NO.PZ201805280100000204
问题如下：
Given the Martins’ risk and tax preferences, the taxable portfolio should be rebalanced:
选项：
A.less often than the tax- deferred portfolio.
B.as often as the tax- deferred portfolio.
C.more often than the tax- deferred portfolio.
解释：
A is correct.
The Martins wish to maintain the same risk level for both retirement accounts based on their strategic asset allocation. However, more frequent rebalancing exposes the taxable asset owner to realized taxes that could have otherwise been deferred or even avoided. Rebalancing is discretionary, and the Martins’ also wish to minimize taxes. Because after- tax return volatility is lower than pre- tax return volatility, it takes larger asset- class movements to materially alter the risk profile of a taxable portfolio. This suggests that rebalancing ranges for a taxable portfolio can be wider than those of a tax- exempt/tax- deferred portfolio with a similar risk profile; thus, rebalancing occurs less frequently.
考点：rebalancing
解析：taxable portfolio如果频繁地rebalance，会频繁地实现capital gain，从而交更多的税，因此taxable portfolio应当减少rebalance的频率，答案选A。
题目是问Given the Martins’ risk and tax preferences。
从题干可知，Martin想要minimize tax，并且在AA偏离既定risk level时不想take out money from equity，说明risk tolerance变高了。而更少交税和更高risk tolerance都指向less often be reblanced，因此选A。
