CFA Examination Level III A U.S. pension plan hired two off-shore firms to manage the non-U.S. equity portion of its total portfolio. Each firm was free to own stocks in any country included in Capital International?s Europe, Australia, and Far East Index (EAFE) and to use any form of dollar and/or nondollar cash or bonds as an equity substitute or reserve. After three years had elapsed, the records of the managers and the EAFE Index were as shown: SUMMARY: CONTRIBUTIONS TO RETURN SUMMARY: CONTRIBUTIONS TO RETURN SUMMARY: CONTRIBUTIONS TO RETURN SUMMARY: CONTRIBUTIONS TO RETURN Currency Country Selection Stock Selection Cash/Bond Allocation Total Return Recorded Manager A 9.00% 19.70% 3.10% 0.60% 14.40% Manager B 7.4 14.2 6 2.8 15.6 Composite of A&B 8.2 16.9 4.5 1.7 15 EAFE Index 12.9 19.9?? 7 You are a member of the plan sponsor?s pension committee, which will soon meet with the plan?s consultant to review manager performance. In preparation for this meeting, you go through the following analysis: a. Briefly describe the strengths and weaknesses of each manager, relative to the EAFE Index data. b. Briefly explain the meaning of the data in the?Currency? column.
Briefly describe the strengths and weaknesses of each manager- relative to the EAFE Index data.
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