NO.PZ2018120301000008
问题如下：
The objectives for the domestic bond portfolio include the ability to fund future liabilities, protect interest income from short-term inflation, and minimize the correlation with the fund’s equity portfolio. The correlation between the fund’s domestic bond portfolio and equity portfolio is currently 0.14. Celia plans to reduce the fund’s equity allocation and increase the allocation to the domestic bond portfolio. She reviews two possible investment strategies.
Strategy 2 is most likely preferred to
Strategy 1 for meeting the objective of:
选项：
A.
protecting against inflation.
B.
funding future liabilities.
C.
minimizing the correlation of the fund’s domestic bond portfolio and equity portfolio.
解释：
Correct Answer: A
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).
correlation正相关或者负相关不是都是相关性高的意思吗。minimize correlation意思是减少数值？还是减小绝对值？
是不是说原本正相关，加入负相关的就可以抵消，让相关性降低？
