2020年CFA考試《CFA三級》考試共題，分為。小編為您整理Fixed-Income Portfolio Management (2)5道練習(xí)題，附答案解析，供您備考練習(xí)。

1、【單選題】

A.Yes

B.No, the bond price should decrease.

C.No, the bond price should increase.

正確答案:B

答案解析:B is correct. An increase in interest rates results in a decrease in the bond price. An increase in the credit 

2、【單選題】

A.Component A +1 sd; Component B +1 sd; Component C +1 sd

B.Component A +1 sd; Component B –1 sd; Component C +1 sd

C.Component A –1 sd; Component B +1 sd; Component C +1 sd

正確答案:B

答案解析:B is correct. A roughly parallel shift in all yields will be generated by a combination of: +1 standard deviation “shift” 

3、Seymour is least likely correct with respect to which risk regarding investing in emerging market debt?【單選題】

A.Risk 1

B.Risk 3

C.Risk 2

正確答案:B

答案解析:The statement for Risk 3 is incorrect. Emerging market countries, in fact, have access to lenders on the world stage, such as the International Monetary Fund and the World Bank.

4、【單選題】

A.a carry trade.

B.a barbell structure.

C.riding the yield curve.

正確答案:C

答案解析:C is correct. Last year, McLaughlin expected the yield curve to be stable over the year. Riding the yield curve is a strategy 

5、Based on Delta's expectations regarding currencies, and assuming that interest rate parity holds, should Delta most likely recommend using forward contracts to hedge the portfolio's British pound exposure?【單選題】

A.No, because the euro is expected to depreciate by more than 0.35%

B.Yes

C.No, because the euro is expected to appreciate by more than 0.35%

正確答案:B

答案解析:Using interest rate parity, the euro is expected to depreciate by 3.25% – 2.50% = 0.75%. Delta's strategists believe that the euro will depreciate by only 0.35%. Based on expected returns alone, Delta should hedge the currency risk using a forward contract and lock in a 0.75% gain in British pounds.