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tzdsgn · 2023年07月19日

请问这个考点在哪里

NO.PZ2023010903000044

问题如下:

The Cherry Street Foundation is a nonprofit institution who has experienced a significant increase in donations over the last several years. Consequently, Ellie Blumenstock, CFA, Cherry Street's founder, recently concluded that the time had come to hire a professional chief investment officer(CIO) to manage this large pool of assets. Today, Blumenstock is interviewing A.J. Gelormini,a portfolio manager with over two decades of experience, for the CIO role.

Before concluding the interview, Blumenstock mentions that she recently read several articles regarding shareholder engagement and activist investing strategies. She was particularly intrigued by the role of activists in advocating for the implementation of ESG standards at large companies. Blumenstock asks Gelormini if it would make sense for Cherry Street to participate in shareholder engagement activities or to commit to a firm that engages in activist investing, and, if so, what approach would make the most sense. Gelormini’s response included the following statements.

Statement 4: Plenty of activist managers focusing on ESG issues exist, and investing with one could make sense for Cherry Street. Managers of these strategies utilize the same tactics as more traditional activist investors because they both typically have shorter time horizons and take stakes in target companies greater than 10% of the target’s outstanding equity. Some of these tactics include proposing significant changes in corporate governance, seeking board representation and engaging in proxy contests.

Gelormini's comments about activists in Statement 4 are most likely incorrect because:

选项:

A.

activist investors typically have a longer time horizon

B.

ESG-focused activists use different processes and tactics than traditional activists

C.

activist investors typically take a stake of less than 10%

解释:

Activists typically aim to achieve their goals with smaller stakes in their target companies, usually with a less than 10% stake in the target's equity.

考点具体考的那一块 没印象

2 个答案

笛子_品职助教 · 2023年07月21日

嗨,爱思考的PZer你好:


Managers of these strategies utilize the same tactics as more traditional activist investors because they both typically have shorter time horizons 。这句话完全正确吗

这句话正确。战术投资是短期的。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

笛子_品职助教 · 2023年07月20日

嗨,爱思考的PZer你好:


考点具体考的那一块 没印象


考点在equity主动管理的activist章节。

activist的的目标是赚取股票价差,因此只会持有少数股票,不会谋求控股。一般持股会低于10%。这样方便进出。

activist是少数持股,这个结论可以推理出来的,讲义上暂时没放进去。同学就以这道题来补充这个知识点。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

tzdsgn · 2023年07月20日

Managers of these strategies utilize the same tactics as more traditional activist investors because they both typically have shorter time horizons 。这句话完全正确吗

youmima · 2023年08月13日

请问可以截图对应的讲义内容吗?

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