NISM Series V-A Chapter 10: Risk, Return and Performance of Funds Practice Questions

Question 1

Which of the following factors is considered 'unsystematic risk' for a diversified equity mutual fund?

Accepted Answer

A labour strike affecting one of the companies in the fund's portfolio.. Unsystematic risk (also known as specific risk or idiosyncratic risk) is unique to a specific company, industry, or asset. A labour strike affecting one company is a specific event that impacts only that company and can be diversified away by holding a portfolio of many different companies. Options A, B, and D describe systematic risks that affect the broader market or a significant sector and cannot be diversified away.

Question 2

A mutual fund manager aims to hedge the interest rate risk of a long-term bond portfolio by using interest rate futures contracts. However, the price movements of the futures contracts do not perfectly match the price movements of the underlying bonds in the portfolio, leading to an imperfect hedge. What type of risk is the fund primarily exposed to in this scenario?

Accepted Answer

Basis Risk. Basis risk arises when the hedging instrument (e.g., interest rate futures) does not perfectly correlate with the underlying asset being hedged (e.g., specific bonds), leading to an imperfect hedge and potential losses even with a hedging strategy in place. While interest rate risk is being hedged, the imperfect nature of the hedge introduces basis risk.

Question 3

A mutual fund scheme reports a positive Jensen's Alpha. What does this generally suggest about the fund manager's performance?

Accepted Answer

The fund manager has outperformed the market given the level of systematic risk taken.. Jensen's Alpha measures the excess return of a portfolio above what would be predicted by the Capital Asset Pricing Model (CAPM), given the portfolio's systematic risk (Beta). A positive Alpha indicates that the fund manager has generated returns superior to what was expected for the given level of systematic risk, suggesting skill in stock selection or market timing.

Question 4

Which type of risk primarily arises when the proceeds from maturing debt securities within a fund's portfolio cannot be reinvested at a rate as favorable as the original coupon rate, particularly in a falling interest rate environment?

Accepted Answer

Reinvestment Risk. Reinvestment risk is the risk that income from a bond or other fixed-income security, especially when interest rates are falling, will have to be reinvested at a lower rate than the original investment. This is distinct from interest rate risk, which relates to the impact of changing interest rates on the market value of existing bonds.

Question 5

Which of the following types of risk can typically be mitigated or reduced through effective diversification of a mutual fund's portfolio?

Accepted Answer

Unsystematic Risk. Unsystematic risk, also known as specific risk or company-specific risk, arises from factors unique to a particular company or industry. It can be reduced or eliminated by holding a well-diversified portfolio of assets. Market risk, interest rate risk, and systematic risk are generally non-diversifiable.

Question 6

Which of the following is a limitation of using Beta as a sole risk measure for a poorly diversified mutual fund?

Accepted Answer

It only measures systematic risk.. Beta measures systematic risk (market risk) only. For a poorly diversified fund, unsystematic risk (specific risk) can be significant, and Beta would not capture this component of total risk, making it an incomplete measure of risk for such a portfolio.

Question 7

A high portfolio turnover ratio for an equity mutual fund generally indicates which of the following?

Accepted Answer

Frequent buying and selling of securities by the fund manager. A high portfolio turnover ratio signifies that the fund manager is frequently buying and selling securities within the portfolio. This typically leads to higher transaction costs (brokerage, STT) and can also lead to higher short-term capital gains, impacting tax efficiency for investors.

Question 8

What is the key distinction in how the Sortino Ratio measures risk compared to the Sharpe Ratio?

Accepted Answer

The Sortino Ratio only penalizes downside volatility (negative deviations from the minimum acceptable return), whereas the Sharpe Ratio penalizes both upside and downside volatility (total standard deviation).. The Sharpe Ratio uses total standard deviation as its measure of risk, penalizing all volatility, whether positive or negative. The Sortino Ratio, however, focuses specifically on 'downside deviation' or 'downside risk,' only penalizing volatility that falls below a specified minimum acceptable return (often the risk-free rate or zero), making it a better measure for investors concerned primarily with capital preservation and avoiding losses.

Question 9

Which performance metric specifically focuses on a fund's return in excess of a risk-free rate, per unit of downside deviation, making it particularly useful for investors concerned about negative volatility?

Accepted Answer

Sortino Ratio. The Sortino Ratio is a modification of the Sharpe Ratio that differentiates harmful volatility from total overall volatility by using downside deviation in the denominator instead of standard deviation. It measures risk-adjusted return relative to the downside risk, focusing only on returns falling below a specified target or risk-free rate.

Question 10

A fund house calculates the 99% 1-day Value at Risk (VaR) for its equity fund portfolio as ₹1 crore. What does this imply?

Accepted Answer

There is a 1% probability that the fund could lose more than ₹1 crore in a single day.. Value at Risk (VaR) at a 99% confidence level for 1 day of ₹1 crore means there is a 1% chance that the fund could lose more than ₹1 crore over the next day. It defines the maximum expected loss over a specific period at a given confidence level.

Question 11

An investor made multiple staggered investments into a mutual fund scheme over a period of three years and also redeemed some units partially before the final redemption. Which measure of return would be most appropriate to calculate the investor's personalized return from these cash flows?

Accepted Answer

Extended Internal Rate of Return (XIRR). XIRR (Extended Internal Rate of Return) is the most appropriate and accurate measure for calculating an investor's personalized return when there are multiple cash inflows (investments) and outflows (redemptions) occurring at different points in time. It accounts for the exact timing and amount of each cash flow, providing a true annualized return for the irregular cash flow pattern. CAGR is suitable for a single initial investment, while Absolute Return doesn't annualize and Rolling Return is a fund performance measure.

Question 12

A fund manager consistently achieves high returns but also takes on significant non-systematic risk. Which performance measure would likely penalize this fund more heavily compared to others, assuming the market risk is constant?

Accepted Answer

Sharpe Ratio. The Sharpe Ratio measures risk-adjusted return using total risk (standard deviation) in its denominator. Since non-systematic risk contributes to total risk, a fund taking on significant non-systematic risk will have a higher standard deviation, thus lowering its Sharpe Ratio. The Treynor Ratio, on the other hand, uses only systematic risk (Beta) in its denominator and would not penalize for non-systematic risk. Jensen's Alpha measures excess return over what is predicted by the CAPM, based on systematic risk. Information Ratio measures active return per unit of active risk (tracking error).

Question 13

A high portfolio turnover ratio in an equity mutual fund typically indicates:

Accepted Answer

Frequent buying and selling of securities, potentially increasing transaction costs.. A high portfolio turnover ratio indicates that the fund manager frequently buys and sells securities in the portfolio. This active trading style often leads to higher transaction costs (brokerage, STT, etc.) and can also result in higher capital gains taxes for the unitholders, potentially eroding returns.

Question 14

For a well-diversified equity mutual fund, which risk measure is most appropriate for assessing its sensitivity to overall market movements?

Accepted Answer

Beta. Beta measures a fund's systematic risk, which is the risk inherent to the entire market. For a well-diversified fund, unsystematic risk is largely diversified away, making Beta the most relevant measure for its market sensitivity. Standard Deviation measures total risk (systematic + unsystematic).

Question 15

A global equity mutual fund has a significant portion of its assets invested in a developing country. Recently, the government of that country announced unexpected nationalization policies for key industries and imposed strict capital controls. This situation primarily exposes the fund to:

Accepted Answer

Political Risk. Political risk refers to the risk that investment returns could suffer as a result of political changes or instability in a country. Nationalization policies and capital controls are direct outcomes of political decisions and government actions that can significantly impact investments, hence it falls under political risk. While regulatory risk is related, political risk encompasses broader government actions that can fundamentally alter the investment environment.

Question 16

A bond fund manager faces a situation where interest rates decline, leading to the maturity proceeds of existing bonds being reinvested at lower yields. Which type of risk is this scenario primarily illustrating?

Accepted Answer

Reinvestment Risk. Reinvestment risk is the risk that income from a bond portfolio or the principal from a maturing bond will have to be reinvested at a lower rate than what was earned previously, especially when interest rates decline. While related to interest rate changes, the specific risk of reinvesting at lower rates is termed reinvestment risk.

Question 17

In mutual fund performance analysis, what does the term 'drawdown' primarily refer to?

Accepted Answer

The percentage decline from a peak value to a trough value in the NAV before a new peak is achieved. A drawdown is the peak-to-trough decline in the value of an investment or fund, usually quoted as a percentage, during a specific period. It is a measure of downside risk and helps in understanding the maximum loss an investor might have experienced if they bought at the peak and sold at the trough during a particular period.

Question 18

For an index fund, what does 'tracking error' primarily measure?

Accepted Answer

The deviation of the fund's returns from its benchmark index returns.. Tracking error quantifies the divergence between the returns of a portfolio and the returns of its benchmark index. For index funds, a lower tracking error indicates that the fund is more effectively replicating the performance of its underlying index.

Question 19

An actively managed equity fund has a high tracking error relative to its benchmark. What does a persistently high tracking error primarily suggest about the fund's investment strategy?

Accepted Answer

The fund is taking significant active positions that deviate substantially from its benchmark.. Tracking error measures the volatility of the difference between a portfolio's returns and its benchmark's returns. A high tracking error indicates that the fund's portfolio composition and performance differ significantly from the benchmark, which is characteristic of active management where the fund manager is taking substantial active bets to outperform the benchmark.

Question 20

Which of the following types of risk is generally considered diversifiable in an investment portfolio?

Accepted Answer

Business Risk. Business risk, along with financial risk, is a component of unsystematic risk (also known as specific risk or company-specific risk). This type of risk can be reduced or eliminated through diversification by investing in a variety of assets that are not highly correlated. Market risk, interest rate risk, and reinvestment risk are components of systematic risk, which cannot be diversified away through portfolio diversification alone.

Question 21

CAGR (Compounded Annual Growth Rate) is generally considered an appropriate measure for evaluating returns over which of the following periods?

Accepted Answer

Periods longer than one year.. CAGR is most appropriate for evaluating returns over periods longer than one year, as it accurately reflects the compounding effect of returns over multiple periods. For periods shorter than one year, simple absolute or annualized returns might be used.

Question 22

An investor wants to reduce the impact of company-specific news or events (e.g., a single company's product recall or management scandal) on their investment portfolio. What strategy should they primarily focus on?

Accepted Answer

Diversifying across various companies, industries, and asset classes.. To reduce the impact of company-specific news or events, an investor should diversify their portfolio. Diversification across various companies, industries, and asset classes helps to mitigate unsystematic risk, which is the risk specific to an individual security or a small group of securities. If one company performs poorly, its impact on a diversified portfolio will be limited.

Question 23

When evaluating the performance of a diversified equity mutual fund that primarily invests in the largest companies listed on the National Stock Exchange of India, which of the following would generally be considered the most appropriate benchmark?

Accepted Answer

Nifty 50. A benchmark should closely align with the fund's investment objective and asset allocation. For a fund investing in the largest companies on NSE, the Nifty 50, which represents the 50 largest Indian companies, is the most suitable benchmark. Other options represent different market segments.

Question 24

If a mutual fund scheme consistently shows a negative Jensen's Alpha, what does this primarily indicate about the fund manager's performance?

Accepted Answer

The fund manager has underperformed the market benchmark after adjusting for market risk.. Jensen's Alpha measures the excess return of a portfolio over its expected return, given its beta (systematic risk) and the market risk premium. A negative alpha indicates that the fund manager has underperformed the benchmark, even after adjusting for the systematic risk taken.

Question 25

For a mutual fund investment held for a period of less than one year, which measure of return is generally most appropriate to represent its performance?

Accepted Answer

Absolute Return. Absolute return represents the total gain or loss on an investment over a specific period, without annualizing it. For periods less than one year, annualizing returns (CAGR, Annualized Return, XIRR) can be misleading as it extrapolates short-term performance over a full year, which may not be sustainable. Absolute return provides a straightforward measure for short durations.

Question 26

What is the primary purpose of using a benchmark index when evaluating the performance of a mutual fund?

Accepted Answer

To compare the fund's returns against a relevant market standard. A benchmark index serves as a standard against which the performance of a mutual fund can be measured. It helps investors understand whether the fund manager has added value by outperforming a representative market segment.

Question 27

An investor invests ₹10,000 in a mutual fund on January 1, 2023, and redeems the investment for ₹11,500 on June 30, 2023. What is the absolute return generated by this investment?

Accepted Answer

15%. Absolute return is calculated as (Ending Value - Beginning Value) / Beginning Value * 100. In this case, (₹11,500 - ₹10,000) / ₹10,000 * 100 = ₹1,500 / ₹10,000 * 100 = 15%. Absolute return is typically used for periods less than one year.

Question 28

If a mutual fund's Beta is 0.8, what does this imply about its sensitivity to market movements?

Accepted Answer

For every 1% change in the market, the fund's NAV changes by 0.8%.. Beta measures the systematic risk of a security or portfolio in relation to the market. A Beta of 0.8 indicates that for every 1% movement (up or down) in the market, the fund's NAV is expected to move by 0.8% in the same direction. It signifies that the fund is less volatile than the overall market.

Question 29

Which type of risk can be eliminated or significantly reduced through diversification in a mutual fund portfolio?

Accepted Answer

Unsystematic Risk. Unsystematic risk (also known as specific risk or diversifiable risk) is unique to a particular company or industry. It can be mitigated by investing in a variety of assets across different companies and sectors. Market risk, interest rate risk, and systematic risk are non-diversifiable risks that affect the entire market or a broad segment of it.

Question 30

Which type of return calculation provides a continuous series of returns over a specific period, thereby smoothing out point-to-point volatility and offering a better perspective on consistent performance?

Accepted Answer

Rolling Return. Rolling return calculates the fund's return over a specified period (e.g., 1 year, 3 years) by shifting the start and end dates forward by a fixed interval (e.g., daily, weekly). This method provides a continuous series of returns, offering a more consistent view of performance compared to point-to-point returns or CAGR, which are fixed period calculations.

Question 31

What is the fundamental difference in the risk component considered by the Sortino Ratio compared to the Sharpe Ratio?

Accepted Answer

The Sortino Ratio focuses on downside deviation (risk of falling below a target return), while the Sharpe Ratio considers total standard deviation (both upside and downside volatility).. Both Sharpe and Sortino Ratios are measures of risk-adjusted return. The key difference lies in how they quantify risk. The Sharpe Ratio uses the total standard deviation of returns as its risk measure, penalizing both upside and downside volatility. The Sortino Ratio, however, focuses specifically on 'downside deviation' (or downside risk), which is the standard deviation of only those returns that fall below a specified minimum acceptable return (e.g., risk-free rate or zero). This makes Sortino a preferred measure for investors primarily concerned with losses.

Question 32

An investor invested in a growth option of an equity mutual fund. Over the past year, the fund's NAV increased from Rs. 100 to Rs. 110. During the same period, the fund also declared a dividend of Rs. 2 per unit. What is the total return for the investor for that year?

Accepted Answer

12%. Total Return = (Ending NAV - Beginning NAV + Dividends Distributed) / Beginning NAV. In this case, (110 - 100 + 2) / 100 = 12 / 100 = 12%. Total return includes both capital appreciation (NAV change) and income distributions (dividends).

Question 33

Which of the following characteristics is least important for an appropriate benchmark index used to evaluate the performance of an actively managed equity mutual fund?

Accepted Answer

Broad market representation, even if it includes asset classes not held by the fund. An appropriate benchmark should closely reflect the fund's investment strategy, style, and the market segment it operates in. While broad market representation is generally good for some indices, a benchmark that includes asset classes not held by the fund would not be a fair comparison for an actively managed fund, as it would distort the performance evaluation against its specific mandate. Replicability, unambiguous definition, and prior specification are crucial for a valid benchmark.

Question 34

An investor holds a portfolio heavily concentrated in long-term, high-coupon government bonds. If prevailing interest rates in the market significantly decline, what specific risk does this investor face when the coupon payments are received or when the bonds mature?

Accepted Answer

Reinvestment Risk. Reinvestment risk is the risk that future cash flows (e.g., coupon payments from bonds or principal from maturing/called bonds) will have to be reinvested at a lower rate of return if interest rates have fallen since the original investment was made. While interest rate risk affects the bond's price, reinvestment risk concerns the return on future cash flows.

Question 35

A fund manager is particularly concerned about avoiding significant losses during market downturns. Which risk-adjusted return measure would be most suitable to evaluate this manager's performance, as it specifically focuses on downside risk?

Accepted Answer

Sortino Ratio. The Sortino Ratio is a modification of the Sharpe ratio that differentiates harmful volatility (downside deviation) from total volatility. It uses downside deviation in the denominator instead of standard deviation, measuring the return for each unit of downside risk, making it suitable for managers focused on minimizing losses below a target return.

Question 36

Which type of risk primarily arises when the proceeds from matured investments, such as bonds or fixed deposits, cannot be reinvested at a rate as attractive as the original investment?

Accepted Answer

Reinvestment Risk. Reinvestment risk is the risk that proceeds from a matured investment cannot be reinvested at the same or a higher rate of return, leading to a lower overall yield than initially expected.

Question 37

In the context of performance measurement, a low R-squared value for a fund's regression analysis against its benchmark index suggests what about the fund's Beta?

Accepted Answer

The fund's Beta is less reliable as a predictor of its sensitivity to the benchmark.. R-squared measures the proportion of a fund's movements that can be explained by the movements of its benchmark index. A low R-squared indicates that a significant portion of the fund's return variation is *not* explained by the benchmark, implying that Beta (which measures systematic risk relative to the benchmark) is a less reliable indicator of the fund's sensitivity to that specific benchmark. The fund's returns might be driven by other factors or have a high unsystematic component, making the benchmark less representative.

Question 38

For an Index Fund, a consistently high tracking error primarily indicates which of the following?

Accepted Answer

The fund is failing to closely mimic the returns of its target index, possibly due to high expenses, cash drag, or inefficient portfolio management.. Tracking error measures how closely a portfolio follows the index to which it is benchmarked. For an Index Fund, the objective is to replicate the index's performance as closely as possible. A consistently high tracking error indicates that the fund is deviating significantly from its benchmark, implying a failure to achieve its passive investment objective due to factors like high expense ratio, cash holdings not invested, dividend reinvestment timing issues, or inefficient rebalancing.

Question 39

An investor holds a well-diversified portfolio consisting of several mutual funds. Which risk-adjusted performance measure would be most appropriate for evaluating the individual funds within this larger, diversified portfolio, and why?

Accepted Answer

Treynor Ratio, because it focuses on systematic risk (Beta) as unsystematic risk is diversified away in the larger portfolio.. For an individual fund held as part of a larger, well-diversified portfolio, the relevant risk is primarily systematic risk (market risk), as the unsystematic risk of individual holdings is diversified away at the portfolio level. The Treynor Ratio measures excess return per unit of systematic risk (Beta), making it more appropriate than the Sharpe Ratio (which uses total risk) in this context.

Question 40

An investor is evaluating two actively managed equity funds against their respective benchmarks. Fund A has an Information Ratio of 0.8, and Fund B has an Information Ratio of 1.2. Both funds have similar tracking errors. Based solely on the Information Ratio, which fund has demonstrated superior active management skill?

Accepted Answer

Fund B. The Information Ratio measures a portfolio's active return (alpha) relative to its tracking error. A higher Information Ratio indicates a better risk-adjusted return from active management. Therefore, Fund B, with an Information Ratio of 1.2, has demonstrated superior active management skill compared to Fund A (0.8).

Question 41

A fund manager calculates the Jensen's Alpha for Fund A as +2% and for Fund B as -1%. Both funds have the same Beta and the same market risk premium. What does this specifically indicate about the fund managers' performance after accounting for systematic risk?

Accepted Answer

Fund A's manager demonstrated superior stock-picking ability, while Fund B's manager underperformed their expected return given their systematic risk.. Jensen's Alpha measures the excess return of a portfolio above what is predicted by the Capital Asset Pricing Model (CAPM), given the portfolio's systematic risk (Beta). A positive alpha (like +2% for Fund A) indicates that the fund manager generated returns beyond what would be expected for the level of systematic risk taken, suggesting superior stock-picking or market timing ability. A negative alpha (like -1% for Fund B) indicates underperformance relative to the expected return given its systematic risk. It specifically isolates the manager's skill in generating 'alpha' after accounting for market movements.

Question 42

If a mutual fund delivers a nominal return of 12% in a year, and the inflation rate for the same period is 5%, what is the approximate real return generated by the fund?

Accepted Answer

7%. The real return is the nominal return adjusted for inflation, indicating the actual purchasing power gain. It can be approximately calculated as: Real Return = Nominal Return - Inflation Rate. So, 12% - 5% = 7%. For more precise calculation, Real Return = ((1 + Nominal Return) / (1 + Inflation Rate)) - 1, which would be ((1+0.12)/(1+0.05)) - 1 = (1.12/1.05) - 1 = 1.0666 - 1 = 0.0666 or 6.66%. However, for NISM, simple subtraction is often accepted for approximate real return.

Question 43

An investor wants to compare the performance of two mutual funds over a 7-month period. Which return measure would be most appropriate for this comparison?

Accepted Answer

Absolute Return. For periods less than one year, Absolute Return is the most appropriate measure as it simply reflects the percentage change in value over the specific period. CAGR and Annualized Return are typically used for periods of one year or more to provide a standardized annual growth rate. Standard Deviation is a measure of risk, not return.

Question 44

A mutual fund scheme has a higher Sharpe Ratio compared to its peer group. What does this primarily indicate about the fund's performance?

Accepted Answer

The fund generated higher returns per unit of total risk taken.. The Sharpe Ratio measures the excess return (return above the risk-free rate) generated by a portfolio for each unit of total risk (standard deviation) taken. A higher Sharpe Ratio indicates better risk-adjusted performance, meaning the fund delivered more return for the amount of total risk it undertook. It does not necessarily mean higher absolute returns or lower volatility in isolation, but a better balance between return and risk.

Question 45

An investor is evaluating two actively managed equity funds. Fund A is highly diversified, while Fund B holds a concentrated portfolio of a few stocks. To best assess the fund manager's skill in generating excess return for Fund B, which risk-adjusted measure would be most appropriate?

Accepted Answer

Jensen's Alpha. Jensen's Alpha measures the excess return generated by the fund manager beyond what would be expected given the fund's systematic risk (Beta) as per the Capital Asset Pricing Model (CAPM). It directly reflects the manager's stock-picking ability and market timing skill. For a concentrated portfolio like Fund B, while unsystematic risk is higher, Alpha still isolates the manager's contribution against the systematic risk. Treynor Ratio is typically preferred for well-diversified portfolios where unsystematic risk is negligible, and Sharpe Ratio considers total risk (standard deviation), which would heavily penalize Fund B due to its higher unsystematic risk, potentially obscuring the manager's skill in generating returns above the systematic risk.

Question 46

In a rising interest rate environment, which category of debt mutual funds is generally expected to experience the highest negative impact on its Net Asset Value (NAV) due to interest rate risk?

Accepted Answer

Long Duration Funds. Bond prices move inversely to interest rates. Funds holding longer-duration bonds are more sensitive to interest rate changes (higher duration) because their cash flows are further out in the future. Therefore, long duration funds experience the highest negative impact on NAV in a rising interest rate environment.

Question 47

An investor invests in a mutual fund for a period of 8 months and wants to know their fund's performance. Which of the following return measures would be most appropriate to calculate for this period?

Accepted Answer

Point-to-Point Return (Absolute Return). For periods less than one year, the absolute return (also known as point-to-point return) is the most appropriate measure as it simply reflects the percentage change in NAV over that specific period without annualizing it. CAGR and Annualized return are typically used for periods of one year or more.

Question 48

An investor bought units of a mutual fund at an NAV of ₹50 and redeemed them after 6 months at an NAV of ₹55. There were no dividends distributed during this period. What is the absolute return generated by the investment?

Accepted Answer

10%. Absolute return is calculated as (Ending NAV - Beginning NAV) / Beginning NAV * 100. In this case, (₹55 - ₹50) / ₹50 * 100 = (₹5 / ₹50) * 100 = 0.10 * 100 = 10%.

Question 49

A mutual fund scheme has a Beta of 1.2. This indicates that the fund's returns are expected to be:

Accepted Answer

20% more volatile than the market.. Beta is a measure of a fund's volatility in relation to the overall market. A Beta of 1.2 means that for every 1% change in the market, the fund's returns are expected to change by 1.2%. Thus, it is 20% more volatile than the market (1.2 - 1 = 0.2, or 20%).

Question 50

What is the primary purpose of a mutual fund choosing an appropriate benchmark index?

Accepted Answer

To provide a standard for evaluating the fund's performance. A benchmark index serves as a standard against which the performance of a mutual fund is measured. It helps investors and analysts assess whether the fund manager has added value (outperformed the market) or underperformed, after accounting for risk.

Ch.10: Risk, Return and Performance of Funds

What You Will Learn in This Chapter

Multiple Choice Questions (140)

Most candidates guess their way through V-A.
BullWiser makes you prove it.

Ch.10: Risk, Return and Performance of Funds

What You Will Learn in This Chapter

Multiple Choice Questions (140)

Most candidates guess their way through V-A.BullWiser makes you prove it.

Most candidates guess their way through V-A.
BullWiser makes you prove it.