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NEW QUESTION: 1
Factor Analytics Capital Management makes portfolio recommendations using various factor models.
Mauricio Rodriguez, a Factor Analytics research analyst, is examining the prospects of two portfolios, the FACM Century Fund (CF) and the FACM Esquire Fund (EF).
The variance of returns are identical for the two funds. The estimates in Exhibit 1 were derived for CF and EF using monthly data for the past five years.
Supervisor Barbara Woodson asks Rodriguez to use the Capita! Asset Pricing Model (CAPM) and a multifactor model (APT) to make a decision to continue or discontinue the EF fund. The two factors in the multifactor model are not identified. To help with the decision, Woodson provides Rodriguez with the capital market forecasts in Exhibit 2.
After examining the prospects for the EF portfolio, Rodriguez derives the forecasts in Exhibit 3.
Rodriguez also develops a 2-factor macroeconomic factor model for the EF portfolio. The two factors used in the model are the surprise in GDP growth and the surprise in Investor Sentiment. The equation for the macro factor model is:
During an investment committee meeting, Woodson makes the following statements related to the 2-factor macroeconomic factor model.
Statement 1: An investment combination in CF and EF that provides a GDP growth factor beta equal to one and an Investor Sentiment factor beta equal to zero will have lower active factor risk than a tracking portfolio consisting of CF and EF.
Statement 2: When markets are in equilibrium, no combination of CF and EF will produce an arbitrage opportunity In their final meeting, Rodriguez informs Woodson that the CF portfolio consistently outperformed its benchmark over the past five years. Rodriguez makes the following comments to Woodson: "The consistency with which CF outperformed its benchmark is amazing. The difference between the CF monthly return and its benchmark return was nearly always positive and varied little over time." Using the market model estimates for CF and EF, which fund has higher:
Systematic risk? Unsystematic risk?
A. CF ;CF
B. CF ;EF
C. EF ;CF
Answer: C
Explanation:
Explanation/Reference:
Explanation:
The slope of the market model is the beta. Systematic risk is high for high beta funds. From Exhibit 1, the market beta is lower for CF (0.70) versus EF (1.50). Unsystematic risk is measured by the variance of the market model error (e). The information provided in the vignette states that the variances are identical for CF and EF. We can determine which fund has larger unsystematic risk by using the market model formula for the variance:
because the bera is smaller for CF versus EF. The vignette states
that the variances for CF and EF are identical. Therefore, if the total variances are identical, and if the first component is smaller for CF versus EF, then the second component (unsystematic risk) must be larger for CF versus EF. (Study Session 18, LOS 64.f,g)
NEW QUESTION: 2
実装グループは、テストベッドを使用して「概念実証」を実行しており、クライアント1とクライアント2の両方が209.65.200.241のWEBサーバーにアクセスする必要があります。ネットワークアドレス指定、ルーティングスキーム、DHCPサービス、NTPサービス、レイヤー2接続、FHRPサービス、およびデバイスセキュリティにいくつかの変更を加えた後、DSW1はHSRPグループ10のアクティブルーターになりません。
サポートされているコマンドを使用して、この障害の原因を特定し、次の質問に答えてください。
障害状態はどのデバイスにありますか?
A. DSW1
B. DSW2
C. R2
D. ASW2
E. R4
F. R1
G. ASW1
H. R3
Answer: A
Explanation:
DSW references the wrong track ID number.
NEW QUESTION: 3
Actions are accessible from which two processes or applications? (Choose two.)
A. Escalation
B. Email Listener
C. Communication Template
D. Workflow
E. CronTask
Answer: A,D
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