension obligations and maintaining or increasing future pension income.

3、When comparing investment objectives and constraints, Alpha and Omega most likely have similar:【单选题】

A.return objectives.

B.risk tolerances.

C.legal and regulatory constraints.

正确答案:C

答案解析:Both Alpha and Omega are mutual funds, a type of investment company. They would share similar legal and regulatory constraints, such as a need to describe their objectives, constraints, and costs in legally prescribed formats (e.g., a prospectus). However, they would have different risk and return objectives that would match different needs in investor portfolios.

4、Alpha and Omega are least likely consistent with which of the institutional investor characteristics described by Chen?【单选题】

A.Characteristic II

B.Characteristic I

C.Characteristic III

正确答案:B

答案解析:Mutual funds have no other corporate purpose besides investing. Mutual funds (investment companies) and hedge funds are investment intermediaries, whereas foundations, endowments, insurance companies, and banks are financial intermediaries. Compared with individual investors, they all usually have larger amounts of money to invest.

5、Based on information provided by Zola, a higher risk tolerance for CGI Products’ pension plan is least likely supported by:【单选题】

A.Zola's proposed modification to the current pension plan.

B.the ratio of debt to total assets.

C.earnings expectations for the company.

正确答案:A

答案解析:Zola would like CGI to introduce an early retirement provision that allows for lump-sum distributions. This increases immediate liquidity requirements and reduces the level of risk tolerance. In contrast, the company's expected growth in earnings and the low debt to total asset ratio imply a higher risk tolerance.