NO.PZ201809170400000106
问题如下：
Which of the following notes about the DoGood Fund is correct?
选项：
A. Only Note 2
B. Only Note 3
C. Both Note 2 and Note 3
解释：
B is correct because the fund becomes a free-rider if it allows other shareholders to engage in actions that benefit the fund, and therefore Note 3 is correct. In theory, some investors could benefit from the shareholder engagement of others under the so-called "free rider problem." Specifically, assume that a portfolio manager using an active strategy actively engages with a company to improve its operations and was successful in increasing the company’s stock price. The manager’s actions in this case improved the value of his portfolio and also benefitted other investors that own the same stock in their portfolios. Those investors that did not participate in shareholder engagement benefit from improved performance but without the costs necessary for engagement.
Note 2 is incorrect because a conflict of interest arises on the part of the DoGood Fund if it owns shares of a company that invests in the fund. Conflicts of interest can result for a company. For example, a portfolio manager could engage with a company that also happens to be an investor in the manager’s portfolio. In such a situation, a portfolio manager may be unduly influenced to support the company’s management so as not to jeopardize the company’s investment mandate with the portfolio manager.
Dogood fund 投资了这家公司的股票，这家公司的pension又把钱给DG fund管理，这样两家dg fund和这家公司都应该有利益冲突，是吗？
