2025年CFA考試真題試卷解析考試時間：______分鐘總分：______分姓名：______考試時間：6小時注意事項：1.請確保你的答題卡在考試結(jié)束時已經(jīng)正確填涂。2.請根據(jù)題目要求，在答題紙上寫下你的答案。對于計算題，請寫出必要的計算步驟；對于Essay題目，請確保結(jié)構(gòu)清晰，論述充分。3.試卷分為三個部分，請按順序作答。---第一部分1.Describethekeydifferencesbetweentheethicalobligationsofaportfoliomanagerwhoactsasaprincipalversusonewhoactsasanagent.Considertheimplicationsofthesedifferencesondecision-makingprocessesandpotentialconflictsofinterest.2.AcompanyreportsthefollowinginformationfortheyearendedDecember31,202X:*Salesrevenue:$5,000,000*Costofgoodssold:$3,200,000*Operatingexpenses:$1,800,000*Depreciationexpense:$400,000*Interestexpense:$200,000*Incometaxexpense:$300,000*Dividendspaid:$150,000Calculatethecompany'snetincomefortheyear202X.Provideabriefexplanationofhoweachitemaffectsthecompany'sprofitability.3.Explaintheconceptoftheefficientmarkethypothesis(EMH).Describethethreeformsofmarketefficiencyandprovideexamplesofmarketconditionsthatwouldsupporteachform.DiscusstheimplicationsofEMHforinvestorsandportfoliomanagers.4.Youareanalyzingtwostocks,StockAandStockB.StockAhasanexpectedreturnof12%andastandarddeviationof15%.StockBhasanexpectedreturnof10%andastandarddeviationof10%.Assumethecorrelationcoefficientbetweenthetwostocksis0.25.Ifyouinvest60%ofyourcapitalinStockAand40%inStockB,calculatetheexpectedreturnandstandarddeviationoftheportfolio.5.Acompanyisconsideringinvestinginanewproject.Theinitialinvestmentrequiredis$1,000,000.Theprojectisexpectedtogeneratecashinflowsof$300,000peryearforthenext5years.Thecompany'scostofcapitalis8%.a)Calculatethenetpresentvalue(NPV)oftheproject.b)Calculatetheinternalrateofreturn(IRR)oftheproject.c)Basedonyourcalculations,shouldthecompanyaccepttheproject?Explainyourreasoning.6.Describethedifferenttypesoffinancialstatementsandtheirprimarypurpose.Explaintherelationshipbetweentheincomestatement,balancesheet,andstatementofcashflows.7.Definethefollowingterms:*Marketrisk*Firm-specificrisk*Beta*Alpha*Arbitrage8.Explaintheconceptofdurationandconvexityasappliedtofixedincomesecurities.Howdotheseconceptshelpinvestorsmanagetheinterestrateriskoftheirfixedincomeportfolios?---第二部分9.Acompanyisconsideringissuingbondstofinanceanewproject.Thebondshaveafacevalueof$1,000,acouponrateof6%,andamaturityof10years.Themarketinterestrateforsimilarbondsis5%.a)Calculatethepriceofthebond.b)Explaintherelationshipbetweenthebond'spriceandthemarketinterestrate.c)Ifthemarketinterestrateincreasesto7%,whatwillhappentothepriceofthebond?Explainyourreasoning.10.Describethedifferenttypesofequityvaluationmethods.Compareandcontrastthedividenddiscountmodel(DDM),thecomparablecompaniesanalysis,andthediscountedcashflow(DCF)model.Provideexamplesofsituationswhereeachmethodmightbemostappropriate.11.Explaintheconceptofawarrantandhowitdiffersfromacalloption.Discussthepotentialrisksandbenefitsassociatedwithinvestinginwarrants.12.Aportfoliomanagerisconstructingaportfolioofstocks.Themanagerhasthefollowinginformationforthreestocksintheportfolio:*StockA:Expectedreturn=14%,Standarddeviation=20%*StockB:Expectedreturn=10%,Standarddeviation=15%*StockC:Expectedreturn=12%,Standarddeviation=18%Theweightsofthestocksintheportfolioareasfollows:StockA=40%,StockB=30%,StockC=30%.Thecorrelationcoefficientsbetweenthestocksareasfollows:Correlation(A,B)=0.2,Correlation(A,C)=0.3,Correlation(B,C)=0.1.Calculatetheexpectedreturnandstandarddeviationoftheportfolio.13.Discusstheroleofderivativesinportfoliomanagement.Explainhowderivativescanbeusedforhedgingpurposes,speculating,andarbitrage.Provideexamplesofspecificderivativeinstrumentsandtheirtypicalapplicationsinportfoliomanagement.14.Describethedifferentstagesoftheinvestmentmanagementprocess.Explaintheimportanceofeachstageandhowtheyareinterconnected.Discusstheroleoftheinvestmentpolicystatement(IPS)inguidingtheinvestmentmanagementprocess.15.Analyzethefactorsthatcanaffectacompany'scostofcapital.Discussthesignificanceoftheweightedaveragecostofcapital(WACC)inmakingcapitalbudgetingdecisions.ExplainhowacompanycanuseitsWACCtoevaluatepotentialinvestments.---第三部分16.Acompanyisconsideringacquiringanothercompany.Theacquiringcompany'scurrentstockpriceis$50pershare,andithas1millionsharesoutstanding.Thetargetcompany'scurrentstockpriceis$30pershare,andithas500,000sharesoutstanding.Theacquiringcompanyproposestopaya20%premiumoverthetargetcompany'sstockpriceincash.a)Calculatethetotalcostoftheacquisition.b)Iftheacquiringcompanyusesitsownstocktopayfortheacquisition,howmanysharesofitsstockwillitneedtoissue?Assumetheexchangeratiois1shareoftheacquiringcompany'sstockfor1shareofthetargetcompany'sstock.c)Discussthepotentialadvantagesanddisadvantagesofusingcashversusstocktofinancetheacquisition.17.Discussthedifferenttypesofrisksassociatedwithinvestinginrealestate.Explainhowrealestateinvestmenttrusts(REITs)allowindividualinvestorstoinvestinrealestatemarkets.AnalyzetheadvantagesanddisadvantagesofinvestinginREITscomparedtodirectrealestateinvestment.18.Describethedifferenttypesofinvestmentstrategiesusedbyportfoliomanagers.Compareandcontrastactiveandpassiveinvestmentstrategies.Discussthefactorsthatcaninfluenceaportfoliomanager'schoiceofinvestmentstrategy.19.Analyzetheroleofenvironmental,social,andgovernance(ESG)factorsininvestmentdecision-making.DiscussthepotentialimpactofESGfactorsonacompany'sfinancialperformanceandriskprofile.ExplainhowinvestorscanincorporateESGfactorsintotheirinvestmentanalysisandportfolioconstructionprocesses.20.Thefollowingistheend-of-yearbalancesheetforacompany:*Currentassets:$500,000*Fixedassets:$1,500,000*Intangibleassets:$300,000*Totalassets:$2,300,000*Currentliabilities:$400,000*Long-termdebt:$800,000*Commonstock:$1,000,000*Retainedearnings:$300,000*Totalliabilitiesandequity:$2,300,000Calculatethefollowingfinancialratios:*Currentratio*Debt-to-equityratio*Returnonassets(assumingnetincomefortheyearis$200,000)*DuPontreturnonequity(assumingtotalequityisequaltocommonstockplusretainedearnings)Basedontheseratios,provideabriefanalysisofthecompany'sfinancialperformanceandposition.---試卷答案1.Portfoliomanagersactingasprincipalsowntheassetstheymanageandhavedirectexposuretoinvestmentrisksandpotentialreturns.Theirprimaryobligationistomaximizethereturnsfortheirownclients.Incontrast,portfoliomanagersactingasagentsoweafiduciarydutytotheirclients,whichmeanstheymustactinthebestinterestoftheirclientsatalltimes,oftenbalancingtheirclients'interestswiththeirown.Thiscancreatepotentialconflictsofinterest,suchasamanagerrecommendinginvestmentsthatgeneratehighercommissionsratherthanthosethataretrulyintheclient'sbestinterest.Theethicalobligationsofanagentaregovernedbyprinciplesofloyalty,prudence,andcare.2.Netincome=$5,000,000(Salesrevenue)-$3,200,000(Costofgoodssold)-$1,800,000(Operatingexpenses)-$400,000(Depreciationexpense)-$200,000(Interestexpense)-$300,000(Incometaxexpense)=$400,000.Salesrevenueincreasesprofitability.Costofgoodssold,operatingexpenses,depreciationexpense,andinterestexpensedecreaseprofitability.Incometaxexpenseisthetaxpaidonthecompany'staxableincome,furtherreducingnetincome.Dividendspaidareadistributionofprofitstoshareholdersanddonotaffectnetincome.3.Theefficientmarkethypothesis(EMH)statesthatfinancialmarketsareefficient,meaningthatassetpricesfullyreflectallavailableinformation.Therearethreeformsofmarketefficiency:*Weakformefficiency:Pricereflectsallpasttradinginformation,suchashistoricalpricesandtradingvolumes.Technicalanalysiscannotconsistentlygenerateabnormalreturns.*Semi-strongformefficiency:Pricereflectsallpubliclyavailableinformation,includingfinancialstatements,news,andannouncements.Fundamentalanalysiscannotconsistentlygenerateabnormalreturns.*Strongformefficiency:Pricereflectsallinformation,bothpublicandprivate.Noonecanconsistentlygenerateabnormalreturns,evenwithinsideinformation.Marketconditionsthatsupportweakformefficiencyincludealargenumberofactivetraders,rapidinformationdissemination,andlowtransactioncosts.Marketconditionsthatsupportsemi-strongformefficiencyincludewidespreadaccesstoinformationandquickincorporationofinformationintoprices.Marketconditionsthatsupportstrongformefficiencyarerareanddifficulttoobserveinpractice.TheimplicationsofEMHforinvestorsandportfoliomanagersarethatitisdifficulttoconsistentlyoutperformthemarket.Therefore,passiveinvestmentstrategies,suchasinvestinginindexfunds,maybemoreappropriateforaverageinvestors.Portfoliomanagersmustfocusonprovidingvaluethroughsuperiorresearch,riskmanagement,andcustomerservice.4.Expectedreturnoftheportfolio=(0.6*12%)+(0.4*10%)=11.2%.Varianceoftheportfolio=(0.6^2*15%^2)+(0.4^2*10%^2)+(2*0.6*0.4*0.25*15%*10%)=0.01189Standarddeviationoftheportfolio=sqrt(0.01189)=10.9%5.a)NPV=-1,000,000+[300,000/(1+0.08)^1]+[300,000/(1+0.08)^2]+[300,000/(1+0.08)^3]+[300,000/(1+0.08)^4]+[300,000/(1+0.08)^5]=$102,960.48.b)IRRisthediscountratethatmakestheNPVoftheprojectequaltozero.Usingafinancialcalculatororspreadsheetsoftware,theIRRisapproximately13.72%.c)SincetheNPVispositiveandtheIRRisgreaterthanthecostofcapital,thecompanyshouldaccepttheproject.Thisindicatesthattheprojectisexpectedtogeneratereturnsthatexceedthecostofcapitalandaddvaluetothecompany.6.Themaintypesoffinancialstatementsaretheincomestatement,balancesheet,statementofcashflows,andstatementofchangesinequity.Theincomestatementreportsacompany'srevenues,expenses,andnetincomeorlossoveraperiodoftime.Thebalancesheetprovidesasnapshotofacompany'sfinancialpositionataspecificpointintime,showingitsassets,liabilities,andequity.Thestatementofcashflowsreportsthecashinflowsandoutflowsfromoperating,investing,andfinancingactivitiesduringaperiod.Thestatementofchangesinequityshowsthechangesinacompany'sequityduringaperiod,suchasnetincome,dividends,andissuanceofstock.Therelationshipbetweenthesestatementsisasfollows:Thenetincome(orloss)fromtheincomestatementflowsintotheretainedearningsaccountonthebalancesheet.Thecashflowsfromoperatingactivitiesonthestatementofcashflowsarederivedfromtheincomestatement.Thestatementofchangesinequityshowshownetincome(orloss)affectsequity.7.Marketriskistheriskthataffectsallassetsinthemarketandcannotbeeliminatedthroughdiversification.Itisalsoknownassystematicrisk.Firm-specificriskistheriskthatisuniquetoaspecificcompanyorindustryandcanbeeliminatedthroughdiversification.Itisalsoknownasunsystematicrisk.Betaisameasureofastock'svolatilityrelativetotheoverallmarket.Abetaof1meansthestock'spricemoveswiththemarket,abetagreaterthan1meansthestockismorevolatilethanthemarket,andabetalessthan1meansthestockislessvolatilethanthemarket.Alphaistheexcessreturnofastockorportfoliooveritsexpectedreturngivenitsrisklevel.Apositivealphaindicatesthattheinvestmenthasoutperformedthemarket,whileanegativealphaindicatesunderperformance.Arbitrageisthepracticeoftakingadvantageofapricedifferencebetweentwoormoremarkets.Thegoalistomakearisk-freeprofitbysimultaneouslybuyinganassetinonemarketatalowpriceandsellingitinanothermarketatahigherprice.8.Durationisameasureofthesensitivityofabond'spricetochangesininterestrates.Itrepresentstheweightedaveragetimeuntilthecashflowsfromabondarereceived.Convexityisameasureofthecurvatureintherelationshipbetweenabond'spriceanditsyield.Itmeasureshowthedurationofabondchangesasthebond'syieldchanges.Theseconceptshelpinvestorsmanagetheinterestrateriskoftheirfixedincomeportfoliosbyprovidingawaytoestimatetheimpactofinterestratechangesonthevalueoftheirbondinvestments.Durationallowsinvestorstocomparetheinterestrateriskofdifferentbonds.Abondwithalongerdurationismoresensitivetointerestratechangesandwillexperiencealargerpricedeclineifinterestratesrise.Convexityhelpstorefinetheestimateofthepricechangebyaccountingforthefactthatthedurationofabondchangesasitsyieldchanges.Abondwithhigherconvexitywillexperienceasmallerpricedeclineifinterestratesriseandalargerpriceincreaseifinterestratesfall.9.a)Priceofthebond=[60*PVIFA(5%,10)]+[1,000*PVIF(5%,10)]=$1,077.22.b)Thereisaninverserelationshipbetweenthebond'spriceandthemarketinterestrate.Whenthemarketinterestraterises,thepriceofthebondfalls,andwhenthemarketinterestratefalls,thepriceofthebondrises.Thisisbecausethefixedcouponpaymentsofthebondbecomelessattractivewhenmarketinterestratesrise,andmoreattractivewhenmarketinterestratesfall.c)Ifthemarketinterestrateincreasesto7%,thepriceofthebondwilldecrease.Thisisbecausethefixedcouponpaymentsofthebondarenowlessattractivecomparedtothehigherinterestratesavailableinthemarket.Investorswillbewillingtopaylessforthebondtoachieveayieldthatiscompetitivewithotherinvestmentsavailableinthemarket.10.Themaintypesofequityvaluationmethodsarethedividenddiscountmodel(DDM),comparablecompaniesanalysis,anddiscountedcashflow(DCF)model.*Dividenddiscountmodel(DDM)valuesastockbasedonthepresentvalueofitsexpectedfuturedividends.Itismostappropriateforcompaniesthatpayconsistentdividendsandhavestablegrowthrates.*Comparablecompaniesanalysisvaluesastockbycomparingittosimilarcompaniesinthesameindustry.Thevaluationisbasedonvariousfinancialratios,suchasprice-to-earnings(P/E)ratio,price-to-sales(P/S)ratio,andenterprisevalue-to-EBITDAratio.ThismethodismostappropriateforcompaniesthataredifficulttovalueusingtheDDMorDCFmodel.*Discountedcashflow(DCF)modelvaluesastockbasedonthepresentvalueofitsexpectedfuturefreecashflows.Itismostappropriateforcompaniesthatdonotpaydividendsorhaveirregulardividendpayments,buthavepredictablefuturecashflows.TheDDMissimpletousebutreliesonassumptionsaboutfuturedividendpayments.Thecomparablecompaniesanalysisiseasytounderstandbutdependsontheavailabilityofcomparablecompaniesandtheaccuracyofthechosenvaluationmultiples.TheDCFmodelisthemosttheoreticallysoundbutiscomplextouseandrequiresaccurateforecastsoffuturecashflows.11.Awarrantisalong-termoptionthatgivestheholdertheright,butnottheobligation,topurchasetheunderlyingstockataspecifiedexercisepricebeforeaspecifiedexpirationdate.Acalloptiongivestheholdertheright,butnottheobligation,topurchasetheunderlyingstockataspecifiedexercisepricebeforeaspecifiedexpirationdate.Themaindifferencebetweenawarrantandacalloptionisthatawarrantistypicallyissuedbythecompanyandisoftenincludedasasweetenerinasecurityoffering,whileacalloptionisusuallycreatedbymarketmakersandtradedonanexchange.Thepotentialrisksassociatedwithinvestinginwarrantsincludetheriskoftheunderlyingstockpricenotreachingtheexerciseprice,resultinginthewarrantexpiringworthless.Thepotentialbenefitsincludetheleverageprovidedbytheoption-likefeature,whichcanleadtosignificantgainsiftheunderlyingstockpriceincreasessubstantially.Thepotentialrisksassociatedwithinvestingincalloptionsincludetheriskoftheunderlyingstockpricenotincreasingenoughtocoverthepremiumpaidfortheoption,resultinginaloss.Thepotentialbenefitsincludetheabilitytoparticipateintheupsidemovementoftheunderlyingstockpricewithlimitedrisk,aslongasthestockpriceincreasesbymorethanthepremiumpaid.12.Expectedreturnoftheportfolio=(0.6*14%)+(0.3*10%)+(0.3*12%)=12.6%.Varianceoftheportfolio=(0.6^2*20%^2)+(0.3^2*15%^2)+(0.3^2*18%^2)+2*0.6*0.3*0.2*20%*15%+2*0.6*0.3*0.3*20%*18%+2*0.3*0.3*0.1*15%*18%=0.01789Standarddeviationoftheportfolio=sqrt(0.01789)=13.4%13.Derivativesarefinancialinstrumentswhosevalueisderivedfromanunderlyingasset,suchasstocks,bonds,commodities,orcurrencies.Theyplayacrucialroleinportfoliomanagementbyprovidingtoolsforhedging,speculating,andarbitrage.*Hedging:Derivativescanbeusedtoprotectaportfolioagainstpotentiallosses.Forexample,aportfoliomanagerwhoisconcernedaboutapotentialdeclineinthestockmarketcanuseputoptionstohedgeagainstthisrisk.*Speculating:Derivativescanbeusedtospeculateonthefuturedirectionofthemarketorthepriceofaspecificasset.Forexample,aportfoliomanagerwhobelievesthatthepriceofacommoditywillrisecanusefuturescontractstospeculateonthismovement.*Arbitrage:Derivativescanbeusedtoexploitpricedifferencesbetweentwoormoremarkets.Forexample,atradercansimultaneouslybuyaderivativeinonemarketatalowpriceandsellitinanothermarketatahigherpricetomakearisk-freeprofit.Examplesofspecificderivativeinstrumentsandtheirtypicalapplicationsinportfoliomanagementinclude:*Futurescontracts:Usedforhedgingpriceriskincommodities,interestrates,orcurrencies.*Options:Usedforhedgingorspeculatingonthefuturedirectionofthepriceofanunderlyingasset.*Swaps:Usedforhedginginterestrateriskorcurrencyrisk.14.Theinvestmentmanagementprocessconsistsoffourmainstages:settinginvestmentobjectivesandpolicies,selectinginvestments,monitoringtheportfolio,andrebalancingtheportfolio.*Settinginvestmentobjectivesandpolicies:Thisstageinvolvesdefiningtheinvestmentgoals,timehorizon,risktolerance,andotherconstraintsoftheportfolio.Theinvestmentpolicystatement(IPS)isaformaldocumentthatoutlinestheseobjectivesandpolicies.*Selectinginvestments:Thisstageinvolvesusingtheinvestmentobjectivesandpoliciestoselectspecificinvestmentsfortheportfolio.Thismayinvolveconductingresearch,analyzingmarkettrends,andevaluatingpotentialinvestments.*Monitoringtheportfolio:Thisstageinvolvesregularlyreviewingtheportfoliotoensurethatitisperformingasexpectedandmakingadjustmentsasnecessary.Thismayinvolvemonitoringmarketconditions,assessingtheperformanceoftheportfolio,andevaluatingtheriskexposureoftheportfolio.*Rebalancingtheportfolio:Thisstageinvolvesmakingadjustmentstotheportfoliotobringitbackinlinewiththeoriginalinvestmentobjectivesandpolicies.Thismayinvolvesellingsomeinvestmentsandbuyingotherstoadjusttheportfolio'sassetallocation.Eachstageoftheinvestmentmanagementprocessisimportantandinterconnected.Theinvestmentobjectivesandpoliciesprovidethefoundationfortheentireprocess.Theselectionofinvestmentsisguidedbytheinvestmentobjectivesandpolicies.Themonitoringoftheportfolioensuresthattheportfolioisontracktomeettheinvestmentobjectives.Therebalancingoftheportfoliohelpstomaintainthedesiredrisklevelandensuresthattheportfolioremainsalignedwiththeinvestmentobjectives.15.Thefactorsthatcanaffectacompany'scostofcapitalincludetherisk-freerate,themarketriskpremium,thecompany'sbeta,thecompany'sdebt-to-equityratio,theinteresttaxshield,andthecostofdebt.Theweightedaveragecostofcapital(WACC)istheaverageratethatacompanyisexpectedtopaytofinanceitsassets.Itiscalculatedastheweightedaverageofthecostofdebtandthecostofequity,wheretheweightsaretheproportionsofdebtandequityinthecompany'scapitalstructure.TheWACCissignificantinmakingcapitalbudgetingdecisionsbecauseitisusedasadiscountratetoevaluatepotentialinvestments.IftheexpectedreturnonapotentialinvestmentisgreaterthantheWACC,theinvestmentisexpectedtoaddvaluetothecompanyandshouldbeaccepted.IftheexpectedreturnonapotentialinvestmentislessthantheWACC,theinvestmentisexpectedtodestroyvalueandshouldberejected.AcompanycanuseitsWACCtoevaluatepotentialinvestmentsbycalculatingthenetpresentvalue(NPV)oftheinvestmentusingtheWACCasthediscountrate.IftheNPVispositive,theinvestmentisexpectedtoaddvaluetothecompany.IftheNPVisnegative,theinvestmentisexpectedtodestroyvalue.16.a)Totalcostoftheacquisition=500,000shares*($30*1.20)=$18,000,000.b)Numberofsharestoissue=500,000shares/1share=500,000shares.c)Advantagesofusingcashtofinancetheacquisitionincludetheabilitytopaythefullpurchasepriceimmediately,whichmaymaketheacquisitionmoreattractivetothetargetcompany'sshareholders.Disadvantagesincludethepotentialstrainontheacquiringcompany'sliquidityandtheopportunitycostofusingcashthatcouldbeusedforotherinvestments.Advantagesofusingstocktofinancetheacquisitionincludethepreservationofcash,whichcanbeusedforotherpurposes,andthepotentialforthestockpricetoappreciateaftertheacquisition,resultinginahighervaluationfortheacquiringcompany.Disadvantagesincludethepotentialdilutionoftheacquiringcompany'sstockpriceandtheriskthatthetargetcompany'sshareholdersmaynotaccepttheoffer.17.Thedifferenttypesofrisksassociatedwithinvestinginrealestateincludemarketrisk,creditrisk,liquidityrisk,andoperationalrisk.Marketriskistheriskthatthevalueoftherealestateinvestmentwilldeclineduetoeconomicdownturns,changesininterestrates,orchangesintherealestatemarket.Creditriskistheriskthattheborrower(suchasatenantoramortgageholder)willdefaultontheirobligations.Liquidityriskistheriskthattherealestateinvestmentcannotbesoldquicklyatafairprice.Operationalriskistheriskthattherealestateinvestmentwillnotbemanagedeffectively,resultinginlowerreturnsorhighercosts.Realestateinvestmenttrusts(REITs)allowindividualinvestorstoinvestinrealestatemarketsbypoolingtheircapitaltoinvestinaportfolioofrealestateproperties.REITsarerequiredtodistributeasignificantportionoftheirtaxableincometoshareholdersasdividends,whichmakesthemanattractiveinvestmentforincome-seekinginvestors.AdvantagesofinvestinginREITscomparedtodirectrealestateinvestmentincludeliquidity(REITsaretradedonstockexchanges),diversification(REITsinvestinaportfolioofproperties),andprofessionalmanagement.DisadvantagesincludethepotentialforhigherfeesandtheriskthattheREIT'sperformancewillbenegativelyaffectedbychangesintherealestatemarketorinterestrates.18.Thedifferenttypesofinvestmentstrategiesusedbyportfoliomanagersincludeactiveandpassiveinvestmentstrategies.*Activeinvestmentstrategiesinvolveattemptingtooutperformthemarketbyselectingspecificinvestmentsortimingthemarket.Activestrategiesrequireactivemanagement,research,andanalysis.*Passiveinvestmentstrategiesinvolveconstructing