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NEW QUESTION: 1
Joan Nicholson, CFA, and Kim Fluellen, CFA, sit on the risk management committee for Thomasville Asset Management. Although Thomasville manages the majority of its investable assets, it also utilizes outside firms for special situations such as market neutral and convertible arbitrage strategies. Thomasville has hired a hedge fund, Boston Advisors, for both of these strategies. The managers for the Boston Advisors funds are Frank Amato, CFA, and Joseph Garvin, CFA. Amato uses a market neutral strategy and has generated a return of S20 million this year on the $100 million Thomasville has invested with him. Garvin uses a convertible arbitrage strategy and has lost $15 million this year on the $200 million Thomasville has invested with him, with most of the loss coming in the last quarter of the year. Thomasville pays each outside manager an incentive fee of 20% on profits. During the risk management committee meeting Nicholson evaluates the characteristics of the arrangement with Boston Advisors. Nicholson states that the asymmetric nature of Thomasville's contract with Boston Advisors creates adverse consequences for Thomasville's net profits and that the compensation contract resembles a put option owned by Boston Advisors.
Upon request, Fluellen provides a risk assessment for the firm's large cap growth portfolio using a monthly dollar VAR. To do so, Fluellen obtains the following statistics from the fund manager. The value of the fund is $80 million and has an annual expected return of 14.4%. The annual standard deviation of returns is
21.50%. Assuming a standard normal distribution, 5% of the potential portfolio values are 1.65 standard deviations below the expected return.
Thomasville periodically engages in options trading for hedging purposes or when they believe that options are mispriced. One of their positions is a long position in a call option for Moffett Corporation. The option is a European option with a 3-month maturity. The underlying stock price is $27 and the strike price of the option is $25. The option sells for S2.86. Thomasville has also sold a put on the stock of the McNeill Corporation. The option is an American option with a 2-month maturity. The underlying stock price is $52 and the strike price of the option is $55. The option sells for $3.82. Fluellen assesses the credit risk of these options to Thomasville and states that the current credit risk of the Moffett option is $2.86 and the current credit risk of the McNeill option is $3.82.
Thomasville also uses options quite heavily in their Special Strategies Portfolio. This portfolio seeks to exploit mispriced assets using the leverage provided by options contracts. Although this fund has achieved some spectacular returns, it has also produced some rather large losses on days of high market volatility.
Nicholson has calculated a 5% VAR for the fund at $13.9 million. In most years, the fund has produced losses exceeding $13.9 million in 13 of the 250 trading days in a year, on average. Nicholson is concerned about the accuracy of the estimated VAR because when the losses exceed $13.9 million, they are typically much greater than $13.9 million.
In addition to using options, Thomasville also uses swap contracts for hedging interest rate risk and currency exposures. Fluellen has been assigned the task of evaluating the credit risk of these contracts.
The characteristics of the swap contracts Thomasville uses are shown in Figure 1.

Fluellen later is asked to describe credit risk in general to the risk management committee. She states that cross-default provisions generally protect a creditor because they prevent a debtor from declaring immediate default on the obligation owed to the creditor when the debtor defaults on other obligations.
Fluellen also states that credit risk and credit VAR can be quickly calculated because bond rating firms provide extensive data on the defaults for investment grade and junk grade corporate debt at reasonable prices.
Which of the following is closest to the monthly VAR Fluellen will calculate for the large cap growth portfolio?
A. $4 million.
B. $17 million.
C. $7 million.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
To calculate the monthly VAR, we must first calculate a monthly expected return and monthly standard deviation. Note that to obtain a monthly standard deviation from an annual standard deviation, we must divide the annual standard deviation by the square root of 12. We then calculate a monthly percent VAR by subtracting 1.65 times the monthly standard deviation from the monthly expected return. The monthly dollar VAR is calculated last using the funds asset base:
Monthly expected return = 14.4% / 12 = 1.20%

Monthly standard deviation = = 6.2065%
Monthly percent VAR = 1.20% - (1.65 x 6.2065%) = -9.0407%
Monthly dollar VAR = $80 x 9.0407% = $7.2 million. (Study Session 14, LOS 40.e)

NEW QUESTION: 2
Which part of the service lifecycle is responsible for coordinating and carrying out the activities and
processes required to deliver and manage services at agreed levels to business users and customers?
A. Service Operation
B. Continual Service Improvement
C. Service Transition
D. Service Design
Answer: A

NEW QUESTION: 3
PQR is a charity which has an excellent reputation within its home country. PQR employs over 300 highly experienced staff and has 200 skilled volunteers. PQR's funding mainly comes from donations from the public but its public profile is low compared to larger, more publicized charities.
Due to a recent recession, public donations to PQR have fallen in the last five years, but demand for its services continues to grow.
The government of the country in which PQR operates is encouraging greater collaboration between charities and there have been several recent successful mergers within the charity sector. PQR has recently been approached by a high profile and well funded charity, DDD, with a merger proposal. DDD offers complementary services to those offered by PQR.
Which TWO of the following factors would most likely be considered as an "opportunity" for PQR? (Choose two.)
A. Growing demand for its services
B. Merging with DDD
C. Donations from the public
D. Highly experienced staff
E. The excellent reputation of DDD
Answer: A,D