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1、PRACTICEPROBLEMS1Investorsshoulduseaportfolioapproachto:Areducerisk.Bmonitorrisk.Celiminaterisk.2Whichofthefollowingisthebestreasonforaninvestortobeconcernedwiththecompositionofaportfolio?ARiskreduction.BDownsideriskprotection.(Avoidanceofinvestmentdisasters.3Withrespecttotheformationofportfolios,wh
2、ichofthefollowingstatementsismostacc*ate?APortfoliosaffectrisklessthanreturns.RPortfoliosaffectriskmorethanreturns.CPortfoliosaffectriskandreturnsequally.4Whichofthefollowinginstitutionswillonaveragehavethegreatestneedforliquidity?ABanks.BInvestmentcompanies.CNon-Iifeinsurancecompanies.5Whichofthefo
3、llowinginstitutionalinvestorswillmostlikelyhavethelongesttimehorizon?ADefinedbenefitplan.BUniversityendowment.CLifeinsurancecompany.6AdefinedbenefitplanwithalargenumberofretireesislikelytohaveahighneedforAincome.Bliquidity.Cinsurance.7Whichofthefollowinginstitutionalinvestorsismostlikelytomanageinve
4、stmentsinmutualfunds?AInsurancecompanies.RInvestmentcompanies.CUniversityendowments.8Withrespecttotheportfoliomanagementprocess,theassetallocationisdeterminedinthe:Aplanningstep.Bfeedbackstep.Cexecutionstep.9Theplanningstepoftheportfoliomanagementprocessisleastlikelytoincludeanassessmentoftheclient,
5、sAsecurities.Bconstraints.Crisktolerance.10Withrespecttotheportfoliomanagementprocess,therebalancingofaportfolioscompositionismostlikelytooccurinthe:Aplanningstep.Bfeedbackstep.(executionstep.11Ananalystgathersthefollowinginformationfortheassetallocationsofthreeportfolios:PortfolioFixedIncomeft)Equi
6、ty(%)AlternativeAssets(%)125601526025153156025WhichoftheportfoliosismOStlikelyappropriateforaclientwhohasahighdegreeofrisktolerance?APortfolio1.BPortfolio2.CPortfolio3.12Whichofthefollowinginvestmentproductsismostlikelytotradeattheirnetassetvaluepershare?AExchangetradedfunds.BOpen-endmutualfunds.CCl
7、osed-endmutualfunds.13WhiChofthefollowingfinancialproductsisleastlikelytohaveacapitalgaindistribution?AExchangetradedfunds.BOpen-endmutualfunds.(Closed-endmutualfunds.14Whichofthefollowingformsofpooledinvestmentsissubjecttotheleastamountofregulation?AHedgefunds.BExchangetradedfunds.CClosed-endmutual
8、funds.15Whichofthefollowingpooledinvestmentsismostlikelycharacterizedbyafewlargeinvestments?AHedgefunds.BBuyoutfunds.(Venturecapitalfunds.SOLUTIONS1Aiscorrect.Combiningassetsintoaportfolioshouldreducetheportfoliosvolatility.Specifically,“individualsandinstitutionsshouldholdportfoliostoreducerisk/*As
9、illustratedinthereading,however,riskreductionmaynotbeasgreatduringaperiodofdramaticeconomicchange.2Aiscorrect.Combiningassetsintoaportfolioshouldreducetheportfolio,svolatility.Theportfolioapproachdoesnotnecessarilyprovidedownsideprotectionorguaranteethattheportfolioalwayswillavoidlosses.3Biscorrect.
10、Asillustratedinthereading,portfoliosreduceriskmorethantheyincreasereturns.4Aiscorrect.Theexcessreservesinvestedbybanksneedtoberelativelyliquid.Althoughinvestmentcompaniesandnon-lifeinsurancecompanieshavehighliquidityneeds,theliquidityneedforbanksisonaveragethegreatest.5Biscorrect.Mostfoundationsande
11、ndowmentsareestablishedwiththeintentofhavingperpetuallives.Althoughdefinedbenefitplansandlifeinsurancecompanieshaveportfolioswithalongtimehorizon,theyarenotperpetual.6Aiscorrect.Incomeisnecessarytomeetthecashflowobligationtoretirees.Althoughdefinedbenefitplanshaveaneedforincome,theneedforliquidityty
12、picallyisquitelow.Aretireemayneedlifeinsurance;however,adefinedbenefitplandoesnotneedinsurance.7Biscorrect.Investmentcompaniesmanageinvestmentsinmutualfunds.Althoughendowmentsandinsurancecompaniesmayownmutualfunds,theydonotissueorredeemsharesofmutualfunds.*Ciscorrect.Theclientsobjectivesandconstrain
13、tsareestablishedintheinvestmentpolicystatementandareusedtodeterminetheclient,stargetassetallocation,whichoccursintheexecutionstepoftheportfoliomanagementprocess.9Aiscorrect.Securitiesareanalyzedintheexecutionstep.Intheplanningstep,aclient,sobjectivesandconstraintsareusedtodeveloptheinvestmentpolicys
14、tatement.10Biscorrect.Portfoliomonitoringandrebalancingoccursinthefeedbackstepoftheportfoliomanagementprocess.11Ciscorrect.Portfolio3hasthesameequityexposureasPortfolio1andhasahigherexposuretoalternativeassets,whichhavegreatervolatility(asdiscussedinthesectionofthereadingcomparingtheendowmentsfromYa
15、leUniversityandtheUniversityofVirginia).12Biscorrect.Open-endfundstradeattheirnetassetvaluepershare,whereasclosed-endfundsandexchangetradedfundscantradeatapremiumoradiscount13Aiscorrect.Exchangetradedfundsdonothavecapitalgaindistributions.IfaninvestorsellssharesofanETF(oropen-endmutualfundorclosed-endmutualfund),theinvestormayhaveacapitalgainorlossonthesharessold;however,thegain(orloss)fromthesaleisnotadistribution.14Aiscorrect.Hedgefundsarecurrentlyexemptfromthereportingrequirementsofatypicalpublicinvestmentcompany.15Biscorrect.Buyoutfundsorprivateequityfirmsmakeonlyafewlargeinvestmentsinpri
