Generally speaking, the factor that best explains a portfolio"s level of return and variation in return over time can be explained by:
A. target asset allocation decision.
B. investment manager"s skill with respect to market timing.
C. investment manager"s skill with respect to security selection.
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Which one of the following is least likely one of the assumptions of capital market theory
A. Investors have heterogeneous expectations.
B. Markets are in equilibrium.
C. There are no taxes or transaction costs involved in buying or selling assets.
According to the Markowitz model of portfolio risk, any portfolio with 10 securities would require estimation of a total of:
A. 10 variance and 45 unique covariance statistics.
B. 100 unique variance or covariance statistics.
C. 50 unique variance or covariance statistics.
Which of the following should NOT be included as a constraint in an investment policy statement (IPS)
A. How funds are spent after being withdrawn from the portfolio.
B. Tax implications on the returns generated by the portfolio.
Constraints put on investment activities by regulatory agencies.
The Objectives part of the investment policy statement serves to:
A. set out what the invested money will be used for.
B. establish the benchmarks to be used in evaluating performance of the investments.
C. express the expected risk and return for the invested capital.
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