Valery isinterviewed by the FC church to manage the retirement plan’s equity portfoliobased on her superior return history. For the retirement plan’s equity portfolio, each church staff memberchooses whether to opt in or out of the retirement plan based on his or her owninvestment objectives. Given the objectives and constraints of the portfolio, theplan trustees tell Valery that stocks of companies involved in the sale ofalcohol, tobacco, gambling, or firearms are not acceptable investments. Withthese restrictions, Valery tells the trustees he cannot reasonably execute hisstrategy By agreeing to manage the account according to the trustees' wishes,does Valery violate the CFA Institute Standards of Professional Conduct?

 

　　A.       Yes, becausethe manager was hired based on her previous investment strategy

 

　　B.       Yes, becausethe restrictions provided by the trustees are not in the best interest of themembers

 

　　C.       No

 

　　【答案】 A

 

　　According to StandardIII(A): Loyalty, Prudence, and Care, Valery's duty of loyalty, prudence, andcare is owed to the participants and beneficiaries (members) of the pensionplan. As a church plan, the restrictions are appropriate given the objectivesand constraints of the portfolio.

 

　　CFA Level I

 

　　"Guidance forStandards I–VII," CFA Institute

 

　　Standard III(A): Loyalty,Prudence, and Care

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