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CISI International Certificate in Wealth & Investment Management Sample Questions (Q134-Q139):

NEW QUESTION # 134
Performance attribution analysis attempts to explain why a portfolio had a certain return. It does so by breaking down performance based on the decisions made by the fund manager in which of the following?

A. Asset allocation alone
B. The combination of asset allocation, sector choice, and security selection
C. Asset allocation and sector choice only
D. The combination of asset allocation, sector choice, security selection, and risk analysis

Answer: B

Explanation:
Performance attribution analyzes portfolio returns by breaking them down into key decision-making factors.
* Why is Option C Correct?
* Asset allocation # Impact of choosing different asset classes (e.g., stocks vs. bonds).
* Sector choice # How selecting industries (e.g., tech vs. healthcare) affects returns.
* Security selection # The impact of choosing specific stocks or bonds.
* Why Not Other Options?
* A (Asset allocation alone) # Sector and security selection also play a role.
* B (Only asset allocation & sector choice) # Security selection directly affects performance.
* D (Includes risk analysis) # Risk is important but not a primary factor in attribution.
# Reference: CFA Institute (Performance Attribution Models), CISI Wealth & Investment Management.

NEW QUESTION # 135
Equities have a higher risk/reward profile when compared to many other asset classes. Their use within a portfolio stems from:

A. The ability to align liabilities with profits from equities
B. The potential to counter inflationary effects
C. Their low volatility when compared to bonds
D. Their lower cost compared to other assets

Answer: B

Explanation:
Equities are often used to hedge against inflation because they represent ownership in real assets that can grow in value. Companies generally have the ability to pass on inflationary costs to consumers, which can preserve or enhance their profitability and the equity value.
* Lower cost (B): Equities may incur higher transaction and management costs than other asset classes.
* Align liabilities (C): While equities offer returns, liability alignment is more relevant to fixed-income assets.
* Low volatility (D): Equities are more volatile than bonds or cash, making this statement incorrect.
References:
* International Certificate in Wealth & Investment Management: Equities as inflation hedges and their risk/reward profile.
* Historical analysis of equity performance in inflationary periods.

NEW QUESTION # 136
How does a negative interest rate policy aim to boost lending?

A. By penalising banks for holding surplus cash
B. By discounting the interest rate charged on loans
C. Interest is not charged on loans
D. Consumers are paid to borrow money

Answer: A

Explanation:
* Understanding Negative Interest Rates:
* Negative interest rate policies (NIRP) are used by central banks to stimulate the economy by discouraging banks from hoarding excess reserves.
* Under NIRP, banks are charged interest for holding deposits with the central bank, incentivizing lending to businesses and consumers instead.
* Elimination of Other Options:
* A & B: Interest is still charged on loans, and consumers are not directly "paid" to borrow.
* C: Discounting loan interest rates is a potential consequence but not the direct mechanism of NIRP.
References:
* ICWIM Module 1: Economic Policy: Coverage of unconventional monetary policies like NIRP.

NEW QUESTION # 137
An advisor is reviewing a client's portfolio which has a time horizon of 15 years and is made up primarily of bonds and cash but with some exposure to equities and other higher-risk investments. It is reasonable to believe that the client's risk appetite is:

A. Low Risk
B. Mid Risk
C. Mid-High Risk
D. Low-Mid Risk

Answer: D

Explanation:
* Risk Appetite and Portfolio Composition
* A portfolio primarily of bonds and cash indicates a conservative approach, but the inclusion of equities and higher-risk investments suggests some tolerance for risk.
* A 15-year time horizon allows for a balanced approach, mitigating risks associated with equities over time.
* Why the Answer is B
* The mix of low-risk (bonds, cash) and some high-risk exposure (equities) aligns withLow-Mid Risk.
* Why Other Options are Incorrect
* A. Low Risk: Overlooks the equity and higher-risk components.
* C. Mid Risk / D. Mid-High Risk: Overestimate the risk level due to the dominance of bonds and cash.
* ICWIM Study Guide, Chapter on Risk Profiling: Explains portfolio risk classification.
References

NEW QUESTION # 138
Which type of fund makes a single daily transaction?

A. Investment trust
B. Split capital trust
C. Closed-ended
D. Mutual funds

Answer: D

Explanation:
Mutual funds (also known as open-ended investment funds) transact once per day, at the fund's Net Asset Value (NAV).
* Why is Option A Correct?
* Mutual funds pool investor money and invest in a diversified portfolio.
* Investors buy or sell shares at the NAV, which is calculated at the end of each trading day.
* Why Not Other Options?
* B (Investment trust) # A closed-ended fund that trades like a stock throughout the day.
* C (Split capital trust) # A type of investment trust, which trades on the stock exchange.
* D (Closed-ended fund) # Also trades on an exchange with prices determined by supply and demand.
# Reference: FCA Handbook (Fund Structures), CISI Wealth & Investment Management.

NEW QUESTION # 139
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