NO.PZ2019122802000019
问题如下：
Bern Zang is the chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the
“Fund”) is based in the United States and has current assets under
management of $10 billion, with minimal exposure to alternative
investments. Zang currently seeks to increase the Fund’s allocation to
hedge funds and considers four strategies: dedicated short bias, merger
arbitrage, convertible bond arbitrage, and global macro.
At a meeting
with the Fund’s board of directors, the board mandates Zang to invest
only in event-driven and relative value hedge fund strategies.
Determine, if Dedicated short bias is permitted given the board’s mandate. Justify your response.
选项：
解释：
A dedicated short bias hedge fund strategy is not permitted to invest.
A dedicated short bias hedge fund strategy is an example of an equity hedge fund strategy, not an event-driven or relative value strategy. Equity hedge fund strategies focus primarily on the equity markets, and the majority of their risk profiles contain equity-oriented risk. Dedicated short bias managers look for possible short selling targets among companies that are overvalued, that are experiencing declining revenues and/or earnings, or that have internal management conflicts, weak corporate governance, or even potential accounting frauds.
这个题目就是简单考察HF的分类，题目说了要找event driven或者relative value strategy, 那么dedicated short bias属于equity strategy，所以就不能使用。
the board’s mandate is event-driven and relative value hedge fund strategies.
Dedicated short bias is neither event-driven nor relative value hedge fund strategies.
so it is not permitted given the board’s mandate.
