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Lisa Li · 2020年05月10日

问一道题：NO.PZ2019012201000068 [ CFA III ]

  1. CFA III
  2. Equity

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

B.

Only Note 3

C.

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.

這題並不是太了解它的利益衝突是怎麼產生的？以及對於Fleeker來說 也有利益衝突的問題嗎？
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1 个答案

maggie_品职助教 · 2020年05月11日

嗨，爱思考的PZer你好：


NOTE2 说的是D基金投资F公司，同时F公司的养老金又投资了D基金，相当于你中有我我中有你即D基金管的钱有一部分是F公司养老金给我的，但是D基金投资回了F公司（因为F公司符合基金关于ESG的要求），因此双反存在潜在的利益冲突。打个比方F公司如果业绩下滑，那么它就会要求D基金增持F公司的股票以起到托市的效果，但是F公司股价下跌，D基金不应再投或是应该把它剔除，但是F是D 投资方如果D不投就会撤资（F公司的希望D在股票下跌时投资这是F的利益，D此时不应该再投这是D的利益，所以冲突了）。这个冲突是对双方同时出现的，不可能一方有冲突，一方没冲突。


-------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！


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