NO.PZ201812020100000202
问题如下：
Strategy 2 is most likely preferred to Strategy 1 for meeting the objective of:
选项：
A.protecting inflation.
B.funding future liabilities.
C.minimizing the correlation of the fund’s domestic bond portfolio and equity portfolio.
解释：
A is correct.
Floating-coupon bonds provide inflation protection for the interest income because the reference rate should adjust for inflation. The purchase of fixed-coupon bonds as outlined in Strategy 1 provides no protection against inflation for either interest or principal. Strategy 1 would instead be superior to Strategy 2 in funding future liabilities (better predictability as to the amount of cash flows) and reducing the correlation between the fund’s domestic bond portfolio and equity portfolio (better diversification).
看到有问必答有个同学提的关于策略1的问题，正好想确认下：Strategy 1 would instead be superior to Strategy 2 in funding future liabilities (better predictability as to the amount of cash flows)，这句话是否可以理解为购买久期2年的公司债相对于1个月的国债来说，未来的现金流收入更有确定性（久期更长的公司债coupon收益是更加确定的~，而1个月后国债就到期了，所以我们还需要继续做其他策略，来满足funding future liabilitieis）？如果是的话，这里的前提假设应该是持有到期的策略？
