NO.PZ2019012201000068
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
Only Note 3
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.
答案中说because the fund becomes a free-rider if it allows other shareholders to engage in actions that benefit the fund, 但是题干中又说 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。
DG fund不允许shareholder actively engage的话，那他们的shareholder怎么享受到 free rider带来的好处呢？靠其他fund的activisim？不太会把握考试中如何进行判断
