在备考CFA考试中是要做大量的考试题，但是CFA考试题只有官方教材上的是不够的，那在CFA道德上尤其要注意，今天小编给你带来的也是道德的考试题！

Colin Caldwell. CFA, is the chief investment officer of Northwest Mutual Fund, whose investment objective is to invest in fixed-income emerging market securities. Caldwell allocates the fund's assets primarily to bonds of commodity producers in emerging markets and invests in a combination of several different investments to ensure an acceptable level of risk. The allocation is clearly disclosed in all fund communications. High volatility in the commodities markets at the start of the year makes Caldwell pessimistic about returns, so he shifts the fund into emerging market and US government securities, positions he maintains at the end of the year. This change is noted in the next annual report to fund shareholders. Caldwell's investment change least likely violated the CFA Institute Standards of Professional Conduct concerning:

A. communication with clients.

B. investments outside his mandate.

C. diversification.


【答案】C

［解析］invests in a combination of several different investments to ensure an acceptable level of risk可以看出主人公通过投资在不同产品从而获得分散化投资效果。

he shifts the fund into emerging market and US government securities客户没有按照 mandate 去投资, 偏离了，也就是违背了 Standard III(C)-Suitability.

This change is noted in the next...,在年末才和客户沟通资产分配策珞的改变，没有及全面的和客户 沟通，违背了 Standard V(B)-Communication with Clients and Prospective Clients.

今天的分享就到这里，如果对2021年和2022年CFA备考、报名、课程需求、资料等还有需要或不清楚的问题的可以咨询。