NO.PZ2023032703000010
问题如下：
Danny Moynahan, CFA, is a fixed-income portfolio manager at Reagan Investment Advisory (Reagan). He agrees with his wife, a professor of investments class, to talk to her class about managing fixed-income portfolios. He plans to put together six pages for his discussion.
Tom Gayle, Moynahan’s superior, stops by Moynahan’s office. Moynahan shares his presentation with Gayle. Moynahan and Gayle discuss about the presentation and debate several potential subjects to include on page 5. Gayle suggests assessing the use of leverage in the portfolios. They decide to present a scenario where the portfolio is fully invested, but given their outlook for a decline in interest rates, they want to increase the portfolio’s investment exposure. The portfolio and the benchmark both currently have the same duration.
What trades can Moynahan most likely make to accomplish the objective outlined on page 5 of his presentation?
选项：
A.Enter into a fixed-rate payer swap contract
Buy long bond futures contracts
Sell an overnight repurchase agreement
解释：
B is correct. To accomplish Moynahan’s objective of increasing the investment exposure of a fully invested portfolio, he would buy long bond futures. Futures contracts embed significant leverage because they permit the counterparties to gain exposure to a large quantity of the underlying asset without having to actually transact in the asset.
A is incorrect because entering into a fixed-rate payer swap contract would not increase the portfolio’s investment exposure.
C is incorrect because selling an overnight repurchase agreement would not increase the portfolio’s investment exposure.
上课的时候好像没有强调哪一方是long，哪一方是short
