NO.PZ202209060200004601
问题如下：
Which of Adams’s three principles is least likely relevant for managing Berendsen’s fixed-income portfolio?选项：
A.Principle I B.Principle II C.Principle III解释：
SolutionC 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.
老师好，我想确认一下：
liability driven是不是就是duration matching、cash flow matching那些方法？
然后asset driven就是那些total return based的方法，比如pure repilcation、enhanced replication、active management那一批？
