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NEW QUESTION: 1
Geneva Management (GenM) selects long-only and long-short portfolio managers to develop asset allocation recommendations for their institutional clients.
GenM Advisor Marcus Reinhart recently examined the holdings of one of GenM's long-only portfolios actively managed by Jamison Kiley. Reinhart compiled the holdings for two consecutive non-overlapping five year periods. The Morningstar Style Boxes for the two periods for Kiley's portfolio are provided in Exhibits 1 and 2.
Exhibit 1: Morningstar Style Box: Long-Only Manager for Five-Year Period 1

Exhibit 2: Morningstar Style Box: Long-Only Manager for Five-Year Period 2

Reinhart contends that the holdings-based analysis might be flawed because Kiley's portfolio holdings are known only at the end of each quarter. Portfolio holdings at the end of the reporting period might misrepresent the portfolio's average composition. To compliment his holdings-based analysis, Reinhart also conducts a returns-based style analysis on Kiley's portfolio. Reinhart selects four benchmarks:
1. SCV: a small-cap value index.
2. SCG: a small-cap growth index.
3. LCV: a large-cap value index.
4. LCG: a large-cap growth index.
Using the benchmarks, Reinhart obtains the following regression results:
Period 1: Rp = 0.02 + H0.01(SCV) + 0.02(SCG) + 0.36(LCV) + 0.61(LCG)
Period 2: Rp = 0.02 + 0.01(SCV) + 0.02(SCG) + 0.60(LCV) + 0.38(LCG)
Kiley's long-only portfolio is benchmarked against the S&P 500 Index. The Index's current sector allocations are shown in Exhibit 3.
Exhibit 3: S&P 500 Index Sector Allocations

GenM strives to select managers whose correlation between forecast alphas and realized alphas has been fairly high, and to allocate funds across managers in order to achieve alpha and beta separation. GenM gives Reinhart a mandate to pursue a core-satellite strategy with a small number of satellites each focusing on a relatively few number of securities.
In response to the core-satellite mandate, Reinhart explains that a Completeness Fund approach offers two advantages:
Advantage 1: The Completeness Fund approach is designed to capture the stock selecting ability of the active manager, while matching the overall portfolio's risk to its benchmark.
Advantage 2: The Completeness Fund approach allows the Fund to fully capture the value added from active managers by eliminating misfit risk.
Reinhart is concerned that the portfolio managed by Kiley has style drift. Is Reinhart's concern supported by either holdings-based style analysis or returns-based style analysis?
A. Only the holdings-based style analysis supports style drift.
B. Both approaches support style drift.
C. Only the returns-based style analysis supports style drift.
Answer: B
Explanation:
Explanation/Reference:
Explanation:
The change in allocations in Exhibits 1 and 2 indicate large changes in investment style. Allocations moved from a growth-oriented style in the first 5-year period to a value-oriented style in the second 5-year period.
The returns based analysis confirms these findings-the slopes changed markedly for LCV (large increase in the second 5-year period) and LCG (large decrease in the second 5-year period). (Study Session 11, LOS 33.i,k)

NEW QUESTION: 2
A case management clinical pathway for congestive heart failure might include all of the following except:
A. client education regarding medication use.
B. a nutritional consult for diet review and accommodation.
C. physician follow-up appointments with transportation.
D. insurance review for reimbursement.
Answer: D
Explanation:
Explanation/Reference:
Explanation:
Clinical pathways include maps of care outcomes to be achieved prior to discharge or movement through a health care system. Insurance review for reimbursement is a function of an outside agency from the health care provider related to the amount of expected monetary compensation for services rendered to a client.
Coordinated Care

NEW QUESTION: 3
Einige Benutzer können von ihren Arbeitsstationen aus nicht auf das Internet zugreifen. Ein Techniker führt den Befehl ipconfig auf einer der Arbeitsstationen aus und sieht Folgendes:

Der Techniker pingt 8.8.8.8 und erhält keine Antwort. Als nächstes pingt der Techniker 192.168.1.1 und erhält keine Antwort. Der Techniker kann eine benachbarte Workstation erfolgreich anpingen, den Druckserver in der unteren Etage jedoch nicht anpingen. Welche der folgenden Ursachen ist die wahrscheinlichste Ursache für das Problem mit der Internetverbindung im Büro?
A. Es liegt ein Problem mit einem Router im Büro vor
B. Der drahtlose Zugangspunkt in der Umgebung ist ausgefallen
C. Es liegt ein Problem mit einem DNS-Server im Büro vor
D. Die Benutzer erhalten vom DHCP-Server keine korrekten IP-Adressen
Answer: A


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