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陈Shelly · 2022年05月13日

contribution不是比率吗

NO.PZ2018113001000083

问题如下:

Bevis is an adviser to WT, a fund management firm. WT's clients are all high-net-worth clients in the U.S. Bevis manages the account for Clare, one of his clients, which had a total return of 4.418% last year. Bevis wants to calculate the return due to the foreign currency contribution.

Exhibit 1 summarizes the investment information for Clare's account last year


Calculate the contribution of foreign currency to the total return.

选项:

解释:

Answer:

the Clare account’s total (US dollar) return of 4.418%.

The weighted asset return is equal to 1.8%, calculated as follows:

(60%×5%)+[ 40%×(-3%)] = 1.8%

The domestic-currency return is equal to the sum of the weighted asset return, the weighted currency return, and the weighted cross-product of the asset return and the currency return. The latter two terms explain the effects of foreign-currency movements.

Therefore, the contribution of foreign currency equals 2.618% = 4.418% - 1.8% .

中文解析:

本题考察的是外汇投资中return的计算。

要求解的“the contribution of foreign currency”是包含了两部分的,一是RFX,二是交叉项RFC ×RFX

因此,在总的return中减掉RFC 后,剩下的return就是由foreign currency贡献的return了。

另外一种计算方法:

the contribution of foreign currency = wiRFX +wiRFCRFX

=0.6*0.02+0.4*0.035+0.6*0.05*0.02+0.4*0.035*(-0.03)=2.618%

用2.618%/4.418%=59%

1 个答案

Hertz_品职助教 · 2022年05月14日

嗨,爱思考的PZer你好:


同学你好

Contribution是贡献的意思哈,我明白同学的疑问,同学可能是想说应该用现在计算的结果再除以总的收益才对,注意不用最后一步求比值哈。

其实,问题问的是foreign currency部分对总收益的贡献,或者说在总收益中有多少是由foreign currency带来的收益,为什么这么说呢,看一下解析最后一句“the contribution of foreign currency equals 2.618% = 4.418% - 1.8% .”,可以知道出题人是把“the contribution of foreign currency”当成了一个名词,它就代表与FC相关的return,并不是一个比例的概念哈。

因此最后咱们计算的是关于FC的收益不是计算一个比例

不过这个表述的确很容易引起误解,但是因为中英文翻译的理解,还有可能出题人的表述问题,但是根据答案解析他问的不是一个比值。还是要在练习中多见各种题型和各种表述,学会揣测出题人的意思哈

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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