开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

尚好的青春 · 2024年01月21日

时间是4年，金额是多少没有明确啊，如何判断是type1？

  1. CFA III
  2. Fixed Income

NO.PZ2023032703000020

问题如下：

Whitney Adams, senior adviser, meets with her new client, Donald Berendsen, in order to review the fixed-income portion of his retirement portfolio. Berendsen, who plans to retire in four years, intends to use this part of the portfolio to supplement income he will be receiving from Social Security, a US government retirement income program.

Berendsen explains to Adams, “I plan to continue saving for retirement, regularly adding funds to the portfolio until I retire, and I would like a low-risk solution to provide additional retirement income.”

Adams replies to Berendsen, “We focus on the ability of the portfolio to meet future cash flow needs and seek to immunize the liabilities as an objective in the management of the portfolio. If the fixed-income portfolio achieves an average annual investment return of at least 4% for the next four years, the proceeds of its liquidation will be enough to purchase an annuity sufficient to provide the funds needed to supplement your Social Security benefits. Until then, we will observe the following principles for managing the portfolio:

Principle I. Our investment strategy is structured to address a Type I liability.

Principle II. The strategy should begin by analyzing the size and timing of liabilities.

Principle III. The solution will require an asset-driven liability framework as opposed to a liability-driven investing one.

Which of Adams’s three principles is least likely relevant for managing Berendsen’s fixed-income portfolio? (2019 mock AM)

选项：

A.

Principle I

B.

Principle II

C.

Principle III

解释：

C is correct. Managing the portfolio to Berendsen’s retirement needs is an example of a liability-driven investment, not an asset-driven liability. The aim of a liability-driven investment is to manage the assets to meet the liabilities. The liabilities are given and not driven by the assets.

A is incorrect because this is an example of a Type 1 liability. The price of the annuity and the timing of its purchase are both known.

B is incorrect because analyzing the size and timing of the liabilities is relevant to managing Berendsen’s portfolio.

如题

添加评论
1 个答案

pzqa015 · 2024年01月22日

嗨，爱思考的PZer你好：


If the fixed-income portfolio achieves an average annual investment return of at least 4% for the next four years, the proceeds of its liquidation will be enough to purchase an annuity sufficient to provide the funds needed to supplement your Social Security benefits. 

如果portfolio未来四年的年化投资收益至少是4%，那么4年后清盘的钱，就足够买一笔年金来补充养老保险了，这句话其实明确了4年后的金额是确定的。

----------------------------------------------
努力的时光都是限量版，加油！

  • 1

    回答

  • 0

    关注

  • 243

    浏览
相关问题

NO.PZ2023032703000020问题如下 Whitney Ams, senior aiser, meets with her new client, nalBerenen, in orr to review the fixeincome portion of his retirement portfolio. Berenen, who plans to retire in four years, inten to use this part of the portfolio to supplement income he will receiving from SociSecurity, a US government retirement income program.Berenen explains to Ams, “I plto continue saving for retirement, regularly aing fun to the portfolio until I retire, anI woullike a low-risk solution to provi aitionretirement income.”Ams replies to Berenen, “We focus on the ability of the portfolio to meet future cash flow nee anseek to immunize the liabilities objective in the management of the portfolio. If the fixeincome portfolio achieves average annuinvestment return of least 4% for the next four years, the procee of its liquition will enough to purchase annuity sufficient to provi the fun neeto supplement your SociSecurity benefits. Until then, we will observe the following principles for managing the portfolio:Principle I. Our investment strategy is structureto aress a Type I liability.Principle II. The strategy shoulbegin analyzing the size antiming of liabilities.Principle III. The solution will require asset-iven liability framework opposeto a liability-iven investing one.Whiof Ams’s three principles is least likely relevant for managing Berenen’s fixeincome portfolio? (2019 moAM) A.Principle IB.Principle IIC.Principle III C is correct. Managing the portfolio to Berenen’s retirement nee is example of a liability-iven investment, not asset-iven liability. The aim of a liability-iven investment is to manage the assets to meet the liabilities. The liabilities are given annot iven the assets.A is incorrebecause this is example of a Type 1 liability. The priof the annuity anthe timing of its purchase are both known.B is incorrebecause analyzing the size antiming of the liabilities is relevant to managing Berenen’s portfolio. 我记得今年mock有道题是说liability iven 一般是legliability之类的，个人的liability一般不算事liability iving，为啥这道题还是liability iven啊

2024-02-14 16:59 1 · 回答

NO.PZ2023032703000020问题如下 Whitney Ams, senior aiser, meets with her new client, nalBerenen, in orr to review the fixeincome portion of his retirement portfolio. Berenen, who plans to retire in four years, inten to use this part of the portfolio to supplement income he will receiving from SociSecurity, a US government retirement income program.Berenen explains to Ams, “I plto continue saving for retirement, regularly aing fun to the portfolio until I retire, anI woullike a low-risk solution to provi aitionretirement income.”Ams replies to Berenen, “We focus on the ability of the portfolio to meet future cash flow nee anseek to immunize the liabilities objective in the management of the portfolio. If the fixeincome portfolio achieves average annuinvestment return of least 4% for the next four years, the procee of its liquition will enough to purchase annuity sufficient to provi the fun neeto supplement your SociSecurity benefits. Until then, we will observe the following principles for managing the portfolio:Principle I. Our investment strategy is structureto aress a Type I liability.Principle II. The strategy shoulbegin analyzing the size antiming of liabilities.Principle III. The solution will require asset-iven liability framework opposeto a liability-iven investing one.Whiof Ams’s three principles is least likely relevant for managing Berenen’s fixeincome portfolio? (2019 moAM) A.Principle IB.Principle IIC.Principle III C is correct. Managing the portfolio to Berenen’s retirement nee is example of a liability-iven investment, not asset-iven liability. The aim of a liability-iven investment is to manage the assets to meet the liabilities. The liabilities are given annot iven the assets.A is incorrebecause this is example of a Type 1 liability. The priof the annuity anthe timing of its purchase are both known.B is incorrebecause analyzing the size antiming of the liabilities is relevant to managing Berenen’s portfolio. 这道题是L是因为四年后要购买的annuity是一笔金额时间明确的liability，现在持有的fixeincome portfolio目的就是为了覆盖四年后购买年金的liability，这样理解正确么

2024-02-06 13:51 1 · 回答

NO.PZ2023032703000020问题如下 Whitney Ams, senior aiser, meets with her new client, nalBerenen, in orr to review the fixeincome portion of his retirement portfolio. Berenen, who plans to retire in four years, inten to use this part of the portfolio to supplement income he will receiving from SociSecurity, a US government retirement income program.Berenen explains to Ams, “I plto continue saving for retirement, regularly aing fun to the portfolio until I retire, anI woullike a low-risk solution to provi aitionretirement income.”Ams replies to Berenen, “We focus on the ability of the portfolio to meet future cash flow nee anseek to immunize the liabilities objective in the management of the portfolio. If the fixeincome portfolio achieves average annuinvestment return of least 4% for the next four years, the procee of its liquition will enough to purchase annuity sufficient to provi the fun neeto supplement your SociSecurity benefits. Until then, we will observe the following principles for managing the portfolio:Principle I. Our investment strategy is structureto aress a Type I liability.Principle II. The strategy shoulbegin analyzing the size antiming of liabilities.Principle III. The solution will require asset-iven liability framework opposeto a liability-iven investing one.Whiof Ams’s three principles is least likely relevant for managing Berenen’s fixeincome portfolio? (2019 moAM) A.Principle IB.Principle IIC.Principle III C is correct. Managing the portfolio to Berenen’s retirement nee is example of a liability-iven investment, not asset-iven liability. The aim of a liability-iven investment is to manage the assets to meet the liabilities. The liabilities are given annot iven the assets.A is incorrebecause this is example of a Type 1 liability. The priof the annuity anthe timing of its purchase are both known.B is incorrebecause analyzing the size antiming of the liabilities is relevant to managing Berenen’s portfolio. 如题，如何从题目中看出年金的购买时间和金额？

2023-12-31 17:16 3 · 回答