undefinable
2022-04-22 22:16181頁32題怎么寫答案
所屬：CFA Level III > Trading, Performance Evaluation, and Manager Selection 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
開開助教
2022-04-26 11:41
該回答已被題主采納
同學(xué)你好，這題讓我們給每個 manager selection process.的component描述兩個consideration。component就是指的 qualitative and quantitative components。因此是定量和定性分別寫兩個consideration。
主要是根據(jù)下面這張表，在兩個component中分別選兩個來寫。
定量方面有三個（任選兩個即可）：
Attribution and appraisal: To assess if the manager has displayed skill in investing.
The capture ratio: How has the manager performed in “up” versus “down” markets?
Drawdown: Does the return distribution exhibit large drawdowns?
定性方面分為Investment due diligence和Operational due diligence兩部分
其中Investment due diligence包括4部分：
■Philosophy ：What market inefficiency does the manager seek to exploit?
■Process ： Is the investment process capable of exploiting this inefficiency?
■People ：Do the investment personnel possess the expertise and experience necessary to effectively implement the investment process?
■Portfolio： Is portfolio construction consistent with the stated investment philosophy and process?（未完看追答）
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追答
Operational due diligence包含5部分：
■Process and procedure：Is the back office strong, safeguarding assets and able to issue accurate reports in a timely manner?
■ Firm： Is the firm profitable, with a healthy culture, and likely to remain in business? Is the firm committed to delivering performance over gathering assets?
■Investment vehicle：Is the vehicle suitable for the portfolio need?
■Terms： Are the terms acceptable and appropriate for the strategy and vehicle?
■Monitoring ：Does the manager continue to be the “best” fit for the portfolio need?
寫答案的時候這兩部分的9個considerations任選兩個即可。具體每個consideration的表述是需要同學(xué)記憶一下的。
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