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KKII · 2025年01月16日

B和C怎么判断

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ202212280100000502

问题如下：

Based on Exhibit 1, which portfolio best meets the Laws’ goal to fund an endowment for their alma mater?

选项：

A.

Portfolio 1

B.Portfolio 2 C.

Portfolio 3

解释：

B is correct. Portfolio 2 best meets the Laws’ goal to fund an endowment for their alma mater in 20 years. In present value terms, the gift is valued at $500,000, with the Laws desiring a high probability of achieving this goal. Although slightly more conservative than the 75/25 global equity/bond mix, Portfolio 2 has a greater growth emphasis compared with Portfolios 1 and 3. Therefore, Portfolio 2 is best for funding the endowment at their alma mater given the goal’s long-term horizon and the Laws’ desire for a high probability of achieving it.

20年后才用到这笔钱，投更多另类资产，赚liquidity premium不是挺好的吗

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1 个答案

Lucky_品职助教 · 2025年01月17日

嗨，爱思考的PZer你好：


同学你好：


在考虑为endowment选择合适Portfolio时，不能仅仅关注Alternatives的liquidity premium。虽然从理论上讲，投资更多Alternatives可能获取liquidity premium，但在本题的情境中有更关键的因素需要考量。



对于选项 B，它包含 65% 的全球股票和 10% 的多元化策略（对冲基金）。从长期来看，股票资产在历史上通常具有较高的回报率，能够实现资产的增值，这对于 20 年后达到 500,000 美元的捐赠目标是非常重要的。相比之下，虽然它比一些更激进的股票债券混合比例（如 75/25）稍显保守，但在平衡风险与收益方面更适合 Laws 夫妇对于较高成功概率实现捐赠目标的需求。它既具有一定的增长潜力，又不过于激进，能在长期内通过全球股票的增值来积累资金，同时多元化策略（对冲基金）也可以在一定程度上分散风险，增强组合的稳定性。



对于选项 C，其全球股票占比为 40%，低于选项 B。尽管它有 20% 的多元化策略，但整体的增长潜力相对较弱。在 20 年的长期投资期限内，可能无法像选项 B 那样有效地实现资产的大幅增值以达到捐赠目标。因为要实现 500,000 美元的目标，需要投资组合具有足够的增长动力，而选项 C 的资产配置在股票等增长性资产上的权重相对不足，更多的固定收益类资产（30%）虽然能提供一定的稳定性，但不利于资产的快速增长，所以不适合作为实现捐赠目标的最佳选择。

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