NO.PZ2019100901000008
问题如下：
Bern Zang is the recently hired chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the Fund) is based in the United States and has current assets under management of $12 billion. It has a long-term investment horizon and relatively low liquidity needs. The Fund is overseen by an Investment Committee consisting of board members for the Fund. The Investment Office is responsible for implementing the investment policy set by the Fund’s Investment Committee.
The Fund’s current investment approach includes an internally managed fund that holds mostly equities and fixed-income securities. It is largely passively managed with tight tracking error limits. The target asset allocation is 55% equities, 40% fixed income, and 5% alternatives. The Fund currently holds private real estate investments to meet its alternative investment allocation.
Identify the investment approach currently being used by the Investment Committee for managing the Fund. Justify your response.
Justify your response.
选项：
解释：
Norway Model is currently used by the Investment Committee
The investment approach currently used to manage the Fund’s assets is the Norway model. This approach is characterized by a heavy allocation to public equities and fixed-income securities with little allocation to alternatives and largely passively managed assets with tight tracking error limits.
老师，想请问一下，主观题的答题角度。
比如说这道题，我看答案给的比较言简意赅。四个model选了Norway Model，阐述Norway Model的理由。
那考试的时候，还需要阐述不选其他三个model的理由吗？正着说就好（Norway Model的角度），还是也要反着说一遍（另外不被选的3个model），比如需要更多的投资alternative，insouring，outsourcing这些差异点？谢谢。