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1、TheMorningSessionofthe2009LevelIIICFAiExaminationhas11questions.Forgradingpurposes,themaximumpointvalueforeachquestionisequaltothenumberofminutesallocatedtothatquestion.QuestionTopicMinutes12345678910HPortfolioManagement-Individual26PortfolioManagement-Individual9PortfolioManagement-Institutional24P
2、ortfolioManagement一Institutional11PortfolioManagement一Economics19PortfolioManagementAssetAllocation10PortfolioManagementEquityInvestments17PortfolioManagementAlternativeInvestments15PortfolioManagement-RiskManagement16PortfolioManagement-MonitoringandRebalancing15PortfolioManagement-PerformanceEvalu
3、ation18Total:180Questions1and2relatetoPatriciaandAlexanderTracy.Atotalof35minutesisallocatedtothesequestions.Candidatesshouldanswerthesequestionsintheorderpresented.QUESTION1HASFOURPARTS(A,B,C,D)FORATOTALOF26MINUTES.PatriciaandAlexanderTracy,bothage59,areresidentsofCanada.Theyhavetwinsonswhowillente
4、rafour-yearuniversityprograminoneyear.Patriciaisalong-timeemployeeofatelecommunicationscompany.Alexanderisaself-employedsalesconsultant.Alexandersannualincomeisnowsteadyafteryearsofextremehighsandlows.TheTracyshavebuiltaninvestmentportfoliothroughsavinginAlexandershighincomeyears.TheTracys,currentan
5、nualincomeisequaltotheirtotalexpenses;asaresult,theycannotaddtosavingscurrently.Theyexpectthatboththeirexpensesandincomewillgrowattheinflationrate.Allmedicalcosts,nowandinthefuture,arefullycoveredthroughgovernmentprograms.TheTracysworryaboutwhethertheyhavesavedenoughforretirement,andwhethertheywillb
6、eabletomaintaintherealvalueoftheirportfolio.Inflationisexpectedtoaverage4%fortheforeseeablefuture.TheTracyshaveapproachedDarrenBriscoetohelpthemanalyzetheirinvestmentstrategyandretirementchoices.TheTracysdisagreeabouttheappropriateinvestmentstrategy.Patriciaprefersnotlosingmoneyovermakingahighreturn
7、.Thisispartlyaresultofcontinuingregretforalossexperiencedinanequitymutualfundseveralyearsago.AlexandershistoryofmakingfrequentchangesintheirportfoliogreatlyannoyedPatricia.ShethinksAlexanderfocusedonlyonpotentialreturnandpaidlittleattentiontorisk.TheTracyscurrentlyhavealltheirassetsininflation-index
8、ed,short-termbondsthatareexpectedtocontinuetoearnareturnthatwouldmatchtheinflationrateaftertaxes.Afterretirement,theyarewillingtoconsiderchangingtheirinvestmentstrategyifnecessarytomaintaintheirlifestyle.TheTracysareeligibletoretirenextyearatage60.Iftheydo,Patriciawillreceiveannualpaymentsfromhercom
9、panysdefined-benefitpensionplanandbothPatriciaandAlexanderwillreceivepaymentsfromtheCanadiangovernmentpensionplan.Alexanderdoesnotparticipateinanycompanyorindividualretirementplan.BriscochascompiledfinancialdataandmarketexpectationsfortheTracys,retirement,showninExhibit1.Currently,Briscoeestimatesth
10、attheTracys,investmentportfoliowillgrowto1,100,000Canadiandollars(CAD)bytheirretirementdatenextyear.Exhibit1FinancialDataandMarketExpectationsPatriciaandAlexanderTracyRetirementatAge60(2010)ExpectedannualexpensesCAD125,000Annualpensionincome(after-tax)Patricia,scompanyplanCAD40,000Combinedgovernment
11、pensionCAD40,000TotalannualpensionincomeCAD80,000Expectedannualinflation4.0%Expectedannualafter-taxportfolioreturn4.0%PensionincomefrombothPatriciascompanyplanandthegovernmentpensionplanisfullyindexedforinflation.Briscoeexpectsataxrateof20%toapplytotheTracys,withdrawalsfromtheinvestmentaccount.TheTr
12、acysexpecttoearnnoemploymentincomeafterretirement.TheTracys,residenceisnotconsideredpartoftheirinvestableassets.TheTracyshavetheoptiontodelayretirementuntilage65.TheTracysintendtoretiretogether,whetheritisin2010atage60orin2015atage65.BriscoedeterminesthatiftheTracysretireatage60,theirrisktoleranceis
13、belowaverage.Iftheyretireatage60,theyplantopayofftheirmortgageandassociatedtaxesbywithdrawingCAD100,000fromtheirportfoliouponretirement.AnotherconsiderationfortheTracysrelatestofundinguniversityexpensesfortheirsons.IftheTracysretireatage60,eachsonwillreceiveascholarshipavailabletoretireefamiliesfrom
14、Patricia,scompanythatwillcoveralluniversitycosts.IftheTracysretireatage65,allpensionincomewouldincreaseandwouldalmostmeettheirannualspendingneeds.Iftheyretireatage65,theTracyswouldpayalluniversityexpensesfromtheirinvestmentportfoliothroughanarrangementwiththeuniversity.Thearrangement,coveringbothson
15、s,wouldrequiretheTracystomakeasinglepaymentofCAD200,000atage60.A.i.PreparethereturnobjectivesportionoftheTracys,investmentpolicystatement(IPS)thatwillapplyiftheyretireatage60.ii.Calculatethepre-taxnominalrateofreturnthatisrequiredfortheTracys,firstyearofretirementiftheyretireatage60.Showyourcalculat
16、ions.(12minutes)B.IndicatespecificfactorsfortheTracys,foreachofthefollowing,whichsupportBriscoe,sconclusionthattheTracys,risktoleranceisbelowaverage:i.Abilitytotakerisk.Indicatevofactors.ii.Willingnesstotakerisk.Indicateonefactor.(6minutes)C.Preparethecurrent(2009)liquidityconstraintfortheTracys,IPS:i.iftheyretireatage60.ii.iftheyretireat
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