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Alex · 2024年11月09日

请问这道题考的是哪个知识点?考试真的会这样考吗?

NO.PZ2024102501000003

问题如下:

Mason Dixon, CFA, a portfolio manager with Langhorne Advisors (“Lang horne”), has just completed the RFP for the Academe Foundation’s (“the Founda tion”) USD20 million fixed-income mandate. In the performance section of the RFP, Dixon indicated that Langhorne is a member firm of CFA Institute and has prepared and presented this performance report in compliance with the Glob al Investment Performance Standards (the GIPS® standards). The performance report presented Langhorne’s fixed-income composite returns on the actual net-of-fees basis and benchmark returns, net of Langhorne’s highest scheduled fee (1.00% on the first USD5 million; 0.60% thereafter). The report also indicated that as of the most recent quarter, the composite comprised 10 portfolios totaling USD600 million of assets under management.

Upon returning the completed RFP, Dixon thanked the Foundation’s CIO, who is also a charterholder, for considering Langhorne. Dixon also indicated that regardless of the outcome of the manager search, he would like to have the CIO and the Foundation’s president join him on Langhorne’s corporate jet to spend a day at an exclusive California golf club where the firm maintains a corporate membership.

Identify the ethical concerns posed by Dixon’s actions and conduct.

选项:

解释:

Dixon’s actions and conduct pose multiple ethical concerns.

Dixon’s claim of compliance statement and cover letter, along with Langhorne’s performance report, violate both the CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards) and the GIPS standards. Regard ing the Code and Standards, Dixon’s statement improperly asserts that CFA Institute has designated Langhorne as a “member firm.” Membership is held by practitioners as individuals, with no related rights extended to the firms at which they work. With this assertion, Dixon has misrepresented Langhorne’s claim of compliance, Standard I(C): Misrepresentation; engaged in conduct that compro mised the reputation or integrity of CFA Institute, Standard VII(A): Conduct as Participants in CFA Institute Programs; and misrepresented or exaggerated the meaning or implications of membership in CFA Institute, Standard VII(B): Refer ence to CFA Institute, the CFA Designation, and the CFA Program.

Regarding the GIPS standards and the performance report, presenting composite returns on a net-of-fees basis is acceptable under the GIPS standards. However, adjusting benchmark returns with a hypothetical fee for comparative purposes (i.e., composite gross-of-fees returns should be compared to unadjusted bench mark returns) is not appropriate. This adjustment of Langhorne’s performance report is invalid under the GIPS standards under Section 4.a.1: Disclosure— Requirements. The 1.00% hypothetical fee deducted from benchmark returns is surely greater than the average fee deducted in arriving at composite net-of-fees returns. An average portfolio size of USD60 million implies a composite fee percentage of roughly 0.63%, or: {(0.0100 × USD5 million) + [0.0060 × (USD60 million – USD5 million)]}/USD60 million = 0.0063 or 0.63%. So, on a relative basis, deducting a larger cost against the benchmark will show Langhorne with a phantom outperformance.

In terms of the Code and Standards, at a minimum, Dixon has presented an inac curate performance comparison—Standard III(D): Performance Presentation— and might have engaged in misrepresentation to the point of misconduct— Standard I(D): Misconduct—casting a more favorable light on the Langhorne composite net-of-fees returns could be deceitful (Section 0.A.7 under Fundamen tals of Compliance—Requirements of the GIPS standards).

Dixon’s cover letter invitation for an all-expenses-paid outing to an exclusive golf destination can be construed as an attempt to influence the independence and objectivity of the Foundation’s CIO and president—Standard I(B): Independence and Objectivity. While Dixon’s invitation was extended “regardless of the out come of the manager search,” the offer could be interpreted as a quid pro quo, with future attractive personal benefits available to the Foundation’s executives if a continuing relationship was established by their hiring of Langhorne as a manager.

如题

1 个答案

Lucky_品职助教 · 2024年11月11日

嗨,爱思考的PZer你好:


同学你好:


这道题考察的,都是关于职业道德和GIPS的相关内容,只不过把它以机构投资者的角度来展现的。我不敢说考试的时候,一定不会以这种形式出现,但确实可能性不大,因为正式考试的时候,每一个科目的题目,都是非常具有针对性的,很少会有这种混在一起的。同学可以就把它当做一道道德题做吧。



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NO.PZ2024102501000003 问题如下 Mason xon, CFa portfolio manager with Langhorne Aisors (“Langhorne”), hjust completethe RFP for the Acame Fountion’s (“the Fountion”) US0 million fixeincome mante. In the performansection of the RFP, xon incatethLanghorne is a member firm of CFA Institute anhprepareanpresentethis performanreport in complianwith the GlobInvestment PerformanStanr (the GIPS® stanr). The performanreport presenteLanghorne’s fixeincome composite returns on the actunet-of-fees basis anbenchmark returns, net of Langhorne’s highest schelefee (1.00% on the first US million; 0.60% thereafter). The report also incatethof the most recent quarter, the composite comprise10 portfolios totaling US00 million of assets unr management.Upon returning the completeRFP, xon thankethe Fountion’s CIO, who is also a charterholr, for consiring Langhorne. xon also incatethregaress of the outcome of the manager search, he woullike to have the CIO anthe Fountion’s presint join him on Langhorne’s corporate jet to spena y exclusive California golf club where the firm maintains a corporate membership.Intify the ethicconcerns posexon’s actions anconct. xon’s actions anconpose multiple ethicconcerns. xon’s claim of complianstatement ancover letter, along with Langhorne’s performanreport, violate both the CFA Institute Co of EthianStanr of ProfessionCon(Co anStanr) anthe GIPS stanr. Regarng the Co anStanr, xon’s statement improperly asserts thCFA Institute hsignateLanghorne a “member firm.” Membership is helpractitioners invials, with no relaterights extento the firms whithey work. With this assertion, xon hmisrepresenteLanghorne’s claim of compliance, StanrI(C): Misrepresentation; engagein conthcompromisethe reputation or integrity of CFA Institute, StanrVII(A): ConParticipants in CFA Institute Programs; anmisrepresenteor exaggeratethe meaning or implications of membership in CFA Institute, StanrVII(B): Referento CFA Institute, the CFA signation, anthe CFA Program.Regarng the GIPS stanr anthe performanreport, presenting composite returns on a net-of-fees basis is acceptable unr the GIPS stanr. However, austing benchmark returns with a hypotheticfee for comparative purposes (i.e., composite gross-of-fees returns shoulcompareto unaustebenchmark returns) is not appropriate. This austment of Langhorne’s performanreport is invaliunr the GIPS stanr unr Section 4.a.1: sclosure— Requirements. The 1.00% hypotheticfee ctefrom benchmark returns is surely greater ththe average fee ctein arriving composite net-of-fees returns. average portfolio size of US0 million implies a composite fee percentage of roughly 0.63%, or: {(0.0100 × US million) + [0.0060 × (US0 million – US million)]}/US0 million = 0.0063 or 0.63%. So, on a relative basis, cting a larger cost against the benchmark will show Langhorne with a phantom outperformance. In terms of the Co anStanr, a minimum, xon hpresenteinaccurate performancomparison—StanrIII(: PerformanPresentation— anmight have engagein misrepresentation to the point of misconct— StanrI(: Misconct—casting a more favorable light on the Langhorne composite net-of-fees returns coulceitful (Section 0.A.7 unr Funmentals of Compliance—Requirements of the GIPS stanr). xon’s cover letter invitation for all-expenses-paiouting to exclusive golf stination cconstrueattempt to influenthe inpennanobjectivity of the Fountion’s CIO anpresint—StanrI(B): InpennanObjectivity. While xon’s invitation wexten“regaress of the outcome of the manager search,” the offer coulinterpretea quipro quo, with future attractive personbenefits available to the Fountion’s executives if a continuing relationship westablishetheir hiring of Langhorne a manager. GIPS业绩计算披露那里,哪里写了基准减去的是假设的1%,报告的是平均的0.63%呢?看了前面同学提问老师的翻译,在文中没有找到。

2024-11-12 16:21 1 · 回答

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2024-11-01 10:10 1 · 回答