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moon · 2022年08月08日

这道题为什么不选A? 提到了rating啊?

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NO.PZ201809170400000103

问题如下:

Three years ago, the Albright Investment Management Company (Albright) added four new funds—the Barboa Fund, the Caribou Fund, the DoGood Fund, and the Elmer Fund—to its existing fund offering. Albright’s new funds are described in Exhibit 1.

Exhibit 1.Albright Investment Management Company New Funds

Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:

Note 1 The fee on the Caribou Fund is a 15% share of any capital appreciation above a 7% threshold and the use of a high-water mark.

Note 2 The DoGood Fund invests in Fleeker Corporation stock, which is rated high in the ESG space, and Fleeker’s pension fund has a significant investment in the DoGood Fund. This dynamic has the potential for a conflict of interest on the part of Fleeker Corporation but not for the DoGood Fund.

Note 3 The DoGood Fund’s portfolio manager has written policies stating that the fund does not engage in shareholder activism. Therefore, the DoGood Fund may be a free-rider on the activism by these shareholders.

Note 4 Of the four funds, the Elmer Fund is most likely to appeal to investors who want to minimize fees and believe that the market is efficient.

Note 5 Adding investment-grade bonds to the Elmer Fund will decrease the portfolio’s short-term risk.

Smith discusses means of enhancing income for the three funds with the junior analyst, Kolton Frey, including engaging in securities lending or writing covered calls. Frey tells Smith the following:

Statement 1 Securities lending would increase income through reinvestment of the cash collateral but would require the fund to miss out on dividend income from the lent securities.

Statement 2 Writing covered calls would generate income, but doing so would limit the upside share price appreciation for the underlying shares.


The DoGood Fund’s approach to the aerospace and defense industry is best described as:

选项:

A.

positive screening.

B.

negative screening.

C.

thematic investing.

解释:

B is correct. The DoGood fund excludes companies based on specified activities (e.g., aerospace and defense), which is a process of negative screening. Negative or exclusionary screening refers to the practice of excluding certain sectors or companies that deviate from accepted standards in areas such as human rights or environmental concerns.

A is incorrect because positive screening attempts to identify companies or sectors that score most favorably regarding ESG-related risks and/or opportunities. The restrictions on investing indicates that a negative screen is established.

C is incorrect because thematic investing focuses on investing in companies within a specific sector or following a specific theme, such as energy efficiency or climate change. The DoGood Fund’s investment universe includes all companies and sectors that have favorable ESG (no specific sectors or screens) but with specific exclusions.

这道题为什么不选A?

提到了rating啊?

1 个答案
已采纳答案

笛子_品职助教 · 2022年08月09日

嗨,爱思考的PZer你好:


这道题为什么不选A?

positive screening是指提供一个正向清单,只投资于在这个正向清单里的股票。清单外的股票,不能投资。


提到了rating啊?

rating是指对股票做ESG打分。并非正向清单。


本题是说,对股票做ESG打分,并且提供了一个负面清单。因此选B。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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