Statement 1:Jacaranda looks for investments offering intrinsic value through a top-down approach, including a review of forecasts of economic and industry performance. We evaluate historical and projected company financials, perform extensive financial ratio analysis, conduct management interviews, and determine target prices using a variety of valuation models.
Statement 2:Jacaranda may, at times, hire outside advisers to manage real estate holdings on behalf of clients. These advisers have the necessary expertise to manage property assets.
Statement 3:Jacaranda has four CFA charterholders among its senior management. Their participation in the CFA Program has enhanced their investment management skills. All of these managers passed the three exams in the shortest time possible.
Q. Which marketing statement should Bukenya most likely revise to conform to the CFA Institute Standards of Professional Conduct?
- Statement 1
- Statement 2
- Statement 3
Solution
B is correct. Standard V(B)–Communication with Clients and Prospective Clients requires the firm to inform the clients about the specialization or diversification expertise provided by external adviser(s) when outside advisers are used to manage various portions of the clients’ assets under management. This information allows clients to understand the strategies being applied that affect their investment objectives. Stating “These advisers have the necessary expertise to manage property assets” is not likely to provide enough information for the clients to understand the investment methodologies or strategies implemented by the outside advisers.
A is incorrect because the statement gives clients and prospective clients a description of the investment process as required by Standard V(B)–Communication with Clients and Prospective Clients.
C is incorrect because Standard VII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program allows a statement to the effect that a member “passed all three CFA Examinations in three consecutive years”.
想问下，正确应该如何表达？
