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2020年CFA考试《CFA二级》考试共240题,分为单选题。小编为您整理Portfolio Management (1)5道练习题,附答案解析,供您备考练习。
1、Which of Arndt’s planned investment asset allocations most likely violates TCAM’s portfolio perspective approach to investment management?【单选题】
A.Diversified equities
B.US commercial real estate
C.Diversified intermediate- to long-term bonds
正确答案:B
答案解析:B is correct. Arndt has ignored the importance of diversification (and a portfolio perspective) in his decision to add to his commercial real estate investments. Commercial real estate already represented more than 90% of the Arndts’ assets before the sale. Equities and intermediate-term bonds would offer a diversifying benefit to the entire portfolio.
2、Stenton should most accurately respond to concern 2 in Exhibit 3 by saying that:【单选题】
A.high frequency trading is only partly responsible for market fragmentation.
B.only one specific type of high frequency trading algorithm, smart order routing, is responsible for market fragmentation.
C.smart order routing was developed as a response to market fragmentation.
正确答案:C
答案解析:Market fragmentation occurs when the number of venues trading the same instrument increases. As a response, algorithms are used to aggregate liquidity and route orders to the venues that have the best price and market depth.
3、Which of the following options strategies is Ferrell most likely to recommend for the client’s portfolio?【单选题】
A.Long calls
B.Short calls
C.Short puts
正确答案:B
答案解析:B is correct. An index-tracking portfolio without options has a delta of 1. To achieve a delta of 0.9, the delta of the options position must be negative. Of the three choices, only short calls have a negative delta. Long call options have deltas ranging from 0 to 1. Short calls, therefore, have deltas ranging from 0 to -1. The short call position lowers the portfolio’s overall delta as desired.
4、In response to Yusuf, based on the information in Exhibit 2, the portfolio with the highest active factor risk exposure to the style factor is:【单选题】
A.Portfolio X.
B.Portfolio Y.
C.Portfolio Z.
正确答案:C
答案解析:C is correct. Portfolio Z has the highest active factor risk exposures to the style factor.
5、Based on the data in Exhibit 2, which fund is most sensitive to the combined surprises in inflation and GDP growth in Exhibit 3?【单选题】
A.Fund A
B.Fund B
C.Fund C
正确答案:A
答案解析:A is correct. The effect of the surprises in inflation and GDP growth on the returns of the three funds is calculated as the following.
What are the indices for a skewed distribution?:What are the indices for a skewed distribution?
What are the responsibilities of the members in reference to the CFA Institute?:Once accepted as a member:每年交述职报告和年费but must not over promise the competency and future investment results.Case
What members and candidates should notice in CFA examinations?:or security of the CFA examinations.(不能恶心CFA),考试不能作弊:考试内容要保密:A. No.:Responsibilities as a CFA Institute Member.right④Case
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