【每日一练】CFA 一级（2015年）

Question:

Molly Burnett, CFA, is a portfolio manager for a fund that only invests in environmentally friendly companies. A multinational utility company recently acquired one of the fund's best-performing investments, a wind power company. The wind power company's shareholders received utility company shares as part of the merger agreement. The utility has one of the worst environmental records in the industry, but its shares have been one of the top performers over the past 12 months. Because the utility pays a high dividend every three months, Burnett holds the utility shares until the remaining two dividends are paid for the year then sells the shares. Burnett most likely violated the CFA Institute Standard of Professional Conduct concerning: 
A. Disclosure of Conflicts. 
B. Suitability. 
C. Independence and Objectivity. 

Answer = B 
The utility is not a suitable investment for a fund that only invests in companies with good environmental records. Continuing to hold this investment, therefore, was a violation of Standard III(C)–Suitability.

CFA Level I
"Guidance for Standards I–VII"
Standard I(B)–Independence and Objectivity, Standard III(C)–Suitability, Standard VI(A)–Disclosure 
of Conflicts

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