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investment analysis portfolio
Questions and Answers of
Investment Analysis Portfolio
Method 1’s portfolio construction process is most likely:A. optimization.B. full replication.C. stratified sampling.Evan Winthrop, a senior officer of a US-based corporation, meets with Rebecca
Method 2’s portfolio construction process is most likely:A. optimization.B. full replication.C. stratified sampling.Evan Winthrop, a senior officer of a US-based corporation, meets with Rebecca
The method that Tong suggests to add incremental revenue is:A. program trading.B. securities lending.C. attribution analysis.Evan Winthrop, a senior officer of a US-based corporation, meets with
In preparation for receipt of the performance bonus, Tong should immediately:A. buy two US E-mini equity futures contracts.B. sell nine US E-mini equity futures contracts.C. buy seven US E-mini
The risk that Tong discloses regarding the equity futures strategy is most likely:A. basis risk.B. currency risk.C. counterparty risk.Evan Winthrop, a senior officer of a US-based corporation, meets
Compared with broad-market-cap weighting, the international equity strategy suggested by McMahon is most likely to:A. concentrate risk exposure.B. be based on the efficient market hypothesis.C.
The international strategy suggested by McMahon is most likely characterized as:A. risk based.B. return oriented.C. diversification oriented.The Mackenzie Education Foundation funds educational
The initial benchmark used for the US large-cap allocation:A. is unaffected by stocks splits.B. is essentially a liquidity-weighted index.C. holds the same number of shares in each component
Based on its HHI, the initial US large-cap benchmark most likely has:A. a concentration level of 4.29.B. an effective number of stocks of approximately 35.C. individual stocks held in approximately
Using a sector attribution analysis based on Exhibit 1, which US large-cap sector is the primary contributor to the portfolio’s underperformance relative to the benchmark?A. Utilities B. Consumer
Based on Exhibit 2, which portfolio will most likely have the lowest tracking error?A. Portfolio 1 B. Portfolio 2 C. Portfolio 3 The Mackenzie Education Foundation funds educational projects in a
Which fund manager’s investing approach is most consistent with fundamental management?A. Furlings B. Asgard C. Tokra James Leonard is a fund-of-funds manager with Future Generation, a large
Which of the following statements about the approaches and styles of either Furlings, Asgard, or Tokra is incorrect?A. Furlings is a top-down sector rotator with a value orientation within sectors.B.
Which manager is most likely to get caught in a value trap?A. Furlings B. Asgard C. Tokra James Leonard is a fund-of-funds manager with Future Generation, a large sovereign fund.He is considering
Which activist investing tactic is Asgard least likely to use?A. Engaging with management by writing letters to management, calling for and explaining suggested changes, and participating in
Based on the information provided in Exhibits 1 and 2, which manager’s portfolio characteristics is most likely at odds with its declared style?A. Furlings B. Asgard C. Tokra James Leonard is a
Leonard is looking at the style classification from Asgard as reported by Morningstar and Thomson Reuters Lipper. He is surprised to find that Asgard is classified as a blend fund by Morningstar and
Which of the following asset allocation methods would not likely be used by Nowacki and Knight to select investments for the existing equity fund?A. Sector and industry rotation B. Growth at a
Relative to Heydon’s existing fund, the new fund will most likely:A. hold a smaller number of stocks.B. rebalance at more regular intervals.C. see risk at the company level rather than the
Which characteristic suggested by Knight to describe the quantitative approach to active management is incorrect?A. Characteristic 1 B. Characteristic 2 C. Characteristic 3 Aleksy Nowacki is a new
Nowacki’s most appropriate response to Knight’s question about the quantitative investment process is to:A. backtest the new strategy.B. define the market opportunity.C. identify the factors to
In Nowacki’s backtesting of the factor-based strategy for the new fund, the calculated information coefficient should be based on:A. FS(t) and SR(t).B. FS(t) and SR(t þ 1).C. SR(t) and FS(t þ
Nowacki’s calculated price/book ratios (P/Bs) and price/earnings ratios (P/Es), in his backtesting of the new strategy, are a problem because of:A. data mining.B. look-ahead bias.C. survivorship
Based on Exhibit 1, which stock pair should Knight recommend as the best candidate for statistical arbitrage?A. Stock 1 and Stock 2 B. Stock 3 and Stock 4 C. Stock 5 and Stock 6 Aleksy Nowacki is a
The most appropriate response to Knight’s question regarding the potential future scenario for the Heydon Quant Fund is:A. only the returns-based approach.B. only the holdings-based approach.C.
In managing the fund at his previous employer, Dewey’s investment process can be best described as:A. an activist strategy.B. a top-down strategy.C. a bottom-up strategy.Jack Dewey is managing
Sardar’s recommendation for the next step should be to:A. review results from backtesting the strategy.B. make recommendations for rebalancing the portfolio.C. forecast companies’ performances
Based upon Dewey’s chosen investment process for the management of the Purity Fund, rebalancing of the fund will most likely occur:A. at regular intervals.B. in response to changes in
Which investment approach is the most likely basis for Sardar’s buy recommendation for AZ Industrial?A. Relative value B. High-quality value C. Deep-value investing Jack Dewey is managing partner
The analysis performed by Sardar on the Purity Fund can be best described as being based on:A. a holdings-based approach.B. manager self-identification.C. a returns-based style analysis.Jack Dewey is
Bern Zang is the chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the “Fund”) is based in the United States and has current
Describe how the conditional linear factor model can be used to address Shaindy’s concern.During a monthly board meeting, Shaindy discusses her updated market forecast for equity markets. Due to a
Determine the most appropriate equity-related hedge fund strategy that Shaindy should employ. Justify your response.Jane Shaindy is the chief investment officer of a large pension fund. The pension
Gunnar Patel is an event-driven hedge fund manager for Senson Fund, which focuses on merger arbitrage strategies. Patel has been monitoring the potential acquisition of Meura Inc. by Sellshom, Inc.
John Puten is the chief investment officer of the Markus University Endowment Investment Office. Puten seeks to increase the diversification of the endowment by investing in hedge funds. He recently
Yankel Stein is the chief investment officer of a large charitable foundation based in the United States. Although the foundation has significant exposure to alternative investments and hedge funds,
Describe three paths for implementing the strategy of Hedge Fund A.After a significant amount of internal discussion, Wallace concludes that the pension fund should invest in either Hedge Fund B or C
Discuss two advantages of Hedge Fund B relative to Hedge Fund C with respect to investment characteristics.Sushil Wallace is the chief investment officer of a large pension fund. Wallace wants to
Kloss Investments is an investment adviser whose clients are small institutional investors.Muskogh Charitable Foundation (the “Foundation”) is a client with $70 million of assets under
Which of the IC member’s statements regarding hedge fund strategies is incorrect?A. Statement 1 B. Statement 2 C. Statement 3 Snohomish Mukilteo is a portfolio analyst for the Puyallup-Wenatchee
Based on what the IC considers important for equity-related strategies, which strategy should Mukilteo most likely avoid?A. Long/short equity B. Equity market neutral C. Dedicated short selling and
Which of the following set of derivative positions will most likely satisfy the IC’s concern about the event-driven strategy involving AA and TT?A. Long out-of-the-money puts on AA shares and long
The government bond strategy that Mukilteo considers is best described as a:A. carry trade.B. yield curve trade.C. long/short credit trade.Snohomish Mukilteo is a portfolio analyst for the
The opportunistic strategy that Mukilteo considers is most likely to be described as a:A. global macro strategy.B. time-series momentum strategy.C. cross-sectional momentum strategy.Snohomish
The specialist hedge fund strategy that Mukilteo plans to recommend is most likely:A. cross-asset volatility trading between the US and Japanese markets.B. selling equity volatility and collecting
Based on the email that Mukilteo received, the IC member’s perspective is correct with regard to:A. layering and netting of fees.B. tactical allocation capabilities.C. manager-specific operational
Based on the IC’s primary considerations for a combined portfolio, which simulated hedge fund strategy portfolio in Exhibit 1 creates the most suitable combined portfolio?A. Merger arbitrage B.
Discuss additional personal information that McZhao should gather from Cree in order to properly advise this new client.McZhao then focuses on Cree’s financial goals:▪ Cree wants to fund
Discuss the issues relating to Cree’s:i. goal quantification.ii. goal prioritization.McZhao continues the discussion with Cree in order to evaluate his degree of risk tolerance associated with each
Determine Cree’s degree of risk tolerance associated with each of the following individual goals. Justify each response.Henlopen McZhao is a private wealth manager. After a successful introductory
Prepare the Investment Objectives section of Patel’s IPS.Patel has been working with Zik for 10 years. At the beginning of the 10-year period,Zik forecasted that the equities in Patel’s portfolio
Evaluate the success of Zik’s investment program for Patel in terms of:i. goal achievement.ii. process consistency.iii. portfolio performance.After every regular monthly rebalancing, Zik sends an
Recommend additional information that Zik could provide to enhance his portfolio reports for Patel.Sharfepto Zik, a private wealth manager, is meeting with a client, Garbanzo Patel, in order to
Determine the client segment or adviser type that is most appropriate for each stage of Sili’s plan. Justify each response.Sili next uses three approaches to analyze his retirement goals:Approach
Identify each approach that Sili uses to analyze his retirement goals. Explain each response.Val Sili, age 22, has just graduated from college and begins making ambitious future financial plans. The
Based on Exhibit 1, which of the following items is Açor most likely to include in the section of the IPS she is drafting for Njau?A. Moderate risk toleranceB. 40% allocation to
Based on Açor’s notes from her previous meeting with Njau, the behavioral consideration exhibited by Njau is most likely:A. a consumption gap.B. the “annuity puzzle.”C. heightened loss
Açor’s portfolio allocation for Njau is most likely optimized on the basis of:A. a stated maximum level of volatility.B. total portfolio mean–variance efficiency.C. the results of the risk
Based on Exhibits 1 and 2, the probability that Njau will be able to meet her charitable goal is closest to:A. 25%.B. 50%.C. 75%.Noèmie Açor works for an international bank as a private wealth
Which comment in Njau’s response to the client satisfaction survey best describes a soft skill exhibited by Açor?A. Comment 1B. Comment 2C. Comment 3 Noèmie Açor works for an international
Açor’s recommendation regarding asset location in Bañuq’s portfolio is most likely an example of tax:A. deferral.B. reduction.C. avoidance.Noèmie Açor works for an international bank as a
The most appropriate response to Bañuq’s question is that he has:A. a shorter time horizon.B. less significant tax considerations.C. less diverse investment objectives.Noèmie Açor works for
The ethical concern that Açor most likely raised is:A. KYC.B. suitability.C. confidentiality.Noèmie Açor works for an international bank as a private wealth adviser. Açor speaks several
The risk mitigation strategy that would most likely allow Payne to achieve her primary objective with respect to the Solar Falls Power ownership position is to:A. have Solar Falls Power conduct a
A strategy that would most likely allow Payne to achieve both her primary and secondary objectives would be to:A. contribute the property to a donor-advised fund.B. obtain a fixed-rate mortgage
The most appropriate response to Payne’s tax-related question is:A. on all income earned worldwide.B. only on income earned where Payne is a citizen.C. only on income earned where Payne is a
The tax liability on the sale of the Steelworq shares is:A. −\($4\),000.B. \($0\).C. \($33\),020.Jevan Chen is a tax adviser who provides tax-aware advice to various private clients. Two of
Based on Exhibit 1, the mutual fund most likely to be the most tax efficient going forward is:A. Fund A.B. Fund B.C. Fund C.Jevan Chen is a tax adviser who provides tax-aware advice to various
The annualized after-tax post-liquidation return calculated by Chen is closest to:A. 4.41%.B. 5.62%.C. 5.92%.Jevan Chen is a tax adviser who provides tax-aware advice to various private clients. Two
The after-tax wealth in Kaminski’s tax-deferred account at the end of the five years will be closest to:A. \($1\),122,041.B. \($1\),313,166.C. \($1\),402,552.Jevan Chen is a tax adviser who
Discuss why Wacho’s recommended decumulation strategy is the more tax-efficient strategy.Wacho and Ka next discuss tax loss harvesting and tax lot accounting for one of Ka’s other accounts. Ka
Determine the tax lot that would be most tax efficient to sell given Ka’s chosen tax lot accounting method. Calculate the tax liability/benefit from the sale.Today is 23 August 20X3, and Ka sells
Discuss four important risk and tax-related considerations that are relevant to Omo’s portfolio.With most of Omo’s personal net worth tied up in his software company, he is asset rich but cash
Determine the most appropriate strategy that can generate liquidity and accomplish Omo’s goals. Justify your response.Jing asks Omo about his plans for the shares of his previous employer’s
Recommend a strategy, alternative to an outright sale of the shares, that will satisfy Omo’s goals and alleviate his concern.Tesando Omo is a highly successful entrepreneur. The software company
Discuss two estate planning objectives revealed in Hinkle’s discussion with Enlow.Enlow wants to transfer some of his wealth to his niece and nephew but isn’t sure whether he should use lifetime
Recommend, for both Enlow’s niece and nephew, the most tax-efficient wealth transfer option (lifetime gift or testamentary bequest). Show your calculations. Recommend, for both Enlow's niece and
Which of Boulder’s observations regarding Maglav’s pension plan is correct?A. Only Observation 1 B. Only Observation 2 C. Both Observation 1 and Observation 2 William Azarov is a portfolio
Which of the benefits of outsourcing the management of the pension plan suggested by Boulder is correct?A. Benefit 1 B. Benefit 2 C. Benefit 3 William Azarov is a portfolio manager for Westcome
Westcome’s investment approach for Maglav’s pension plan can be best characterized as the:A. Norway model.B. Canadian model.C. endowment model.William Azarov is a portfolio manager for Westcome
The risk tolerance of Maglav’s pension plan can be best characterized as being:A. below average.B. average.C. above average.William Azarov is a portfolio manager for Westcome Investments, an asset
Based on Azarov’s statement concerning ERISA and ASC 715, which of the following statements is correct?A. Maglav is not allowed to terminate the plan.B. Maglav can exclude the plan’s service
The risk tolerance of the Wolf University Endowment Fund can be best characterized as:A. below average.B. average.C. above average.William Azarov is a portfolio manager for Westcome Investments, an
Which proposed allocation in Exhibit 1 would be most appropriate for the Fund given its characteristics?A. Allocation 1 B. Allocation 2 C. Allocation 3 William Azarov is a portfolio manager for
Identify the investment approach currently being used by the Investment Committee for managing the Fund. Justify your response.Bern Zang is the recently hired chief investment officer of the Janson
Discuss the advantages and the disadvantages of the investment approach currently being used by the Investment Committee.Bern Zang is the recently hired chief investment officer of the Janson
Describe how each of the following common characteristics of institutional investors supports the Fund’s allocation to private real estate:i. Scale ii. Investment horizon iii. Governance
Identify the new investment approach proposed by Zang for managing the Fund.Justify your response.Bern Zang is the recently hired chief investment officer of the Janson University Endowment
Discuss the advantages and the disadvantages of the new investment approach proposed by Zang.Bern Zang is the recently hired chief investment officer of the Janson University Endowment Investment
Fiona Heselwith is a 40-year-old US citizen who has accepted a job with Lyricul, LLC, a UK-based company. Her benefits package includes a retirement savings plan. The company offers both a defined
Dianna Mark is the chief financial officer of Antiliaro, a relatively mature textile production company headquartered in Italy. All of its revenues come from Europe, but the company is losing sales
Formulate the investment objectives section of the investment policy statement for the Endowment.Prometheo University recently hired a new chief investment officer (CIO). The CIO directs her small
Discuss whether the current investment policy is appropriate given the Endowment’s annual spending policy.Upon completion of the investment policy review by her four-person staff, the CIO makes
Determine whether the board should accept the CIO’s recommendation. Justify your response.The Prometheo University Scholarship Endowment (the Endowment) was established in 1950 and supports
Meura Bancorp, a US bank, has an equity capital ratio for financial assets of 12%.Meura’s strategic plans include the incorporation of additional debt in order to leverage earnings since the
An investor is considering adding three new securities to her internationally focused, fixed-income portfolio. She considers the following non-callable securities:• 1-year government bond•
Jo Akumba’s portfolio is invested in a range of developed markets fixed-income securities. She asks her adviser about the possibility of diversifying her investments to include emerging and
An Australian investor currently holds an A$240 million equity portfolio. He is considering rebalancing the portfolio based on an assessment of the risk and return prospects facing the Australian
An analyst is reviewing various asset alternatives and is presented with the following information relating to the broad equity market of Switzerland and various industries within the Swiss market
Identify risks faced by investors in emerging market equities over and above those that are faced by fixed-income investors in such markets.
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