NO.PZ202206210100000103
问题如下：
In Phase 3, the most likely change in the constraints facing OHF’s ability to undertake asset allocation arose from an increased need for:选项：
A.governance resources. B.liquidity. C.risk reduction.解释：
Solution
A is correct. In Phase 3, 40% of assets were to be invested in high-yield bonds, real estate, private equity, and hedge funds, which were to be managed externally. Each external manager was limited to approximately $75 million of the fund’s assets. As indicated in the table below, the number of external managers required grew from about 30 to almost 150 by the end of the period. This would have placed substantial demands on the governance resources of the fund to allow for identification of suitable managers and to monitor their performance.
B is incorrect. The liquidity requirements of the fund had not changed; tax revenues were again flowing into the fund, and the fund held substantial (10%) bond and cash investments.
C is incorrect. Phase 3 indicates no change in risk from Phase 2. In Phase 2, the fund was allowed to increase its risk exposure; it could invest in public equites, high-yield bonds, private equity, hedge funds, and real estate. In Phase 1, investments were very low risk—cash and high-grade bonds.
phase 3 后面这句什么意思？A two-thirds majority in both the upper and lower legislative bodies was required to change any future legislation related to the fund.
