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kevinzhu · 2020年03月09日

问一道题:NO.PZ2016032801000039 [ CFA I ]

问题如下:

Paper was recently terminated as one of a team of five managers of an equity fund. The fund had two value-focused managers and terminated one of them to reduce costs. In a letter sent to prospective employers, Paper presents, with written permission of the firm, the performance history of the fund to demonstrate his past success.

选项:

A.

Paper did not violate the Code and Standards.

B.

Paper violated the Code and Standards by claiming the performance of the entire fund as his own.

C.

Paper violated the Code and Standards by including the historical results of his prior employer.

解释:

B is correct.

Paper has violated Standard III(D) –Performance Presentation by not disclosing that he was part of a team of managers that achieved the results shown. If he had also included the return of the portion he directly managed, he would not have violated the standard. Thus, answer A is incorrect. Answer C is incorrect because Paper received written permission from his prior employer to include the results.

可能是英文理解的有误,对于题干的最后一句话,我认为是他已经把他之前的业绩全部都写在他的介绍里面,包括了他团队的贡献,至少这里好像没有提到整个业绩,都是他个人的?

1 个答案
已采纳答案

发亮_品职助教 · 2020年03月10日

嗨,爱思考的PZer你好:


"对于题干的最后一句话,我认为是他已经把他之前的业绩全部都写在他的介绍里面,包括了他团队的贡献,至少这里好像没有提到整个业绩,都是他个人的?"


看最后一句这里:the performance history of the fund to demonstrate his past success.

是说:用Fund的历史表现,来证明自己过去的业绩。

因为前文有提到这个Fund是2位Manager共同管理的(The fund had two value-focused managers),所以这个Fund的业绩不能代表他个人的成果。

如果一定要用这个Fund的业绩来证明自己的成果,那他一定要说明,这个Fund由两个人管理,并且说明一下自己的贡献。如果不说明这种情况,就是故意漏掉关键信息,违反了 III (D) Performance Presentation,与 I (C) Misrepresentation,



在 III (D) Performance Presentation有以下要求:

当表述业绩时,一定要保证陈述是:Fair,Accurate,and complete(公正、准确、完整)

像这道题,他没有说业绩是2人获得的,就属于遗漏信息,所以既不Fair,又不Accurate,而且还不Complete.

When communicating investment performance information, Members and Candidates must make reasonable efforts to ensure that it is fair, accurate, and complete.


注意,在道德的题目里,题干信息说啥就是啥,不要额外联想、引申,就从他的字面意思做题就好了。
 


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虽然现在很辛苦,但努力过的感觉真的很好,加油!