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Ethan · 2022年06月20日

我觉得这道题答案理由写的不是很好

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201710200200000107

问题如下：

7. Based on Exhibit 1, which portfolio best meets the Laws’ goal to fund an endowment for their alma mater?

选项：

A.

Portfolio 1

B.

Portfolio 2

C.

Portfolio 3

解释：

B is correct.

Portfolio 2 best meets the Laws’ goal to fund an endowment for their alma mater in 20 years. In present value terms, the gift is valued at $500,000, with the Laws desiring a high probability of achieving this goal. Although slightly more conservative than the 75/25 global equity/bond mix, Portfolio 2 has a greater growth emphasis compared with Portfolios 1 and 3. Therefore, Portfolio 2 is best for funding the endowment at their alma mater given the goal’s long-term horizon and the Laws’ desire for a high probability of achieving it.

考点：goal-based approach

解析：投资期：20 years，长期。实现目标的程度：high probability（与education expense的very strong desire相比，程度略低）。

因为投资期长，所以cash占比可以放低：portfolio 1 cash占比35%偏高，排除。

因为实现目标的程度高，但不是非要满足，所以可以承担一些风险。Portfolio 2和3的差别不仅仅只有diversifying strategy，还有fixed income和global equities。发现portfolio 2的FI占比低，GE占比很高，虽然diversifying strategy略低于portfolio 3，但是由于投资了大量的股票，所以portfolio 2整体上更有成长空间。

我觉得关键就是依据客户希望25/75投资。B的组合，低风险25，高风险75，完全符合。按答案说的，要满足长期投资，收益潜力高。这需求没错，但没有任何理由可以证明C比B的增长潜力差。

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lynn_品职助教 · 2022年06月21日

嗨，努力学习的PZer你好：


我认同同学的观点。

我觉得关键就是依据客户希望25/75投资。B的组合，低风险25，高风险75，完全符合。

分析这道题，第一点就是同学提到的题目中“Raya concludes that a portfolio of 75% global equities and 25% bonds”，给出了一个75/25的参考。

没有任何理由可以证明C比B的增长潜力差。

不过不是没有任何理由证明增长潜力这个问题的。这道题中用到的Hedge funds虽然一般意义上我们都会理解为是高收益的投资标的，但是分类写的是diversifying strategies，说明题目中是更偏向于分散风险的作用。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

lynn_品职助教 · 2022年06月22日

嗨，努力学习的PZer你好：


不是结论，只是从题干中得出的信息。

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加油吧，让我们一起遇见更好的自己！

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