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SKY天天 · 2025年06月17日

老师，帮忙看下，这么回答可以得分么？谢谢

  1. CFA III
  2. 机构IPS

NO.PZ2019100901000017

问题如下：

The Prometheo University Scholarship Endowment (the Endowment) was established in 1950 and supports scholarships for students attending Prometheo University. The Endowment’s assets under management are relatively small, and it has an annual spending policy of 6% of the five-year rolling asset value.

Upon completion of the investment policy review by her four-person staff, the CIO makes some recommendations to the Endowment’s board regarding the investment objectives and asset allocation. One of her recommendations is to adopt the endowment model as an investment approach. She recommends investing 20% in private equity, 40% in hedge funds, 25% in public equities, and 15% in fixed income.

Determine whether the board should accept the CIO’s recommendation. Justify your response.

选项：

解释：

Justify your response:

The board should reject the CIO’s recommendation. This recommendation is a significant departure from current practice and entails a much higher level of risk. The size of the investment team is small, with only four people, and it may not have adequate access to or experience in alternative investments. Given the relatively small size of the Endowment, it is unlikely that it has access to top managers in the hedge fund and private equity spaces.

老师，帮忙看下，这么回答可以得分么？谢谢

Reject

Because The Endowment’s assets under management are relatively small,so we should invest in less alternative,for example private equity and hedge fund.But she recommends investing 20% in private equity, 40% in hedge funds, 25% in public equities, and 15% in fixed income. So the total investment in the alternative is 60%,it is too large allocation to the alternative. So we shoule also not use the endowment model as an investment approach. The endowment model is suitable for the investment to the alternatives.

So we reject the recommendation.

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1 个答案

Lucky_品职助教 · 2025年06月17日

嗨，爱思考的PZer你好：


你的回答没有问题，但是需要更精简一下。在正式考试的时候，for example private equity and hedge fund.But she recommends investing 20% in private equity, 40% in hedge funds, 25% in public equities, and 15% in fixed income. 这句话是可以不写的，其余的文字内容一样能让你的答案得到高分。

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