"morality" exercise:Misconduct

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Questions 1:

Teresa Avila, CFA, is a micro cap investment analyst at a hedge fund. The fund requires Avila to hold any securities she recommends for the fund in her own account as well. Because Avila has such a small account, whenever she trades for her own portfolio she combines the transactions with those of the hedge fund so she is sure to have her account aligned with the fund. Has Avila most likely violated any CFA Institute Standards of Professional Conduct?

A、 No.

B 、Yes, related to Misconduct.

C 、Yes, related to Priority of Transactions

Questions 2:

Colin Gifford, CFA, is finalizing a monthly newsletter to his clients, who are primarily individual investors. Many of the clients’ accounts hold the common stock of Capricorn Technologies. In the newsletter, Gifford writes, “Based upon the next six month’s earnings of $1.50 per share and a 10% increase in the dividend, the price of Capricorn’s stock will be $22 per share by the end of the year.” Regarding his stock analysis, the least appropriate action Gifford should take to avoid violating any CFA Institute Standards of Professional Conduct would be to:

A 、separate fact from opinion.

B、 include earnings estimates.

C、 identify limitations of the analysis.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct as Standard VI(B) requires that investment transactions for clients and employers have priority over transactions in which members have beneficial ownership. By executing her own accounts transactions with those of the hedge fund the analyst has violated this Standard as micro cap securities can be thinly traded and easily influenced by changes in the volume of activity. So the analyst may benefit when she combines her transactions with the hedge funds and she should let the fund execute its orders before she makes changes to her account.

A is incorrect because the Priority of Transactions Standard has been violated.

B is incorrect because this Standard has not been violated.

【Answer to question 2】B

【analysis】

B is correct because while pro forma analysis may be standard industry practice, it is not required by the Standards. Earnings estimates are opinions and must be clearly identified as such.

A is incorrect because facts should be separated from opinion in investment analysis.

C is incorrect because known limitations should be identified.

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