Kaplan考试和QBank二级（考友版）：V1阶段考试2 AM（题目+解析）.docx

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1、CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions1through&CharlesConnor;CFA,isaportfoliomanageratAppleInvestments,LLCAppleisaU.S.-basedfirmofferingawidespectrumofinvestmentPradUCtSandservices.ConnormanagestheBiogeneFund,adomesticequityfundspecializinginsmallcapitalizationgrowths

2、tocks.TheBiogeneFundgenerallytakessignificantpositionsinstocks,commonlyowning4.5-5%oftheoutstandingshares.Thefuncsprospectuslimitspositionstoamaximumof5%ofthesharesoutstanding.TheperformanceoftheBiogeneFundhasbeensuperioroverthelastfewyears,butforthelasttwoquartersthefundhasunderperformeditsbenchmar

3、kbyaWidemargin.ConnorisdeterminedtoimprovehisperfoiniancenumbersgoingfcrwardTheBiogeneprospectusallowsConnortousederivativeinstrumentsinhisinvestmentstrategy.ConnorfrequentlyusesoptionstohedgehisfundsexposureashebuildsorliquidatespositionsinhisportfoliosinceBiogeneslargepositionsoftentakeseveralweek

4、stoacquire.Forexample,whenheidentifiesastocktobuy,heoftenbuyscalloptionstogainexposuretothestock.AShebuysthestock,hesellsofftheoptionsorallowsthemtoexpireConnorhasnoticedthattheincreasedvolumeinthecalloptionsoftendrivesthestockpricehigherfarafewdays.Hehasseenasimilarnegativeeffectonstockpriceswhenhe

5、buyslargeamountsofputoptions.Theendofthequarterisjustafewdaysaway,andConnorisconsideringthreetransactions:TransactionA:BuyingPutOptionsonStockATheBiogeneFundowns49%oftheoutstandingstockofCompanyA,butConnorbelievesthestockisfulvaluedandplanstosellIheentirepositionlieanticipatesthatitwilltakeapproxima

6、tely45tradingdaystoliquidatetheentireBiogenepositioninStockA.TransactionB:BuyingCallOptionsonStockBTheBiogeneFundowns5%oftheOUtstcindingstockofCompanyB.ConnorbelievesthereissignificantappreciationpotentialforStockB,butthestockpricehasdroppedinrecentweeks.Connorishopingthatbytakinganoptionposition,th

7、ereurillbeacarryovereffectonthestockpricebeforequarterend.TransactionC:SellingtheBiogeneFund*SEntirePositioninStockCConnorbelievesthatStockCisstillattractive,butheissellingthestockwiththeideathathewillrepurchasethepositionnextmonthThemotivationf*thetransactionistocaptureacapitallossthatwillreducethe

8、BiogeneFuncfstaxexpensefcrtheyearApplehasaninvestmentbankingdepalmentthatisactiveininitialpublicdferingsQPOS).GeorgeArnold,CFA,istheseniormanageroftheIPOdepartmentArnoldapproachedConnoraboutStockHanewIPObeingofferedbyApple.StockDwillopentradingintwodays.ApplehadofferedtheIPOtoallrfitsdientsbutapprox

9、imately20%ofthedealremainedunsoldHavingreadthepr*ospectus,ConnorthinksStockDwouldbeagoodfitfar*hisfund,andheexpectsStockDtoimprovehisperformanceinboththeshortandlongterm.ConnorisnotawareofanyinformatirelatedtoStockDbeyondthatprovidedintheprospectus.Connoraskedtopurchase5%oftheIPO,butArnoldlimitedBio

10、geneSshareto2%,explaining:WithBiogenesreputation,anyparticipationWiiImaketheunsoldshareshighlymarketableFurther;wemayneedBiogenetoacquiremoreStockDsharesatalaterdateifthepricedoesnotholdUpConnorisdisappointedinbeinglimitedto2%oftheofferingandsuggeststoArnoldinanemailthat,giventhe2%Iinutation,Biogene

11、willnotparticipateintheIPO.ArnoldrespondedafewhoursJaterwiththefollowingmessage:*1havejustspokenWithMs.D,theCFOofStockD.Akhoughitistoolatetoaltertheprospectus,managementbelievestheywillreceivealargecontractfr,omaforeigngovernmentthatwillboostnextyecirssalesby20%ormor1LttXeyoutoacceptthe2%youwontbeso

12、rry!*AfterreviewingArnoldsemailConnoragreestothe2%offerQuestion#1of60ByexecutingTransactionA,Connoris:A)dolatingtheStandardsbecausehisoptiontradingcanbereasonablyexpectedtoaffectthepriceofStockA.B)ViQIatingtheStandardsbecausetheoptionpositioncreatesaprotopportunityinconflictWithBiogendsdientsC)notvi

13、olatingtheStandards.Question#2of60ByexecutingTransactionB1Connoris:A)ViQIatingtheStandardsbecausehisoptiontradingcanbereasonablyexpectedtoaffecthisquarterlyperformance.B)notviolatingtheStandaidsbecausetheoptionpositioncreatesaprofitopportunityconsistentWithBiogenSCijentWinterests.C)notviolatingtheSt

14、andardsbecausehebelievesthereissignificantappreciationpotentialinStockRQuestion#3of60ByexecutingTransactionC,Connoris:A)violatingtheStandardsbyexecutingatransactionfortaxreasonsolyB)riolatingtheStandardsbyexecutingatransactionthatprovidestaxbenefitstntheQuestionID: 1212784Question ID: 1212785Questio

15、n ID: 1212786BiogeneFund.C)notviolatingtheStandards.Question#4of60QuestionID:1212787ByofferingBiogenetheopportunitytoparticipateintheIPOofStockD,AppleInvestmentshasviolatedCFAInstituteStandaidsrelatingto:A)priorityoftransactionsbutnotindependenceandobjectivity;B)independenceandobjectivitybutnotpiori

16、ty出、transactions.C)neitherprioityoftransactionsnorindependenceandObjeetivityQuestion#5of60QuestionID:1212788ArnolcfSargumentsforlimitingBiogeneSshaeto2%suggestthatApple:A)mayengageinaliquiditypumpingstrategythatwouldbeacceptablegiventhatBiogeneisarelatedentityB)mayengageintransaction-basedmanipulationofStockDinthefuture,inolationofStandardsrelatingtomarketmanipulatioC)isViOIat