NO.PZ2022122801000039
问题如下：
Client Haunani Kealoha hasa large fixed obligation due in 10 years. Beade assesses that Kealoha has substantiallymore funds than are required to meet the fixed obligation. The client wants toearn a competitive risk-adjusted rate of return while maintaining a high levelof certainty that there will be sufficient assets to meet the fixed obligation.
The assetallocation approach most appropriate for client Kealoha is best described as:
选项：
A.
a surplus optimization approach.
B.
an integrated asset–liability approach.
C.
a hedging/return-seeking portfolios approach.
解释：
C is correct. The hedging/return-seeking portfolios approach is best for this client. Beade should construct two portfolios, one that includes riskless bonds that will pay of the fixed obligation in 10 years and the other a risky portfolio that earns a competitive risk-adjusted return. This approach is a simple two-step process of hedging the fixed obligation and then investing the balance of the assets in a return-seeking portfolio.
讲义写hedging , return seeming portfolio 适合 conservative investors,但本题强调投资者想赚更多钱，为什么不是surplus optimisation
