NO.PZ201604030300004501
问题如下：
1. In his letter regarding the stock-selection model, does Vinken violate any CFA Institute Standards of Professional Conduct?
选项：
A.No.
B.Yes, because he uses simulated performance results.
C.Yes, because he claims that the new model will yield better performance results.
解释：
A is correct.
Vinken does not violate any CFA Standards of Professional Conduct in his letter. In accordance with Standard III(D) —Performance Presentation, he presents fair, accurate, and complete information when he identifies actual and simulated performance results. Also in accordance with the Standard, he does not guarantee superior future investment returns. In accordance with Standard V(B) —Communication with Clients and Prospective Clients, Vinken describes to his clients and prospective clients the process and logic of the new investment model. By providing the basic details of the model, Vinken provides his clients the basis for understanding the limitations or inherent risks of the investment strategy.
Vinken writes, "Using the proprietary selection model for the past three years, the Stonebridge Fund would have earned an average annual return of almost 300 basis points in excess of the fund’s actual return. Based on these simulated results, I am confident that employing the model will yield better performance results in the future; however, Silk Road Capital Management can make no statement of assurances or guarantee regarding future investment returns."
这个有一点夸大自己model的效果的感觉诶 而且用的是will
