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shirley_hd · 2020年03月24日

问一道题:NO.PZ201603110100001602

* 问题详情,请 查看题干

问题如下:

2. After an extended period of rising interest rates, the market value of Hartford Special Machinery Company’s core-plus fixed income portfolio falls below the composite minimum of $10 million. The Hartford portfolio remains below the composite specific minimum asset level for nine months until the client makes an additional contribution that brings it back above $10 million in assets. Belltower must:

选项:

A.

temporarily switch the Hartford portfolio to the firm’s miscellaneous composite.

B.

include the Hartford portfolio in the core-plus fixed income composite in all measurement periods.

C.

exclude the Hartford portfolio from the core-plus fixed income composite for the period it was below the minimum asset level.

解释:

C is correct.

Provision I.3.A.9 states in pertinent part, "If the firm sets a minimum asset level for portfolios to be included in a composite, the firm must not include portfolios below the minimum asset level in that composite." Belltower must remove the Hartford portfolio from the core-plus fixed-income composite when the portfolio’s assets fall below the minimum, and return it to the composite when it once again qualifies for inclusion. A is incorrect because composites must be defined according to similar investment objectives and/or strategies; there should be no "miscellaneous" composite. (See Section 3.9 of the reading.)

可否总结下到底什么时候从composite中拿走,什么时候不拿走,感觉这道题和上一问理解上有点模糊。

1 个答案
已采纳答案

Olive_品职助教 · 2020年03月24日

嗨,爱思考的PZer你好:


第1小问和第2小问对应的是两个条款,都是portfolio不满足composite的要求了,都要把portfolio拿掉,但是历史业绩不能拿掉。

第一小问的条款是说正常情况portfolio不能随便变composite除非有“documented changes to a portfolio’s investment mandate, objective, or strategy or the redefinition of the composite make it appropriate. ”即portfolio的不满足composite特征了。

第二小文对应的条款说的是composite的 minimum asset level for portfolio 这个要求,如果portfolio asset level不满足这个要求了,那么也要拿掉。

 


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虽然现在很辛苦,但努力过的感觉真的很好,加油!