No.PZ2022122801000008 (选择题)
来源: 经典题
A few months later, Carson receives a phone call from Hamidah. She’s now on the board of trustees of Artic Foundation for Medical Research (AFMR). AFMR was established to support various medical research initiatives. She is very excited and asks Carson to help identify the return objective of AFMR’s portfolio. Osaka notes the following:
• AFMR’s overall investment objective is to maintain its portfolio’s real purchasing power after distributions.
• The risk-free rate is 4.0%.
• An expected inflation rate is 3.5%.
• The portfolio’s standard deviation is 15.0%.
• The cost of earnings investment returns is 50 bp.
• AFMR targets a 5.5% annual distribution of assets.
AFMR’s return objective is closest to: (2020 mock PM)
解析
The calculation is (1.055) (1.035) (1.005) – 1 = 9.74%.
AFMR’s assets should be invested with the objective of earning a nominal average annual return of 9.74%. This level reflects a spending rate of 5.5%, an expected inflation rate of 3.5% and a 50 bp cost of earning investment returns.
没见过这个公式 是2025考纲内容么
