Tentamen (uitwerkingen)
CFA level 1 (portfolio management) Questions and Answers 100% Solved
CFA level 1 (portfolio management)
[Meer zien]Voorbeeld 2 van de 11 pagina's
Voorbeeld 2 van de 11 pagina's
In winkelwagengesponsord bericht van onze partner
Voorbeeld van de inhoud
CFA level 1 (portfolio management)algorithmic trading - answer the computerized buying and selling of financial
instruments, in accordance with pre-specified rules and guidelines
Dark Pools - answer electronic trading networks where participants can anonymously
buy or sell large blocks of alternative securities
robo-advising - answer suggests assets for a client but does not place the trades
Risk Budgeting - answer- quantifies and allocates the tolerable risk according to specific
metrics
- ex: beta, value at risk, scenario loss, etc...
Planning step.... - answer• Understanding the client's needs
• Preparation of an investment policy statement (IPS)
Execution step... - answer• Asset allocation
• Security analysis
• Portfolio construction
Feedback step... - answer• Portfolio monitoring and rebalancing
• Performance measurement and reporting
_______ impacts an individuals ability to take risk - answer- expected income
- time horizon
*personality impacts their willingness!
A portfolio with the greatest diversification has assets with a correlation of _____ -
answershould be negative! A positive correlation is bad for diversification, and 0 is fine
but not as diversified as a negative correlation
Bollinger Bands - answerconsist of a moving average price plus a higher line
representing the moving average plus a set number of standard deviations from the
average price and a lower line that is the moving average minus the same set number
of standard deviations.
Funds of hedge funds - answerFunds that hold a portfolio of hedge funds.
- Adds a layer of fees because each fund will charge a management fee plus an
incentive fee
- Due diligence expertise!
, - Very diversified!
The most conservative approach to valuing hedge fund positions is.... - answerBid
prices for longs and ask prices for shorts
Pros and cons of collectables as an investment - answerPros: Long term capital
appreciation, portfolio diversification
Con: Doesnt provide current income
Management fees for hedge funds vs private equity... - answer- Hedge funds are based
on only invested capital
- Private equity is based on committed capital!
Macro strategies - answerEmphasize a top-down approach, and trades are made based
on expected movements of economic variables
Relative value strategies - answerFocus on pricing discrepancies between related
securities
Event-driven strategies - answerFocus on short-term events that are expected to affect
individual companies (bottom up)
Green finance is an example of... - answerimpact investing
Dual class firms - answer- Proponents of dual-class structures argue that management
is better able to make long-term strategic investments that may have negative short-
term implications when control is wielded by a small group of shareholders with superior
voting rights.
- Trade at a discount to peers
A company's optimal capital budget most likely occurs at the intersection of the: -
answermarginal cost of capital and investment opportunity schedule.
With a fixed-rate non-callable bond, the before-tax cost of debt is the - answerbond's
yield to maturity.
Purpose of post-audit - answerTo explain any differences between the actual and
predicted results of a capital budgeting project. This can include indicating systematic
errors, improving business operations, and provide concrete ideas for future investment
opportunities
Country Equity Premium - answer(Sovereign yield spread)(Annualized standard
deviation of equity index/Annualized standard deviation of the sovereign bond market in
terms of the developed market currency)
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper julianah420. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €13,17. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 81989 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen