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鹏鹏 · 2023年10月13日

请问题目哪里说了endowment目标要有很大的成长空间 比较高的收益啊

  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。

 原文是The Laws also plan to fund an endowment at their alma mater in 20 years, which has an estimated present value of $500,000. The Laws tell Raye they want a high probability of success funding the endowment，没有看出要有很大的成长空间和很高的收益啊

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lynn_品职助教 · 2023年10月13日

嗨，努力学习的PZer你好：


原文是The Laws also plan to fund an endowment at their alma mater in 20 years, which has an estimated present value of $500,000. The Laws tell Raye they want a high probability of success funding the endowment，没有看出要有很大的成长空间和很高的收益啊


这道题确实要非常仔细，出题人的意图不是很明显，有下面几点


1、跟case中另一道小题教育费用的very strong desire相对比。通过文字描述， endowment的目标迫切程度比教育费用低，所以风险容忍度相对较高，但也不是完全无所谓目标是否能实现（ high probability of success），所以也不能投资得太激进。


2、由于他们打算是20年后才打算投资捐赠基金，投资期限足够长，所有他们是可以承担在投资期间的波动的，承受风险的能力是很强的。


3、这里用的词是“want”，投资又是校友基金，典型地暗示并不是一个必须实现的需求，所以承担风险的能力也强。


4、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。


----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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