CFA三级Mock三级相关内容2019 Mock 1 level-III-guidelines-answers-2018.pdf

CFA Institute Chartered Financial Analyst® Examination 2018 Essay Mock Exam Guideline Answers The following is provided for informational purposes only and may not be used in any commercial manner without prior written permission from CFA Institute. © 2018 CFA Institute. All Rights Reserved. 2018 Level III Guideline Answers Morning Session - Page 1 of 47 LEVEL III Question: #1 Topic: Equity Minutes: 20 Reading References: #26 − “Introduction to Equity Portfolio Management,” James Clunie, and James Alan Finnegan #27 − “Passive Equity Investing,” David M. Smith and Kevin Yousif #28 − “Active Equity Investing: Strategies,” Bing Li, Yin Luo, and Pranay Gupta #29 − “Active Equity Investing: Portfolio Construction,” Jacques Lussier and Marc Reinganum LOS: #26: The candidate should be able to: a. describe the roles of equities in the overall portfolio; b. describe how an equity manager’s investment universe can be segmented; c. describe the types of income and costs associated with owning and managing an equity portfolio and their potential effects on portfolio performance; d. describe the potential benefits of shareholder engagement and the role an equity manager might play in shareholder engagement; e. describe rationales for equity investment across the passive–active spectrum. #27: The candidate should be able to: a. discuss considerations in choosing a benchmark for a passively managed equity portfolio; b. compare passive factor-based strategies to market-capitalization-weighted indexing; c. compare different approaches to passive equity investing; d. compare the full replication, stratified sampling, and