NO.PZ2019011501000013
问题如下:
A portfolio is most likely regarded as non-discretionary if the client requires:
选项:
A. stocks held at a loss must be sold within a month.
B. the credit rating of bonds in the portfolio must be equal to or higher than BBB-.
C. stocks in the portfolio must be traded in developed market.
解释:
A is correct.
考点: discretion的定义
解析:If documented client-imposed restrictions significantly hinder the firm from fully implementing its intended strategy the firm may determine that the portfolio is non-discretionary。如果记录在案的客户施加的限制严重阻碍了公司充分实施其预期的投资策略,那么公司可以确定该组合是没有自主决策权的。
换句话说,"Discretionary portfolios"是指公司可以自由支配的组合,这部分资产组合的投资策略、投资标的都是由基金经理自主决定的。但是对于"Non-discretionary portfolio"基金经理就没有自主决策权,这些组合的某些投资事项是由客户决定的。
A选项,"有损失的股票必须在一个月内售出"这句话最有可能是客户提出的具体要求,这个要求将影响到投资经理的投资策略实施;而B和C信用评级与股票市场的选择,有可能是客户的要求,也有可能是投资经理的投资策略。
为什么选A?