"Equity Investments":Attribution of portfolio performance

下載正保會計網(wǎng)校APP 訂閱最新報考消息

來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2021/03/18 09:03:54　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專區(qū)

干貨資料助力備考

資料專區(qū)

報考指南

報考條件一鍵了解

報考指南

學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網(wǎng)校每日為大家上新CFA習題供大家練習。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢想成真！

Questions 1:

Which of the following statements concerning the use of industry analysis is most accurate? Industry analysis is most useful for:

A、 sector allocations in passive equity portfolios.

B、 portfolio performance attribution.

C 、evaluating market efficiency.

Questions 2:

An equity portfolio manager is evaluating her sector allocation strategy for the upcoming year. She expects the global economy to experience a slowdown period for the next two years. Furthermore, she believes that companies will be facing diminishing growth rates with respect to revenues and profits. On the basis of these beliefs, the portfolio manager will most likely overweight:

A 、materials.

B、 consumer staples.

C、autos.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Portfolio performance attribution, which addresses the sources of a portfolio’s returns, usually in relation to the portfolio’s benchmark, includes industry or sector selection. Industry classification schemes play a role in such performance attribution.

A is incorrect. Industry analysis is used for identifying active equity investment opportunities, not passive allocation.

C is incorrect. Key determinants of the forms of market efficiency are types of available information that is reflected in market prices.

【Answer to question 2】B

【analysis】

B is correct. In periods of economic slowdowns, the manager would tend to overweight in non-cyclical companies, such as consumer staples.

A is incorrect. The materials sector tends to exhibit a relatively high degree of economic sensitivity.

C is incorrect. The telecommunication sector exhibits less economic sensitivity, so it should be overweighted, not underweighted.

成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經(jīng)常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。

點擊了解更多CFA考試資訊>>

點擊了解CFA無憂直達班>>