No.PZ2016010501000005 (选择题)
来源: 原版书
Kalila Al-Khalili has been hired as a consultant to a Middle Eastern sovereign wealth fund. The fund‘s oversight committee has asked her to examine the fund‘s financial characteristics and recommend an appropriate currency management strategy given the fund's Investment Policy Statement. After a thorough study of the fund and its finances, Al-Khalili reaches the following conclusions:
■ The fund's mandate is focused on the long-term development of the country, and the royal family (who are very influential on the fund's oversight committee) are prepared to take a long-term perspective on the fund's investments.
■The fund's strategic asset allocation is tilted towards equity rather than fixed-income assets.
■Both its fixed-income and equity portfolios have a sizeable exposure to emerging market assets.
■Currently, about 90% of exchange rate exposures are hedged although the IPS allows a range of hedge ratios.
■Liquidity needs of the fund are minimal, since the government is running a balanced budget and is unlikely to need to dip into the fund in the near term to cover fiscal deficits. Indeed, the expected lifetime of country's large oil reserves has been greatly extended by recent discoveries, and substantial oil royalties are expected to persist into the future.
Based on her investigation, Al-Khalili would most likely recommend:
老师，这道题只有第3个条件，支持Active Management。
其他条件，都符合老师在正课课件（墨迹版）第81页的总结，即不hedge.
所以为什么还Active 管理？
是只要看到有发展中国家，不管其他条件如何，都默认选Active manage吗？
