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考拉 · 2024年01月11日

c有30%的固定债券，B只有20%的固定债券，C更合适呀

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ202212280100000502

问题如下：

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.

c有30%的固定债券，B只有20%的固定债券，题目说夫妇希望能有大概率实现向endowment 投资的愿望，即对未来支出有较高要求，固定债券风险相对更低，像是liabiliy-driven ,应该选C更合适吧。


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lynn_品职助教 · 2024年01月11日

嗨，爱思考的PZer你好：


c有30%的固定债券，B只有20%的固定债券，题目说夫妇希望能有大概率实现向endowment 投资的愿望，即对未来支出有较高要求，固定债券风险相对更低，像是liabiliy-driven ,应该选C更合适吧。


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。

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