为什么说蒙特卡洛模拟表明提出的资产配置有更高的可能性达到收益目标，同时可以保持捐赠基金的购买力？

问题如下：

Discuss two reasons the increased risk profile is appropriate. Justify your response.

选项：

解释：

Reasons to justify the increased risk profile include the following:

a. The board members’ lower return expectations for public equity and f ixed-income asset classes imply that a higher level of risk must be taken to achieve the same level of returns.

b. For a long-horizon institutional investor such as Pell Tech, the ability to tol erate illiquidity creates an opportunity to improve portfolio diversification and expected returns as well as access a broader set of investment strategies. In mean–variance optimization models, the inclusion of illiquid assets in the eligible investment universe might shift the efficient frontier for the portfo lio upward, theoretically resulting in greater efficiency (i.e., higher expected returns will be gained across all given levels of risk).

c. T he portfolio risk profile for the endowment is currently more conservative in comparison to that of peer universities.

d. Smith’s Monte Carlo simulations suggest that the proposed asset allocation has a higher probability of achieving the return target while better preserv ing the purchasing power of the endowment.