NO.PZ2023010903000008
问题如下：
Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:
Note 2 The DoGood Fund invests in Fleeker Corporation stock, which is rated high in the ESG space, and Fleeker’s pension fund has a significant investment in the DoGood Fund. This dynamic has the potential for a conflict of interest on the part of Fleeker Corporation but not for the DoGood Fund.
Note 3 The DoGood Fund’s portfolio manager has written policies stating that the fund does not engage in shareholder activism. Therefore, the DoGood Fund may be a free-rider on the activism by these shareholders.
Which of the following notes about the DoGood Fund is correct?
选项：
A. Only Note 2
Only Note 3
Both Note 2 and Note 3
解释：
because the fund becomes a free-rider if it allows other shareholders to engage in actions that benefit the fund, and therefore Note 3 is correct. In theory, some investors could benefit from the shareholder engagement of others under the so-called “free rider problem.” Specifically, assume that a portfolio manager using an active strategy actively engages with a company to improve its operations and was successful in increasing the company’s stock price. The manager’s actions in this case improved the value of his portfolio and also benefitted other investors that own the same stock in their portfolios. Those investors that did not participate in shareholder engagement benefit from improved performance but without the costs necessary for engagement.
Note 2 is incorrect because a conflict of interest arises on the part of the DoGood Fund if it owns shares of a company that invests in the fund. Conflicts of interest can result for a company. For example, a portfolio manager could engage with a company that also happens to be an investor in the manager’s portfolio. In such a situation, a portfolio manager may be unduly influenced to support the company’s management so as not to jeopardize the company’s investment mandate with the portfolio manager.
Note 3 The DoGood Fund’s portfolio manager has written policies stating that the fund does not engage in shareholder activism. Therefore, the DoGood Fund may be a free-rider on the activism by these shareholders.怎么理解？
