NO.PZ2018110601000022
问题如下：
The SH University Endowment is a very large tax-exempt fund financed from students’ tuition fee, with the current strategic asset allocations presented below.
Based on recent analysis, the university will have increasing number of students and less expenses for regular campus constructions in the following years. The endowment can adjust the target weight of:
选项：
A.real estate to a higher percentage
B.private equity to a lower percentage
C.short-term bonds to a higher percentage
解释：
A is correct.
考点： Revising the Strategic Asset Allocation
解析：由于大学捐赠基金的资金来源是学生的学费，学生人数增多，基金规模变大。校园建设费用在之后几年都会减少，所以基金的流动性需求降低。因此，可以多投资一些在流动性比较差的资产大类中，比如Private equity，Real estate，少投资一些流动性强的资产类型，比如短期债券。
small cap也是缺乏流动性& targeting for cap gain，然后目前也是低配的那种。