NO.PZ2019012201000068
问题如下：
Hans Smith, an Albrightportfolio manager, makes the following notes after examining these funds:
Note 2 The DoGoodFund invests in Fleeker Corporation stock, which is rated high in the ESGspace, and Fleeker’s pension fund has a significant investment in the DoGoodFund. This dynamic has the potential for a conflict of interest on the part ofFleeker Corporation but not for the DoGood Fund.
Note 3 The DoGoodFund’s portfolio manager has written policies stating that the fund does notengage in shareholder activism. Therefore, the DoGood Fund may be a free-rideron the activism by these shareholders.
Which of thefollowing 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 fundbecomes a free-rider if it allows other shareholders to engage in actions thatbenefit the fund, and therefore Note 3 is correct. In theory, some investorscould benefit from the shareholder engagement of others under the so-called“free rider problem.” Specifically, assume that a portfolio manager using anactive strategy actively engages with a company to improve its operations andwas successful in increasing the company’s stock price. The manager’s actionsin this case improved the value of his portfolio and also benefitted otherinvestors that own the same stock in their portfolios. Those investors that didnot participate in shareholder engagement benefit from improved performance butwithout the costs necessary for engagement.
Note 2 isincorrect because a conflict of interest arises on the part of the DoGood Fundif it owns shares of a company that invests in the fund. Conflicts of interestcan result for a company. For example, a portfolio manager could engage with acompany that also happens to be an investor in the manager’s portfolio. In sucha situation, a portfolio manager may be unduly influenced to support the company’smanagement so as not to jeopardize the company’s investment mandate with theportfolio manager.
答案解析中只是说基金经理持有与基金相同的投资标的会造成利益冲突。
