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Lin1f · 2025年06月11日

为什么不选fixed income高的 组合1？

  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.

题目中特意提到The Laws tell Raye they want a high probability of success funding the endowment.

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1 个答案

Lucky_品职助教 · 2025年06月12日

嗨，从没放弃的小努力你好：


不选 Fixed Income 权重高的 Portfolio 1，核心在于该组合的资产配置特征，无法匹配 20 年期捐赠基金目标对 “增长性” 的需求。

虽然 Fixed Income 和 Cash 占比达 90% 的 Portfolio 1 看似能提供稳定现金流，但这类低风险资产的长期收益率通常难以覆盖通胀及目标金额的实际增长需求 ，也就是现值 50 万美元的捐赠目标在 20 年内需通过复利实现增值，而 Fixed Income 的回报潜力有限，若仅依赖其约 3%-5% 的年化收益，即便加上现金资产，也可能因实际目标金额超过预期增长而导致资金缺口。

相反，Portfolio 2 虽相对激进，但其 65% 的全球股票配置能更好利用权益类资产长期 7%-10% 的收益潜力，通过复利效应实现资金增值，更符合长期目标下 “高概率成功” 所需的增长逻辑，而短期波动可被长期投资周期平滑，因此比保守的 Portfolio 1 更能确保 20 年后资金达到目标金额。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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