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西红柿面 · 2025年04月09日

可以烦请老师帮忙看下这样回答是否可以，实在是麻烦老师了！

  1. CFA III
  2. Fixed Income

NO.PZ2023032703000104

问题如下：

Fitzpatrick is also considering adding Brazilian sovereign bond exposure to his portfolios. He notes that spreads are trading well above their historical average but that economic conditions are improving and expects yield spreads to narrow. Fitzpatrick also expects that adding Brazilian sovereign bonds will provide diversification to those portfolios that are already overweight Brazilian corporate bonds.

A. Discuss which expectation is least likely to be realized regarding adding Brazilian sovereign debt to his portfolio.

选项：

解释：

Correct Answer:

The expectation that adding Brazilian sovereign exposure will provide a diversification benefit to his portfolio is least likely to be realized.

Emerging economies can face concentrated risk to a particular commodity or industry, and therefore investments across sovereign, bank and private sector debt could offer little or no diversification benefit.

Fitzpatrick’s views that the Brazilian economy is improving with spreads above their historical averages and expected to narrow are adequate reasons to add Brazilian sovereign debt exposure to his portfolio.

Fitzpatrick also expects that adding Brazilian sovereign bonds will provide diversification to those portfolios that are already overweight Brazilian corporate bonds. In emerging country, the correlation of corporate bonds to sovereign bonds is high. Because emerging country always mainly depends on single commodity and industry. 

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NO.PZ2023032703000104 问题如下 Fitzpatriis also consiring aingBrazilisovereign bonexposure to his portfolios. He notes thsprea aretrang well above their historicaverage but theconomic contions areimproving anexpects yielsprea to narrow. Fitzpatrialso expects thataing Brazilisovereign bon will provi versification to thoseportfolios thare alrea overweight Brazilicorporate bon. scuss whiexpectation is least likely to berealizeregarng aing Brazilisovereign to his portfolio. CorreAnswer:The expectation thaing Brazilisovereign exposure will provi a versification benefit to his portfolio is least likely to realizeEmerging economies cfaconcentraterisk to a particulcommoty or instry, antherefore investments across sovereign, bank anprivate sector couloffer little or no versification benefit.Fitzpatrick’s views ththe Brazilieconomy is improving with sprea above their historicaverages anexpecteto narrow are aquate reasons to a Brazilisovereign exposure to his portfolio. The expectation thaing Brazilisovereign exposure will provi a versification benefit to his portfolio is least likely to realizeFirstly, in emerging economies, there are higher correlation between sovereign bon ancorporate bon thexpectation.Secony, the Brazilieconomy is improving with sprea above their historicaverages anexpecteto narrow are reasons to a Brazilisovereign exposure to his portfolio.还有个问题，这种情况是不是应该多买corporate bon高风险低评级债券来增加收益，谢谢老师

2025-06-12 12:31 1 · 回答