CFA考试《CFA三级》历年真题精选及详细解析1107-46.pdfVIP

CFA考试《CFA三级》历年真题精选及详细

解析1107-46

1、ConvenableCapitalManagementmanagesanequity

portfoliofortheFlenderCompany.Cashheldintheportfoliois

investedbytheFlender’sexistingcustodialbank.Must

Convenableincludecashandcashequivalentsintheportfolio

returncalculations?【单选题】

A.Yes.

B.No;thecashisnotinvestedbyConvenable.

C.No;Convenabledoesnothavediscretionovertheselectionof

thecustodian.

正确答案:A

答案解析:Aiscorrect.Provision1.2.A.3states,“Returnsfrom

cashandcashequivalentsheldinportfoliosmustbeincludedin

allreturncalculations.”Lawtonwrites,“Cashandcash

1

equivalentsmustbeincludedinthetotalreturncalculation

evenifthecashisnotactuallyinvestedbythesamepersonor

group.”Whetherthecustodianisselectedbytheclientorthe

managerispertinenttothecalculationoftotalfirmassetsbut

irrelevanttothisquestion.(SeeSection3.5ofthereading.)

2、【单选题】

A.feescheduleforperiodspriorto1January2004.

B.investmentmanagementandadministrativefeesona

segregatedbasis.

C.

正确答案:C

答案解析:Ciscorrect.GIPSProvisionI.5.A.7states,“Ifa

compositeincludesportfolioswithbundledfees,thefirmmust

presentthe

3、BasedonHouston’scommentregardinginternational

1

interestrates,thecontributiontotheportfolio’soverall

durationfromGermanbondsisclosestto:【单选题】

A.0.68.

B.2.17.

C.0.43.

正确答案:C

答案解析:ThedurationoftheGermanbondsis3.5,andthe

countrybetaisestimatedtobe0.62relativetotheUnited

States.ThedurationcontributiontoaUSdomesticportfoliois

3.50×0.62=2.17.Because