NO.PZ201710200200000107
问题如下：
Meg and Cramer Law, a married couple aged 42 and 44, respectively, are meeting with their new investment adviser, Daniel Raye. The Laws have worked their entire careers at Whorton Solutions (WS), a multinational technology company. The Laws have two teenage children who will soon begin college.
Raye reviews the Laws’ current financial position. The Laws have an investment portfolio consisting of $800,000 in equities and $450,000 in fixed-income instruments. Raye notes that 80% of the equity portfolio consists of shares of WS. The Laws also own real estate valued at $400,000, with $225,000 in mortgage debt. Raye estimates the Laws’ pre-retirement earnings from WS have a total present value of $1,025,000. He estimates the Laws’ future expected consumption expenditures have a total present value of $750,000.
The Laws express a very strong desire to fund their children’s college education expenses, which have an estimated present value of $275,000. The Laws also plan to fund an endowment at their alma mater in 20 years, which has an estimated present value of $500,000. The Laws tell Raye they want a high probability of success funding the endowment. Raye uses this information to prepare an economic balance sheet for the Laws. In reviewing a financial plan written by the Laws’ previous adviser, Raye notices the following asset class specifications.
· Equity: US equities
· Debt: Global investment-grade corporate bonds and real estate
· Derivatives: Primarily large-capitalization foreign equities
The previous adviser’s report notes the asset class returns on equity and derivatives are highly correlated. The report also notes the asset class returns on debt have a low correlation with equity and derivative returns.
Raye is concerned that the asset allocation approach followed by the Laws’ previous financial adviser resulted in an overlap in risk factors among asset classes for the portfolio. Raye plans to address this by examining the portfolio’s sensitivity to various risk factors, such as inflation, liquidity, and volatility, to determine the desired exposure to each factor.
Raye concludes that a portfolio of 75% global equities and 25% bonds reflects an appropriate balance of expected return and risk for the Laws with respect to a 20-year time horizon for most moderately important goals. Raye recommends the Laws follow a goals-based approach to asset allocation and offers three possible portfolios for the Laws to consider. Selected data on
the three portfolios are presented in Exhibit 1.
Raye uses a cost–benefit approach to rebalancing and recommends that global equities have a wider rebalancing range than the other asset classes.
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。
老师好 1）是否endowment 都是偏向于growth 所以更偏向于多投equities? 这是结论吗？讲义里有吗？ 2） 什么时候看到期限长的， low liquidity needs的就可以直接多投alternatives 为多赚return？
