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LUCA · 2025年05月14日

Overall tax rate 25% 为什么不包括bond？

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000302

问题如下：

A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provides Young with asset class estimated returns and portfolio standard deviations in Exhibit 2 and Exhibit 3, respectively. The broker notes that there is a $500,000 minimum investment requirement for alternative assets. Finally, because the funds in the money market account are readily investible, the broker suggests using that account only for this initial investment round.


Young wants to earn at least 6.0% after tax per year, without taking on additional incremental risk. Young’s capital gains and overall tax rate is 25%.

Determine which proposed portfolio most closely meets Young’s desired objectives. (Circle one.) Justify your response.


选项：

解释：



老师，我这样答会被扣分吗？

Portfolio 3.

The total pre-tax return of portfolio 3 is 8.6% (3%x30%+12%x35%+10%x35%). After tax return is 6.45%, that can meet Young's objectives. And the sharp ratio is 0.416, which is the highest among the three portfolios.


另外，题目中说capital gains and overall tax rate 25%，我理解是资本利得和总体税率在25%，应该是指这个账户的税率。如果只是equities 收税，为什么不直接说capital gain tax rate 25%？

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