NO.PZ2021060201000022
问题如下：
Johnson is the investment adviser for Zhou， a relatively small investment manager company（the company），their return goal is modest . therefore，two key investment considerations for Zhou are maintaining low overhead costs and minimizing taxes in the portfolio. Zhou has not been willing to incur the costs of in-house investment resources.Johnson discusses with Zhou its goal of diversifying the company’s portfolio to include alternative assets. Johnson suggests considering the following potential investment vehicles for consideration:
·
Publicly
traded US REIT
·
Relative
value hedge fund
·
Tax-efficient
angel investment
Johnson explains that
for the relative value hedge fund alternative, the company would be investing
alongside tax-exempt investors.
Determine which of the potential investment vehicles best fits the company's the investment considerations. Justify your reaction.For each investment not selected, explain why the investment considerations are not met.
解释：
Johnson should recommend Publicly traded US REIT as most suitable for the company.
The publicly traded US REIT offers tax advantages to the company from the depreciation of its US real estate assets. The depreciation would help offset income received on those assets. In addition, the REIT would not require an in-house management team; thus, the company can maintain low overhead costs.
The relative value hedge fund is unlikely to be a tax-efficient strategy for the company. This tax inefficiency is seen frequently with many hedge fund strategies, especially those funds and fund companies where tax-exempt investors dominate the client base. The fund manager may be insensitive to tax considerations for a taxable investor such as the company.
The tax-efficient angel investment is a specialized investment that will require a highly customized investment approach. Researching and managing this type of investment will require an in-house team to locate and supervise these more specialized investments. Adding these resources would increase overhead costs and violate the Zhou’s investment consideration of maintaining low overhead costs.
Johnson 应该推荐最适合该公司的Publicly traded US REIT。
Publicly traded US REIT 为其美国房地产资产的贬值提供了税收优惠。折旧将有助于抵消这些资产的收入。此外，REIT 不需要内部管理团队；因此，公司可以保持较低的管理费用。
The relative value hedge fund不太可能成为公司的节税策略。这种税收低效率在许多对冲基金策略中经常出现，尤其是那些免税投资者主导客户群的基金和基金公司。基金经理可能对应税投资者（例如zhou的公司）的税务考虑不敏感。
The tax-efficient angel investment 是一项专业投资，需要高度定制的投资方法。研究和管理此类投资将需要一个内部团队来定位和监督这些更专业的投资。增加这些资源会增加间接成本，违反了zhou的保持较低间接成本的投资考虑。
Hedge fund 如何操作
