2020年CFA考试《CFA三级》考试共240题，分为单选题。小编为您整理Asset Allocation and Related Decisions in Portfolio Management (2)5道练习题，附答案解析，供您备考练习。

1、【单选题】

A.volatility trading.

B.technical analysis.

C.economic fundamentals.

正确答案:B

答案解析:B is correct. Umlauf develops a market view based on underlying fundamentals in 

2、【单选题】

A.de-risking.

B.systematic tactical asset allocation.

C.discretionary tactical asset allocation.

正确答案:B

答案解析:B is correct. Using rules-based, quantitative signals, systematic tactical asset allocation 

3、【单选题】

A.cash.

B.bonds.

C.equities.

正确答案:A

答案解析:A is correct. The changing character of liabilities through time affects the asset allocation 

4、Kalila Al-Khalili 【单选题】

A.active currency management.

B.a hedging ratio closer to 100%.

C.a narrow discretionary band for currency exposures.

正确答案:A

答案解析:A is correct. The fund has a long-term perspective, few immediate liquidity needs, and a 

5、Which of Neal’s statements regarding the taxation of investments is correct?【单选题】

A.Statement 1 only

B.Statement 2 only

C.Both Statement 1 and Statement 2

正确答案:A

答案解析:A is correct. Taxes alter the distribution of returns by both reducing the expected mean