preserve capital 如何理解

NO.PZ202206140600000606 问题如下 Teamwork Aisory, LLC_1 Case ScenarioTeamwork Aisory, LLwrecently formea group of frien who attengraate school together. Charlie Goin anSusZhang lethe private client services vision of the company. They have severfun unr consiration to recommento clients but want to more confint about the abilities of the funmanagers. Goin suggests preparing a taileperformanevaluation of eamanager.Zhang comments to Goin thshe inten to calculate the return e to the manager’s style for eafunanuse benchmarking to termine how the manager performerelative to others with similstyles. She hcollecteta for two large stofun the firm might recommen(Exhibit 1) anpresents the information to Goin. Exhibit 1. AnnuAverage PerformanMetriover Past 120 MonthsGoin tells Zhang ththey shoulcareful about awing conclusions before termining whether the benchmark is appropriate. To termine whether it is appropriate, they neeto look the correlation between the active management return anthe style return for the portfolio.Rajesh Rao, a colleague who lea the quantitative analysis group Teamwork, joins the conversation. He tells the others thhe prefers to focus on performanmetrifor the fun themselves. He thinks this whreally matters to the client, because managers are often replacewith others of similstyle. He believes ththe Sortino ratio is a goochoiin making this assessment anrecommen using Zhang’s ta (Exhibit 1) for this calculation. Rintifies three reasons ththe Sortino ratio is a better measure of funperformanththe Sharpe ratio. The Sortino ratiois preferrewhen the investor’s gois to preserve capital.offers the ability to more accurately assess performanwhen the return stribution is not symmetrical.uses a target return this baseon market contions rather thinviinvestor preferences.Goin remin RthTeamwork is seeking long-term client strategies anththey must proteagainst market wnturns. He suggests Ralso calculate wnsi capture ratios for the fun they are consiring. Rcalls assistant, who brings him some ta for a fferent fun FunC.Exhibit 2 Return ta for FunC anBenchmarkRinforms Zhang thFunscribein her first taset, ha capture ratio of 117%. He suggests thshe prepare interpretation of this result to inclu with her funanalysis. Whiof Rao’s reasons for preferring the Sortino ratio over the Sharpe ratio is least accurate? A.Reason 1 B.Reason 2 C.Reason 3 SolutionC is correct. Rao’s thirreason is not accurate. Sortino ratios use investor-specific preferences rather thmarket contions.A is incorrect. Reason 1 is accurate. The Sortino ratio compares the portfolio return with a minimum acceptable return rather thwith a benchmark.B is incorrect. Reason 2 is accurate. The Sortino ratio offers the ability to more accurately assess performanwhen return stributions are not symmetrical. The Sharpe ratio assumes symmetricreturns. 大概什么样的收益率是market contions呢？无风险收益率之类的吗？

NO.PZ202206140600000606 问题如下 Whiof Rao’s reasons for preferring the Sortino ratio over the Sharpe ratio is least accurate? A.Reason 1 B.Reason 2 C.Reason 3 SolutionC is correct. Rao’s thirreason is not accurate. Sortino ratios use investor-specific preferences rather thmarket contions.A is incorrect. Reason 1 is accurate. The Sortino ratio compares the portfolio return with a minimum acceptable return rather thwith a benchmark.B is incorrect. Reason 2 is accurate. The Sortino ratio offers the ability to more accurately assess performanwhen return stributions are not symmetrical. The Sharpe ratio assumes symmetricreturns. 如题