NO.PZ2023091701000171
问题如下：
A performance analyst at an asset management firm is measuring the returns of individual positions in a fixed-income portfolio. Details regarding the performance of a specific bond over a recent 6-month period are as follows:
- Purchase price on July 1: BRL 1,062,500
- Coupon received on September 30: BRL 27,500
- Coupon received on December 31: BRL 27,500
- Closing price on December 31: BRL 1,048,200
- Total financing cost from July 1 to December 31: 3.5%
- Return on reinvested funds from September 30 to December 31: 3.0%
选项：
A.
-2.26%
B.0.82% C.3.91% D.7.82%解释：
B is correct. The bond’s net return factors in its price change, coupons paid, and financing costs over the period; the sum of these is divided by the opening price.
The coupon received on September 30 must be grown at its reinvestment rate to determine its value as of December 31: 27,500 * (1 + 3.0%) = 28,325
Financing cost is: 1,062,500 * 3.5% = 37,187.50
Therefore, the net return from July 1 to December 31 is calculated as:
The annualized return with semi-annual compounding is 0.4082% ∗ 2 = 0.8165%.
A is incorrect. This is the non-annualized net return when the September 30 coupon is omitted from the calculation.
C is incorrect. This is the non-annualized gross return.
D is incorrect. This is the annualized gross return.
初始成本为什么没加上financing cost呢？请问老师谢谢
