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1、CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions61through6&ChesterBrothers,LLeisaninvestmentmanagementfirmwith$200millioninassetsundermanagementChestersequitystyleisdescribedtoclientsasalarge-capcorestrategy.Oneyearago,Chesterinstitutedanewcompensationplanf*itsequityortfoomanag
2、ers.Underthisnewplan,eachportfoliomanagerreceivesanannualbonusbaseduponthatmanagersquarterlyperformancerelativetotheS&P500Index.Foreachquarterofout-performance,themanagerreceivesabonusintheamountof20%ofhisregularannualcompensationChesterhasnotdisclosedthisnewplantoclientsPortfoKomanagersatChesterare
3、notboundbynon-competeagreements.JamesRogers,CFAtandKarenPierce,CFA,arebothportfoliomanagersaffectedbythenewpolicy.RogersoutperformedtheS&P500Indexineachofthelastthreequarters,largelybecausehebeganinvestinghisclients*fundsinsmall-apsecurities.ChesterhasrecentlybeencitingRogersSperformanceinlocalmedia
4、advertising,includingclaimsthatChestersstarmanager;JamesRogers,hasoutperformedtheS&P500Indexineachofthelastthreequarters.*TheprintadvertisingassociatedWiththemediacampaignincludesaphotographofRogers,identifyinghimasJamesRogers,CFA.BelowhisnameisaquoteapparentlyatlributabIetoRogerssayingasaCFAcharter
5、holder;Iamcommittedtothehighestethicalstandards.*Afewweeksaftertheadvertisingcampaignbegan,RogerswasapproachedbytheGrumppFoundation,alocalCharitableendowmentwith$3biioninassets,aboutsendngonitsinvestmentadrisorycommittee.Thecommitteemeetsweeklytoreviewtheportfolioandmakeadjustmentsasneeded.TheGrumpp
6、trusteeswereimpressedbythefavorablementionofRogersinthemarketingcampaign.InmakingtheirfetheyevensuggestedthatRogerscouldmentionhispositionontheadvisorycommitteeinfutureChestermarketingmaterialRogershasnotinformedChesterabouttheGruinppofibuthehasnotyetacceptedtheposition.PiercehasnotfaredaswellasRoge
7、rs*Shealsoshiftedintosmallerxapsecurities,butduetotwoextremelypoorperforminglarge-capstocks,herpeifoimanceIaggedtheS&P500Indexforthefirstthr,eequarters.Afteranangryconfrontationwithhersupenrisor;Pierceresigned.Whensheleft,Piercetookacopyofacomputermodelwiththepermissionoftheco-workerwhodevelopedthem
8、odel,aswellasthemostrecentUstofherbuyrecommendations,whichwascreatedfromtheoutputofthecomputermodeLPiercesoonacceptedapositionatacompetingfirm,CheeriGroup.OnherfirstdayatCheeshecontactedeachofherfivelargestformerclientIiformingthemofhernewemploymentandaskingthattheyconsidermovingtheiraccountsfromChe
9、stertoCheeriDuringbothtelephoneconversationsandemailswithherformerclients,PiercementionedthatChesterhadanewcompensationprogramthatcreatedincentivesformanagerstoshiftintosmaller-capsecurities,CheerihaspostedPiercesinvestmentperformanceforthepastfiveyearsonitswebsiteexcludingthethreemostrecentquarters
10、ThefootnotestoIheperformanceinformationincludethefollowingtwostatements:Statement1:Includeslargecapitalizatiportfoliosonly.Statement2:ResultsreflectmanagersperformanceatpreviousemployerQuestion#1of60QuestionID:1212714ChestefsnewcompensationplanforawardingbonusestoincliidualpotfoEoinanagersisconsiste
11、ntwithCFAInstituteStandards:A)anddoesnotrequiredisclosure.B)onlyiffullydisclosedtoclientsC)butanybonusesawardedundertheplanmustbefuDydisclosedtoclients.Question#2of60QuestionID:1212715AssumingRogerswouldliketoaccepttheoffertoserveontheGrumppinvestmentadvisorycommittee,RogersSobligationsundertheCFAIn
12、stituteStandardsrequirethathe:A)refusetoserveontheGrumppcommittee.B)accepttheGrumppcommitteepositiononlyafterdisclosingthe疝ertohisSupendsorC)accepttheGrumppcommitteepositionanddisclosehisacceptanceassoonaspossibletohissupervisor.Question#3of60QuestionID:1212716Chestersadvertisingcampaignincludesclai
13、msaboutRogerssinvestmentperformance,aswellasRogerssuseandreferencetotheCFAcharterIsChestersadvertisingcampaignconsistentwiththeCFAInstituteStandards?A)ChesterSperformanceclaimsreinconsistentWithCFAInstituteStandards,buthisuseandreferencetotheCFAdesignationisappropriateB)BoththePerformdnCCclaimandthe
14、referencetotheCFAcharterrevioktios.C)NeithertheperformanceclaimsnortheuseandreferencetotheCFAdesignationareviolations.Question#4of60QuestionID:1212717UndertheCFAInstituteStandards,PiercetakingthecomputeimodelwhenIeavingherpositionatChesterwouldbebestdescribedasaviolation:A)becausesheshouldhaveobtain
15、edwrittenpermissionfromherco-workerB)unlesssheobtainedpermissionfrombothherccworkeraswellasfromChesterC)unlesssheobtainedpermissionfromChesterBrothersLLC.PiercesbehavioruponassminghernewpositionatCheericanbestbedescibedasdolatingCFAInstituteStandar,dsbecauseshe:A)encouragedherfarmerclientstoleaveChesterB)shouldnothavecontactedherformerclientsatallC)disclosedChestersnewcompensationprogram.Question#6of60QuestionID:1212719CheenspresentationofPiercesinvestmentperformanceisinconsistentWithCFAInstituteStiindardsbecause:A)theresultswerenotcalculatedunderGIPSB)performancefromapreviousemployersho
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