NO.PZ201909280100001402
问题如下：
Ng and the IC
review the optimal approach to determine the asset allocation for Ælfheah,
including the traditional and risk-based approaches to defining the investment
opportunity set.
Determine which
approach to determine the asset allocation is most appropriate for
Ælfheah. Justify your response.
选项：
解释：
The traditional approach更适合 Ælfheah。 IC 对另类投资缺乏学士能力，理解困难，但可能对传统的基于资产类别的方法有一定的了解。 列出各种资产类别的角色，Ng 向 IC 解释会更直观、更容易。
The traditional approach与 IC 的流动性和运营考虑相关。 这种方法将更容易确定投资组合中另类投资的相关任务。 传统方法还可以让 IC 更好地了解各种资产类别的行为方式，以便 Ng 可以调整资产配置以解决问题。 传统方法将更容易实施，并且 IC 不想增加昂贵的内部资源，这对于 risk-based approach可能是必要的。、
- The traditional approach is most appropriate for the investor.
- As the Ælfheah Group pension plan is small and the investment committee members have relative basic understanding of the investment process, the traditional approach will be more appropriate for them.
- Traditional approach contains liquidity based approach and macroeconomic approach. The advantage of traditional approach includes it is easy to communicate, which aligns with the objective that IC wants to gain a better understanding of the process. And traditional approach provides convenience for liquidity management and operation as well.
- The risk factor approach will lead to implement hurdles as the investors need to determine which factor risk should be used and how to measure them in different asset classes. As the pension is relative small, it may not have sufficient expertise to implement risk factor approach.
老师帮忙看下答案，谢谢