2020 CFA L3 原版书 股票投资组合课后习题.pdf

Practice Problems 331 PRACTICE PROBLEMS The following information relates to questions 1–8 Three years ago, the Albright Investment Management Company (Albright) added four new funds—the Barboa Fund, the Caribou Fund, the DoGood Fund, and the Elmer Fund—to its existing fund offering. Albright’s new funds are described in Exhibit 1. Exhibit 1 Albright Investment Management Company New Funds Fund Fund Description Barboa Fund Invests solely in the equity of companies in oil production and transportation industries in many countries. Caribou Fund Uses an aggressive strategy focusing on relatively new, fast- growing companies in emerging industries. DoGood Fund Investment universe includes all US companies and sectors that have favorable environmental, social, and governance (ESG) rat- ings and specifically excludes companies with products or services related to aerospace and defense. Elmer Fund Investments selected to track the SP 500 Index. Minimizes trad- ing based on the assumption that markets are efficient. Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds: Note 1 The fee on the Caribou Fund is a 15% share of any capital appreciation above a 7% threshold and the use of a high-water mark. 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