Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

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Nội dung chi tiết: Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions erved. Copying, reproduction or redistribution of this material IS strictly prohibited, info@fmquiz.com.FinQuiz.com Ô 2018 - Al r^tr.s reserved.CFA Le

vel III Mock Exam 4 - Solutions (PM)FinQuiz.com - 4,b Mock Exam 2018 (PM Session)QuestionsTopicMinutes45297Ethical and Professional Standards1845485Et Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

hical and Professional Standards1813-18Economic Analysis1819-24Economic Analysis1825-30Risk Management Application of Derivatives1831-36Risk Managemen

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

t Application of Derivatives1837-42Equity Portfolio Management1843-48Fixed-Income Portfolio Management1849-54Alternative Investments1855-60Alternative

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions fessional StandardsA&J Case ScenarioMalt Beckner is a chemical engineer who works lor an oil exploration firm in Oliio, LiSA. Beckner is 55 years old

and has an investment portfolio worth $75,000 consisting of stocks, bonds and T-bills. Tn the past. Beckner has been managing his portfolio himself. H Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

owever, he now behoves dial gelling professional expertise and financial advice for his portfolio’s management would be prudent. Consequently, he sele

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

cts Alfred & Jack Associates (A&J) to be his capital management firm. During his visit al die firm. Beckner meets Robin Flynn, an investment analyst a

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions r observes that many of these funds. especially the ones that relied on complex derivative strategies, lacked an associated bciiclunark presentation.

In addition, when presenting the value of the firm's real estate investments, Flynn states that independent, third party valuations were used since fa Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

ir values were not easily available. He provides Beckner with a list of third party firms that were lined. Beckner notices that in the past two years,

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

A&J switched among ten firms for obtaining valuations for their real estate investments.While presenting to Beckner. Flynn also displays a list of th

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions servative, to very aggressive. The presentation then makes the following comment:A&J has achieved excellent returns for its investors. The Aggressive

Growth Fund, for example, has had returns that exceeded its peer group benchmark by more than 12% for the past fifteen years.”Beckner was satisfied wi Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

th the performance history of A&J’s funds. He now wanted to know about the procedures mid methods used by the managers al the firm for stock picking.

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

Tn seeking such information. Beckner approaches Gina Melton, the chief portfolio manager al A&J. Mellon tells Beckner that A&J paid a firm dial served

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions even years, and are thus. privy to much of the industry’s internal workings. Mellon adds that A&J uses the insights of such experts in making investme

nt choices. He then makes the following comment:FinQuiz.com •£> 2018 - All rights reserved.CFA Level III Mock Exam 4 - Solutions (PM)“Whenever a portf Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

olio manager is uncertain about the appropriate course of action with respect to a specific client, the manager makes the decision as if it were affec

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

ting him her. If in doubt, the manager discloses the matter to the client and obtains client approval."Beckner then asks Melton about the trading proc

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions for them In such cases, the manager updates the client’s investment policy statements so that he or she can clearly understand the potential effect o

f the requested trade on his or her current goals.After meeting with several other portfolio managers and employees at the fum. Beckner is satisfied w Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

ith his decision to opt for A&J to manager Ins portfolio. Before his departure. Melton provides Beckner with the ID of his facebook account that she m

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions

aintained only for professional purposes. She states that this makes it easier for her to separate her personal contacts from her professional ones.1I

Volume II behavioral finance, individual investors, and institutional InvestorsCFA level 3CFA finquiz Level3Mock2018Version4JunePMSolutions nduct?A.The lack of benchmarks.