NO.PZ2022122801000057
问题如下：
Hasting reviews three broad approaches to asset allocation and makes the following statements with respect to investment objectives and risk concepts:
Statement 1: In goals-based approaches, each goal is associated with cash flows, time horizons and risk tolerance.
Statement 2: A liability-hedging portfolio and surplus optimization are both examples of liability-relative approaches.
Statement 3: Asset-only and goals-based approaches focus on the asset side of the investor’s balance sheet, dedicating assets to meet the investor’s goals.
Which of the Hasting’s statements about different asset allocation approaches is least likely correct?
选项：
A.Statement 1.
Statement 2.
Statement 3.
解释：
Statement 3 is incorrect. While asset-only approaches focus solely on the asset side of the economic balance sheet, goals-based approaches explicitly account for the liability (not asset) side, in which specific goals are associated with individual sub-portfolios or dedicated assets to meet the goals.
请问goal-based allocation方法在每一个sub-portfolio都是用的ALM吗？还是说也有可能在某些sub-portfolio用AO？
另一个问题是：suplus optimization方法为什么针对任何funded ratio都可以进行？难道不是只有在funded ratio>1 （也就是有surplus的时候）才能做吗？
