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1、TheMorningSessionofthe2013LevelIIICFAExaminationhas11questions.Forgradingpurposes,themaximumpointvalueforeachquestionisequaltothenumberofminutesallocatedtothatquestion.QuestionTopicMinutes1PortfolioManagement-Individual202PortfolioManagement-Individual153PortfolioManagement-IndividualZBchavioral164P
2、ortfolioManagementEquity175PortfolioManagementEconomics206PortfolioManagement-Institutional187PortfolioManagement-Institutional148PortfolioManagement-FixedIncome179PortfolioManagement一FixedIncome910PortfolioManagement-RiskManagement1811PortfolioManagement-PerformanceEvaluation16Total:180THISPAGEINTE
3、NTIONALLYLEFTBLANKANYMARKSMADEONTHISPAGEWILLNOTBEGRADEDQUESTIONIHASFOURPARTS(A,B,C,D)FORATOTALOF20MINUTES.ThomasandElizabethVoort,bothage45,aremeetingwiththeirfinancialadvisor,MarcLenard.LenardiscreatinganinvestmentpolicystatementfortheVoorts.Thomassoldhisconsultingbusinessatyear-endandretired.TheVo
4、ortswillrelyontheirinvestmentportfoliotomeetfutureexpensesinexcessofThomas,retirementincome.Elizabethisnotemployed.Financialdetailsinclude:IncomeThomaswillreceiveretirementpaymentsofUSD125,000peryearforhislifetimefromthebusinesshesold.Theretirementpaymentsarcnotindexedforfutureinflationandarefullyta
5、xableasordinaryincome.ExpensesTheVoorts,totallivingexpenseslastyearwereUSD300,000,andtheyareexpectedtogroweachyearattheinflationrate.Taxesaredueimmediatelyonthegainfromthesaleofthebusinessatarateof15%.TheVoortsdonotexpectanyothersignificantcashoutflowsinthefuture.Thetaxrateonordinaryincomeandallinve
6、stmentreturnsis30%.Theinflationrateisexpectedtobe2.5%peryear.AssetsTheVoortsowntheirhome,valuedatUSD1,250,000,mortgage-free.TheyhaveataxableinvestmentportfoliowithacurrentmarketvalueofUSD2,500,000.Thisportfoliohasnoprevioustaxliabilitydueinthecomingyear.Thomasreceivedalump-sumUSD10,000,000paymentfro
7、mthesaleofhisbusiness;hiscostbasisiszero.ThenetproceedsofthesalewillbeaddedtotheVoorts,investmentportfolio.Theirgoalsaretogrowtheassetbaseoftheportfolioovertimetomaintainitsafter-taxpurchasingpowerandtoestablishandmaintainacashreserveofUSD250,000.A.DeterminetheVoortsnominalafter-taxrequiredrateofret
8、urnforthecomingyear.Showyourcalculations.(8minutes)B.StatehvoreasonswhytheVoorts,abilitytoassumeriskintheirinvestmentportfolioisaboveaverage.(4minutes)C.DeterminetheVoorts*liquidityrequirement(inUSD)forthecomingyear.Showyourcalculations.(3minutes)Twoyearslater,theVoortsaskLcnardtoconstructanewlong-t
9、ermstrategicassetallocationwithamoreaggressivegoalofachievingatleast3.5%annualizedgrowthintheafter-taxpurchasingpoweroftheportfolio.Theyindicatethattheportfolioshouldhaveonlyasmallprobabilityofdecliningmorethan10%innominalpre-taxtermsinanyoneyear.LenardexplainstotheVoortsthatanonaldistributioncanbeu
10、sedtomodeltheportfolioreturns.TheVoortsagreetouseatwo-standard-deviationapproachtomonitortheshortfallriskoftheportfolio.Expectedinflationremains2.5%peryearandthetaxrateremains30%.Basedonhiscurrentmarketoutlook,LenardconsidersthreepotentialportfolioallocationsfortheVoortsasshowninExhibit1.Exhibit1Pot
11、entialLong-ermStrategicPortfoliosAssetClassExpectedAnnualReturnPortfolioXPortfolioYPortfolioZStocks11.0%70%55%60%Bonds6.0%25%35%35%Cash2.5%5%10%5%Pre-taxexpectedreturn(nominal)9.3%8.4%8.8%Expectedstandarddeviation(nominal)11.0%8.7%9.3%D.DeterminethemostappropriateportfoliofromExhibit1fortheVoorts,gi
12、ventheirobjectivesandconstraints.JustifyyourresponsewithAwreasons.(5minutes)ANYMARKSMADEONTHISPAGEWILLNOTBEGRADEDAnswerQuestion1onThisPageCFAINSTITUTEUSEONLYMCFAINSTITUTEUSEONLYAnswerQuestion1onThisPage1AnswerQuestion1onThisPageCFAINSTITUTEUSEONLYMCFAINSTITUTEUSEONLYAnswerQuestion1onThisPage1AnswerQ
13、uestion1onThisPageCFAINSTITUTEUSEONLYMCFAINSTITUTEUSEONLYAnswerQuestion1onThisPage1AnswerQuestion1onThisPageCFAINSTITUTEUSEONLYITHISPAGEINTENTIONALLYLEFTBLANKANYMARKSMADEONTHISPAGEWILLNOTBEGRADEDQUESTION2HASFOURPARTS(A,B,C,D)FORATOTALOF15MINUTES.GerardoPuente,age70,isaretiredentrepreneurwithadesireforprivacyinhisfinancialaffairs.Hiswifeis45yearsoldandtheyhavethreeyoungsons.Puentehasonedaughterfromapreviousmarriage.ThePuenteslivein
