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Wuyyyyyy · 2023年05月09日

他有较高欲望要达成这份愿望

  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。

为啥不选C

只有投资更多的FI 才能达到更高的成功率完成他的目标呀

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1 个答案

lynn_品职助教 · 2023年05月09日

嗨，从没放弃的小努力你好：


为啥不选C

只有投资更多的FI 才能达到更高的成功率完成他的目标呀


主要还是因为要根据题干信息答题。

best meets the Laws’ goal to fund an endowment for their alma mater

L家的目标是为母校建立endowment。


我们来看2和3的区别，第一点题目中“Raya concludes that a portfolio of 75% global equities and 25% bonds”，给出了一个75/25的参考。


其次这里的Hedge funds虽然一般意义上是高收益，但是分类写的是diversifying strategies，说明是更偏向于分散化风险，


第三funding母校基金这个目标是high probability，不像达成学费支出的目标是very strong desire，实现目标的迫切程度略低，可以承担一些风险。而且金额较大，需要portfolio有一定的盈利能力和成长性。而FI代表的是稳定的收入，我们需要高收益，因此只有投资更多的FI 才能达到更高的成功率完成他的目标呀不合适。


上面三点都能解释，GE更高的2明显更适合成立母校基金会的目标。


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