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cenwandada · 2024年04月27日

这道题是什么意思,用几十个股票来track沪深300,没看出啥问题啊

NO.PZ2023091901000095

问题如下:

O 'Neill, FRM, manages a mid-cap fund that invests in a range of 50 to 60 stocks. O 'neill declares in the product publicity material that: "Through our active management approach, we chose securities that were similar to the S&P 500," As a result, the fund is designed to track the performance of the S&P 500, would earn a 3 to 6 per cent return. The above statement:

选项:

A.

Permissible since the statement is supported by modern portfolio theory

B.

Not permissible since O 'Neill is misrepresenting the services that portfolio are capable of performing

C.

Not permissible since O 'Neill is misrepresenting the investment performance that can achieve

D.

Permissible since the statement is accurate

解释:

It does not make sense that a portfolio of 50 to 60 mid-cap stocks would track the entire S&P 500. Actually there is a significant difference between the performance of the portfolio and the S&P 500. There's no guarantee of a 3 to 6 percent return. The statement violates standard 1.4: “GARP Members shall not knowingly misrepresent details relating to analysis, recommendations, actions, or other professional activities,” because she has given implicit assurance as to the expected performance of the Fund.

这道题是什么意思,用几十个股票来track沪深300,没看出啥问题啊

1 个答案

李坏_品职助教 · 2024年04月27日

嗨,努力学习的PZer你好:


本题的意思是,用50-60个股票组成了一个 mid-cap基金(意思小盘股的基金,股票都是小市值的)。这个基金的目标是跟踪美国的标普500指数。


这个做法本身是不合逻辑的。

首先,标普500(就是SP500)指数的成分股是在纽交所、纳斯达克上市的不同行业的500个股票,采样面广、代表性强,并不仅仅是mid-cap小盘股。而题目中的基金是mid-cap小盘股组成的,所以用这样的小盘股基金去跟踪标普500指数是错误的。

然后,这个人还承诺3到6个百分点的收益率,这个也属于不当陈述。没有任何人能绝对保证一个基金能取得怎样的收益率。


所以选C。

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