Question 1:

Question 2:

A financial planner is advising two clients, Daniel and Tracy. Daniel has just started to work full time; Tracy is 60, has been working full time and planning to retire in 5 years. How would their investment policy statements (IPS) be affected by their own situations, and how will their IPS's return and risk objectives and asset allocation be different? [4 Marks] In active portfolio management, anomaly-based investment strategies are common. Identify and explain these strategies. Also explain what would be the main factors that contribute to the high returns of these strategies. [6 Marks]