36. Whitney’s secondary trading rationale is best described as:
A. structure trades.
B. credit-defense trades.
C. sector-rotation trades.
Answer = B
“Relative-Value Methodologies for Global Credit Bond Portfolio Management,” Jack Malvey
2013 Modular Level III, Vol. 4, Reading 24, Section 6
Study Session 9–24–d
Discuss common rationales for secondary market trading.
B is correct because credit-defense trades become more popular as geopolitical and economic
uncertainty increase. Secular sector changes often generate uncertainties and induce defensive
positioning by investors.
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