2025年CFA二級案例分析試卷考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容CaseStudy1:FixedIncomePortfolioManagementAninvestmentmanagerisconstructingafixedincomeportfolioforaclientwithamoderaterisktolerance.Theclienthasaportfoliocurrentlyinvested60%ininvestment-gradecorporatebondsand40%ingovernmentbonds.Themanagerisconsideringaddinganewpositioninhigh-yieldcorporatebondstoenhanceincome.Asoftoday,theyieldcurveisflatat4.00%forgovernmentbondsofallmaturities.Investment-gradecorporatebondsareyielding5.00%,whilehigh-yieldcorporatebondsareyielding8.00%.Themanagerexpectsinflationtoremainstableat2.0%overthenextyear.Theportfolioisheavilyweightedtowardsshort-termmaturities(lessthan2years).Themanageranalyzesthreehigh-yieldbonds:*BondA:A$1,000parvaluebondwithan8.5%coupon,maturingin5years.Itsyieldtomaturity(YTM)iscurrently8.20%.*BondB:A$1,000parvaluebondwitha7.0%coupon,maturingin10years.ItsYTMiscurrently8.50%.*BondC:A$1,000parvaluezero-couponbond,maturingin7years.ItsYTMiscurrently8.30%.ThemanagerusesaMacaulaydurationof4.5yearsfortheexistingportfolio,andestimatesthemodifieddurationtobe4.3years.Theportfolio'sconvexityisestimatedat85.Thecreditdefaultswaps(CDS)spreadforBondAis150basispoints,forBondBis200basispoints,andforBondCisnotapplicable(zero-coupon).ThemanagerusesaCDSspreadadd-onof100basispointstotheyieldtomaturityforestimatingtheexpectedreturnonhigh-yieldbonds.Themanageralsoconsiderstheimpactofrisinginterestrates.Ifinterestratesriseby1.0%,themanagerestimatesthatthepriceofBondAwoulddeclinebyapproximately4.5%,BondBby8.0%,andBondCby7.0%.Theexistingportfoliohasaduration-basedinterestrateriskof$2.1millionfora1.0%rateincrease.Theclient'srisktoleranceimpliesamaximumacceptableincreaseintheportfoliovalueof3.0%fora1.0%increaseininterestrates.Required:1.Discussthepotentialbenefitsandrisksofaddinghigh-yieldcorporatebondstotheclient'sportfolio.Considerbothcreditriskandinterestraterisk.2.Calculatetheexpectedreturnforeachofthethreehigh-yieldbondsusingthemanager'sCDSspreadadd-onmethod.Whichbondwouldyourecommendbasedonthisreturn,andwhy?3.Calculatethedurationandconvexityofeachhigh-yieldbond.Estimatethepercentagepricechangeforeachbondifinterestratesincreaseby0.75%.4.Evaluatetheinterestrateriskoftheproposedportfolioifthemanageradds$10millionworthofBondB.Wouldthisadditionbewithintheclient'srisktolerance?Explainyourreasoning,consideringboththedurationandconvexityoftheportfolio.5.Themanageralsoconsidersusingaswaptoconvertsomeoftheexistinginvestment-gradebondportfoliointoafloating-rateportfolio.Explainthepotentialbenefitsandrisksofthisstrategyforthisclient.CaseStudy2:EquityValuationandInvestmentAnalysisYouareanalyzingtwocompaniesinthetechnologysector:TechCorpandDataInc.Bothcompaniesareexpectedtogrowatarateof6%peryearforthenextthreeyears,afterwhichgrowthisexpectedtostabilizeat4%peryearindefinitely.Currentmarketinterestratesare3.0%forrisk-freeassets,andthemarketriskpremiumis5.0%.TechCorphasabetaof1.2,whileDataInc.hasabetaof1.5.Themostrecentfinancialstatementsforbothcompaniesshowthefollowing(inmillions):|Metric|TechCorp|DataInc.||:--------------------|:-------|:--------||CurrentStockPrice|$150|$250||EarningsperShare|$10|$15||BookValueperShare|$80|$120||DividendsperShare|$2|$5||ExpectedDividendNextYear|$2.10|$5.50|Youestimatethatbothcompanieswillmaintaintheircurrentdividendpayoutratiofortheforeseeablefuture.Required:1.CalculatetherequiredrateofreturnforTechCorpandDataInc.usingtheCapitalAssetPricingModel(CAPM).2.UsingtheConstantGrowthDCFmodel,estimatetheintrinsicvaluepershareforTechCorpandDataInc.Assumeaperpetuitygrowthrateof4%afteryear3.Commentonwhichstockappearstobemoreundervaluedorovervaluedbasedonyourcalculationsandthecurrentmarketprice.3.CalculatetheP/Eratio,P/Bratio,andDividendYieldforbothcompaniesbasedontheircurrentstockpricesandthemostrecentfinancialdata.Howdothesevaluationmultiplescomparebetweenthetwocompanies?Whatfactorsmightexplainthesedifferences?4.Youalsohaveaccesstoanalysts'forecastsforthenextyear'searningspershare:|Company|AnalystEPSForecast||:------------|:-------------------||TechCorp|$11.00||DataInc.|$16.00|Calculatetheimpliedgrowthrateinearningspershareforthenextyearforeachcompany,assumingthecurrentstockpricereflectstherequiredrateofreturnandaperpetuitygrowthrateof4%thereafter.HowdotheseimpliedgrowthratescomparetothegrowthratesusedinyourDCFvaluation?5.DiscussthelimitationsofusingtheConstantGrowthDCFmodelforvaluingthesetechnologycompanies.Whatotherfactorsormodelsshouldyouconsiderinyouroverallinvestmentanalysis?CaseStudy3:PortfolioManagementandAlternativeInvestmentsAninvestmentmanagerisreviewingtheportfolioofaclientwhohasalong-terminvestmenthorizonandahighrisktolerance.Thecurrentportfolioconsistsofthefollowingassets:|AssetClass|InvestmentAmount(USDmillions)|ExpectedReturn|StandardDeviation|CorrelationwithPortfolio||:------------------|:-------------------------------|:--------------|:-----------------|:-------------------------||Large-CapEquities|$20million|10.0%|15.0%|0.6||Small-CapEquities|$15million|12.0%|25.0%|0.5||InternationalEquities|$10million|8.0%|20.0%|0.3||Investment-GradeBonds|$25million|5.0%|5.0%|-0.2||RealEstate|$10million|7.0%|10.0%|0.1|Themanagerisconsideringaddinganallocationtoprivateequity.Themanagerhasidentifiedaprivateequityfundwithanexpectedreturnof15.0%andastandarddeviationof30.0%.Thecorrelationofthisfundwiththeexistingportfolioisestimatedtobe0.2.Themanagerexpectstheprivateequityfundtohavealowcorrelationwiththepublicmarketsbutahighercorrelationwiththeoverallportfolioduetoitsilliquidityandspecificinvestmentstrategy.Required:1.Calculatethecurrentexpectedreturnandstandarddeviationoftheclient'sportfolio.2.Explainthepotentialbenefitsofaddingtheprivateequityfundtotheportfoliointermsofdiversificationandrisk-adjustedreturns.3.Estimatetheexpectedreturn,standarddeviation,andSharperatiooftheportfolioifthemanageradds10%oftheportfolio'sassets(i.e.,$7million)totheprivateequityfund.Assumetheweightsoftheotherassetsremainunchangedproportionally.4.Discussthespecificrisksassociatedwithinvestinginprivateequity,suchasilliquidity,leverage,andmanagementrisk.Howmighttheserisksimpacttheclient'sportfolio?5.Themanageralsoconsidersusingleveragetoenhancethereturnsofthesmall-capequityportfolio.Discussthepotentialbenefitsandrisksofusingleverageinthiscontext.Wouldthisstrategybesuitableforallclients,andwhy?試卷答案CaseStudy1:FixedIncomePortfolioManagement1.PotentialBenefits:Addinghigh-yieldbondscouldincreasetheportfolio'soverallyield,improvingincomegeneration,whichisattractivegiventherelativelylowyieldsoninvestment-gradeandgovernmentbonds.Itcouldalsopotentiallyenhancetotalreturnsifthehigh-yieldbondsperformwellanddelivertheirpromisedcoupons.PotentialRisks:Theprimaryriskisincreasedcreditrisk.High-yieldbondshaveahigherprobabilityofdefaultcomparedtoinvestment-gradeorgovernmentbonds,whichcouldleadtosignificantlossesfortheportfolio.Additionally,high-yieldbondsaregenerallymoresensitivetoeconomicdownturnsandchangesininterestrates,potentiallyincreasingtheportfolio'svolatility.Theexistingportfolio'sheavyweightingtowardsshort-termmaturitiesmightmakeitmorevulnerabletointerestraterisk,andaddinglonger-durationhigh-yieldbondscouldexacerbatethisriskunlessproperlymanaged.2.ExpectedReturns:*BondA:YTM(8.20%)+CDSSpreadAdd-on(100bps=1.00%)=9.20%*BondB:YTM(8.50%)+CDSSpreadAdd-on(100bps=1.00%)=9.50%*BondC:YTM(8.30%)+CDSSpreadAdd-on(100bps=1.00%)=9.30%Recommendation:Basedsolelyontheexpectedreturn,BondBoffersthehighestexpectedreturnof9.50%.However,themanagershouldnotmaketherecommendationbasedsolelyonreturn.Themanagermustalsoconsiderthecreditrisk(higherCDSspreadsindicatehigherperceivedrisk),theincreasedinterestrateriskduetothelongerdurationofBondBcomparedtoBondAorC,andtheoverallimpactontheportfolio'screditqualityanddurationprofile.Therisktoleranceoftheclientisacriticalfactor.3.DurationandConvexity(Approximateusingthepercentagechangegivenfora1.0%rateincreaseasaproxy):*BondA:Duration≈4.5years(given);Convexity≈85(given).Pricechangefor0.75%increase=[(4.5*-0.0075)+(85/2)*(-0.0075)^2]=-0.03375+0.00259375=-0.031157≈-3.12%*BondB:Duration≈8.0years(proxy);Convexity≈(8.0/4.5)^2*85≈13.78*85≈1170(approximation,usingtheratioofdurationssquaredandmultiplyingbyBondA'sconvexity).Pricechangefor0.75%increase=[(8.0*-0.0075)+(1170/2)*(-0.0075)^2]=-0.06+4.125*0.00005625=-0.06+0.0002328125≈-5.98%*BondC:Duration≈7.0years(proxy);Convexity≈(7.0/4.5)^2*85≈11.11*85≈944.35(approximation).Pricechangefor0.75%increase=[(7.0*-0.0075)+(944.35/2)*(-0.0075)^2]=-0.0525+472.175*0.00005625=-0.0525+0.0266359375≈-2.57%*(Note:Convexitycalculationsareapproximationsbasedonthegivendataanddurationproxy.)*4.PortfolioImpactAnalysis:*CurrentPortfolioValue=$60M+$40M=$100M.*WeightofBondBaddition=$10M/($100M+$10M)=$10M/$110M≈0.0909(9.09%).*NewPortfolioDuration=(0.60*4.3)+(0.40*4.3)+(0.0909*8.0)≈2.58+1.72+0.7272≈4.0272years.*NewPortfolioConvexity=(0.60*85)+(0.40*85)+(0.0909*1170)≈51+34+106.253≈191.253.*InterestRateRisk=-Duration*ChangeinPrice=-4.0272*(-$2.1M)=+$8.257million(increase).*EstimatedPriceChange=[(4.0272*-0.0075)+(191.253/2)*(-0.0075)^2]*$110M≈[-0.030205+0.000681]*$110M≈[-0.029524]*$110M≈-$3.247million(decrease).*Evaluation:Theestimatedincreaseinportfoliovalueduetodurationis$8.257million,buttheestimateddecreaseduetoconvexityissmaller.Theneteffectisapredicteddecreaseofapproximately$3.247millionfora1.0%rateincrease.Thisissignificantlyhigherthantheclient'smaximumacceptableincreaseof3.0%($3.0million)ofthe$100millionportfoliovalue(3.0%of$100M=$3M).Therefore,adding$10millionofBondBappearstoexceedtheclient'sinterestraterisktolerance.5.BenefitsofInterestRateSwap:Themanagercoulduseaswaptoconvertthefixedcouponpaymentsfromtheexistinginvestment-gradebondportfoliointofloating-ratepayments.Thiswouldprotecttheportfolio'svaluefrompotentialdecreasesinfixedbondpricesifinterestratesrise,whilepotentiallycapturinghigherreturnsifinterestratesfall.Itprovidesinterestratehedging.RisksofInterestRateSwap:Therearecounterpartycreditrisk(riskthattheswapdealerfailstofulfillitsobligations)andbasisrisk(thedifferencebetweenthefloatingrateontheswapandarelevantmarketfloatingratemightnotmoveasexpected,leadingtoineffectivehedging).Themanageralsoneedstoconsiderthecostsoftheswap(spread)andthepotentialimpactontheportfolio'soverallyieldprofileandcomplexity.CaseStudy2:EquityValuationandInvestmentAnalysis1.RequiredRateofReturn(CAPM):*TechCorp:RRR=Rf+Beta*(Rm-Rf)=3.0%+1.2*5.0%=3.0%+6.0%=9.0%.*DataInc.:RRR=Rf+Beta*(Rm-Rf)=3.0%+1.5*5.0%=3.0%+7.5%=10.5%.2.IntrinsicValue(DCF):*TechCorp:*dividendsforyears1-3:$2.10,$2.10*(1.06),$2.10*(1.06)^2=$2.10,$2.226,$2.35756.*TerminalValue(TV)atendofyear3:D4/(RRR-g)=[D3*(1+g)]/(RRR-g)=[$2.35756*(1.04)]/(0.09-0.04)=$2.4617424/0.05=$49.234848.*PVofdividends+PVofTV:($2.10/1.09)^1+($2.226/1.09)^2+($2.35756/1.09)^3+($49.234848/(1.09)^3)*PV=($1.917431)+($1.855927)+($1.798924)+($38.549932)≈$44.121218.*IntrinsicValue≈$44.12.*DataInc.:*dividendsforyears1-3:$5.50,$5.50*(1.06),$5.50*(1.06)^2=$5.50,$5.83,$6.1718.*TerminalValue(TV)atendofyear3:D4/(RRR-g)=[D3*(1+g)]/(RRR-g)=[$6.1718*(1.04)]/(0.105-0.04)=$6.4317552/0.065=$98.9655231.*PVofdividends+PVofTV:($5.50/1.105)^1+($5.83/1.105)^2+($6.1718/1.105)^3+($98.9655231/(1.105)^3)*PV=($4.977018)+($4.831627)+($4.701275)+($78.625085)≈$92.135907.*IntrinsicValue≈$92.14.*ValuationComparison:MarketPrice:TechCorp$150,DataInc.$250.*TechCorp:$44.12<$150(OvervaluedbasedonDCF).*DataInc.:$92.14<$250(OvervaluedbasedonDCF).*Comment:BothstocksaretradingabovetheirestimatedintrinsicvaluesusingtheConstantGrowthDCFmodel,suggestingtheymightbeovervalued.DataInc.appearsrelativelymoreovervaluedbasedonthehigherpricerelativetoitsestimatedvalue.3.ValuationMultiples:*TechCorp:*P/E=$150/$10=15.0*P/B=$150/$80=1.875*DividendYield=$2/$150=1.333%(or1.33%)*DataInc.:*P/E=$250/$15=16.667*P/B=$250/$120=2.083*DividendYield=$5/$250=2.000%(or2.00%)*Comparison:*P/E:DataInc.(16.667)ishigherthanTechCorp(15.0),suggestingahighervaluationbasedonearningsexpectations.*P/B:DataInc.(2.083)ishigherthanTechCorp(1.875),suggestingahighervaluationbasedonbookvalue.*DividendYield:DataInc.(2.00%)ishigherthanTechCorp(1.333%).*FactorsExplainingDifferences:ThehighermultiplesforDataInc.couldreflectitshighergrowthexpectations(impliedbythehigherimpliedgrowthrateinPart4),itsstrongercurrentprofitability($15EPSvs$10),itshigherdividendpayout,ormarketperceptionofitssuperiorgrowthprospectsorriskprofile.ThehigherP/EandP/BratiossuggestinvestorsarewillingtopaymoreforeachdollarofearningsorbookvalueforDataInc.,likelyduetoitsgrowthpotential.4.ImpliedGrowthRates:*TechCorp:*CurrentP/E=15.0=(CurrentEPS*(1+g)/(RRR-g))*(1/(1+RRR)^1)(Simplifiedforyear1)*15.0=($10*(1+g)/(0.09-g))*(1/1.09)*15.0*1.09=$10*(1+g)/(0.09-g)*16.35=$10*(1+g)/(0.09-g)*16.35*(0.09-g)=$10*(1+g)*1.4715-16.35g=10+10g*1.4715-10=26.35g*-8.5285=26.35g*g≈-0.323or-32.3%(Thisnegativegrowthisinconsistentwiththestated6%growthassumptionandsuggestsTechCorpmightbesignificantlyovervaluedortheinputsareincorrect).**Usingthestated6%growth:ImpliedP/E=$10*(1.06)/(0.09-0.06)*(1/1.09)=$11.60/0.03*0.9174≈386.67.ThisP/Eisextremelyhigh,confirmingthestockislikelyovervaluedif6%growthisexpected.**DataInc.:*CurrentP/E=16.667=(CurrentEPS*(1+g)/(RRR-g))*(1/(1+RRR)^1)*16.667=($15*(1+g)/(0.105-g))*(1/1.105)*16.667*1.105=$15*(1+g)/(0.105-g)*18.4167=$15*(1+g)/(0.105-g)*18.4167*(0.105-g)=$15*(1+g)*1.9332685-18.4167g=15+15g*1.9332685-15=33.4167g*-13.0667315=33.4167g*g≈-0.391or-39.1%(Again,negativegrowthindicatesovervaluationorissues).**Usingthestated6%growth:ImpliedP/E=$15*(1.06)/(0.105-0.06)*(1/1.105)=$15.90/0.045*0.9174≈319.56.ThisP/Eisalsoveryhigh,confirmingDataInc.islikelyovervaluedif6%growthisexpected.**ComparisontoDCFGrowth:TheDCFmodelsuseda4%perpetuitygrowthrate.Theimpliedgrowthratescalculatedherearenegative,whicharenotrealisticandhighlighttheextremeovervaluationsuggestedbythecurrentmarketpricesifthe4%DCFassumptionisvalid.TheimpliedgrowthratesaremuchlowerthantheDCFgrowthrates,indicatingthemarketpricesaresignificantlyabovetheintrinsicvaluesestimatedbytheDCFmodel.IftheDCFassumptions(especiallythe4%growth)arecorrect,bothcompaniesareovervalued.Iftheimpliedgrowthrateswerepositiveandhigherthan4%,itwouldsuggestthemarketexpectsevenfastergrowththantheDCFmodel,potentiallyjustifyingthehigherP/E,butthecurrentnegativeimpliedratesstronglysuggestovervaluation.5.LimitationsofConstantGrowthDCF&OtherFactors:*DCFLimitations:TheConstantGrowthDCFmodelishighlysensitivetotheinputassumptions,particularlythelong-termgrowthrate(g),therequiredrateofreturn(RRR),andthenumberofhigh-growthyears.Estimatingtheseinputsfortechnologycompanies,whichcanexperiencerapidchangesingrowthandprofitability,isdifficultandsubjective.Itassumesastablegrowthrateforever,whichisoftenunrealistic.Italsodoesn'texplicitlymodelriskorcompetitivedynamics.*OtherFactors/Models:Otherimportantfactorsinclude:competitivelandscapeandmarketsharetrends,managementqualityandstrategy,researchanddevelopmentpipeline,technologicaldisruptionrisks,regulatoryenvironment,andindustrycyclicality.Othervaluationmodelsthatcouldbeconsideredinclude:Two-StageorThree-StageDCF(allowsforaperiodofhighgrowthfollowedbyastableordeclininggrowthrate),ComparableCompanyAnalysis(usingmultipleslikeP/E,P/S,EV/EBITDAfrompeercompanies,consideringindustrycomparables),PrecedentTransactionsAnalysis(usingmultiplesfromrecentM&Atransactionsinthesector).DiscountedCashFlowtoFirm(DCFtoFirm)couldbeusedinsteadofDCFtoEquitytovaluetheentirefirmincludingdebt.Sensitivityanalysisonkeyinputsiscrucial.CaseStudy3:PortfolioManagementandAlternativeInvestments1.CurrentExpectedReturnandStandardDeviation:*ExpectedReturn(E(Rp)):E(Rp)=Σ[w_i*E(R_i)]E(Rp)=(0.20*10.0%)+(0.15*12.0%)+(0.10*8.0%)+(0.25*5.0%)+(0.10*7.0%)E(Rp)=2.0%+1.8%+0.8%+1.25%+0.7%=6.55%.*PortfolioVariance(Var(Rp))andStandardDeviation(σp):Var(Rp)=Σ[w_i^2*σ_i^2]+2*Σ[Σw_i*w_j*σ_i*σ_j*Corr(i,j)]Var(Rp)=(0.20^2*15.0%^2)+(0.15^2*25.0%^2)+(0.10^2*20.0%^2)+(0.25^2*5.0%^2)+(0.10^2*10.0%^2)+2*[(0.20*0.15*15.0%*25.0%*0.6)+(0.20*0.10*15.0%*20.0%*0.5)+(0.20*0.25*15.0%*5.0%*-0.2)+(0.15*0.10*25.0%*20.0%*0.3)+(0.15*0.25*25.0%*5.0%*-0.2)+(0.15*0.10*25.0%*20.0%*0.1)+(0.10*0.25*20.0%*5.0%*-0.2)+(0.10*0.10*20.0%*10.0%*0.1)]Var(Rp)=(0.04*0.0225)+(0.0225*0.0625)+(0.01*0.04)+(0.0625*0.0025)+(0.01*0.01)+2*[0.006+0.006+(-0.003)+0.009+(-0.003)+0.001+(-0.002)+0.0002]Var(Rp)=0.0009+0.00140625+0.0004+0.00015625+0.0001+2*[0.009802]Var(Rp)=0.0039225+0.019604=0.0235265σp=sqrt(0.0235265)≈0.1534or15.34%.2.BenefitsofAddingPrivateEquity:*Diversification:Privateequitytypicallyhasalowcorrelationwithtraditionalpublicmarkets(equitiesandbonds).Addingitcouldreducetheoverallportfoliovolatilityandimproverisk-adjustedreturns,asitsreturnsmaynotmoveintandemwithpublicmarkets.*Risk-AdjustedReturns:Iftheexpectedreturnof15.0%issustainableandtheaddedvolatilityisacceptablegiventheclient'shighrisktolerance,theprivateequityfundcouldpotentiallyenhancetheSharperatiooftheportfolio(assumingitsriskcontributionoutweighsitscovarianceeffects).3.PortfolioImpactwith10%PEAddition(Weights):*Large-Cap:20%/1.10=18.18%*Small-Cap:15%/1.10=13.64%*Int'lEquity:10%/1.10=9.09%*Inv-GradeBond:25%/1.10=22.73%*RealEstate:10%/1.10=9.09%*PrivateEquity:10%/1.10=9.09%*NewPortfolioExpectedReturn:E(Rp_new)=(0.1818*10.0%)+(0.1364*12.0%)+(0.0909*8.0%)+(0.2273*5.0%)+(0.0909*7.0%)+(0.0909*15.0%)E(Rp_new)=1.818%+1.6368%+0.7272%+1.1365%+0.6363%+1.3635%=8.2023%.*NewPortfolioStandardDeviation(usingapproximateformulaforsmalladdition):σp_new≈σp*sqrt(1+2*w_pe*Cov(Rp,R_pe)/σp^2+w_pe^2*σ_pe^2/σp^2)Wherew_pe=0.0909,Cov(Rp,R_pe)=w_p*σ_p*σ_pe*Corr(Rp,R_pe)=(1/1.10)*15.34%*30.0%*0.2=0.9091*0.1534*0.3=0.0412σp_new≈0.1534*sqrt(1+2*0.0909*0.0412/0.0235265+0.0909^2*0.3^2/0.0235265)σp_new≈0.1534*sqrt(1+0.00748/0.0235265+0.00826*0.09/0.0235265)σp_new≈0.1534*sqrt(1+0.3173+0.0312)=0.1534*sqrt(1.3485)≈0.1534*1.1616≈0.1780or17.80%.4.RisksofPrivateEquity:*Illiquidity:Privateequityinvestmentsaretypicallyheldfor7-10yearsormore,lockingupcapitalandpreventingeasyaccessduringmarketdownturnsoriftheclientneedsliquidity.*Leverage:Manyprivateequityfundsusesignificantleveragetoenhancereturns,whichalsomagnifiespotentiallossesifinvestmentsunderperform.*ManagementRisk:Returnsar